德风科技上市申请遭驳回 独家保荐人被“贴堂”

Group 1 - The core point of the news is that Beijing Defeng New Journey Technology Co., Ltd. (Defeng Technology) submitted its IPO application to the Hong Kong Stock Exchange (HKEX) on November 14, which was returned on November 24, marking the first "tied" case in two and a half years [1] - The "tied" mechanism is a criticism notification system by HKEX, where a rejected IPO application is recorded to enhance the quality of listed companies in Hong Kong [1] - Since the implementation of the "tied" system, there have been 10 cases on the Main Board and 15 on GEM, involving 26 sponsors, including major firms like Goldman Sachs and Morgan Stanley [1] Group 2 - Defeng Technology, established in March 2015, is an AI-enabled Industrial Internet of Things (AIoT) software solution developer focused on enhancing energy efficiency and operational excellence in China's energy, manufacturing, and mixed industries [2] - The company has completed over 600 projects, primarily serving state-owned enterprises, with around 200 clients, including leading firms in the electricity, public utilities, oil and gas, and tobacco sectors [2] - Defeng Technology previously attempted to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 but terminated its A-share listing efforts in October 2024, subsequently applying for a listing on HKEX in November 2023 [2] Group 3 - The IPO application involves a special agreement granting investors rights such as redemption rights, anti-dilution rights, and preemptive rights [2] - The target date for completing the IPO has been extended from December 31, 2024, to December 31, 2026, with the redemption rights of original shareholders being terminated before the submission of the prospectus [2] - If the IPO fails, the previously terminated redemption rights will automatically be reinstated [2] Group 4 - Due to the granting of redemption rights, Defeng Technology incurred redemption liabilities of 1.224 billion yuan, 1.455 billion yuan, and 1.462 billion yuan for the years 2023, 2024, and the first half of 2025, respectively [3]