Sou Hu Cai Jing·2025-12-29 22:57Core Viewpoint - The article discusses the challenges faced by Guangtai Vacuum Technology Co., Ltd. in its application for listing on the Beijing Stock Exchange, highlighting the company's unique market position and the involvement of CITIC Securities as both a sponsor and investor [2][18]. Company Overview - Guangtai Vacuum is a high-tech enterprise focused on the research, development, manufacturing, and sales of vacuum equipment, particularly in the rare earth permanent magnet industry [4]. - The company aims to raise 168 million yuan by issuing up to 17 million shares for the expansion of its vacuum melting furnace and sintering furnace production, as well as the construction of a research and product display center [5]. Listing Application Process - Guangtai Vacuum submitted its listing application on June 23, 2025, and received acceptance after a swift process, completing the entire listing guidance in just three months [5][6]. - The company became the third entity sponsored by CITIC Securities to gain the opportunity for review by the listing committee in 2025 [8]. Challenges in Listing Approval - The listing application was deferred due to concerns from the listing committee regarding the accuracy of revenue recognition and the sustainability of the company's performance [11][12]. - Guangtai Vacuum's revenue growth showed a significant increase in 2023, but signs of fatigue were evident in 2024, raising questions about the sustainability of its performance [11]. Revenue Recognition Issues - The company’s revenue recognition method, which requires installation and acceptance by customers, has led to delays in revenue confirmation, with some projects taking over 15 months for acceptance [15][16]. - The listing committee requested further clarification on contracts and revenue recognition practices to address these concerns [16]. CITIC Securities' Role - CITIC Securities is utilizing a "sponsorship + direct investment" model for the first time in the Beijing Stock Exchange, which allows them to potentially gain equity premium in addition to sponsorship fees [18][19]. - This model is seen as a way to enhance the participation of securities firms in smaller projects on the Beijing Stock Exchange, thereby supporting financing for small and medium-sized enterprises [20].