海诺尔12年3次冲刺创业板IPO未果，深交所罕见约谈揭示内控缺陷

Core Viewpoint - Hainuoer Environmental Industry Co., Ltd. has faced three failed attempts to go public on the ChiNext board over 12 years, culminating in the withdrawal of its IPO application in July 2024 due to serious internal control deficiencies revealed by the Shenzhen Stock Exchange [1][2][5][6] Group 1: IPO Attempts and Failures - Hainuoer first applied for an IPO in 2012 but was rejected due to multiple violations of environmental laws and failure to obtain necessary environmental acceptance documents [1][3] - The second attempt in June 2019 was withdrawn just three months later, following a regulatory inspection that identified issues with accounting practices and disclosure of restricted funds [1][2] - The third attempt began in December 2020, with approval received in November 2021, but the company failed to submit the registration application for nearly three years, leading to the eventual withdrawal in July 2024 [2][3] Group 2: Internal Control Deficiencies - Internal control deficiencies were identified as the primary reason for the repeated failures, with the ChiNext review committee noting that Hainuoer's internal control system could not ensure legal compliance in operations [3][5] - Subsequent inspections revealed issues in accounting treatment and information disclosure, particularly regarding the collection of R&D expenses [2][3][5] - Hainuoer has also faced safety and compliance issues, including incidents of information disclosure violations and safety accidents at construction sites [3] Group 3: Impact of Intermediary Institutions - The IPO process was further complicated by issues with intermediary institutions, including investigations into the accounting firm and asset evaluation agency, which led to the suspension of the IPO review [4] - These investigations significantly impacted Hainuoer's ability to proceed with its IPO plans [4] Group 4: Regulatory Actions - On April 18, 2025, the Shenzhen Stock Exchange issued self-regulatory measures against Hainuoer and its key executives, highlighting the company's failure to ensure the authenticity and completeness of its IPO application documents [5] - The regulatory actions serve as a warning regarding the importance of compliance for companies seeking to go public [5][6] Group 5: Future Outlook - Despite the challenges faced, Hainuoer operates in a sector with significant growth potential in waste management services for small and medium-sized cities [6] - However, unresolved internal control issues may pose ongoing challenges for the company's future capital-raising efforts [6]