According to Tongbi Finance, Qingdao Wuxiao Group Co., Ltd. (874870) announced on June 2 that it held a board meeting on May 29 to review the relevant proposals for public issuance and listing on the Beijing Stock Exchange. All independent directors provided their consent, and the relevant listing proposals are pending review by the shareholders' meeting. Guojin Securities serves as the lead underwriter for this listing, marking the company's formal entry into the critical preparation stage for its IPO on the Beijing Stock Exchange.

According to Tongbi Finance, Wuxiao Group is a high-quality manufacturing enterprise in the domestic steel structure and high-end marine engineering equipment sector. It has been deeply engaged in power steel structures, wind power equipment, and marine engineering equipment for many years, primarily focusing on the research, production, and sales of ultra-high voltage towers, wind turbine towers, special pipes, and deep-sea marine ranching equipment. Its products are closely aligned with national strategic industries such as the construction of new power systems, offshore wind power, and modern deep-sea aquaculture. With complete production qualifications, mature manufacturing processes, and stable customer resources, the company has built a solid competitive advantage in its niche market and has maintained stable operations for many years.

From the perspective of the IPO issuance plan, the company has developed a comprehensive and reasonable issuance guideline. The shares to be issued are ordinary shares with a par value of 1 yuan, with a maximum base issuance limit of 50 million shares and an additional over-allotment option not exceeding 15%, allowing for a maximum of 7.5 million shares in over-allotment. Once fully utilized, the total issuance cap will be 57.5 million shares, with public shareholding accounting for no less than 25% of the total share capital after the issuance. The issuance will adopt a multi-pricing model including negotiated pricing, online bidding, and offline inquiry, with the base price determined through market-based inquiries; underwriting will use a balance underwriting model, and the company can implement strategic placements as per regulations. The retained profits before listing will be shared by both new and old shareholders after the listing, and the stock will be delisted from the New Third Board on the same day it is listed on the Beijing Stock Exchange. After the shareholders' meeting approves the listing resolution, the validity period is 12 months, and the registration approval from the China Securities Regulatory Commission will extend to the listing completion, with the entire issuance arrangement aligning with the market-oriented regulatory requirements of the Beijing Stock Exchange's registration system.

In terms of funding planning, the company intends to use 1 billion yuan raised from the IPO, all of which will be invested in its Jiangsu Jiaheng deep-sea marine ranching equipment and high-end marine engineering equipment manufacturing base project, with a total project investment of 3.021 billion yuan. The company has a flexible funding implementation plan, initially using its own funds for construction before the fundraising is in place, and completing fund replacement after the fundraising is received; any shortfall will be supplemented by the company itself, and any excess funds raised will also focus on the main business development. The implementation of this large-capacity project will become an important support for the company to expand its high-end marine equipment business.

In terms of operating performance, relying on the steady development of its main business, the company's fundamental performance has been steadily improving over the past two years. According to the disclosed audited data, the company's net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to reach 198.6138 million yuan and 73.7499 million yuan for 2024 and 2025, respectively, with a weighted average return on net assets excluding non-recurring gains and losses of 23.27% and 10.44%, respectively. All financial indicators meet the stringent financial standards for listing on the Beijing Stock Exchange. After a comprehensive self-inspection, the company fully complies with the relevant regulatory conditions for public issuance on the Beijing Stock Exchange, with no restrictions on listing.

On the industrial front, the current domestic offshore wind power is accelerating expansion, and the deep-sea aquaculture industry is receiving policy support and opportunities for scaled development, making the high-end marine engineering base project align with the industry's development trend. Once the project is completed and put into production, the company will achieve a transformation and upgrade from traditional steel structure manufacturing to the high-end marine equipment field, expanding marine engineering equipment capacity and enriching its product matrix, further enhancing its core competitiveness and long-term profitability Empowering high-quality expansion and development through the capital market.

The company also reminds that the listing still needs to go through the review process of the Beijing Stock Exchange and the registration process of the China Securities Regulatory Commission, which poses an objective risk of the listing progress not meeting expectations. Subsequently, the company will steadily advance the work of shareholder meeting deliberation, guidance declaration, and other tasks, continuously and timely disclose project progress, seize industry development dividends, and leverage the opportunity of entering the capital market to support the long-term development of the enterprise