Reporter | Zhao Yangge

After holding on for half a year, Fuene Technology, which was brave enough to break into the board, eventually terminated the IPO by withdrawing.

Source: Exchange

Sponsor chooses to waive

according to the public information, the acceptance time of fulene technology is March 13, 2023, and the inquiry session will be entered in April. on July 10, the company and the sponsor disclosed their reply opinions. however, two months later, fulene technology sponsor huachuang securities submitted an application to the exchange to withdraw the initial issue. According to the regulations, the exchange finally terminated the review of the company's initial public offering and listing on the board, thus ending the trip to the IPO of Fulene Technology.

generally speaking, applications for withdrawal of the first round are mostly submitted together after coordination between the company and the sponsor, but judging from the public information, fulene technology has not made any action.

The manual shows that Fulene Technology was established in December 2014. It is a high-tech enterprise focusing on the research and development, production and sales of graphene heat dissipation materials. It is currently the largest supplier of graphene thermal film in China. In 2021, the market share of Fuene Technology in the domestic graphene thermal film field reached 85%, ranking first. The company's main products are graphene thermal films, which are mainly used in consumer electronic products such as mid-to-high-end smart phones and tablet computers. They are used in notebook computers, smart wearable devices, ICT equipment, aerospace, medical equipment and other fields on a small scale, and gradually expand to thermal management fields such as semiconductor packaging and new energy vehicles.

in terms of financial data, the operating income of fuene technology reached 0.262 billion yuan in 2022, with a compound growth rate of 39.49 percent in the past three years, and the net profit from 2020 to 2022 was 2.9605 million yuan, 21.668 million yuan and 40.8366 million yuan respectively, with strong growth. The net cash flow from operating activities over the past three years was -56.1136 million yuan, 8.6568 million yuan and 85.3539 million yuan respectively, and the proportion of R & D investment to operating income was 7.88, 6.98 and 7.35 respectively. In 2022, the company's asset-liability ratio will be 26.25 percent.

the listing standard selected by fuene technology is "the expected market value is not less than RMB 1 billion yuan, the net profit in the last two years is positive and the accumulated net profit is not less than RMB 50 million yuan, or the expected market value is not less than RMB 1 billion yuan, the net profit in the last year is positive and the operating income is not less than RMB 0.1 billion yuan".

Source: Announcement

the fund-raising amount of fulene technology is 0.403 billion yuan, which is mainly invested in two projects: "ultra-high thermal conductivity graphene film expansion project" and "research and development center construction project".

Huawei's Hubble investment is the second largest shareholder

one of the highlights of fulene technology is that Huawei is on the list of shareholders.

the controlling shareholder of fuene technology is huawei group, holding 47.8 percent of the shares. xiang xiaoqin and yan qixu each hold 12.50 percent of the shares of huawei group. the two are husband and wife. YAN HANJING (Yan Hanjing), YAN HANLIN (Yan Hanlin) and YAN HANLI (Yan Hanli) each hold 25.00 percent of the shares of Huawei Group, all of whom are daughters of Xiang Xiaoqin and Yan Qixu. Xiang Xiaoqin, Yan Qixu, YAN HANJING (Yan Hanjing), YAN HANLIN (Yan Hanlin) and YAN HANLI (Yan Hanli) hold a total of 100 percent of the shares of Huawei Group. They control a total of 53.82 percent of the shares of Huawei Group and Huawei Fuluan, and are the joint actual controllers of Fuluan Technology. YAN HANJING (Yan Hanjing), YAN HANLIN (Yan Hanlin) and YAN HANLI (Yan Hanli) are all Canadian nationals.

The second largest shareholder is Hubble Investment, which holds 11.11 million shares, or 8.92 per cent.

Hubble Investment was established on April 23, 2019, with a registered capital of 3 billion billion yuan, which is 100 funded by Huawei Holdings Co., Ltd. The Trade Union Committee of Huawei Investment Holdings Co., Ltd. holds 99.35 percent of Huawei Investment Holdings Co., Ltd. and the remaining 0.65 percent is held by Ren Zhengfei. Hubble Investment is a capital increase to Fulene Technology with its own funds in 2019, and the subscription price of Hubble Investment is 5.70 yuan per share.

Source: Eye Check

among the senior management of fulene technology, director Jiang yishan has served as the director of integrated delivery strategic planning and quality operation department of huawei terminal co., ltd. since February 2006. Jiang Yishan is paid at Huawei.

in this way, the customer glory terminal of fuene technology is the former related party of fuene technology. According to the instructions, Glory Terminal and Hubble Investment were enterprises under the control of the same actual controller. In November 2020, 100 of Rongyao Terminal's equity was transferred to a third party before it was a related party of the company.

in the risk warning, fulene technology mentioned the risk of high concentration of downstream industries and end customers, saying that the company's downstream customers are mainly consumer electronic product end brand manufacturers or supporting manufacturers, etc. during the reporting period, the company's total sales revenue of products finally used for customer a and glory terminal accounted for 98.56, 99.19 and 99.30 respectively, with high concentration of end customers, the company has a large dependence on end customer A and glory. This customer A is also a related party to Fulene Technology.

