Guosen Securities(SZ:002736) Sou Hu Cai Jing·2026-01-20 06:40Core Viewpoint - Xinxing Technology's IPO application on the Beijing Stock Exchange has been postponed, marking the first such case for 2026 among major Chinese exchanges, with Guosen Securities as the sponsor [2] Group 1: IPO Application and Regulatory Requirements - The listing committee has requested further verification from the sponsor and the reporting accountant regarding sales customers with "cross-border foreign exchange payment capabilities," focusing on payment agreements and execution [2] - Xinxing Technology is required to disclose additional information about borrowing from subsidiaries for fundraising projects and measures to control the use of raised funds to protect the interests of the company and minority investors [4] - The committee has raised questions about the authenticity and sustainability of the company's operating performance and the implementation of fundraising projects through its subsidiaries [4] Group 2: Company Overview and Financial Performance - Xinxing Technology specializes in the research, production, and sales of computer embroidery machines, recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology [4] - The company's total assets have increased from approximately 618.49 million yuan in 2022 to about 1.20 billion yuan by mid-2025, with total equity rising from 302.14 million yuan to approximately 563.74 million yuan in the same period [5] - Revenue for the years 2022 to 2025 is projected to grow from 600 million yuan to between 1.35 billion and 1.55 billion yuan, with net profit expected to rise significantly from 52.6 million yuan in 2022 to between 195 million and 225 million yuan in 2025 [6] Group 3: Shareholding Structure - The actual controllers of Xinxing Technology, Wang Haijiang and Yao Xiaoyan, hold 46.67% of the company's shares directly and control 99.05% of the voting rights through affiliated entities [8]