According to Zhītōng Cáijīng APP, on June 20th, Chuncheng Heat in Jilin Province (abbreviated as Chuncheng Heat) terminated its IPO on the Shenzhen Stock Exchange's main board. Due to Chuncheng Heat and its sponsor withdrawing the application for IPO, the Shenzhen Stock Exchange decided to terminate the review and registration of its listing according to Article 62 of the "Stock Issuance and Listing Review Rules of the Shenzhen Stock Exchange (Revised in 2024)".
According to the prospectus, Chuncheng Heat mainly engages in heating services, heating facility construction, pipeline construction and maintenance services, and heating project design. It has a complete business system and independent ability to operate its business. On the one hand, it directly provides heating services to residents and non-residents, and on the other hand, it also provides heating delivery services to other heating companies through its self-built first-level heating delivery pipeline network.
In terms of the industry, for the whole country and northeast region, the concentration of the heating market is generally low, and major heating companies are usually located in large cities. Relatively speaking, the market concentration of the urban centralized heating market in Jilin Province is relatively high. According to Frost Sullivan's 2021 research on China's Urban Heating Market, as of 2020, the top 5 heating service providers in Jilin Province accounted for 22.72% of the market share.
As of June 30, 2023, Chuncheng Heat's total heating area is approximately 65.136 million square meters, making it the largest heating company in Jilin Province and Changchun City. The company is responsible for heating more than 500,000 residents and non-residents, and its heating capacity and coverage rank among the top in Changchun City and even Jilin Province, occupying a leading position in the market.
The raised funds will be invested in the following projects:
In terms of finance, Chuncheng Heat achieved revenue of approximately 1.897 billion, 1.65 billion, 1.655 billion, and 898 million RMB in 2020, 2021, 2022, and January-June 2023 respectively. During the same period, the net income was 171 million, 123 million, 115 million, and 125 million RMB respectively.