智通财经APP获悉，9月19日，江苏容汇通用锂业股份有限公司(简称：容汇锂业)深交所创业板IPO审核状态变更为"终止(撤 回)"。因容汇锂业、保荐人撤回发行上市申请，根据《深圳证券交易所股票发行上市审核规则(2024年修订)》第六十二条， 深交所决定终止其发行上市审核。 招股书显示，公司主要从事深加工锂产品的研发、生产和销售，主要产品为电池级碳酸锂和电池级氢氧化锂，是三元材料、 磷酸铁锂、钴酸锂等锂离子电池正极材料所必须的关键材料，并最终应用于动力电池、储能电池、消费电池等锂离子电池产 品。 报告期内，公司主营业务收入的构成情况如下： | | | | 项目 | 2022 年度 | | 2021 年度 | | 2020 年度 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 문 | 金额 | 足は | 金額 | 早床 | | 1、电池级碳酸锂 | 369,176.38 | 62.52% | 79,838.41 | 52.66% | 28,361.24 | 60.16% | | 2、电池级氢氧化锂 | 218.053.66 | 36.92% | 64 ...

Core Viewpoint - The termination of the IPO review for Jiangxi Shengfulai Optical Technology Co., Ltd. is primarily attributed to the company's withdrawal of its application after facing repeated inquiries regarding its declining performance and financial inconsistencies [1][2]. Financial Performance - The company reported a total asset value of approximately 391.57 million yuan as of June 30, 2023, a slight increase from 404.27 million yuan at the end of 2022 [3]. - The total equity attributable to shareholders was approximately 325.46 million yuan as of June 30, 2023, compared to 327.01 million yuan at the end of 2022 [3]. - The company's operating income for the first half of 2023 was approximately 125.53 million yuan, down from 256.11 million yuan in 2022, indicating a significant decline [3]. - The net profit for the first half of 2023 was approximately 20.09 million yuan, a decrease from 39.50 million yuan in 2022 [3]. Sales and Market Trends - Domestic sales revenue for the company has been declining, with a 10.73% decrease in 2023 compared to the previous year, attributed to a downturn in the domestic reflective materials market [4]. - The growth in 2023 was primarily driven by an increase in export sales, with major clients contributing to 76.36% of the total export revenue [4]. - However, there are concerns regarding the stability of demand from key export clients, particularly due to economic conditions in Germany affecting sales [4][5]. Production Capacity and Utilization - The company's production capacity utilization rates have been declining, with high refractive index glass microspheres at 80.60% in 2024, down from 95.75% in 2022 [12][13]. - The company plans to raise approximately 13.25 million yuan to expand its production capacity for high refractive index glass microspheres, anticipating a market demand growth of 9-10% [12]. Corporate Governance and Control - The company does not have a controlling shareholder, with the actual control held by Chen Zhengyuan and Chen Oubo, who collectively control approximately 33.91% of the company [9][11]. - The largest shareholder, Taizhou Zhentai, holds 33.84% of the shares but does not have the ability to control the company due to the dispersed nature of its shareholding [11]. Financial Control Issues - There have been instances of financial control irregularities, including issues with sales revenue recognition and internal control over research and development expenses [14][15]. - The company has acknowledged the need for improved internal controls to address these issues and ensure compliance with financial reporting standards [14][15].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Huainan Wantai Electronics Co., Ltd.'s public offering and listing, indicating potential challenges for the company in its capital market ambitions [3]. Financial Performance - Wantai's revenue from 2021 to the first half of 2024 was reported as 439 million yuan, 546 million yuan, 612 million yuan, and 270 million yuan respectively, with net profits of 41.52 million yuan, 79.63 million yuan, 85.52 million yuan, and 20.19 million yuan [3]. - The gross profit margins for the same periods were 44.89%, 41.5%, 38.98%, and 41.14% respectively, showing fluctuations in profitability [3]. Accounts Receivable - The accounts receivable balance for Wantai from 2021 to the first half of 2024 was 414 million yuan, 523 million yuan, 538 million yuan, and 546 million yuan, indicating a significant reliance on credit sales [3][5]. - The proportion of accounts receivable to revenue was notably high, reaching 94.41%, 95.85%, and 87.95% in the years 2021 to 2023, suggesting that approximately 90% of revenue was on credit [6]. Shareholding Structure - The controlling shareholders of Wantai are Yu Zixian and Yu Ziyong, who together hold 55.35% of the company's shares, with Yu Zixian as the chairman and general manager [7]. - Recent changes in the shareholder structure included the addition of family members as concerted actors, which raised regulatory inquiries regarding their classification and potential implications for control [8][9]. Regulatory Compliance - The company faced scrutiny from regulators regarding the classification of certain family members as concerted actors, which was later amended to include them in the control structure to ensure stability [10].

