科创板即将迎来“光刻胶第一股”！！

Core Viewpoint - Hengkun New Materials faces challenges in its IPO process, primarily due to concerns over technology intellectual property disputes and the appropriateness of its revenue recognition methods [3][4]. Group 1: IPO Challenges - Hengkun New Materials was the first company to face a "suspension of review" in 2025 during the Shanghai Stock Exchange's listing committee meeting, raising questions about its compliance and technical capabilities [3]. - The listing committee questioned the company's technological independence and required further clarification on potential ownership disputes regarding core technologies [3]. - Concerns were also raised about the revenue recognition method used for its introduced business, prompting the company to justify its compliance with accounting standards [3]. Group 2: Response to Regulatory Concerns - In response to the regulatory scrutiny, Hengkun New Materials provided detailed evidence and logical explanations to address the concerns, ultimately gaining approval [4]. - The company emphasized that all core technologies are derived from independent research and development, having obtained 78 patent authorizations, including 45 invention patents [4]. - To alleviate concerns about ownership disputes, Hengkun New Materials clarified that there are no unresolved technical disputes with upstream and downstream partners and has established a comprehensive intellectual property protection system [4]. Group 3: Company Background and Development - Established in 2004 and headquartered in Xiamen, Hengkun New Materials is one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [6]. - The company transitioned from its initial focus on optical film devices to the semiconductor materials sector in 2014, seizing opportunities for domestic production [6]. - By the end of 2024, Hengkun New Materials had obtained 89 patent authorizations and was recognized as a key materials engineering research center in Fujian Province [6].