New Stocks Update | It is rumored that Goldenforce might go public in Hong Kong as early as next year after terminating its IPO in September.

According to market news, Hebei Jinli New Energy Technology Co., Ltd. (Jinli Stock) is considering listing in Hong Kong as early as next year, seeking to raise $2 billion. Insiders say that it is still in the preliminary stage of consideration, and details of the listing, including scale and timing, may still change. It is reported that in April of this year, Jinli Stock filed a prospectus with the Shanghai Stock Exchange, planning to raise 1.31 billion yuan. However, in mid-September, it actively withdrew its application for an IPO on the Science and Technology Innovation Board. The prospectus shows that Jinli Stock is a high-tech enterprise focusing on the research, production, and sales of lithium battery wet-process separators. The company's main products include wet-process base films and coating separators based on wet-process base films. In 2021, the company's market share of wet-process lithium battery separators in the domestic market was about 8.9%, ranked fourth in the industry, only after Yunnan Energy New Material, Sinoma Science & Technology, and Shenzhen Senior Technology Material. In terms of financials, Jinli Stock had operating revenues of 185 million yuan, 219 million yuan, 695 million yuan, and 691 million yuan from 2019 to the first half of 2022, with net profits of -129 million yuan, -170 million yuan, 101 million yuan, and 131 million yuan, respectively. It is worth noting that Jinli Stock's major customers include BYD Company Limited, Contemporary Amperex Technology, Gotion High-tech, Eve Energy Co., Ltd. and other well-known lithium battery manufacturers. Among them, Jinli Stock's sales revenue from BYD Company Limited has grown rapidly. The proportion of sales revenue to operating revenue from BYD Company Limited increased from 0.79% in 2020 to 54.97% in the first half of 2022. BYD Company Limited is not only an important major customer of the company but also holds a 2.24% stake in Jinli Stock. In addition, the patent litigation issues that Jinli Stock has recently faced have disrupted the company's normal listing process. In May and August of this year, industry leader Yunnan Energy New Material sued Jinli Stock twice. Yunnan Energy New Material stated that Jinli Stock and related parties infringed upon the company's invention patent rights and utility model patent rights. The cumulative amount involved in the cases reached 280 million yuan, which may be one of the reasons for Jinli Stock's termination of its A-share IPO.