Core Viewpoint - Aux Group has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise capital through an initial public offering (IPO) amidst concerns over its high debt levels and family-controlled management structure [1][3]. Group 1: Listing Details - Aux Group officially submitted its IPO application to the Hong Kong Stock Exchange on July 16, with CICC as the sole sponsor [1]. - The company passed the hearing on August 12 and plans to publicly offer approximately 207 million shares at a maximum price of HKD 17.42 per share, with trading set to commence on September 2 [1]. Group 2: Management Structure - The company exhibits significant family management characteristics, with founder Zheng Jianjiang as chairman and family members holding key non-executive director positions [3]. - The Zheng family controls 96.36% of the company's shares through Aux Holdings, indicating absolute control [3]. Group 3: Financial Performance - Aux Group declared a substantial dividend of CNY 3.794 billion in September 2024, benefiting the Zheng family with CNY 3.656 billion due to their high ownership stake [3]. - The company's debt ratio has been notably high, reaching 84.1% in 2024, raising concerns about its financial stability [3]. Group 4: Risks and Challenges - The company acknowledges facing multiple risks, including intensified market competition, fluctuations in raw material prices, and exchange rate changes, which could introduce uncertainties for future growth [3]. - Balancing short-term funding needs with long-term strategic goals while ensuring shareholder interests is a critical challenge for the company [3]. Group 5: Financial Ratios - Key financial ratios include a net profit margin of 10.0% in 2023, a return on equity (ROE) of 83.3%, and a return on assets (ROA) of 14.3% [5]. - The asset-liability ratio was reported at 78.8% in 2023, with projections indicating a slight increase to 84.1% in 2024 [5].
奥克斯赴港上市 去年负债84.1% 还给董事长郑坚江家族分红36亿
Xin Lang Cai Jing·2025-09-10 08:59