皓天科技曲线上市三度折戟，雅本化学称“双方想法不一致”

Core Viewpoint - Yabao Chemical announced the termination of its acquisition of Gansu Haotian Technology Co., Ltd. after five months of negotiations, marking the third failed IPO attempt for Haotian Technology in two years [2][4]. Group 1: Acquisition Termination - On July 30, Yabao Chemical stated its intention to terminate the acquisition of Haotian Technology's existing shares and/or subscription of new registered capital [3]. - The decision was made after Yabao Chemical and Haotian Technology failed to reach an agreement on core terms that aligned with Yabao's business development needs [4]. - Yabao Chemical's strategy focuses on large clients, while Haotian Technology's business model is oriented towards multiple clients, leading to a misalignment in strategic goals [4]. Group 2: Haotian Technology's Background - Haotian Technology, established in 2009 with a registered capital of 45 million yuan, specializes in the R&D, production, and sales of specialty APIs and intermediates [3]. - The company has faced challenges, including a failed IPO attempt in 2023, where it aimed to raise 823 million yuan for various projects but later withdrew its application [5]. Group 3: Future Directions for Yabao Chemical - Despite the termination of the acquisition, Yabao Chemical plans to strengthen its business in pharmaceutical intermediates and has signed a strategic supply agreement with Jiangsu Hengrui Medicine Co., Ltd. [6]. - The agreement aims to foster a partnership for technological innovation and quality upgrades in specific pharmaceutical intermediates and APIs [6]. - Yabao Chemical remains open to exploring other suitable acquisition targets in the future [6]. Group 4: Financial Status and Risks - Yabao Chemical has reported consecutive losses over the past two years but assesses that the risk of being classified as "ST" (special treatment) is low, as the current regulations require three consecutive years of losses along with an adverse audit conclusion [7].