年内首现IPO暂缓审议，券商背景高管在列，暂缓所为何因？

Core Viewpoint - The article discusses the recent IPO review status of Xinxing Technology, which has become the first company in 2026 to have its IPO review temporarily suspended by the Beijing Stock Exchange due to concerns over the authenticity of its sales revenue and the sustainability of its business performance [1][4]. Company Overview - Xinxing Technology, officially known as Zhejiang Xinxing Technology Co., Ltd., specializes in the research, production, and sales of computer embroidery machines, with its main products categorized into flat embroidery machines and special machines [5][6]. IPO Review Status - On January 16, 2026, the Beijing Stock Exchange announced the temporary suspension of Xinxing Technology's IPO review, citing two main concerns: the authenticity of the issuer's sales revenue and the need for additional disclosures regarding fundraising projects [2][3]. Financial Performance - The company reported revenue figures from 2022 to mid-2025 as follows: 600 million, 704 million, 1.03 billion, and 655 million yuan, with net profits of 53 million, 59 million, 120 million, and 88 million yuan respectively. For 2025, the company expects revenue between 1.35 billion and 1.55 billion yuan, indicating a year-on-year growth of 31.07% to 50.49% [6][7]. Revenue Structure - The revenue from flat embroidery machines, particularly garment machines, accounted for the highest proportion of total revenue, with percentages of 52.05%, 47.74%, 54.03%, and 51.22% from 2022 to 2025 [6]. Market Presence - Xinxing Technology has a significant portion of its sales coming from overseas markets, with foreign sales accounting for 53.82%, 49.71%, 53.22%, and 53.37% from 2022 to 2025. Key markets include India and Pakistan [8]. Regulatory Concerns - The regulatory body raised questions regarding the sustainability of the company's performance, particularly focusing on the reasons behind third-party payments and the rationale for the significant growth in overseas market demand [7][8]. Fundraising and Project Implementation - The company adjusted its fundraising plan from an initial 489 million yuan to 449 million yuan, with a significant portion allocated to the construction of a project for producing 11,000 embroidery machine frames [3][9]. Additionally, concerns were raised about the rationale for certain fundraising projects being implemented by subsidiaries rather than the parent company [9].