Baoan, China Launched Bethel IPO&Nbsp, Suspended Listing Policy

Due to the announcement of China's Baoan iron ore mine (17.05,0.00,0.00%) today, Bety, the controlling shareholder, started preparations for the listing of the gem. However, the company said that in view of the fact that the subsidiary company was being split up GEM Listing The relevant policies are not yet clear, and whether Bethel can succeed in IPO remains unchanged.

The announcement stated briefly that Bethel has started preparations, and will go to the China Securities Regulatory Commission, the Shenzhen Securities Regulatory Commission and the state environmental protection department. supervise Departments declare related materials.

According to the company's website, Bethel focused on the research and development of lithium ion two battery materials. It has a number of wholly owned or holding companies, undertaking a number of national 863 projects, and drafted the national standard of "lithium ion battery two Shi Molei negative battery materials", which fills the gaps in the industry at home and abroad. The company has more than 70 national invention patents and has declared international patents. In the next 5-10 years, the development of advanced materials, Bethel developed and industrialized lithium titanate, lithium iron phosphate, graphene, thermal conductive graphite, carbon fiber and other leading international level.

The annual report of Baoan, China, in 2010, has a lot of "brush and ink" for Bethel. As a prelude to preparing for IPO, Betty has increased capital and equity incentive in 2010. In March, it issued 10 million shares to Baoan, China, at a price of 13.3 yuan per share. In August, it issued 8 million 100 thousand shares to strategic investors at a price of 25 yuan per share, and implemented 3 million 900 thousand shares of equity incentive. In 2010, Bette Rui achieved the best performance in 10 years, with sales revenue exceeding 400 million yuan, an increase of over 40% over the same period last year.

China's Baoan annual report shows that the registered capital of Bethel is 72 million yuan and that of Baoan, China, has a 51.91% stake. Last year, it realized a net profit of 77 million 337 thousand and 300 yuan. Looking at the announcement of capital increase announced by Baoan in March last year, Bety's net profit in 2008 and 2009 was 38 million 337 thousand and 500 yuan and 66 million 461 thousand and 700 yuan respectively, and the performance in recent 3 years was relatively stable.

At the same time, the annual report also revealed that bethleigh is basically completed and put into use in the new energy materials Industrial Park in Shenzhen. The graphite Industrial Park in Jixi, Heilongjiang, covers an area of 150 thousand square meters, of which the first phase of the project is 60 thousand square meters, mainly made by Shi Moshen processing (mainly supplied by Bette Rui), and put into operation at the end of February 2011. In addition, Tianjin Beth Rui plans to build an industrial park with an area of 333.80 mu, which is used to build the core manufacturing base and R & D center. It is worth mentioning that in November 3rd of last year, Baoan, China, had interviewed the 51 institutional researchers, such as Guotai Junan, at Bethel, and talked about the basic situation of the company and Betty.

However, performance is not the biggest stumbling block in front of Bethel. Baoan, China, admits that in view of the fact that the listed companies are going to split the share holding companies into the gem, there are no specific laws and regulations.

Previously, the first single company to spin off subsidiaries to the gem was Zuoli pharmaceutical. 11.86,0.00,0.00% is its controlling shareholder, holding the top 26% stake in Zuoli pharmaceutical IPO, and is the second largest shareholder. In contrast, there is a difference between the two cases: because of the dilution of shares before the listing, the company is not a controlling shareholder, but Betty is a controlling subsidiary of China's Baoan.

In fact, after the opening of the gem, the policy of splitting and listing has not yet been clear. Previously, the regulatory authorities had stated that the listed companies were allowed to spin off their subsidiaries to the gem, but they need to meet the 6 indexes of the listed companies' net profit of the issuer in the latest accounting year, which is not more than 50% of the consolidated statement net profit, and the issuer's net assets account for no more than 30% of the listed company's net assets, and there is no serious related transaction between the listed company and the issuer's shareholders or between the actual controller and the issuer. Judging from the available information, Bety and Baoan, China accord with the first two financial indicators. But authorities have recently revealed that regulators do not encourage listed companies to spin off their subsidiaries to the gem. So there is uncertainty about whether or not bethleigh can go.