Shanghai Belling: IPO of its equity-holding enterprise New Clean Energy has been approved by the China Securities Regulatory Commission

On July 15, Shanghai Belling issued an announcement stating that recently, the company received a notice from Wuxi Xinjie Energy Co., Ltd. (hereinafter referred to as "Xinjie Energy") that Xinjie Energy's application for the initial public offering of A shares was approved on July 10, 2020 by the China Securities Regulatory Commission. The "Approval on the Initial Public Offering of Wuxi Xinjie Energy Co., Ltd." (Securities Regulatory License [2020] No. 1427) was issued. The China Securities Regulatory Commission approved Xinjie Energy's application for the initial public offering of A shares. Xinjie Energy will organize the issuance work in accordance with the relevant regulations of the China Securities Regulatory Commission and the stock exchanges.

As of the date of this announcement, the Company holds 6,000,000 shares of New Clean Energy, accounting for 7.91% of its total share capital before its initial public offering. These shares shall not be transferred within 12 months from the date of New Clean Energy's stock listing.

Shanghai Belling said that the company has implemented the new financial instrument standards since January 1, 2019, and the equity investment in Xinjie Energy is accounted for as a trading financial asset at fair value. The fair value change of the equity investment is included in the fair value change income, which has an impact on the current profit and loss.

It is understood that Xinjie Energy was established in 2013 and was initiated by Zhu Yuanzheng and Xinchao Group with investments of 5.1 million yuan and 4.7 million yuan respectively. The latter was once the controlling shareholder of Changdian Technology. Subsequently, Xinchao Group transferred its shares to Shanghai Belling and three venture capital companies in 2015 and 2017 respectively, and successfully exited.

In September 2016, Xinjie Energy was successfully listed on the New Third Board. After 21 equity transfers, it terminated its listing in November 2018. Currently, shareholders holding more than 5% of Xinjie Energy’s shares are Zhu Yuanzheng, Fortune Venture Capital, Shanghai Belling, Guolian Venture Capital, and Jinpu New Investment, among which Zhu Yuanzheng is the company’s controlling shareholder and actual controller.

Xinjie Energy's main business is the R&D, design and sales of semiconductor power devices such as MOSFET and IGBT. At present, the company's main products include: 12V~200V trench power MOSFET (N-channel and P-channel), 30V~300V shielded gate power MOSFET (N-channel and P-channel), 500V~900V super junction power MOSFET, 600V~1350V trench gate field stop IGBT, and related core technologies have obtained multiple patent authorizations. The four major series of products have been recognized as high-tech products in Jiangsu Province. The products are widely used in consumer electronics, automotive electronics, industrial electronics, new energy vehicles/charging piles, intelligent equipment manufacturing, Internet of Things, photovoltaic new energy and other fields.