Crab-like IPO! Complex Network of Aggregated Technology: Revenue Depends on Listed Company Mingyang Intelligent!

　 Crab-like, as its name suggests, because it often chooses to live in a soft-bodied animal's shell to protect its fragile abdomen. This biological phenomenon is also reflected in IPOs, especially in some newly listed IPO companies. These companies often rely on one or more large listed companies' procurement orders to maintain their operations and revenue, which is known as the "crab-like IPO" phenomenon.

　 Guangzhou Aggregated New Materials Technology Co., Ltd. (hereinafter referred to as "Aggregated Technology") is such a company. Due to its revenue being over-dependent on listed company Mingyang Intelligent (601615), the first-time public offering process was a rollercoaster ride. In June 2021, Aggregated Technology submitted an IPO application to the ChiNext Board, but after two rounds of inquiries, it decided to withdraw its listing application in April 2022.

　 After the ChiNext Board IPO plan was terminated two months later, Aggregated Technology decided to use the new three-board system and submitted an IPO application to the Beijing Stock Exchange. In October 2022, Aggregated Technology applied for a listing on the Beijing Stock Exchange. At the May 10 meeting of the Beijing Stock Exchange Listing Committee, Aggregated Technology's listing application was successfully reviewed.

　 However, this dependence on large listed companies' procurement orders undoubtedly increases the uncertainty and risk of an enterprise's IPO. Meanwhile, Aggregated Technology's actual controller is Canadian, with a complex equity structure behind it.....

One: Revenue almost entirely depends on listed company Mingyang Intelligent!

　 Aggregated Technology's main business is the research and development, production, and sales of epoxy resins for wind turbine blades, electronic encapsulation materials, powder coatings, and other new composite materials.

　 In terms of revenue, Aggregated Technology's main products are its epoxy resins for wind turbine blades and electronic encapsulation materials, with revenues of 3.08 billion yuan and 0.94 billion yuan in 2022, accounting for 64.21% and 19.49%, respectively, of the company's total revenue.

　 Aggregated Technology's revenue is almost entirely dependent on listed company Mingyang Intelligent. Aggregated Technology and Hua'an New Materials are the two main suppliers of Mingyang Intelligent's wind turbine blade epoxy resins, accounting for a majority share of Mingyang Intelligent's wind turbine blade epoxy resin sales.

　 The prospectus shows that Aggregated Technology sold products to its largest customer, Mingyang Intelligent, with revenues of 24.30 billion yuan, 43.25 billion yuan, and 26.21 billion yuan in different periods, accounting for 61.53%, 65.52%, and 52.42% of the company's revenue, respectively.

Two: Equity structure is complex, actual controller is Canadian!

　 Compared with the company's performance, the equity structure behind Aggregated Technology is also complex. Aggregated Technology adopts a foreign equity structure, and Polystar directly holds 59.18% of Aggregated Technology's shares. The actual controller, Tan Jun, is Canadian and the sole shareholder of Polystar.

　 Although Tan Jun is Polystar's sole shareholder, he has a "big heart" when it comes to his ex-wife Tang Huai. In 2021, Tan Jun and Tang Huai got divorced, according to the agreement signed by both parties, Tang Huai agreed to give up all her rights and interests in Polystar and Aggregated Technology.

　 It is worth noting that generally after a divorce, the husband and wife will split their property and debts. However, Tang Huai did not seem to be very "generous" at first. She initially refused to sign off on her rights and interests in Polystar and Aggregated Technology, but then agreed to provide guarantees for Polystar's 16 billion yuan credit facilities.

　 According to the reply content, Tan Jun and Tang Huai signed a guarantee agreement of 1.6 billion yuan each in October 2020 and September 2021, respectively, with an effective period from September 6, 2021, to October 27, 2023.

Except for actual controller Tan Jun's equity situation, the other two shareholders, Guangzhou Jia Ju Investment Management Center (hereinafter referred to as "Jia Ju Investment") and Guangzhou Ming Long Investment Management Center (hereinafter referred to as "Ming Long Investment"), also exist in complex situations.

　 The data shows that Jia Ju Investment is a limited partnership, with Tan Jun's father, Tan Ji Fan, serving as the general partner and able to actually control the 19.75% equity interest held by Jia Ju Investment. Behind Jia Ju Investment are numerous high-level employees of Aggregated Technology, staff members, and relatives of Tan Jun.

　 Worth noting is that Tan Jun's father, Tan Ji Fan, although he controls Jia Ju Investment, does not form a consistent action with Tan Jun, and there have been instances of proxy holding. This situation implies that the investment decisions behind Jia Ju Investment may be influenced by some agreement or arrangement, which raises questions about Tan Ji Fan's actual control.

　 According to the prospectus, before April 2021, Tan Ji Fan held a 23% equity interest in Jia Ju Investment, which was transferred to Xu Peng during the proxy holding period. During this period, Xu Peng paid out the dividends according to Tan Ji Fan's instructions or designates.

　 Meanwhile, although Jia Ju Investment has gathered many employees and high-level staff of Aggregated Technology, the company does not view it as an employee equity platform. These shares were voluntarily purchased by employees, but it is worth noting that if an employee leaves, they must transfer their shares to a designated third party.

　 Another shareholder, Ming Long Investment, also has a similar situation. On the one hand, there is proxy holding of equity interests. On the other hand, after employees leave, they transfer their shares to Luo Wei Ming and Tan Ri Ping.

　 In summary, we can see that Aggregated Technology's equity structure contains complexity and diversity. Aggregated Technology's actual control relationship is not just a simple equity chain or control chain, but may involve a network of multiple parties' interests, agreements, and potential influences. This complexity not only increases the company's operational risk and regulatory difficulties but also may have an impact on investment returns.