The Inquiry Phase "Stalled" for Over Two and a Half Years, What Are Jialichuang's Chances of Rushing to A-share IPO?

Since entering the inquiry stage on July 31, 2023, Shenzhen Jialichuang Technology Group Co., Ltd. (hereinafter referred to as “Jialichuang”) has seen no substantial progress in its IPO on the Shenzhen Main Board, remaining in the inquiry phase for over two and a half years. Behind the challenge of listing on the A-shares market, Jialichuang’s revenue and net profit in 2023, 2024, and the first half of 2025 have all shown steady growth; meanwhile, the company’s highly dispersed customer base and the nearly 90% shareholding by the actual controller have become market focal points.

Highly Dispersed Customer Base

After more than two and a half years, Jialichuang’s IPO on the Shenzhen Main Board is still in the inquiry stage, with no opportunity yet for a listing hearing.

According to the Shenzhen Stock Exchange official website, Jialichuang’s IPO was accepted on June 30, 2023, and entered the inquiry stage on July 31, 2023. In March 2024, the company disclosed its first round of review inquiry responses.

It is understood that Jialichuang provides integrated services covering the entire industry chain, including EDA/CAM industrial software, printed circuit board manufacturing, electronic component procurement and sales, and electronic assembly, through its self-built ordering website and proprietary production and storage bases. As of the end of June 2025, the company’s online self-service ordering website had over 8.2 million registered users; from January to June 2025, paid users exceeded 800,000, with over 9.5 million orders processed.

Notably, Jialichuang’s customer base is highly dispersed. From 2022 to 2024 and the first half of 2025, the combined revenue from the top five customers accounted for approximately 2.25%, 2%, 1.37%, and 1.3%, respectively, showing a continuous decline. Jialichuang has stated that the company mainly focuses on customer product R&D and hardware innovation scenarios, aiming to meet the demands of “small batch, diversified, fast delivery” long-tail orders, with customers characterized by high dispersion and large numbers.

“Orders from many small and medium-sized customers are less stable, which may lead to fluctuations in the company’s capacity utilization. It can also make it difficult for the company to achieve technological synergy and brand upgrading through large customer binding,” said Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, to Beijing Business Today.

However, from a fundamental perspective, Jialichuang’s revenue and net profit have steadily increased during the reporting period. Financial data shows that from 2022 to 2024, the company’s operating income was approximately 6.387 billion yuan, 6.748 billion yuan, and 8 billion yuan, respectively; corresponding net profits attributable to shareholders were about 573 million yuan, 738 million yuan, and 998 million yuan. In the first half of 2025, Jialichuang achieved an operating income of about 4.679 billion yuan, compared to approximately 3.715 billion yuan in the same period last year; net profit attributable to shareholders was about 590 million yuan, also higher than last year’s 478 million yuan.

Looking at the latest revenue composition, in the first half of 2025, Jialichuang’s main business revenue was approximately 4.533 billion yuan, with revenue from printed circuit boards and electronic components at about 1.821 billion yuan and 1.696 billion yuan, accounting for roughly 40.16% and 37.43%, respectively. Additionally, revenue from electronic assembly and other business types accounted for approximately 17.43% and 4.98%.

Nearly 90% Shareholding by the Actual Controller

The prospectus shows that shareholders Ding Hui, Yuan Jiangtao, and Ding Hui Xiang have signed a joint control agreement, collectively directly and indirectly holding 87.5% of the company’s shares, making them the company’s actual controllers.

Alongside the high shareholding ratio of the actual controllers, Jialichuang previously conducted large cash dividends before this IPO. Data indicates that in 2021 and 2022, the company paid cash dividends of 270 million yuan and 400 million yuan, totaling 670 million yuan. This situation also drew significant attention from the Shenzhen Stock Exchange, which in the first round of inquiry asked the company to explain the necessity and reasonableness of the cash dividends. Jialichuang responded at the time that during the reporting period, the company’s cash flow and asset-liability situation were healthy, and that implementing cash dividends maintained financial stability, provided good returns to shareholders, and promoted sustainable development.

For this listing attempt, Jialichuang plans to raise about 4.2 billion yuan. After deducting issuance costs, the funds will be prioritized and used entirely for the construction of high-multilayer printed circuit board production lines, PCBA intelligent production lines, R&D centers and IT upgrades, intelligent electronic component centers and product line expansion, and machinery industry chain production lines. The implementation of these projects aims to alleviate the company’s capacity shortages and promote product upgrades and iterations.

However, regarding the capacity utilization rate of Jialichuang’s main product, PCB, the data shows rates of 75.7%, 76.57%, 76.34%, and 76.96% over the respective periods, all below saturation. The company has stated that generally, a 90% capacity utilization rate is near the company’s limit. Since the company cannot predict customer order volumes, it usually reserves some spare capacity. A capacity utilization rate of 70%–80% is considered a relatively high level for the company.

During the over two-and-a-half-year IPO “long run,” Jialichuang reduced its planned fundraising amount from an initial 6.67 billion yuan to 4.2 billion yuan in 2024, a reduction of 2.47 billion yuan.

Additionally, before the IPO push, Jialichuang engaged in a series of capital operations in 2021. The company acquired 100% equity of Jiangsu Zhongxin Hua, Jiangxi Zhongxin Hua, Zhongxin Hua Industrial Park, and Lichuang Electronics, all under the control of the actual controllers Ding Hui, Ding Hui Xiang, and Yuan Jiangtao.

The Beijing Business Today reporter sent interview requests to Jialichuang but had not received a response by the time of publication.

Beijing Business Today Reporter Wang Manlei