Core Viewpoint - Chuang'er Bio has officially terminated its IPO preparation after three years of efforts, marking a significant setback in its capital market ambitions [1]. Company Overview - Chuang'er Bio specializes in medical devices and bio-skincare products, having developed large-scale sterile extraction technology for bio-medical grade active collagen, with 2 Class III and 2 Class II medical device registrations [3]. - The company's market share in the pharmaceutical-grade collagen market in China was 3.04% in 2017, 3.40% in 2018, and 5.23% in 2019 [3]. IPO Journey - The company's IPO journey has faced challenges, including an attempt to list on the Sci-Tech Innovation Board in 2020, which was followed by a withdrawal of the application in 2021 and a shift to the Beijing Stock Exchange [4]. - In July 2023, Chuang'er Bio signed a listing guidance agreement with Guotou Securities and submitted the necessary materials to the Guangdong Securities Regulatory Bureau, but the process was halted due to unresolved shareholder equity freeze issues [4]. Shareholder Issues - The termination of the IPO guidance was influenced by a long-standing equity freeze involving the company's second-largest shareholder, Ding Yumei, who holds 365,360 shares (4.30% ownership) that are currently frozen [4][6]. - Ding Yumei's equity freeze is linked to her previous marriage to Xu Jiayin, the former chairman of the now-defunct Evergrande Group, and is part of a broader debt resolution process involving Evergrande [6][7]. Legal and Financial Context - In 2022, Ding Yumei was reported to have reached a "technical divorce" with Xu Jiayin, interpreted as a financial separation to avoid debt liabilities [7]. - Legal actions have been initiated to recover approximately $6 billion in dividends and compensation from Xu Jiayin, Ding Yumei, and other former executives of Evergrande, leading to global asset freezing orders against Ding Yumei [7].
恒大债务牵连？创尔生物IPO折戟，许家印前妻持股冻结成绊脚石