Jiamei Packaging(SZ:002969) Sou Hu Cai Jing·2025-12-19 02:22Core Viewpoint - The article discusses the recent IPO activities of companies like Moer Thread and Chasing, highlighting the implications of the registration system on the listing process for entrepreneurial firms, particularly focusing on Chasing's significant acquisition of Jiamei Packaging and its potential connection to its upcoming IPO plans [2][4][10]. Group 1: IPO and Market Dynamics - Chasing's founder, Yu Hao, announced plans for multiple business IPOs under the Chasing ecosystem starting from the end of 2026 [4]. - The company spent approximately 2.28 billion yuan (around 22.8 million) to acquire Jiamei Packaging, which raises questions about the strategic rationale behind this investment in relation to its IPO [4][5]. - The overall issuance cost for Moer Thread's IPO was 424 million yuan, while Chasing's acquisition cost was significantly higher, indicating a potential overvaluation if the acquisition was intended to facilitate the IPO [9]. Group 2: Financial Performance and Growth - Chasing Technology has demonstrated a compound annual growth rate (CAGR) exceeding 100% from 2019 to 2023, with projected revenues of approximately 15 billion yuan in 2024 [10]. - The company reported that its revenue for the first half of the year surpassed the total revenue for 2024, indicating strong operational performance [10]. - Despite the acquisition of Jiamei Packaging, Chasing's financial metrics suggest that it does not require additional support from the packaging company for its IPO plans [11]. Group 3: Regulatory Environment - The article outlines the regulatory framework for companies seeking to list on the Sci-Tech Innovation Board, emphasizing that the assessment criteria have shifted from historical profitability to expected market valuation and other financial indicators [9][12]. - Companies can now qualify for listing based on projected market value, revenue, and R&D investment, allowing firms without current profitability to access the public market if they possess high growth potential [9].