Zhong Guo Jing Ji Wang·2025-09-06 08:59Group 1 - Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) has been approved for its initial public offering (IPO) by the Shanghai Stock Exchange, marking it as the 47th company approved this year [1] - The lead underwriter for Xihua Technology's IPO is Guotai Junan Securities Co., Ltd., which has successfully sponsored nine IPO projects this year [1][2] - Xihua Technology plans to issue up to 120 million shares, representing no less than 10% and no more than 25% of the total share capital after the issuance [2] Group 2 - Xihua Technology primarily engages in the research, development, manufacturing, and sales of specialized components for large high-end equipment, focusing on wind power gearbox components [2] - As of the signing date of the prospectus, Jiangsu Xihua Investment Co., Ltd. holds 77.98% of Xihua Technology's shares, making it the controlling shareholder [2] - The company aims to raise approximately 149.78 million yuan for projects related to the industrialization of core wind power equipment and the construction of a research and development center [3] Group 3 - The listing committee raised questions regarding the alignment of Xihua Technology's wind power product sales with the bidding quantities of Chinese wind turbine manufacturers, as well as the necessity and rationality of the new production capacity from the fundraising projects [4] - There are concerns about potential risks related to capacity digestion and significant depreciation affecting performance, which need to be adequately addressed [4]