摘要:宏力型钢于2023年2月10日向美国证监会(SEC)递交招股书,拟在纳斯达克上市,股票代码为:HLP,公司是中国领先的冷轧成型钢型材制造商。2022年前6个月收入为1048.56万美元,利润186.69万美元。


中介团队:

承销商:EF Hutton

审计师:RBSM LLP

公司律师:天达共和(中)、Robinson & Cole LLP(美)


山东宏力及其中国子公司是中国领先的冷弯型钢型材制造商之一,专注于设计、定制和制造冷轧成型钢型材,用于各种行业的机械和设备,包括但不限于采矿和挖掘、建筑、农业和运输。

公司采用广泛的制造技术,最重要的是冷弯成型(“CRF”),这是用于制造其所有产品的技术,将中国经营实体与其他采用挤压或拉桁成型等替代成型技术的钢管制造商区分开来。CRF广泛用于需要精确尺寸和机械公差的应用。

公司专门从事高端型材,如防侧倾驾驶室框架型材和工程机械结构件型材,其应用包括挖掘机驾驶室、付费装载机和其他工程机械驾驶室、农业机械驾驶室和侧翻保护结构(统称为“ROP”),以及叉车驾驶室。

公司的国内和国际足迹


财务业绩

2021年整年及2022年前6个月,公司营收分别为2171.31万美元和1048.56万美元,对应的净利润分别为320.22万和 186.69万美元。2022年前6个月公司在国内市场收入占比78%,海外市场销售收入占比22%。

 来源:招股书


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严格的质量控制

经验丰富且成熟的管理团队


公司资料:

公司地址:中国山东省潍坊市昌乐县经济开发区北三里街道


募资用途

预计发行250万股普通股(行使超额配股权为287.5万股),假设首次公开发行价为每股5.00美元,预计本次发行净收益为1073.2万美元。计划将募集资金用于建设新工厂、购买新设备和设施、进行产品研发、营运资金和其他一般企业用途。


行业概况

近年来,冷轧成型钢市场规模呈现放缓趋势。2019年,全行业需求规模为1820亿元,约合263.3亿美元。2020年,行业需求规模增至2124亿元,约合307.8亿元,同比增长16.7%。预计2025年中国冷弯型钢行业市场规模将达到约4347.5亿元人民币,约合630亿美元增长率约为15.5%。


 

主要股东

上市前的股东架构中,刘杰是公司的控股股东,其通过Hongli Development Limited直接持股95.05%。

来源:招股书

公司当前架构如下:

来源:招股书


管理层情况

来源:招股书

Jie Liu, is the Chief Executive Officer (“CEO”) and Chairman of the Board of Hongli Cayman. He has been working at Hongli Shandong for more than 10 years. He has served as the manager of Hongli Shandong from November 2016 to present. From September 2014 to October 2016, he worked as the vice manager of Hongli Shandong. He was working as the production manager from August 2013 to August 2014, the technique manager from October 2011 to August 2013, and the sales managers from October 2009 to October 2011 at Hongli Shandong. Mr. Liu holds a bachelor’s degree in business administration from Nanjing Artillery Academy in July 2009.

Yachun (Daisy) Wang, is the Chief Financial Officer (“CFO”) of Hongli Cayman. Since January 2019, Ms. Wang has served as the founding partner at Jiangsu Zhengzhe Financial Management & Consulting Co., Ltd., a consulting company providing multiple consulting services, including but not limited to U.S. IPO consulting and financial services, M&A financial consulting, audit and tax services. From January 2012 to December 2018, Ms. Wang worked at Brook & Partners CPAs LLP (Beijing office) (“B&P”), an UK-based consulting firm, where she first served at the project manager until 2014 and later as the business partner until 2018. During her stay at B&P, Ms. Wang provided pre-auditing services for companies to be listed overseas, assisted in preparing financial reporting services in accordance with US Generally Accepted Accounting Principles (“U.S. GAAP”) or International Financial Reporting Standards (“IFRS”), as well as provided internal control & risk advisory services. From January 2011 to December 2011, Ms. Wang served as the project manager at the consulting division of Ruihua CPA, in charge of preparing financial reporting services pursuant to U.S. GAAP or IFRS, and assisting with internal control & risk advisory services. From June 2008 to December 2010, Ms. Wang served as the audit project manager at Marzars (Shanghai) Co., Ltd. (Beijing branch), a branch of Mazars Group, an international audit, tax and advisory firm, where she was responsible for annual audit, tax audit, financial consulting services for foreign-owned enterprises. Ms. Wang received her bachelor degree of accounting from Hunan Agricultural University in 2008 in China. Ms. Wang’s qualifications to serve as Chief Financial Officer include her deep understanding of the compliance requirements of public companies, rich experience in accounting and auditing and her deep knowledge of U.S. GAAP and IFRS.


风险因素

目前通过天眼查网站无法查到的任何负面消息,通过查询其运营主体公司山东宏力异型钢管有限公司,发现具有如下风险提示:

4个自身风险中,主要是该公司曾因合同纠纷,建设工程合同纠纷,或其他案由被起诉。

1个历史风险中,主因该公司曾因其他原因而受到行政处罚。


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