The Beijing Stock Exchange (BSE) website disclosed that its Listing Review Committee is scheduled to hold its 51st review meeting of 2025 on December 30, 2025. The issuer under review is Shenzhen Peicheng Electronic Technology Co., Ltd. (hereinafter referred to as "Peicheng Electronic"), with Guotai Haitong Securities Co., Ltd. acting as the sponsor.
Originally planning to list on the Shanghai Stock Exchange's main board, Peicheng Technology changed its application to the Beijing Stock Exchange in December 2024, constrained by industry cyclical fluctuations and tightening regulatory policies.
This decision follows years of consecutive revenue declines and stagnant profits. From 2022 to 2024, the company's revenue fell from 850 million yuan to 733 million yuan, while its net profit attributable to the parent company barely changed, moving from 92 million yuan to 93 million yuan. It was not until the first three quarters of 2025 that the company's performance saw a surge, with revenue skyrocketing 76.49% year-on-year to 886 million yuan and net profit doubling to 129 million yuan.
Furthermore, a 2023 incident where the company's IGBT products faced an order cancellation from BYD Company Limited drew market attention. At that time, Peicheng Technology did not incur compensation losses, and the products requiring debugging and improvement were handled as returns. Peicheng Technology emphasized that this event did not have a significant adverse impact on its existing product sales business with BYD.
However, from 2022 to 2024, Peicheng Technology's sales to BYD as a percentage of total revenue decreased from 10.62% to 5.19%. BYD's ranking on Peicheng Technology's list of top five customers also slipped from first place in 2022 to fourth place in 2024. By the first half of 2025 (January-June), BYD was no longer among Peicheng Technology's top five customers.
Under these circumstances, the "inclusiveness" of the Beijing Stock Exchange may be a key attraction. Its listing standards, particularly the path requiring an expected market capitalization of no less than 200 million yuan, with net profit in the two most recent years both not less than 15 million yuan and an average weighted average return on equity of no less than 8%, align more closely with Peicheng Technology's current scale. Additionally, the BSE's review cycle is significantly shorter—the average time to listing on the BSE in 2024 was 339 days, the shortest among IPOs across the Shanghai, Shenzhen, and Beijing markets, offering companies the potential to seize capital market windows.
As 2026 approaches, whether this lithium battery "little giant" can translate its technological advantages into sustainable profitability will be a key test of its mettle for the market.
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