Zhong Guo Jing Ji Wang·2025-06-01 08:02Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Qingdao Qinghe's initial public offering (IPO) application for listing on the main board due to the company's withdrawal of its application [1][3]. Company Overview - Qingdao Qinghe specializes in the research, production, and sales of artificial turf and artificial grass fibers [4]. - As of the signing date of the prospectus, Qingdao Xinhongyi Investment Co., Ltd. holds 25.47% of Qingdao Qinghe's shares, making it the controlling shareholder [4]. - The actual controller of Qingdao Qinghe is Yu Kang, who directly holds 10.87% of the shares and indirectly controls 25.47% through Xinhongyi, totaling a control of 36.34% [4]. IPO Details - Qingdao Qinghe originally planned to issue no more than 36.876 million new shares, accounting for at least 25% of the total share capital after the issuance [4]. - The company intended to raise approximately 1.09159 billion yuan (approximately 109.16 million) for various projects, including the construction of a production base in Vietnam and upgrades to technology and systems [4][5]. Fund Allocation - The intended allocation of the raised funds includes: - 633 million for the Vietnam production base project - 131.46 million for the technical renovation of the grass fiber production base - 39.26 million for the information system upgrade - 37.86 million for the R&D center renovation - 250 million for working capital [5].