IPO月报|多彩新媒过会28个月后终止 中银证券IPO储备项目归0

Summary of Key Points Core Viewpoint - The A-share IPO market showed significant recovery in July 2025, with a total of 8 companies completing IPOs and raising 241.64 billion yuan, a 164.3% increase compared to June 2025 [1][14]. IPO Market Performance - In July 2025, 8 companies completed IPOs, raising a total of 241.64 billion yuan, compared to 91.53 billion yuan in June 2025 [1][14]. - The number of newly accepted IPO applications dropped significantly to 1 in July, following a surge of 150 in June [1][3]. - The approval rate for IPOs in July was 88.89%, with 8 out of 9 companies passing the review, breaking the previous 100% approval rate for the year [1][3][6]. IPO Termination - Six companies terminated their IPO processes in July, a decrease from 10 in June [2][12]. - Notably, Guizhou Multicolor New Media Co., Ltd. terminated its IPO process 28 months after approval, raising questions about the efficiency of the underwriting process [12][13]. Specific Company Insights - Xiamen Hengkang New Materials Co., Ltd. was the only company whose IPO review was postponed in July, affecting the overall approval rate of its underwriter, CITIC Securities, which dropped from 100% to 80% [6][7]. - The main concerns raised by regulators regarding Hengkang New Materials included potential intellectual property disputes and the appropriateness of its revenue recognition methods [7][8]. Financial Metrics - Hengkang New Materials reported significant revenue growth from 1.36 billion yuan in 2021 to 5.4 billion yuan in 2024, with self-produced product revenue increasing from 28.22% to 63.77% during the same period [9][10]. - The high fundraising in July was largely attributed to the IPO of Huadian New Energy, which raised 181.71 billion yuan, marking a record for the year [14][18]. Underwriting and Fees - The underwriting fee rate for Hengkang Group was notably high at 9.72%, with significant audit and legal fees compared to its peers [18][19]. - Hengkang Group's net profit grew from 0.57 billion yuan in 2020 to 5.2 billion yuan in 2024, indicating strong performance despite high costs [20].