On September 13, 2021, the official website of the China Securities Regulatory Commission released a message "Announcement on the Acceptance of Guidance Filing and Registration of Marco Polo Holdings Co., Ltd.", stating that Marco Polo has completed the counseling filing and registration at the Guangdong Securities Regulatory Bureau.
Previously, through the acquisition of shares in the listed company Stone Co., Ltd., Huang Jianping, the helmsman of Marco Polo, has become the actual controller of Stone Co., Ltd., which has led to speculation in the industry that it wants to go public through a backdoor listing. However, the launch of listing guidance this time also shows that Marco Polo will embark on the path of IPO listing.
Huang Jianping is the actual controller of Stone Co., Ltd.
The outside world once speculated that "Marco Polo went public through a backdoor listing"
On July 24, 2021, Sitong Co., Ltd. issued an announcement "Tender Offer Report of Guangdong Sitong Group Co., Ltd.", stating that Guangdong Weide Industrial Investment Co., Ltd. (hereinafter referred to as "Weide Industrial") plans to acquire a share price of 6.60 yuan At a price of /share, the tender offer covers 10.50% of Stone’s total share capital, amounting to 33,601,680 shares.
From July 28, 2021 to August 26, 2021, when the above-mentioned tender offer period expires, a total of 29,647,032 shares accepted the Weide Industrial offer, accounting for approximately 9.26% of the total share capital of Stone.
Weide Industrial previously owned 11% of the total share capital of Stone Co., Ltd., and after this increase of 9.26%, it reached 20.26%. The total number of shares held was 64,847,032 shares, making it the largest shareholder of Stone Co., Ltd. and controlling shareholders.
The legal representative and actual controller of Weide Industrial is Huang Jianping, and the equity structure is Huang Jianping accounting for 72.50%, Xie Yuezeng accounting for 17.75%, and Deng Jianhua accounting for 9.75%. The three are persons acting in concert with each other. Before the tender offer, the three held a total of 50,355,000 Sitong shares, accounting for 15.74% of the total share capital.
In other words, after the completion of this tender offer, combined with the 20.26% shareholding ratio of Weide Industrial, Huang Jianping and his concerted parties already hold 36.00% of Sitong shares.
On September 11, 2021, Stone Co., Ltd. issued an announcement "Verification Opinions of Shenwan Hongyuan Securities Underwriting and Sponsoring Co., Ltd. on the Change of Controlling Shareholders and Actual Controllers of Guangdong Stone Group Co., Ltd.", which stated that Huang Jianping controlled Weide Industrial and persons acting in concert with Huang Jianping collectively hold 36.00% of Sitong shares. Sitong controlled by Huang JianpingThe voting rights of the shares have exceeded one-third, and it has become the actual controller of Sitong Shares.
Change name, increase registered capital, change address...
Marco Polo plans to go public
According to the information disclosed by Tianyancha, as early as November 27, 2020, Marco Polo began to change shareholders and registered capital (capital), of which the registered capital (capital) increased from 980.87 million yuan to 1.06322 billion yuan, an increase of 8.40 %.
On July 23, 2021, a series of changes were made to the project. The company name was changed from Guangdong Marco Polo Ceramics Co., Ltd. to Marco Polo Holdings Co., Ltd., and the legal representative was also changed from Xie Yuezeng to Huang Jianping.
Significant changes have also taken place in the senior management: Huang Jianping was changed from supervisor to chairman, Xie Yuezeng was changed from executive director and manager to director and general manager. Deng Jianhua, chairman of the board of supervisors, supervisor Sun Yuling, as well as Zhong Weiqiang, Chen Jian, Wu Jing, Lin Ge, Liu Huangqiu and many other directors.
In addition, as recently as September 7, 2021, Marco Polo’s address also changed, from No. 109 Yuanling Road, Guancheng District, Dongguan City to No. 102, Gaobu Section, Beiwang Road, Gaobu Town, Dongguan City, Guangdong Province , which is consistent with the address where the tutoring registration is made.
Mona Lisa and Dongpeng IPO cases
The shortest time is more than two years
Taking the two major listed companies in the ceramic industry, Dongpeng Holdings and Mona Lisa, as examples, let’s take a look at how long it will take for Marco Polo to go public via IPO.
Mona Lisa completed the counseling filing and registration with the Guangdong Securities Regulatory Bureau on October 21, 2015. Its coaching agency, China Merchants Securities, completed the "About the First Public Disclosure of Mona Lisa Group Co., Ltd." on May 11, 2016. "Report on the Summary of Stock Issuance and Listing Guidance Work", this "report" was published on the official website of the Guangdong Supervision Bureau of the China Securities Regulatory Commission on June 29, 2016. It took more than 8 months from the counseling registration to the release of the “report”.
The time it took for Mona Lisa’s IPO to pass successfully was 20On October 31, 2017, and more than a month later on December 19, 2017, Mona Lisa was listed on the Shenzhen Stock Exchange.
Mona Lisa took more than 2 years from guidance registration to the successful IPO; and nearly 2 years and 2 months from guidance registration to listing.
Dongpeng Holdings completed the counseling registration with the Guangdong Securities Regulatory Bureau on March 29, 2017. Its counseling agency, CICC, completed the "About the First Public Disclosure of Guangdong Dongpeng Holdings Co., Ltd." on July 17, 2017. "Summary Report on the Issuance and Listing of A-share Stocks", this "report" was published on the official website of the Guangdong Supervision Bureau of the China Securities Regulatory Commission on October 25, 2017. It took nearly 7 months from the filing and registration of the counseling to the release of the “report”.
The successful IPO of Dongpeng Holdings was on October 24, 2019. Due to various reasons, it was not listed on the Shenzhen Stock Exchange until October 19, 2020.
It took Dongpeng Holdings nearly 2 years and 7 months from the guidance registration to the successful IPO; and it took nearly 3 years and 7 months from the guidance registration to the listing bell.
From the above two cases of successfully listed ceramic companies, it can be seen that it takes seven or eight months from the guidance registration to the "report" announcement, and it will take longer from the guidance registration to the successful IPO meeting. The period includes A series of actions such as issuing a prospectus are required.
Judging from the listing experience of the two major ceramic companies mentioned above, it takes roughly two years from guidance and registration to the successful IPO meeting. It is foreseeable that ceramic people will receive new updates on the Marco Polo listing process from time to time.
It is also worth mentioning that Wrigley Home Furnishing has completed the process from counseling registration to "report" release, which took nearly 8 months. The next step is to release the prospectus and IPO meeting. If everything goes well, it will be closed. The time to go public may only be about a year and a half away, and it is expected to be faster than Marco Polo.
However, some people in the industry have analyzed that Marco Polo’s new IPO listing route does not mean that it has completely given up on the idea of backdoor listing. This matter also has lessons learned from the past. The more famous cases are 360 and SF Holding. Before the backdoor listing, IPO guidance was launched, but in the end, Jiangnan Jiajie and Dingtai New Materials were listed on the backdoor. After all, backdoor takes less time than IPO. 360 and SF Holding are starting toAfter the PO listing counseling, it took only more than 7 months and more than 3 months to successfully go public through backdoor listing.
(Article reproduced from Ceramic Information)
