“西北院”再叩响IPO大门 “探索西部医疗市场，西北院谋求更大发展”

The Shanghai Stock Exchange set a new acceptance record in 2024, with the Northwest Nonferrous Metal Research Institute (hereinafter referred to as "Northwest Nonferrous Institute") making its debut.

On June 20th, the Shanghai Stock Exchange's official website disclosed that the application for the Sci-Tech Innovation Board IPO of Xi'an Taijin New Energy Technology Co., Ltd. (hereinafter referred to as "Taijin New Energy") was accepted, with China International Capital Corporation Limited serving as the sponsor and Guo Yao and Gao Feng as the sponsoring representatives.

Is the Asset-Liability Ratio Over 90%?

Taijin New Energy was established in November 2000 and is a high-tech enterprise cultivated by the Northwest Nonferrous Metal Research Institute through the transformation of scientific and technological achievements and is one of the "chain-leading" enterprises in the titanium and titanium alloy industry chain in Shaanxi Province.

The shareholding structure of Taijin New Energy shows that the company is held by the Northwest Nonferrous Institute, which directly holds 22.83% of the company's shares. Additionally, the company Western Materials (002149) under the control of the Northwest Nonferrous Institute holds 20.00% of Taijin New Energy's shares, while the ultimate beneficial interest of the shares is 26.936%. The actual controller of the company is the Shaanxi Provincial Department of Finance.

Hard Science and Technology Potential?

As a representative of high-end equipment manufacturing enterprises, Taijin New Energy focuses on the R&D, design, production, and sales of high-end intelligent electrolytic copper foil complete equipment and titanium electrode materials. Its products are applied in various fields such as large computers, 5G high-frequency communication, consumer electronics, new energy vehicles, green environmental protection, aluminum foil transformation, wet metallurgy, and hydrogen energy.

According to the prospectus, from 2021 to 2023, Taijin New Energy achieved operating revenues of 5.19 billion yuan, 10.05 billion yuan, and 16.69 billion yuan respectively. Net profits attributable to shareholders were 54.9828 million yuan, 98.2936 million yuan, and 1.55 billion yuan. The compound annual growth rate of operating income in the past three years was 79.28%, mainly due to the rapid growth in revenue from electrolytic complete equipment and copper foil titanium anode products.

Is Northwest Institute a Factory for Making Listed Companies?

In recent years, the "Northwest Institute" has frequently appeared in the capital market, and a capital army that cannot be ignored has emerged behind it.

Currently, companies controlled by the Northwest Institute include Western Superconductor (688122.SH), Western Materials (002149.SZ), Kaili New Materials (688269.SH), and Tainli Composite (873576.BJ). In addition, Philator (873577), Sinuoxigui (873575), and Xi'an Baode (835680) are listed on the New Third Board, and many have started IPO counseling...

Why is it Always the Northwest Nonferrous Institute?

Why do companies affiliated with the "Northwest Institute" continuously produce "hard science and technology" companies? Why do they receive frequent favor from capital?

Combining past observations, the first point lies in accumulation and ideology. Since its transformation in 1999, the "Northwest Institute" has explored and practiced the development model of "integration of the three corporations, holding the parent company, equity incentives, and capital operation." It has converted a large number of scientific research results accumulated in the past for incubation and pilot verification, forming mature processes, technologies, quality standards, and equipment selection, which are then transformed according to the company's corporate governance structure, investing in the establishment of high-tech industrial companies.

Additionally, their newcomers aiming for the capital market at the time of establishment focused steadily on the path to listing. With the technological advantages of the Northwest Nonferrous Institute, they focused on niche high-growth segmented tracks, rapidly filling domestic gaps, with clear IPO counseling and IPO timing points.

Lastly, the high prosperity of the rare metal and new materials segment and high investment intent, as well as the successful cases of many listed companies, have established a good loop between the initial public offering cases and the financing of unlisted companies. This high-tech technology transformation also conforms to the investment direction of government funds, enabling local investment institutions to gather first and renowned institutions to follow suit.