Jinbo Bio Suspended IPO
- Chaileedo Press
- Oct 1, 2022
- 2 min read
The road to the IPO of Jinbo Bio is full of twists and turns.
On September 29, Jinbo Bio-pharmaceutical released an announcement that it had suspended its listing review by the Beijing Stock Exchange (BSE) due to the need to update the financial information cited in the prospectus.
According to the announcement, the financial statements quoted in the prospectus are valid for 6 months after its latest cut-off date, according to the Rules for Reviewing the Public Offering of Shares to Unspecified Qualified Investors and Listing on the Beijing Stock Exchange (for Trial Implementation). Under special circumstances, the issuer may apply for an appropriate extension, which may not exceed 3 months at most. The latest audited financial statements in the prospectus of Jinbo Bio are due on December 31, 2021, which will reach 9 months by September 30, 2022, so the company needs to update the financial information quoted in the prospectus.
At present, Jinbo Bio has submitted an application for suspension of review to the BSE. The BSE has adjusted the review status of the company's public offering to unspecified qualified investors and listed on the BSE to suspend review in its business system.
It is known that Jinbo Bio mainly focuses on the research and development of functional protein as the core driver, constantly developing various innovative functional proteins and upgrading and perfecting the developed functional protein technology. And its main business is divided into two sales modes: OBM and ODM.
According to the previously announced 2022 interim report of Jinbo Bio, the company recorded revenue of 154 million yuan ($20 million) in the first half of the year, representing a year-on-year increase of 50.68%. The net profit attributable to shareholders of the listed company was 36,345,700 yuan ($4,630,200), an increase of 43.36% year-on-year.
It is worth mentioning that, as early as June 1, 2020, Jinbo Bio sent an application for listing on the Sci-Tech innovation board (STAR Market). However, at the end of the same year, Jinbo Bio submitted another Application for Withdrawal of Application Documents for Initial Public Offering of Shares and Listing on the STAR Market to the SSE, probably due to liquidity problems of the NSS. It claimed that "due to the company's strategic adjustment, the company decided to withdraw the application for the initial public offering of shares and listing on the STAR Market on its own initiative", thus ending the road to the listing.
The company's IPO was launched on June 7 this year, aiming at the "first collagen stock" and BSE, which sent its first inquiry letter at the end of June, asking about Jinbo's prospectus from business and technology, financial and accounting information and management analysis, and the use of proceeds respectively.
Prior to the suspension of the review, it received a second round of inquiry letters from the BSE on September 8. The inquiry letter asked about the sales revenue of its partner DNUTRI MAGECARE, the authenticity of the sales revenue of recombinant humanized collagen implant, the composition of revenue, product details, compliance operation, and fund-raising investment.
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