IPO雷达｜族兴新材北交所IPO“过会”，销售真实性再被追问，内控执行情况也受关注

Core Viewpoint - The IPO status of Changsha Zuxing New Materials Co., Ltd. has changed from "inquired" to "approved" as of December 3, 2025, indicating that the company meets the issuance, listing, and information disclosure requirements set by the Beijing Stock Exchange [1]. Group 1: IPO Approval and Requirements - The Beijing Stock Exchange's listing committee approved Zuxing New Materials' IPO, confirming that the company meets the necessary conditions for issuance and listing [1]. - The listing committee raised inquiries regarding the authenticity of sales and compliance with operational regulations, specifically requesting detailed explanations and verifications from the company and its sponsoring institutions [3]. Group 2: Company Background and Product Applications - Established in 2007, Zuxing New Materials focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are categorized as functional powder materials in the non-ferrous metal industry [4]. - The aluminum pigment products produced by the company are widely used in various sectors, including coatings, printing inks, and plastics, with applications in automotive, 3C products, home appliances, aerospace, engineering machinery, and construction materials [4]. Group 3: Previous Scrutiny and Concerns - The company's IPO journey has attracted significant media attention, having undergone two rounds of inquiries from the Beijing Stock Exchange prior to approval, focusing on sustainability of performance, authenticity of sales, and liquidity risks [5]. - Zuxing New Materials has faced administrative penalties for violations, and concerns have been raised regarding overdue payments from similarly named clients and the company's profit forecasts [5].