科创板注册失效后，新通药物IPO“卷土重来”

Core Viewpoint - Xintong Pharmaceutical is making a second attempt to launch its IPO after previously failing to enter the issuance stage despite receiving approval from the China Securities Regulatory Commission (CSRC) [2][3][6]. Group 1: IPO Process and Challenges - Xintong Pharmaceutical submitted its IPO guidance to the Shaanxi Securities Regulatory Bureau, marking its second attempt at going public [2]. - The company had previously completed the entire listing process and received CSRC registration approval on April 25, 2023, after passing two rounds of inquiries [3]. - However, the IPO process stalled, and the company failed to enter the issuance phase before the registration approval expired on April 25, 2024 [5][6]. Group 2: Financial Performance and Market Conditions - The primary reason for the IPO failure is attributed to the increasingly stringent regulations surrounding the fifth set of listing standards, which Xintong Pharmaceutical opted for due to its limited revenue and product pipeline [7][8]. - The company reported minimal revenue from technology transfers, with figures of 0.10 billion, 0.02 billion, and 0.01 billion from 2020 to 2022, alongside net losses of -0.91 billion, -0.63 billion, and -0.55 billion during the same period [7]. Group 3: Regulatory Environment and Future Prospects - The scrutiny of the fifth set of listing standards intensified after the controversy surrounding Zhixiang Jintai, which proposed a financing plan of over 4 billion with zero revenue [9][10]. - Despite the challenges, there are signs of a potential easing in the review process for the fifth set of listing standards, as indicated by CSRC Chairman Wu Qing's comments on supporting technology enterprises [11]. - Xintong Pharmaceutical's upcoming product, "Xin Shumu," is expected to be approved for market entry by October 2024, which could enhance its IPO prospects [12].