Following Vatti shares (002035.SZ), boss electric appliances (002508.SZ) and Zhejiang Meida (002677.SZ) landing A shares, Zhejiang kitchen kitchenware maker of Zhejiang Haining (hereinafter referred to as "Martian kitchenware") also disclosed the prospectus in January 3rd this year, pressing the A share listed "fast forward key".
It is worth mentioning that this is not the first time that Martian kitchenware has sought IPO.
As early as June 30, 2017, the Martian kitchen utensils disclosed the prospectus on the official website of the SFC, which was intended to enter the Shenzhen Stock Exchange's gem, and was also selected for spot checks on the information disclosure quality of the first companies in 2017. However, in March 5, 2018, it appeared on the list of the first application for termination of review.
The Martian kitchen utensils, which signed Huang Lei as brand spokesperson, have already completed two rounds of financing. In July 2016, the investment partners of Shanghai Angel Investment Co., Ltd. (Shanghai, Hangzhou) and Hangzhou taeheng Cci Capital Ltd (Hangzhou Tae Heng Investment) were introduced. In June 2019, the Sequoia Capital of Ningbo Meishan bonded area Hong Shan Zhisheng equity investment partnership (limited partnership) ("Sequoia Zhisheng") was introduced again.
However, judging from the timeline, Sequoia Capital has entered the year of Martian kitchen utensils, and it is inevitable that there will be a "sudden attack".
Sequoia Capital assault shares?
The prospectus shows that Martian kitchen utensils is a company engaged in R & D, design, production and sale of high-end kitchen appliances. Its main products include integrated cooking stove, integrated sink, Integrated Dishwasher and so on.
From the perspective of shareholding structure, Huang Weibin holds 40.58% of the shares directly, and indirectly controls 14.81% and 14.81% of the voting rights through the executive partner of Haining big and Haining employee holding platform, and controls the voting rights of Martian kitchen utensils 70.21%.
In addition, the two external replenishment of Martian kitchenware in 2016 and 2019 was presented in detail through prospectus.
In July 2016, Haining Rong Pu, Hangzhou Jin Di and the Martians were limited and all shareholders at that time signed the "capital increase agreement": the Martians limited to increase the registered capital of 7 million 500 thousand yuan, of which Haining Rong Pu subscribed 6 million shares, the subscription price was 33 million yuan; Hangzhou gold investment subscribed 1 million 500 thousand shares, the subscription price was 8 million 250 thousand yuan; the cost of the increase was 5.5 yuan / share, the total subscription price was 41 million 250 thousand yuan.
Among them, the executive partner of Haining Rong Pu is Shanghai angel capital, and the Hangzhou investment manager is Hangzhou taeheng investment.
By June 2019, Sequoia Capital was also being added to the Martian kitchen utensils.
At that time, Sequoia Zhisheng and Huang Weibin, Zhu Zhengyao, Dong Qiliang, Haining Rong Pu signed a share transfer agreement, Huang Weibin transferred 8 million 700 thousand shares (2.39%) to 100 million 224 thousand yuan to Zai Zhi Sheng; Zhu Zhengyao took 8 million 700 thousand shares (2.39%) to 100 million 224 thousand yuan to Redwood Zhi Sheng; Dong Qiliang transferred 5 million 300 thousand shares (1.45%) to 61 million 56 thousand yuan to red Sequoia wisdom; Haining Rong Pu's 7 million 300 thousand shares (2%) to be transferred to the Sequoia wisdom.
Public information shows that the management of Sequoia wisdom is the Beijing Sequoia Kun de Investment Management Center (limited partnership), behind which is well-known institutional investors, Sequoia Capital.
The cost of 100 million 224 thousand yuan for 2.39% shares is estimated. The overall valuation of Sequoia wisdom is increased to 4 billion 190 million yuan.
It needs to be pointed out that the time of Sequoia investment in June 2019 was just 6 months from the time when the marshal kitchen appliance submitted the prospectus to the securities and Futures Commission (the prospectus day was December 20, 2019).
A broker told the twenty-first Century business news reporter that the "assault share" before the IPO company declared that the company intends to introduce a new shareholder in the year before its listing. For the shareholders who have introduced the capital increase and share expansion within the first 6 months before the initial application is accepted, their shares have been locked up for three years since the completion of the registration of capital increase and business change.
