科创板IPO审核趋严，2025年以来已有8家企业撤回申请
Sou Hu Cai Jing·2026-01-23 02:59

Group 1 - In 2026, two semiconductor companies, Qinheng Micro and Yadian Technology, withdrew their IPO applications from the Sci-Tech Innovation Board, contributing to a total of eight companies that have terminated their IPO applications since 2025 [1] - Qinheng Micro's IPO application was accepted on June 30, 2025, with a planned fundraising of 932 million yuan, but it was withdrawn on January 20, 2026, after entering the inquiry stage [3] - Yadian Technology's IPO application was accepted on June 27, 2025, with a planned fundraising of 950 million yuan, but it was terminated on January 14, 2026, after receiving the first round of inquiry [4] Group 2 - Qinheng Micro is recognized as a "specialized and innovative small giant" by the Ministry of Industry and Information Technology, focusing on connection technology and microprocessor core research, with a main business in USB, Bluetooth, Ethernet interface chips, and various types of MCUs [3] - The company's tax benefits accounted for over 20% of its total profit during the reporting period, peaking at 23.26%, while its gross margin declined from 63.32% in 2022 to 57.51% in 2024, with price drops of 27% and 47% for core products like USB chips and MCUs, respectively [3] - Yadian Technology specializes in semiconductor wet cleaning equipment, with a significant portion of its revenue (51.91%) coming from sales to a single customer, Longi Green Energy, amounting to 137 million yuan in the first half of 2025, indicating a high customer concentration risk [4] Group 3 - Since 2025, the focus of inquiries from the Shanghai Stock Exchange has shifted from fundraising amounts and project inquiries to core technology advancement and market development potential, with an emphasis on sustainable operation capabilities and significant changes during the IPO process [4] - Specific inquiries have included the technological advancement and market space for companies like Zhuzhou Kenen, as well as concerns regarding profitability and accumulated losses for companies like Changguang Chuangxin [4]