Sou Hu Cai Jing·2025-07-22 12:10Core Viewpoint - Benxing New Materials (犇星新材) has changed its plan from an initial public offering (IPO) on the Shanghai Stock Exchange to a public offering on the Beijing Stock Exchange, targeting unspecified qualified investors, with Guotai Haitong as the advisory institution [1] Company Overview - Established in 2004, Benxing New Materials specializes in the research, production, and sales of VC heat stabilizers, pesticide active ingredients, and intermediates, with key products including mercaptomethyl tin, pesticide active ingredients such as cyhalothrin, thiamethoxam, and prothioconazole, and is recognized as a national-level "little giant" enterprise [3] Financial Performance - The company's operating revenues for the years 2022, 2023, and 2024 are reported as CNY 3,734.29 million, CNY 3,601.52 million, and CNY 4,462.21 million respectively, while net profits are CNY 457.07 million, CNY 345.68 million, and CNY 379.16 million respectively [5] - The proportion of overseas sales revenue to total operating revenue for 2022, 2023, and the first half of 2024 is 44.10%, 29.92%, and 29.99%, with major overseas markets including North America, Europe, and India [5] Shareholding Structure - The company's controlling shareholder, Cao Haibing, holds 115.20 million shares, accounting for 32.00% of the total share capital, and together with Chairman Dai Baixiong, they control 51.00% of the company [5] Previous IPO Attempt - In June 2020, Benxing New Materials submitted an IPO application for the Shanghai Stock Exchange, with planned fundraising of CNY 2.1 billion for various projects, including the expansion of production capacity for mercaptomethyl tin and the establishment of a research and development center [6][7] - The IPO application was withdrawn in July 2022 due to changes in the capital market environment and the company's actual situation, leading to the termination of the review by the China Securities Regulatory Commission [8]