Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-07 08:21Core Viewpoint - The IPO journey of Senfeng Laser Technology Co., Ltd. has been marked by significant twists, culminating in the termination of its application for the ChiNext board, reflecting the tightening scrutiny of the capital market under the registration system [1][4]. Group 1: IPO Process and Challenges - Senfeng Laser initiated its IPO process in August 2021, with Minsheng Securities as the sponsor, and received approval from the listing committee in August 2023 after three rounds of inquiries [2]. - Despite passing the listing committee, the company faced an unusually long wait for the final registration, which took over a year, while a peer company completed its registration and listing within a shorter timeframe [4]. - The company withdrew its IPO application in December 2024, citing "strategic adjustment," but the underlying reasons were more complex, involving regulatory scrutiny [4]. Group 2: Regulatory Findings and Consequences - In November 2025, the Shenzhen Stock Exchange announced disciplinary measures against the sponsor representatives and signing accountants for significant violations during the IPO process, including inadequate verification of financial flows and revenue recognition [5]. - The regulatory findings highlighted failures in due diligence, including insufficient checks on overseas sales revenue and internal controls [5]. Group 3: Strategic Shift and Financial Pressure - Following the withdrawal from the ChiNext application, Senfeng Laser shifted its focus to the Beijing Stock Exchange, listing on the New Third Board in July 2025 as a prerequisite for its new IPO application [6]. - The urgency for listing is driven by substantial pressure from investors, as several shareholders signed agreements requiring the repurchase of shares if the company fails to submit a listing application within 18 months of its New Third Board listing [6]. - The company has a history of signing similar agreements, with significant financial obligations from previous rounds of financing [7]. Group 4: Financial Performance - In 2022, Senfeng Laser reported a revenue of 963 million yuan and a net profit of 103 million yuan, with revenue increasing to 1.29 billion yuan in 2023, reflecting a 7% growth in net profit [7]. - The company's revenue remained stable at approximately 1.29 billion yuan in 2024, but net profit declined to 100 million yuan, a 26.4% decrease from the previous year [7]. - As of December 2, 2025, the company's stock price was 30.38 yuan per share, with a market capitalization of 1.732 billion yuan [7].