Boli Weike Chuangban IPO, a manufacturer of lithium batteries for electric light vehicles, accounts for more than half of the overseas income approved for registration.

The Securities Regulatory Commission (CSRC) recently approved the registration of Science and Technology Innovation Board IPO of Guangdong Boliwei Technology Co., Ltd. (hereinafter referred to as Boliwei) in accordance with legal procedures, according to a news release from the Securities Regulatory Commission on the evening of April 27.

According to the registration draft of Bo Liwei, IPO, intends to raise a total of about 440 million yuan, which will be used for light vehicle lithium-ion battery construction projects, R & D center construction projects, information management system construction projects and supplementary liquidity.

It is reported that Boliwei's main products include lithium-ion battery packs and lithium-ion batteries. Since 2017, through the acquisition of Cade New Energy, the company has been involved in the field of lithium-ion batteries and gradually used its own cells in the production of various types of battery packs. Among them, the company's lithium-ion battery pack is mainly used in the field of electric light vehicles such as electric bicycles and electric motorcycles, consumer electronics fields such as notebook computers, automobile emergency start power supplies, mobile power supplies, and portable energy storage; lithium-ion batteries are partly used in their own battery products, and some are sold to other battery pack manufacturers and power tool manufacturers.

At present, Bo Liwei has established stable cooperative relations with foreign well-known electric bicycle customers such as Prophete in Germany, EUROSPORT in Romania, EBComponent in Denmark and Manufacture Francaise in France, and has become a qualified supplier of domestic well-known electric two-wheeler companies such as Mavericks Electric (NIU.O), Yadi Holdings (01585.HK), Emma Technology and Xinri shares (603787.SH), and has successfully developed Qiulong Technology and other electric off-road motorcycle customers.

Financial data show that from 2018 to 2020, Boris's main business income mainly comes from light vehicle lithium-ion batteries, consumer electronics batteries and lithium-ion batteries, with a combined sales income of 865 million yuan, 931 million yuan and 1.297 billion yuan respectively, accounting for 98.12%, 98.46% and 96.06% of the main business income, respectively.

Battery Network also noted that from 2018 to 2020, the overseas sales revenue of Boliwei was 422 million yuan, 490 million yuan and 725 million yuan respectively, accounting for 47.88%, 51.81% and 53.71% of the main business income, respectively. Overseas customers mainly come from Europe and other places.

In addition, based on the company's current orders, operating conditions and market environment, Boliwei expects operating income of about 350 million yuan in the first quarter of 2021, an increase of about 59.16 percent over the same period last year; the net profit attributed to the shareholders of the parent company is expected to be about 33 million yuan, an increase of about 18.74 percent over the same period last year; and the net profit attributable to the shareholders of the parent company is expected to be about 32 million yuan after deducting non-recurring profits and losses, an increase of about 16.90 percent over the same period last year.