新股消息 | 德风科技上市申请遭驳回 独家保荐人被“贴堂”

Group 1 - The core viewpoint of the news is that Beijing Defeng New Journey Technology Co., Ltd. (Defeng Technology) has had its IPO application returned by the Hong Kong Stock Exchange (HKEX), marking the first "tied" case in two and a half years, which requires the company to wait at least 8 weeks before reapplying [1] - The "tied" mechanism is a criticism notification system implemented by HKEX to enhance the quality of listed companies, with a total of 25 applications returned since its inception, involving major underwriters like Goldman Sachs and Morgan Stanley [1] - Defeng Technology, established in March 2015, focuses on AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, having completed over 600 projects primarily for state-owned enterprises in China [2] Group 2 - The company had previously attempted to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 but terminated those plans in October 2024, subsequently applying for a listing on HKEX in November 2023 [2] - Defeng Technology's IPO involves a special agreement granting investors rights such as redemption rights and anti-dilution rights, with a revised IPO target date extended to December 31, 2026 [2] - The company has incurred redemption liabilities of RMB 1.224 billion, RMB 1.455 billion, and RMB 1.462 billion for the years 2023, 2024, and the first half of 2025, respectively, due to the granted redemption rights [3]