Holding the A-share "Heading Head" in sight, Dashengda divides the domestic packaging layout and speeds up again.

On November 14, the China Securities Regulatory Commission announced the initial public offering of prospectus for Zhejiang Shengda Packaging Co., Ltd., indicating that Shengda has only one step away from the official listing after undergoing regression restructuring, listing counseling and filing.

Shengda is one of the most powerful leading packaging and printing enterprises in China. It is also the first corrugated packaging enterprise to go public in the US. In 2010, it was married to the United States and caused a sensation in China. However, due to the unfair marriage, Shengda resolutely went through the divorce procedure with Nasdaq in 2015 and reunited with A shares. However, the road to listing that has been hailed as a door-to-door is not a smooth one.

At the end of the day, it’s a good thing to grind. With the successful completion of the prospectus, the company’s official participation in the A-share market is already “hiding”.

Shengda Packaging

According to the China Securities Regulatory Commission's announcement of the initial public offering of Zhejiang Shengda Packaging Co., Ltd., the number of initial public offerings does not exceed 120 million shares, and the number of issued shares accounts for no more than 10% of the total share capital of the company after the issue.

Shengda Packaging Company stated that it plans to invest 800 million funds raised in this issue into the smart packaging projects in Hubei and Zhejiang, and strive to create a “smart, digital and green quality boutique factory”.

Zhejiang Shengda Packaging Co., Ltd. was established in November 2004. The headquarters is located in the beautiful Hangzhou Xiaoshan Economic and Technological Development Zone. In 2016, the company completed the shareholding system transformation. The company has set up more than 10 subsidiaries in Xiaoshan, Suzhou, Yancheng, Chengdu, Wuhan and other places, and set up a design service company with “design and marketing” as one.

It is understood that Shengda's controlling shareholder is Xinshengda Investment, Xinshengda Investment directly holds 269,042,700 shares of the company, accounting for 74.56% of the company's total share capital, and is the controlling shareholder of the company. The actual controllers of the company are: Fangwu School, Fang Nengbin, and Fang Congyi (hereinafter referred to as “Fang Family”). The above-mentioned Fang family have held 100% of the shares of Xinshengda Investment before the issuance. The three people indirectly controlled the 74.56% of the shares before the issuance of the company and were the actual controllers of the company.

Shengda Packaging successfully borrowed from the NASDAQ Stock Exchange in December 2010. In May 2015, the Fang family acquired Yida International as the main body of privatization acquisition and acquired 90.76% of the shares by way of share swap. Shares, delisted from Nasdaq. After the completion of the restructuring in 2016, it was officially renamed as Zhejiang Shengda Packaging Co., Ltd.

See the Shengda data from the prospectus

Shengda's operating income for January-September 2018 was 933 million, an increase of 69.948 million over the same period of the previous year, an increase of 8.10%; the net profit attributable to shareholders of the parent company from January to September 2018 was 93,776,900, compared with the same period of the previous year. It fell by 18,195,600, a decrease of 16.25%.

The company expects to have an operating income of 1.28 billion to 1.31 billion in 2018, a change of 5.78% to 8.26% from the previous year; net profit attributable to the parent company was 133 million to 147 million, a change from the same period last year - 18.83% to -10.36%.

The company's financial indicators for the past four years

Capacity, production and capacity utilization during the reporting period

Product sales

Top five customer sales

Shengda has no suspense in holding A shares

Although the domestic securities market is still in the stage of strict financial supervision and A stock market volatility, if there is no accident, the probability of winning will be successful.

First of all, the second-to-none strength has made the CSRC’s increasingly discerning mother-in-law afraid to despise. Zhejiang Shengda Packaging Co., Ltd. is a high-tech enterprise supported by the state and a Chinese paper packaging development and production base. It has a Chinese paper product R&D center and has been listed as a “two-integrated management system pilot enterprise” by the Ministry of Industry and Information Technology. Two-in-depth integration demonstration enterprises, Zhejiang Province management innovation pilot enterprises.

Second, all the hard indicators have passed. From January to September 2018, the net profit attributable to shareholders of the parent company was 937.769 million, far exceeding the baseline of 50 million annual net profit. The company's most customers, SF Express, accounted for 10% of the business, and the top five customers accounted for only 35% of the turnover. The company's customer structure is relatively stable. As can be seen from the financial statements disclosed in the prospectus, the company is in good operating condition and has always maintained profitability.

Thirdly, not long ago, after the first anniversary of the release of the “Phoenix Project” in Hangzhou, the Hangzhou Financial Office publicly released the list of 83 key listed companies for the first time. This list covers finance, manufacturing, real estate, chemicals, e-commerce, new energy, In many fields such as logistics and environmental protection, Shengda Packaging is in the forefront.

In addition, the company's continued profitability can withstand inspection. Since the end of 2016, affected by the rising prices of international waste paper, coal and other commodities, under the pressure of environmental protection, the volume of medium and small paper mills has limited production and closure, and the price fluctuation of raw paper has intensified. Affected by these factors, the company's gross profit margin decreased. In addition, the newly commissioned and implemented technology reform subsidiaries incurred local losses. This is the case, the company still maintains a considerable profit, indicating that the company's continued profitability is good, which is precisely the key indicator to determine whether the company has a meeting or not.

As the saying goes: Be careful to drive the ship for thousands of years. Before the success of Shengda, Shengda still needs to be careful to deal with various uncertainties. The company should be careful to cope with the decline in net profit caused by rising raw material prices and shrinking market demand; the company needs to seriously deal with the loss of the top five profit margins of Samsung and Panasonic orders in the top five in the trade war; the future raw material trend is still unclear It does not rule out the possibility of a rise in the market. These may disrupt the pace of the company's listing. The company's new projects require financial support, which may cause the company to race with the time to market, which will increase operational risks.

In any case, whether it is China's A-share market or China's packaging market, it is very pleasing to accommodate more outstanding companies like Shengda. Therefore, we expect the A-share market to usher in another excellent packaging leading enterprise.

Responsible editor: Ge

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