On the evening of October 8, Hunan Tv&Broadcast Intermediary Co.,Ltd. announced that Guangzhou Ruili Kormee Automotive Electronic Co.,Ltd., a portfolio company of its wholly-owned subsidiary Dachen Venture Capital, was listed on the main board of the Shenzhen Stock Exchange on September 30, with an issue price of 42.28 yuan per share. The opening price was 79.80 yuan, representing an increase of 88.74%. Hunan Tv&Broadcast Intermediary holds 4.1288 million shares of Guangzhou Ruili Kormee through its wholly-owned subsidiary Dachen Venture Capital, accounting for 3.0553% of the total share capital before the initial public offering and 2.2915% of the total share capital after the offering.
According to the announcement, in accordance with relevant provisions of enterprise accounting standards, the company classifies its shareholding in Guangzhou Ruili Kormee as "financial assets measured at fair value with changes included in current profit and loss" and reports them under "trading financial assets."
A relevant person in charge of Hunan Tv&Broadcast Intermediary stated that the listing of Guangzhou Ruili Kormee is expected to impact the company's net profit for the third quarter of 2025 by 111 million yuan, accounting for approximately 115.51% of the company's audited net profit attributable to shareholders in 2024. After Guangzhou Ruili Kormee's listing, due to the impact of secondary market stock price fluctuations, the fair value of Hunan Tv&Broadcast Intermediary's shareholding in Guangzhou Ruili Kormee will also change accordingly, creating uncertainty regarding the impact on the company's performance in 2025 and beyond, with final results subject to the company's periodic reports.
The offering results show that Guangzhou Ruili Kormee's total issuance was 45.044546 million shares at an issue price of 42.28 yuan, with total IPO fundraising reaching 1.904 billion yuan.
As a leading domestic enterprise in commercial vehicle active safety systems, Guangzhou Ruili Kormee has been deeply engaged in the industry for more than 20 years, gradually completing the transition from industry follower to technology leader. Currently, the company has achieved the industry's number one market share for core products including ABS, ESC, and EBS for consecutive years, continuously promoting the domestic upgrade of commercial vehicle electronic control systems and supporting the autonomous control and intelligent upgrade of China's automotive industry chain.
As an early-stage investor, Dachen Venture Capital has been investing in Guangzhou Ruili Kormee since 2005, steadfastly accompanying the company's growth through multiple industry cycles. This fully demonstrates the long-term philosophy of "investing early, investing small, investing in technology," and together with Guangzhou Ruili Kormee, has promoted the autonomous development process of China's commercial vehicle electronic control systems from import dependence to domestic substitution, supporting technological innovation and industrial advancement with "patient capital" commitment.
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