LED lighting-related company Auman Technology terminates IPO on Beijing Stock Exchange

On August 30, the Beijing Stock Exchange website released a decision to terminate the review of Guangdong Auman Technology Co., Ltd. (hereinafter referred to as "Auman Technology") for its public issuance of shares and listing on the Beijing Stock Exchange.

It is understood that Auman Technology submitted application materials to the Beijing Stock Exchange on March 30, 2023, and it was accepted on March 31. On April 25, it received an audit inquiry letter from the Beijing Stock Exchange. On June 30, due to the expiration of supplementary audit matters in the financial report, the application was suspended for review.

In an announcement released in June, Auman Technology stated that based on the company's actual operating conditions and strategic development guidelines, the company decided to adjust its listing strategy. After careful study and prudent decision-making, the company planned to terminate its application for public issuance of shares to unspecified qualified investors and listing on the Beijing Stock Exchange, and withdrew relevant application materials.

The prospectus shows that Auman Technology originally planned to raise 130 million yuan for the construction project of a smart line light base.

The project originally planned to invest in the construction of a production base in Dongfeng Town, Zhongshan City, expand the production site area, and build a high-standard factory building; at the same time, it will introduce automated production lines, purchase advanced production equipment, expand the production team, and accelerate the application and promotion of COB process technology, thereby improving the company's production efficiency.

After the project is completed, the production capacity of light strips, linear lights, panel lights, and smart power supplies will be added, as follows:

Public information shows that Auman Technology is an enterprise focusing on the field of LED linear lighting, integrating design, R&D, production, and sales. Its main products include LED strips, linear lights and other LED linear lighting products, LED drive power supplies and other accessories, as well as non-linear lighting products such as ceiling lights, downlights, classroom lights, blackboard lights, and panel lights.

From 2019 to 2022, Auman Technology’s operating income was 329.5259 million yuan, 326.2077 million yuan, 377.5009 million yuan and 272.04 million yuan respectively. 20,000 yuan, which is relatively stable overall. The company's line lighting product revenue accounts for 90.89%, 85.23%, 78.37%, and 77.66% of its main business revenue, showing a downward trend.

During the reporting period, the company's ODM business revenue scale remained at a high level as a whole, and its main ODM customers were Opple Lighting, Zhansheng Lighting, AMERICAN Lighting INC, MEGAMAN, etc.

Auman Technology also pointed out that if the domestic and foreign economic situation changes in the future, the operating conditions of the company's ODM customers experience adverse changes, the company is unable to meet the product needs of ODM customers, or downstream customers also enter the ODM field to directly compete with the company, etc., the company's operating performance and profitability will be affected.