On July 3, a reporter from China Ceramics Network learned from the official website of the China Securities Regulatory Commission that Wrigley Home Furnishing Group Co., Ltd. had recently submitted the "Initial Public Offering Prospectus (Draft)" to the main board of the Shenzhen Stock Exchange.
The prospectus shows that the type of stocks issued this time is RMB ordinary shares (A shares), with a face value of RMB 1.00 per share, no more than 98,996,717 shares, no less than 10% of the total share capital after the issuance, and no original shares will be issued. Public offering of shares by shareholders.
ARROW Home Furnishing Group Co., Ltd. was established on April 7, 2013 (its brand ARROW Home Furnishing was established in 1994). It is headquartered in Foshan, Guangdong. It is an advanced and large-scale manufacturer of high-end ceramic sanitary ware, ceramic tiles, and whole-house products in China. One of the customized furniture manufacturing and sales enterprises, it is also a comprehensive smart home enterprise group with strength and influence in China. It owns three major brands: ARROW, FAENZA, and ANNWA, and covers an area of more than 6,000 acres. Top ten production and manufacturing bases (2 under construction).
The reporter learned from the prospectus that the actual controllers of Wrigley Home Furnishing Group Co., Ltd. are Xie Yuerong, Huo Qiujie, Xie Anqi and Xie Wei. From 2018 to 2020, the main business income of Wrigley Home Furnishing Group Co., Ltd. was 6,759.2574 million yuan, 6616.3085 million yuan and 6477.6804 million yuan respectively, and the net profits attributable to shareholders of the parent company were 197.0879 million yuan, 556.2451 million yuan and 588.5148 million yuan respectively. After deducting the issuance expenses, the funds raised from this issuance are planned to be used for its smart home product production capacity technological transformation project, an annual output of 10 million sets of faucets and 3 million sets of showerheads, a smart home R&D and testing center technology transformation project, and digital intelligence upgrade technology. Transformation projects, marketing service network upgrades and brand building projects based on new retail models and supplementary working capital.
Wrigley Home Furnishing Group Co., Ltd. officially launched the listing process last year (it completed the guidance filing registration with the Guangdong Securities Regulatory Bureau on November 4, 2020). After more than half a year, it quickly submitted its prospectus and is one step closer to listing.
As of July 2021, the domestic construction and sanitary ceramics industry has Dongpeng Holdings, Diou Home Furnishing, Mona Lisa, Huida Sanitary Ware, Haiou Residential, Yuexin Health, Stone Co., Ltd., Songlin Technology, Construction Listed companies such as Lin Home Furnishing and Realte.
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How long does it take to go public after submitting a prospectus?
What is a prospectus?
The prospectus is a written notice issued by a joint-stock company regarding the offering of shares when it publicly issues shares. The prospectus is drafted by the promoters of the joint-stock company or the demutualization preparatory committee and submitted to the government securities regulatory agency for review and approval. Its main contents include:
① Company status: company history, nature, company organization and personnel status, list of directors, managers, supervisors and sponsors.
②The company's business plan is mainly the allocation of funds and the budget of revenue and expenditure and surplus.
③The company's business status and forecast, equipment status, production and operation varieties, scope and methods, marketing analysis and forecast.
④Experts’ review opinions on the company’s business, technology and finance.
⑤Share capital and stock issuance, capital formation, ownership structure, changes in net worth in recent years, stock price changes, dividend distribution, start and end dates of stock issuance, total amount and amount per share, stock types and their participation limits , dividend distribution method, application procedures for purchasing shares, company stock underwriting or agency agency.
⑥The company's financial status, registered capital, balance sheet and profit and loss account after liquidation accounting, and year-end accountant's report.
⑦The company’s annual reports in recent years.
⑧Attach the company's articles of association and relevant regulations.
⑨ Attached are the important resolutions of the company’s shareholders’ meeting.
⑩Other matters.
The prospectus is one of the necessary documents when issuing stocks. It needs to be reviewed and approved by the securities regulatory agency. It is also an important reference for investors, especially public investors, to subscribe for the company's stocks.
Approval of prospectus:
Generally conducted by government authorized departments. China only allows stocks to be listed in Shenzhen and Shanghai. The prospectus for establishing a joint-stock company in the above two cities shall be approved by the Office of Economic Reform and the branch of the People's Bank of China. Companies in other regions that meet the conditions for listing and trading can only be listed on the stock exchanges in Shenzhen and Shanghai, and their prospectuses are reviewed and approved by the Stock Listing Office Meeting of the State Council. After the prospectus is approved by the government authorized department, the promoter must announce it through the news media so that the public can know it. my country’s current prospectus announcementJudging from the situation, the announcement of the prospectus mainly takes the form of the full text of the prospectus being published by newspapers.
Generally speaking, when submitting application materials to the China Securities Regulatory Commission, Hong Kong will do 2019/2/26 filing to the Stock Exchange, and in the United States, F1 filing will be done to the SEC. After these filings are submitted, they will be heard by these institutions, and in China they will be reviewed by the China Securities Regulatory Commission. Specifically, from submission of materials to review, there is still a period of time to answer the review agency's questions and revise the prospectus. This depends on the issuer's own questions, the mood of the review agency, and the macro market situation. Also, if the review agency feels that your prospectus is incomplete, it can directly call you back and start over. After passing the review, in China you call the Congress, and then you can take the approved approval or go to the stock exchange for listing. Therefore, in fact, the time from submission of application materials to listing is not certain. It may be long or short, depending on the situation.
After submitting the prospectus, you still need to wait for approval. Only after passing the review, the listed company will inform when it will go public when issuing the prospectus. The time for each listed company is different, but generally it will not be very long. When investors check the prospectus, they can check to see if there is any explanation in the announcement. If it explains when it will be listed, then investors don't have to worry too much when investing in stocks.
(Author: Chan Can)
