福建德尔终止主板IPO，估值170亿“独角兽”上市折戟？

Core Viewpoint - Fujian Del Technology Co., Ltd. has withdrawn its IPO application after two years, halting its ambition to become the first fluorine materials company listed in Fujian, with a previous valuation of 17 billion yuan [1][8]. Group 1: Company Overview - Fujian Del is recognized as a "hard technology unicorn" in the semiconductor materials sector, with significant innovations in fluorine electronic materials and 305 domestic and 6 foreign invention patents [3]. - The company is classified as a national-level specialized and innovative "little giant" [3]. Group 2: Shareholding Structure - The largest shareholder, Lai Zongming, holds 15.60% of the shares, with no single shareholder owning more than 50%. The actual controllers are Lai Zongming, Hua Xiangbin, and Huang Tianliang, collectively controlling 35.06% of voting rights [5]. Group 3: IPO Journey and Financial Performance - The IPO application was accepted in June 2023, aiming to raise 1.945 billion yuan, but was voluntarily withdrawn in August 2025 due to financial performance concerns [8][10]. - Financial data shows significant revenue fluctuations and a sharp decline in net profit: revenue dropped from 1.698 billion yuan in 2022 to 1.418 billion yuan in 2023 (a 16.5% decrease), and net profit fell from 221 million yuan to 119 million yuan (a 46% decrease) [8][9]. - Although net profit rebounded to 131 million yuan in 2024, it remained below 2022 levels, raising questions about the company's stability and growth potential during the IPO review process [8][10]. Group 4: Regulatory Environment - In April 2024, the Shanghai Stock Exchange raised the listing threshold, requiring a cumulative net cash flow of at least 250 million yuan over three years for companies applying under the second set of standards, which Fujian Del had to meet [10]. Group 5: Future Prospects - Industry observers suggest that the withdrawal allows the company to avoid negative impacts from a potential rejection and provides time for strategic adjustments, such as improving financial metrics or exploring alternative financing options [11]. - There is potential for Fujian Del to refocus on higher-margin semiconductor materials and possibly consider listing on the Sci-Tech Innovation Board or Hong Kong stock market in the future [13].