华羿微电科创板IPO终止：11亿募资悬疑 科创属性如何影响业绩持续性

Hua Yi Microelectronics Co., Ltd. (referred to as Hua Yi Micro) and its sponsor, TF Securities, have withdrawn their application for listing on the Shanghai Stock Exchange, according to the official website of the Shanghai Stock Exchange. As a high-tech enterprise under the Hua Tian Electronics Group, Hua Yi Micro specializes in the research, design, testing, and sales of semiconductor power devices. According to statistics from the China Semiconductor Industry Association, Hua Yi Micro ranked 13th in sales among Chinese semiconductor power device companies in 2021 and 2022, ranking among the top five excluding IDM model vendors.

In June 2023, Hua Yi Micro submitted its IPO application to the Sci-Tech Innovation Board, and on July 27 of the same year, the Shanghai Stock Exchange updated its inquiry status. However, Hua Yi Micro did not respond to the inquiry, only updating its financial data before voluntarily withdrawing its application.

In April 2024, the China Securities Regulatory Commission (CSRC) revised the "Guidelines for the Evaluation of Sci-Tech Attributes" (referred to as the "Guidelines"). The revised "Guidelines" moderately increased the requirements for research and development investment, the number of invention patents, and compound growth rate of operating income for companies applying for listing on the Sci-Tech Innovation Board. Industry insiders also stated that with the strengthening of capital market regulation, the Sci-Tech Innovation Board has raised admission thresholds, prompting some companies without sufficient "safety cushions" to choose to withdraw their listing applications proactively.

Is the Research and Development Ratio Insufficient?

The latest "Guidelines" state that companies applying for listing on the Sci-Tech Innovation Board should meet four criteria, one of which is the research and development ratio. The new requirement is that the research and development investment in the past three years accounts for more than 5% of the operating income, or the cumulative research and development investment exceeds 80 million yuan in the past three years.

According to Hua Yi Micro's prospectus, its research and development expenditures from 2020 to 2022 were 33.73 million yuan, 45.70 million yuan, and 58.12 million yuan, accounting for 3.98%, 3.94%, and 5.03% of the revenue, respectively. Although the company's total research and development investment during this period exceeded the new 58 million yuan research and development investment standard, it only met the 5% research and development ratio requirement in 2022.

Industry insiders who have participated in listing financing projects commented, "The Sci-Tech Innovation Board has raised its listing standards, and one important criterion is research and development investment. Although the latest 'Guidelines' provide a 'two-out-of-one' option, companies in the industry will also consider other indicators comprehensively. It is generally believed that companies aiming for the Sci-Tech Innovation Board also need to have a certain 'safety cushion' beyond the standard line."

Large Performance Fluctuations and Losses

According to the prospectus, Hua Yi Micro's revenue for 2020-2022 were 847 million yuan, 1.16 billion yuan, and 1.157 billion yuan, while the net profit attributable to shareholders was 41.63 million yuan, 88.13 million yuan, and -43.20 million yuan. The non-recurring net profit was 4.57 million yuan, 60.04 million yuan, and -75.48 million yuan. The company has not only experienced significant fluctuations in its performance but also suffered a net loss in the last year.