Yuanfeng Electric Control's ChiNext IPO "terminated (withdrawn)" focusing on solutions for active safety systems in motor vehicles.

On January 9th, Wuhan Yuanfeng Automotive Electronic Control System Co., Ltd. (referred to as Yuanfeng Electronic Control) terminated its IPO on the Shenzhen Stock Exchange ChiNext Board. Due to the withdrawal of the issuance and listing application by Yuanfeng Electronic Control and the sponsor, according to Article 62 of the "Stock Issuance and Listing Examination Rules of the Shenzhen Stock Exchange", the Shenzhen Stock Exchange decided to terminate the review of its issuance and listing. The prospectus shows that Yuanfeng Electronic Control is a high-tech enterprise specializing in providing solutions for active safety systems in motor vehicles. Its main business is the research, development, production, sales, and technical services of anti-lock braking systems (ABS) and electronic stability control systems (ESC), and it has the research and mass production capacity for wire-controlled brake systems (YCHB). Its products are widely used in gasoline vehicles, new energy vehicles, and motorcycles. Since its establishment, Yuanfeng Electronic Control has been focusing on the research, production, and sales of active safety systems for motor vehicles such as cars and motorcycles. It is one of the earliest domestic enterprises to start the development and mass production of hydraulic ABS and ESC, with a certain market first-mover advantage. After years of industry cultivation, the company has gradually accumulated strong core competitiveness in terms of technological innovation, production scale, product performance, and service tracking, and can quickly and efficiently respond to the technical development and order requirements of vehicle manufacturers. It has developed into one of the companies with a good reputation in the electronic control braking field. The actual proceeds from this public offering, after deducting issuance expenses, are all to be used for projects related to the company's main business and operating funds required for the development of the main business, and the following projects are planned to be invested in: In terms of financials, in 2020, 2021, and 2022, the operating income of Yuanfeng Electronic Control was 458 million, 458 million, and 548 million RMB respectively. During the same period, the company's net profit was approximately 65.9882 million, 67.3525 million, and 77.3834 million RMB respectively.