华泰联合证券保荐项目终止，成2026年科创板首单撤回案例

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has had its IPO application on the Sci-Tech Innovation Board terminated, marking it as the first company to have its IPO halted in 2026 [3] Group 1: Company Overview - Yadian Technology is a leading supplier of wet cleaning equipment in China, focusing on the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [3] - The company's products are primarily used in critical processes such as cleaning in the front-end wafer manufacturing of the semiconductor industry, playing a vital role in the upstream of the semiconductor supply chain [3] - According to third-party reports, Yadian Technology ranked second among domestic brands in market share for slot-type wet cleaning equipment in 2024 [3] Group 2: Financial Performance - The company has shown rapid growth in its financial performance, with revenues of 120.73 million yuan, 441.75 million yuan, and 580.41 million yuan from 2022 to 2024 [4] - The net profit attributable to shareholders after deducting non-recurring gains and losses transitioned from a loss of 81.01 million yuan in 2022 to a profit of 82.52 million yuan in 2024 [4] - Yadian Technology has invested significantly in R&D, with a total of 146 million yuan over the past three years, and has 133 R&D personnel, accounting for nearly 30% of its total workforce [4] Group 3: IPO Details - The company originally planned to raise 950 million yuan through its IPO, intending to invest in high-end semiconductor equipment industrialization, advanced process semiconductor technology research and development projects, and to supplement working capital [4] - The IPO application was voluntarily withdrawn after failing to progress past the inquiry stage, which began on July 21, 2025 [3][4] Group 4: Market and Regulatory Context - The termination of the IPO reflects the high standards and strict requirements of the Sci-Tech Innovation Board regarding information disclosure quality, technological attributes, and sustainable operational capabilities [6] - Despite being in a strategically supported industry, the company must fully meet regulatory requirements related to board positioning and internal controls [6] - The termination of the project also prompts the lead underwriter, Huatai United Securities, to reassess its risk management and project selection processes [6]