In addition, during the reporting period, the purchase amount of graphene oxide precursor, the main raw material of Fulene Technology, accounted for 66.21, 50.52 and 40.37 of the total raw material purchases, respectively. The amount of graphene oxide precursor purchased by the company from the sixth element accounts for 99.98, 99.34 and 84.50 of the total procurement of such materials, respectively, and the main raw material suppliers also have a more concentrated risk.

Hubble Investment List

According to incomplete statistics, Hubble has a wide investment layout, and there are many projects similar to fulene technology, including many listed companies.

according to juguang technology (688167.SH) disclosed its shareholding in early September, hubble investment holds 2 million shares, ranking eighth largest shareholder. It is reported that the light technology listed on December 24, 2021, the main photon industry upstream of high-power semiconductor laser components and raw materials ("photon generation"), laser optical components ("regulatory photons") research and development, production and sales, in the laser industry has a leading technology advantage.

Chang Guang Hua Xin (688048.SH) The seventh largest shareholder as of the end of June was also Hubble Investment, holding 6.5845 million shares. Chang Guanghua core is mainly engaged in the research and development, design and manufacturing of semiconductor laser chips, and is one of the few manufacturers in the world with high-power laser chip mass production capacity.

dongxin shares (688048.SH) is the third largest shareholder with 13.2675 million shares. the company provides customers with high-quality storage products and services.

Hubble Investment also has a place on the list of shareholders of Jeworth (688141.SH), ranking fourth with 13.5433 million shares. Jiehuate is a national-level specialized new "little giant", the main power management chip.

only jietengxin (688153.SH) semi-annual report shows that hubble investment also holds 12.8348 million shares, making it the sixth largest shareholder. According to the disclosure, the company is the first company engaged in the research and development and design of RF front-end chips in China, and the leading manufacturer of RF front-end PA modules.

hubble investment also holds canqin technology (688182.SH) 13.75 million shares, which is the fourth largest shareholder. canqin technology's main business is the research and development, production and sales of high-end advanced electronic ceramic components.

Tianyue Advanced (688234.SH) was listed on January 12, 2022. It is engaged in the research and development, production and sales of silicon carbide substrates. The company has ranked among the world's top three in the semi-insulating silicon carbide substrate market. In the list of shareholders, Hubble Investment holds 27.2625 million shares, making it the fourth largest shareholder.

dongwei semi-conductor (688261.SH) will be listed on February 10, 2022. its products are high-performance power devices and wafers. it is introduced that the company is one of the few high-performance power device design companies in China with complete experience from patent to mass production. Hubble Investments holds 4.6631 million shares of Dongwei Semi-Guide.

national-level specialized special new "little giant" meixinsheng (688458.SH), which specializes in high-performance analog and digital-analog hybrid chips, is also the target of Hubble's investment pool. According to the semi-annual report, Shenzhen Hubble Technology Investment Partnership (Limited Partnership) holds 3.5247 million shares, making it the sixth largest shareholder of Meixinsheng. According to Tianyan, Shenzhen Hubble Technology Investment Partnership (Limited Partnership) was established on April 15, 2021, with Hubble Investment holding 1%, Huawei Terminal Co., Ltd. holding 30% and Huawei Technologies Co., Ltd. holding 69%.

Source: Eye Check

another Yuanjie Technology (688498.SH) listed on December 21, 2022, with Hubble Investment holding 2.7468 million shares. Yuanjie Technology's main optical chip research and development, design, production and sales, its 10G laser chip market share of the world's first.

and Yutai Micro (688515.SH), Hubble Investment holds 5.5738 million shares, making it the fourth largest shareholder. Yutai Micro's main business is the development, design and sales of high-speed wired communication chips.

As for Huahai Chengke (688535.SH), Shenzhen Hubble Technology Investment Partnership (Limited Partnership) holds 2.4208 million shares. Huahai Chengke is engaged in the research and development and industrialization of semiconductor packaging materials, and is one of the few domestic semiconductor packaging materials manufacturers that simultaneously lay out FC underfill and liquid plastic packaging materials.

Srep (688536.SH) listed on September 21, 2020, focusing on high-performance analog chip design, in the list of shareholders, Hubble Investment ranked fifth largest shareholder with 5.8091 million shares.

"changhong department" huafeng technology (688629.SH), Shenzhen hubble technology investment partnership (limited partnership) holds 13.5848 million shares. huafeng technology department is under Mianyang sasac and is one of Huawei's two major domestic suppliers of high-speed backplane connectors.