Zhong Guo Jing Ji Wang·2025-11-07 02:49Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking it as the 69th company approved for listing this year [1]. Company Overview - Zhixin Co. specializes in the development, processing, production, and sales of automotive welding parts and related molds [1]. - The company has not experienced significant changes in its main business since its establishment [1]. Shareholding Structure - As of the signing date of the prospectus, Chongqing Zhixin Yanshu Management Consulting Co., Ltd. holds 37.07% of the shares directly and controls an additional 18.87% indirectly, totaling 55.94% [1]. - The actual controllers of the company are Chen Zhiyu and Jing Bing, who are spouses, holding a combined 27.80% of the total share capital directly and controlling 83.75% of the voting rights [2]. IPO Details - Zhixin Co. plans to list on the main board of the Shanghai Stock Exchange, with a public offering of no more than 56.67 million shares, accounting for at least 25% of the post-issue share capital [2]. - The company aims to raise approximately 1.33 billion yuan (132,948.85 million yuan) for capacity expansion and technological upgrades of welding production lines, as well as to supplement working capital [2][3]. Fund Allocation - The total investment for the projects funded by the IPO proceeds is 132.95 million yuan, which includes: - 102.95 million yuan for expanding welding production capacity and technological upgrades [3]. - 30 million yuan for supplementing working capital [3]. Market Position and Competition - The company was questioned during the listing committee meeting regarding its market competition, product advantages, and sustainability of revenue growth [4]. - Concerns were raised about the potential risks of declining gross margins and the company's adaptability to downstream customer trends [4]. Customer Relations - The company was also asked to clarify the background and compliance of its pricing adjustments with major customers in 2022 and 2023, ensuring the authenticity and legality of these arrangements [5].