It is worth mentioning that the share transfer agreement is related to the gambling clause. "If the Target Corp fails to make a qualified initial public offering before June 30, 2024, or the transferor seriously fails to make a breach and fails to remedy in time, or if the other shareholders of the Target Corp require the transferor (any one person or more people), Target Corp and / or third other parties to buy back the shares held by them, the investor Ying Youquan (however, no obligation) requests the transferor to repurchase all or part of his target shares at the purchase price equivalent to the higher amount of the following amount at any time thereafter."
To this end, the Martian kitchen utensils explained, "as of the prospectus day, the repurchase conditions agreed on the above terms of the gambling clause have not been triggered. According to the agreement of share transfer, the relevant repurchase clause was suspended on the day when the Martian submitted an application for initial public offering and was completely terminated on the date of completion of the initial public offering.
As of the prospectus disclosure, Sequoia Zhi Sheng directly held 8.23%, Haining Rong Pu direct shareholding 5.4%, Hangzhou gold direct shareholding 1.85%.
Many core members come from FOTILE.
The two sprint A shares, the Martian public offering not more than 40 million 500 thousand shares, for intelligent integrated kitchen industry park project, R & D center and information technology transformation projects, integrated cooking line upgrading and expansion projects and other 3 projects (total investment of 879 million yuan).
However, the competition in the kitchenware industry is fierce. It needs to be pointed out that in the same field as the Martian kitchen utensils, the handsome electric appliance and the Yi Tian share were submitted to IPO in June 2019 and October 2019 respectively.
In terms of performance, in the 2016-2019 years and 1-6 months, the revenue of Martian kitchen utensils was 343 million yuan, 700 million yuan, 956 million yuan and 473 million yuan respectively, and the net profit before the deduction was 53 million 750 thousand yuan, 163 million yuan, 92 million 340 thousand yuan and 55 million 640 thousand yuan respectively.
In this regard, the Martian kitchen utensils explained that the net profit in 2018 was relatively low, mainly due to the company's recognition of 93 million 664 thousand and 200 yuan in shares.
In addition, before 2014, Martian kitchen utensils had been in a state of loss.
In this regard, the Martian kitchen utensils explained that the company's overall changes in the establishment of a joint stock company had accumulated losses before, mainly due to the initial stage of entrepreneurship since its establishment in 2010 to 2013, resulting in a large initial investment and a large total loss.
For hundreds of millions of revenue, Martian kitchenware said that the main source of revenue came from integrated cooking stove, integrated sink and Integrated Dishwasher and other products.
In the 2016-2018 years, its main business income increased from 339 million yuan to 945 million yuan, and the compound annual growth rate was 66.85%.
Twenty-first Century economic report reporter found that during the reporting period, the average price range of Martian integrated kitchen ranges from 5000 to 5920 yuan, and the average gross profit margin of the integrated kitchen is about 52%, which is close to the leading enterprises in the same industry. In addition, the average selling price range of the integrated sink and integrated dishwasher is 430-5762 yuan, and the gross profit margin is about 40%.
Regarding this, a kitchen appliance industry personage said, "although the integrated kitchen has smaller market capacity than other kitchen appliances, but the gross profit rate is relatively high, the Chinese kitchen generally has the characteristics of small space, so the integrated kitchen has certain market demand, which is a new blue ocean of the kitchen electricity industry."
It is worth mentioning that the prospectus shows that many core members of Martian kitchen utensils have worked in FOTILE kitchenware or boss appliances.
Hu Mingyi, deputy general manager of Martian kitchen utensils, worked in FOTILE kitchen utensils in August 2003, -2008, and worked as a salesman and manager of Ningbo branch. Li Xin, President of Martian kitchen technology planning and Research Institute, worked in FOTILE kitchen in May of August 2003 and served as R & D Manager of overseas affairs department.
In addition, Sun Binfeng, Minister of technology of Martian kitchen utensils, worked as a process designer of FOTILE kitchenware in July 2005 -2010, and was responsible for the Electrical Technology Department of Bosheng electric appliance company in March October 2010, -2012 in October.
Coincidentally, the Martian Marketing Director Li Ye, in December May 2003 -2007, served as the market manager of FOTILE Kitchenware Market. Liao Qiuyong, Minister of Martian kitchen products production department, served as the line leader of FOTILE kitchenware workshop in July July 2002.