Zhongchun High-tech's IPO on the Shanghai Stock Exchange has been terminated, focusing on the research and production of prefabricated concrete piles and slabs.
1min read On January 6, Ningbo Zhongchun High-tech Co., Ltd. (hereinafter referred to as Zhongchun High-tech) terminated its IPO on the Shanghai Stock Exchange's main board. As Zhongchun High-tech's sponsor withdrew its IPO application, according to the relevant provisions of Article 63 of the "Shanghai Stock Exchange Stock Issuance and Listing Review Rules", the Shanghai Stock Exchange decided to terminate its IPO review.The prospectus shows that Zhongchun High-tech mainly engages in the research, production, and sales of concrete prefabricated piles and slabs, as well as related technical services. Its main products include concrete prefabricated piles, slabs, etc. Concrete prefabricated piles are widely used in the foundation engineering of industrial and civil buildings, railways, highways, bridges, ports, water conservancy, urban infrastructure, etc.; slabs are mainly used in urban rail transit and underground comprehensive pipelines; technical services mainly provide construction technical services for static drilling and rooting piles.The main purpose of concrete prefabricated piles is to serve as the foundation materials for multi-story and high-rise civil buildings, industrial workshops, large equipment foundations, urban elevated roads, highways, bridges, ports, airports, urban light rails, power, metallurgy, etc. According to data from the China Concrete and Cement Products Association, the cumulative production of concrete prefabricated piles in 2021 was 486.28 million meters, up 2.3% YoY. Overall, concrete prefabricated piles still have strong competitiveness and a broad market prospect for a long time.The Company has rich experience in the concrete products industry, and takes advantage of its first-mover advantage in participating in the formulation of industry standards and catalogs, adopting a collaborative marketing model of market development and sales follow-up services, and establishing long-term stable cooperative relations with design institutes, various large construction units, and strong construction enterprises. At present, the Company has five production bases in Ningbo, Shanghai, Yuyao, Taizhou, and Wenzhou. According to statistics from the China Concrete and Cement Products Association, the Company's prefabricated pile production ranked in the top three in the domestic prefabricated pile industry in 2021.Financially, Zhongchun High-tech's revenue was Rmb2.963bn in 2020, Rmb3.381bn in 2021, and Rmb3.405bn in 2022, with net profit attributable to parent of Rmb217mn, Rmb97.46mn, and Rmb109mn, respectively.
