2025年至今8家企业科创板IPO终止

Core Viewpoint - In early 2026, two semiconductor companies, Qinheng Micro and Yadian Technology, withdrew their IPO applications for the Sci-Tech Innovation Board, both sponsored by Huatai United Securities, highlighting a trend of increasing scrutiny and changing focus in the IPO review process [1][3]. Group 1: Company Withdrawals - Qinheng Micro's IPO application was accepted on June 30, 2025, with a planned fundraising of 932 million yuan, but it did not respond to the inquiry from the Shanghai Stock Exchange (SSE) after entering the inquiry phase [3][4]. - Yadian Technology's IPO application was accepted on June 27, 2025, and similarly did not respond to the SSE's inquiry until the application was terminated on January 14, 2026 [4][5]. - A total of eight companies, including Qinheng Micro and Yadian Technology, withdrew their IPO applications from 2025 to January 22, 2026, with varying sponsoring institutions [1][2]. Group 2: Regulatory Focus - The SSE's inquiries have shifted focus from fundraising arrangements to core technology advancement and market development space since 2025, reflecting changes in policy direction and financing environment [1][6]. - The inquiries now emphasize the company's sustainable operational capability, control and independence, and significant changes during the IPO process, indicating a more detailed scrutiny approach [6][7]. - The regulatory environment has become increasingly stringent, with a focus on the evidence and logic behind companies' self-reported capabilities, requiring detailed supplementary information if inadequacies are found [8]. Group 3: Industry Context - The semiconductor industry is experiencing an IPO boom, driven by the rapid development of AI, but faces challenges such as intense global competition and low profit margins in certain segments [4][5]. - Qinheng Micro's core business is under pressure, with its gross margin declining from 63.32% in 2022 to 57.51% in 2024, and significant price drops in its key products [4][5]. - Yadian Technology's revenue is heavily reliant on a single customer, with over 50% of its income coming from a single client, raising concerns about customer concentration risk [4][5].