The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on February 1, Fujing China Holdings Limited (“Fujing China”) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Junfu Finance is its sole sponsor. It is worth noting that since 2021, Fujing China has continued to submit its listing to the Hong Kong Stock Exchange five times and passed the Hong Kong Stock Exchange main board listing hearing on November 28, 2023, but in the last step, Fujing China's listing plan came to an abrupt end and chose to postpone the listing plan.

According to the prospectus, Fujing China is the largest producer of potted vegetables and agricultural products in Shandong Province, with a market share of 14.8% in Shandong Province in terms of sales revenue in 2022. In 2022, the company's sales revenue was 126.7 million yuan, accounting for about 3.1% of the total sales revenue of Chinese potted vegetable producers and less than 0.01% of the total sales revenue of Chinese vegetable producers.

As of January 26, the company has three planting bases for growing potted vegetables and agricultural products, including the Laixi base, the Xi'an base and the Dalian base, covering a total area of about 431,600 square meters. The company's planting base has a total of 140 greenhouses, with a total construction area of 155,400 square meters.

Fujing China's products are promoted and sold under the company's brand “Fujing Agriculture”, including 29 varieties of potted vegetable agricultural products. Among them, artemisia, rapeseed, bitter chrysanthemum, rapeseed, cabbage, lettuce, mountain celery, and Japanese cabbage were the main products the company provided on the market during the track record period.

It is worth noting that since 2021, Fullview China has submitted it five times, on February 10, 2021, August 24, 2022, November 28, 2023, and July 28, 2023, and passed the Hong Kong Stock Exchange main board listing hearing on November 28, 2023. It also specified the timing of the public offering and listing date, but it came to an abrupt end at a critical step.

The original listing date for Fujing China was December 8. On December 5, Fujing China issued an announcement stating that due to current market conditions, after consulting the joint overall coordinator and the joint global coordinator, the company has decided to postpone and not carry out the share sale according to the schedule in the prospectus. As a result, placement underwriting agreements relating to placements will not be concluded, and public offering underwriting agreements relating to public offers will not be unconditional. The decision not to sell shares does not affect the Company's current business, and the Company remains committed to developing and expanding its business.

Relevant investors said that under normal circumstances, it is rare to see people choose to postpone the listing after the IPO is over. This may reflect that during the stock offering process, the market was very poor as expected, and the results were not as good as not being listed now, and finding another time. At the same time, it is difficult to generalize about different market conditions. More than 90% of the new shares are still very positive, and if delayed, it may make investors even more puzzled about the company's confidence.

From a financial perspective, in 2020, 2021, 2022, and as of September 30, 2023, Fujing China achieved revenue of about 121 million yuan, 155 million yuan, 127 million yuan, 886.26 million yuan, and 121 million yuan, respectively. In the same period, it achieved annual profit of 43.778 million yuan, 47303 million yuan, 31.112 million yuan, 19.01 million yuan, 41.1117 million yuan, respectively. As can be seen, Fujing China's overall revenue and profit declined in 2022.

At the same time, Fujing China also relies heavily on distributors and top five customers. According to the prospectus, in fiscal year 2020, fiscal year 2021, fiscal year 2022, and the first nine months of 2023, Fujing China distributors' sales were 121 million yuan, 155 million yuan, 127 million yuan, and 121 million yuan respectively, accounting for 99.7%, 100%, and 100% of the company's revenue for the same period. Furthermore, during the above period, total revenue from the five major customers accounted for 56.1%, 66.3%, 67.3% and 68.1% of the company's annual revenue, respectively.