Core Viewpoint - New Qi'an Technology Co., Ltd. is set to list on the Hong Kong Stock Exchange on June 10, 2024, aiming to raise approximately HKD 221 million through the issuance of 10.5854 million H-shares priced between HKD 18.90 and HKD 20.90 per share [1][2] Company Overview - Founded in 2003 in Jiangxi, New Qi'an Technology specializes in the production and sales of food-grade glycine and sucralose, ranking first globally in sales and revenue for food-grade glycine and among the top five for sucralose [2][3] - Major clients include global consumer brands such as Coca-Cola, Nestlé, Mondelēz, and Colgate, with food-grade glycine used in various products including pet food, sauces, and dairy [2] Financial Performance - The company has faced declining net profits for three consecutive years, with net profit dropping from approximately CNY 122 million in 2022 to CNY 45 million in 2023 [1][4] - Revenue figures for 2022 to 2024 are approximately CNY 761 million, CNY 447 million, and CNY 569 million, with gross margins decreasing from 25.6% to 17.9% [4] Market Challenges - The decline in profits is attributed to falling average selling prices for food-grade glycine and sucralose, driven by intense price competition in the sugar substitute market [4][5] - The average export price of sucralose fell significantly from approximately CNY 386,300 per ton in 2022 to CNY 141,600 per ton in 2024 [5] Management Structure - The company exhibits a family-controlled ownership structure, with the founding family holding 58.6% of shares, raising potential liquidity concerns under Hong Kong Stock Exchange rules [7] - The reliance on a few major clients is evident, with the top five clients accounting for approximately 56.2% of total revenue from 2022 to 2024 [7] Strategic Focus - New Qi'an Technology plans to prioritize overseas markets, having established production facilities in Indonesia and Thailand, with overseas sales contributing significantly to revenue growth [8][9] - The company aims to expand its production capacity in Thailand, with plans for a new production line for isomaltulose with an expected annual capacity of 15,000 tons [9]
新琪安科技6月10日港股上市，净利润缩水、家族式管理仍受关注