背靠青岛国资的海湾化学，IPO遭终止

Core Viewpoint - The IPO application of Qingdao Gulf Chemical Co., Ltd. has been terminated due to the withdrawal of the application by the company and its sponsor, CITIC Securities, marking a significant pause in its capital market journey [2][5]. Company Background - Qingdao Gulf Chemical was established in September 1999 with a registered capital of 1.037 billion yuan and is fully controlled by Qingdao Gulf Group, which is under the actual control of the Qingdao State-owned Assets Supervision and Administration Commission [3]. - The company has a history dating back to 1947, originally as Qingdao Chemical Plant, and has undergone several mergers and restructurings, currently operating production facilities with capacities including 455,000 tons of ion membrane caustic soda and 800,000 tons of PVC [3]. IPO Journey - The IPO process has faced multiple challenges, including a significant restructuring in 2021 that introduced new investors and employee stock ownership, followed by a formal name change to Qingdao Gulf Chemical Co., Ltd. in 2022 [3]. - The company submitted its IPO application on January 13, 2023, aiming to raise 3 billion yuan by issuing up to 253 million shares for project construction and working capital [3][4]. Regulatory Challenges - Following the pre-disclosure of its IPO, the process stalled due to inquiries from the Shanghai Stock Exchange, leading to multiple updates of financial documents without a complete disclosure of the updated prospectus [4]. - In May 2024, the company received a regulatory warning for failing to disclose the status of employee stock ownership pledges and inaccuracies in accounting [4]. Financial Performance - As a major player in the petrochemical industry, Qingdao Gulf Chemical's main products include PVC, styrene, and caustic soda, with production capacities ranking among the top in the industry [6][8]. - The company's financial performance showed fluctuations, with revenues of 7.038 billion yuan in 2019, 6.053 billion yuan in 2020, and 13.028 billion yuan in 2021, while net profits were 485 million yuan, 301 million yuan, and 2.076 billion yuan respectively [8][9]. - For the first half of 2022, the company reported revenues of 6.962 billion yuan and net profits of 1.006 billion yuan, with expectations for 2022 revenues between 12.445 billion yuan and 14.41 billion yuan, reflecting a potential decline in net profits due to market conditions [9]. Future Considerations - With the termination of the IPO, the company faces uncertainty regarding its future financing strategies and must navigate challenges in a difficult market environment while considering new directions for growth [9].