On 2 April 2023, the main board IPO of Suzhou Great Wall Precision Technology Company Limited (“Great Wall Precision”) was accepted by the SSE, with a proposed capital raising of RMB 958 million.
Image source: SSE official website
Great Wall Precision is an advanced manufacturing enterprise specializing in the research and development, production, sales and service of bearing-related products, focusing on providing high-quality bearing-related products and application solutions to customers at home and abroad.
According to its official website, Great Wall Precision (CSC) is a manufacturer of roller bearings, deep groove ball bearings and spindle bearings with nearly 1,000 employees worldwide.
With over 150,000 square metres of factory space in Asia, the company has become a reliable manufacturer and supplier of high quality precision bearings for drives, gears, machine tool spindles, lifts and construction machinery to leading companies around the world.
CSC designs and produces layouts from ‘Made in Germany’ and has overseas warehouses and stocks a wide range of products.
Image source: Company prospectus
Financial data show that the Great Wall Precision Engineering 2019, 2020, 2021, 2022, the first nine months of revenue were 503 million yuan, 563 million yuan, 799 million yuan, 597 million yuan; the corresponding net profit attributable to the mother for the same period were 51.0860 million yuan, 62.182 million yuan, 110 million yuan, 75.0683 million yuan.
The proposed fund-raising for ultra-precision bearing intelligent manufacturing expansion project, high-end bearing intelligent manufacturing project, ultra-precision, high-performance bearings and precision rolling parts innovation research and development project, industrial bearing intelligent transformation project, supplementary working capital.
As at the date of the prospectus, Hengrun Investment directly held 24,113,520,000 shares of the Company, accounting for 29.3669% of the total share capital of the Company before the issue, and was the controlling shareholder of the Company.
Mr. Zhu Keming directly holds 8,865,237,000 shares of Great Wall Precision and indirectly controls 42,058,304,000 shares of the Company through Hengrun Investment, Suzhou Hengwu, Suzhou Hengzhi and Suzhou Hengsheng, which together control 50,923,540,000 shares of the Company and 62.0178% of the shares of Great Wall Precision, and is the de facto controller of the Company.
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