Dinglong Subsidiary Applies to Be Publicly Listed
According to cninfo.com.cn, Dinglong has approved its subsidiary Speed to be publicly listed. After the completion of the listing, which is on the New Third Board, shares held by shareholders will be transferred according to related regulations.
The New Third Board, officially known as National Equities Exchange and Quotations (NEEQ), is the third Chinese equity-trading venue after Shanghai Stock Exchange and Shenzhen Stock Exchange. It is the first equity-trading venue operated by a company.
“Applying to be listed on the New Third Board will further improve Speed management structure, enhance its brand influence, and strengthen its core competitiveness,” said the announcement.
After listing on the New Third Board, Speed is still a subsidiary of Dinglong group. It will neither impact Dinglong’s management control over Speed, nor impact Dinglong’s status as a separately listed company, or Dinglong’s financial performances, operation results, and continuous operation. In addition, it will help increase the flow of Dinglong’s assets, enhancing the market value of Dinglong’s assets.
According to the announcement, Speed assets totaled RMB464 million (US$67.5 million) (unaudited) by December 31, 2022, with net assets worth RMB201 million (US$29.3 million) (unaudited). In 2022, Speed revenue income totaled RMB604 million (US$87.9 million) (unaudited), and its net profit totaled RMB 39 million (US$ 5.7 million) (unaudited).
Speed is a leading ink cartridge remanufacturer in China, with advanced production and automation capabilities. Speed is the first remanufacturer granted by China AQSIQ (General Administration of Quality Supervision, Inspection and Quarantine) to import used printers and consumables. It is also the first company recognized by the China Ministry of Industry and Information Technology for its remanufactured ink cartridges. Remanufactured ink cartridges produced by Speed have been sold on Amazon as well as major chain stores in Europe and U.S.A.
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