Core Viewpoint - Zhuhai Tianwei New Materials Co., Ltd. has had its listing review status on the Beijing Stock Exchange updated to "terminated," marking the second unsuccessful attempt to enter the capital market after withdrawing its IPO application for the ChiNext in 2022 [1][3]. Company Overview - The company was established in 2004 and specializes in the research, production, and sales of digital printing functional materials and related products, being one of the early domestic manufacturers to enter the digital printing ink field [3]. - The company aimed to raise a total of 300 million yuan through its IPO, with plans to use the funds for the construction of a production base for 31,000 tons of digital printing functional materials, a headquarters R&D center, and to supplement working capital [7]. Regulatory and Compliance Issues - Tianwei New Materials faced multiple rounds of inquiries during its IPO process, with issues related to risk management, internal control irregularities, and discrepancies between the information disclosed in the prospectus and actual conditions, leading to written warnings from the Shenzhen Stock Exchange alongside its sponsor, Dongguan Securities [3]. - The second round of inquiries from the Beijing Stock Exchange included questions regarding the environmental and industrial policy compliance of the company's main products [7]. Environmental Concerns - The company's digital printing ink products can be categorized based on the type of ink base used, with some products classified as high environmental risk according to the "High Pollution, High Environmental Risk Products Catalog (2017 Edition)" [7]. - Production data from 2020 to the first half of 2024 indicated that the output of high environmental risk products was 237.08 tons, 177.65 tons, 140.50 tons, and 49.06 tons, contributing revenues of 13.37 million yuan, 12.98 million yuan, 13.21 million yuan, and 5.20 million yuan respectively [7]. - To mitigate environmental risks, the company has committed to reducing production of high environmental risk products by 30 tons annually since 2021 [8]. Operational Challenges - The company faces several operational challenges, including underutilized production capacity, unstable performance, questions regarding the authenticity of financial data, and insufficient competitiveness of its main products [9].

Core Insights - The company Jinzhijiao Education has faced significant challenges in its IPO attempts, with two failed applications in a short period, indicating potential underlying issues in its business model and compliance [1][2] Group 1: Company Overview - Jinzhijiao Education is a provider of information technology services for higher education institutions, offering software development, SaaS services, and system integration based on proprietary cloud architecture [1] - The company has attempted to go public twice, first on the Sci-Tech Innovation Board and then on the Growth Enterprise Market, but both attempts ended in withdrawal [1][2] Group 2: Compliance Issues - The company has encountered multiple compliance issues related to data protection, specifically concerning its "Today Campus" app, which led to several notifications from regulatory bodies regarding the improper collection and use of personal information [2] - These compliance failures highlight vulnerabilities in the company's information security and data protection practices [2] Group 3: Competitive Position - Jinzhijiao Education's core competitiveness is in question, as evidenced by a decline in both R&D personnel and core technical staff over the reporting period, which is concerning for a technology-intensive industry [2] - The company's R&D expenses have shown fluctuations, with amounts of 99.41 million, 108.92 million, and 92.81 million yuan over the years, indicating potential instability in innovation capacity [2] Group 4: Financial Performance - The company's financial performance has been inconsistent, with reported revenues of 475 million, 492 million, and 455 million yuan, and net profits of 71.58 million, 80.32 million, and 78.26 million yuan during the reporting period [3] - Notably, the revenue for 2022 saw a year-on-year decline of 3.32%, while net profit decreased by 10.88%, reflecting challenges in maintaining growth [3]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Zhuhai Tianwei New Materials Co., Ltd.'s application for public stock issuance and listing [1][3]. Company Overview - Zhuhai Tianwei New Materials Co., Ltd. focuses on the digital printing sector, specializing in the research, production, and sales of functional materials and supporting products for digital printing [3]. Application and Withdrawal Details - The application for public issuance was accepted by the Beijing Stock Exchange on December 29, 2023, and the company submitted a withdrawal request on March 26, 2025 [3]. - The company originally planned to issue between 1 million and 19.6316 million shares, aiming to raise 300 million yuan for projects including a production base for functional materials and a headquarters R&D center [4][5]. Shareholding Structure - Jieshi International holds 42,811,807 shares, accounting for 72.69% of the total share capital, making it the controlling shareholder [4]. - The actual controller, He Liangmei, has significant influence over the company's board and operational decisions [4].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Zhuhai Tianwei New Materials Co., Ltd.'s public offering of stocks and listing application [1] Company Overview - Tianwei New Materials was established in 2004 and specializes in the research, development, production, and sales of digital printing functional materials and supporting products [2] - The company has previously applied for an IPO on the ChiNext board in 2020 but withdrew its application in December 2021 [5] Financial Performance - The projected revenues for Tianwei New Materials for the years 2022, 2023, and 2024 are 424.79 million yuan, 524.94 million yuan, and 624.75 million yuan respectively [3] - The net profits attributable to shareholders for the same years are projected to be 41.82 million yuan, 85.21 million yuan, and 102.00 million yuan respectively [3] IPO Details - The total investment for the IPO projects is approximately 538.58 million yuan, with 300 million yuan intended to be raised [4] - The key projects include a production base for digital printing functional materials with an annual capacity of 31,000 tons, a headquarters R&D center, and supplementary working capital [3][4] Shareholding Structure - Jieshi International Limited holds 42,811,807 shares, accounting for 72.69% of the company's total equity, making it the controlling shareholder [4] - The chairman, He Liangmei, controls a total of 82.32% of the shares, establishing her as the actual controller of the company [4] Comparable Companies - Comparable companies in the same industry include Nal Shares (002825.SZ), Hongsheng Digital (430616.NQ), Chuanmeixun (874023.NQ), and Lanyu Shares (301585.SZ) [3]