Aster’s Planet Image Updates Prospectus for U.S. IPO
Planet Image International Limited (Aster’s wholly-owned subsidiary, Jiangxi YiBo Electronic Technology Co., or YIBO) has updated the prospectus filed with the US Securities and Exchange Commission (SEC).
It is said that the company withdrew transaction terms and changed the exclusive underwriter from Network 1 Financial to Tiger Brokers. In addition to disclosing the latest consolidated results in the updated prospectus, it is also mentioned that Planet Image International Limited is targeting to go public at Nasdaq (stock code: YIBO).
The company submitted a prospectus on Hongkong Stock Exchange on April 19 and November 4, 2020, planning to consider IPO listing on the Hong Kong Main Board.
It submitted a prospectus secretly to SEC on August 30, 2021, and disclosed the prospectus on March 16, 2022.
A manufacturer and seller of compatible printer cartridges, Planet Image International Limited, previously named Aster Group International, was established in the Cayman Islands in August 2019.
According to the Chinese financial website ZhiTongCaiJing, the research firm ZhuoShiZiXun reported Planet Image has become the second-largest compatible cartridge manufacturer in China with an approximately 13.2% market share in terms of international market revenue. By December 31, 2019, the company ranked first in the U.S. and second in Europe in terms of market share.
Planet Image International Limited is centered on developing and manufacturing compatible cartridges for use in different popular laser printers from different manufacturers under its non-label or third-party brand or private-label brands. Its traditional sales network spreads all over the world, mainly focusing on America and Germany. It also has an online sales channel to promote its self-branded products.
To expand business in Europe, Planet Image has set up sales operations in Italy, Germany, France, and the UK. It also established warehouses as well as precise logistics systems in strategic locations in the US (California and Pennsylvania), the Netherlands, the UK, France, and Italy, so as to ensure on-time delivery.
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