Zhong Guo Jing Ji Wang·2026-01-29 08:17Core Viewpoint - Zhejiang Hengdao Technology Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 13th company to pass the review in 2026, with a focus on the development and production of hot runner systems for injection molds [1][2]. Company Overview - Hengdao Technology specializes in the research, design, production, and sales of hot runner systems and related components, which are essential heating components in injection molds widely used in automotive lighting, interior and exterior automotive parts, and 3C consumer electronics [1]. - The controlling shareholder, Wang Hongchao, holds 69.20% of the company's shares directly and controls an additional 9.30% through affiliated partnerships, totaling 78.50% of voting rights [1]. IPO Details - The company plans to publicly issue up to 13,080,000 shares, with a potential additional 1,962,000 shares through an over-allotment option, subject to approval by the Beijing Stock Exchange and the China Securities Regulatory Commission [2]. - The funds raised, totaling approximately 403.02 million yuan, will be allocated to the production line project for 30,000 hot runner systems, the construction of a research and development center, and to supplement working capital [2]. Inquiry Points from Review Meeting - The review raised questions regarding the authenticity of performance, specifically the rationale behind the fluctuation of customers with annual sales below 500,000 yuan and the high proportion of overdue accounts receivable [3]. - Additionally, the sustainability of performance was questioned, focusing on market share among competitors in the automotive and consumer electronics sectors, core competitive advantages, and customer repurchase rates [3].