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”

Core Viewpoint - Chuang'er Bio has officially terminated its IPO preparation for the Beijing Stock Exchange 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. The company holds two Class III and two Class II medical device registration certificates [2]. - The market share of Chuang'er Bio's collagen products in China's pharmaceutical-grade collagen market was 3.04% in 2017, 3.40% in 2018, and 5.23% in 2019 [2]. 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 subsequent shift to the Beijing Stock Exchange [2]. - In July 2023, Chuang'er Bio signed a listing advisory agreement with Guotou Securities and submitted the listing advisory filing materials to the Guangdong Securities Regulatory Bureau. However, due to unresolved shareholder equity freeze issues, the advisory agreement was terminated on December 25, 2025 [2][3]. Shareholder Issues - The company did not disclose details about the shareholder equity freeze in its announcement, but it is directly related to its second-largest shareholder, Ding Yumei, who holds 365,360 shares, accounting for 4.30% of the company. This portion of shares is entirely frozen and not tradable [3]. - Ding Yumei is also known as the ex-wife of Xu Jiayin, the former chairman of the now-defunct China Evergrande Group. Chuang'er Bio previously collaborated with Ding Yumei's company on a skincare product project, which was ultimately terminated, leading to the recovery of a prepayment of 5 million yuan [5][6]. Legal and Financial Context - Ding Yumei's equity freeze is linked to the debt liquidation issues surrounding Evergrande. In 2022, she was reported to have reached a "technical divorce" with Xu Jiayin, interpreted as a financial separation to avoid debt liabilities [7]. - In March 2024, a lawsuit was initiated by the liquidators of China Evergrande to recover approximately $6 billion in dividends and compensation from Xu Jiayin, Ding Yumei, and several former executives. This legal action has resulted in global asset freezing orders against Ding Yumei [7].