聚焦浙江国祥IPO三大争议

Core Viewpoint - Zhejiang Guoxiang's second IPO has sparked significant market discussion, leading to the Shanghai Stock Exchange's urgent suspension of the IPO for special verification, with further decisions pending based on the results of this investigation [1] Group 1: IPO Controversies - The operation of Zhejiang Guoxiang is not classified as "relisting after delisting," as the original company underwent asset restructuring rather than a delisting [2] - The original company, Zhejiang Guoxiang Refrigeration Industry Co., Ltd., was delisted due to continuous losses but later underwent a successful asset restructuring, transforming its business focus to real estate investment and development [2][3] - The current assets and business of Zhejiang Guoxiang are distinct and clear, indicating that the IPO does not represent a mere rebranding of old assets [3] Group 2: Business Transformation - Over the years, Zhejiang Guoxiang has significantly changed its main business from commercial central air conditioning to industrial central air conditioning, with substantial changes in products, technology, and management [4][5] - The company’s current main business includes industrial central air conditioning, large commercial central air conditioning, and related equipment, with applications in various sectors such as electronics, biomedicine, and new energy [5] Group 3: Financial Performance - Zhejiang Guoxiang's revenue and net profit have shown significant growth, with revenues of 1.018 billion yuan, 1.340 billion yuan, and 1.867 billion yuan for 2020, 2021, and 2022 respectively, and net profits of 121.32 million yuan, 115.09 million yuan, and 261.84 million yuan, reflecting year-on-year growth rates of 39.33% and 127.5% in 2022 [5] - The company meets the main board's first set of listing standards, with a cumulative net profit of 38.704 million yuan over the last three years and a recent net profit of 18.591 million yuan [5] Group 4: Issuance Price - The proposed issuance price of 68.07 yuan per share is considered reasonable, being lower than most comparable companies, with a final issuance price determined based on active investor participation and a significant oversubscription rate [6][7] - The issuance price corresponds to a price-to-earnings ratio of 51.29 times based on 2022 performance, which is competitive compared to industry peers [6][7]