Core Viewpoint - Zhongchuan Shuangrui (Luoyang) Special Equipment Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Company Overview - Shuangrui Co. was established in November 2005 and is located in Luoyang, Henan Province, with a registered capital of 320 million yuan [3] - Major shareholders include Luoyang Shuangrui Technology Industry Holding Group Co., Ltd. and China National Capital Venture Capital Co., Ltd. [3] Financial Performance - Revenue for the years 2021, 2022, 2023, and the first half of 2024 was approximately 1.262 billion yuan, 1.336 billion yuan, 1.611 billion yuan, and 743 million yuan respectively [4] - Net profit for the same periods was about 105 million yuan, 89.97 million yuan, 111 million yuan, and 51.26 million yuan respectively [4] - The company expects revenue for 2024 to be between 1.64 billion yuan and 1.785 billion yuan, representing a year-on-year growth of 1.81% to 10.81% [6] IPO and Fundraising Plans - Shuangrui Co. submitted its prospectus in December 2022, aiming to raise approximately 654 million yuan for various projects, including a special equipment R&D center and a waste heat utilization project [5] - The total amount planned for investment in these projects is 653.74 million yuan [2] Key Financial Ratios - As of June 30, 2024, the company's asset-liability ratio was 49.42% [6] - The basic earnings per share for the first half of 2024 was 0.16 yuan [6] - Research and development expenditure accounted for 5.67% of revenue in the first half of 2024 [6]

Group 1 - The core point of the article is that Kaiyuan Securities has withdrawn its IPO application, marking the second securities company to do so since last year [1][3] - The withdrawal was initiated by the sponsor, Minsheng Securities, but the specific reasons for the withdrawal were not disclosed [3] - Kaiyuan Securities has been in the IPO queue for nearly three years, having transitioned from the New Third Board to A-shares in 2022, and has not yet responded to the first round of inquiries from the Shenzhen Stock Exchange [3] Group 2 - Kaiyuan Securities, known as the "King of the New Third Board," has been a leader in the New Third Board business, with 723 companies under continuous supervision, accounting for 11.77% of the total listed companies [4] - The company aims to become a top-tier securities firm focused on the Beijing Stock Exchange, with a strong emphasis on investment banking, bond underwriting, asset management, and research [4] - The company's net profit has shown steady growth from 515 million yuan in 2021 to 687 million yuan in 2024, although its bond underwriting business has been suspended for six months starting October 2024 due to regulatory issues [5] Group 3 - The suspension of the bond underwriting business is expected to negatively impact the company's operating performance in 2024 and 2025 [5] - In 2024, the investment banking revenue for Kaiyuan Securities was 464 million yuan, a decrease of 45.89% year-on-year, representing the lowest proportion of total revenue at 16.23% since 2019 [5]

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]

Group 1 - The company "Renyang Yitou Niu" has shifted its financing strategy after terminating its IPO in February 2023, opting for a pledge of 100% equity in its subsidiary Hebei Kanghong Animal Husbandry for 103 million yuan to raise funds for business expansion and farm construction [1][2] - Kanghong Animal Husbandry is a core part of the company's dairy segment, established in October 2020 with a registered capital of 103 million yuan, and is recognized as one of the largest dairy farms in China with a herd size of 27,000 cows as of 2022 [1][3] - The company's IPO journey faced significant challenges, including high marketing costs and insufficient R&D investment, leading to multiple regulatory feedbacks and ultimately the withdrawal of its IPO application [2][3] Group 2 - The dairy industry is currently experiencing intense competition, with a projected 2.8% decline in raw milk production in 2024, marking the first decrease since 2018 [3] - Among 21 listed dairy companies, only 5 have achieved growth in both revenue and net profit, while 13 have seen declines in both metrics [3] - The company's previous plans for significant investments in smart farm construction and information system upgrades are now under scrutiny following the termination of its IPO, raising questions about its strategic adjustments and competitiveness in a challenging market [3]

Core Viewpoint - Chicheng Biotechnology has voluntarily withdrawn its IPO application from the Beijing Stock Exchange, which aimed to raise 210 million yuan due to various operational challenges and financial pressures [2] Group 1: Company Overview - Chicheng Biotechnology specializes in the research, production, and sales of hydrolyzed tannin products derived from natural plant materials, with applications across multiple industries including pharmaceuticals, chemicals, and textiles [2] - The company’s main products include tannic acid, gallic acid, and related biochemical compounds [2] Group 2: Financial Performance - Chicheng Biotechnology's revenue from 2021 to 2023 showed significant fluctuations, with revenues of 360 million yuan, 291 million yuan, and 312 million yuan respectively, while net profits were 61.9 million yuan, 50.3 million yuan, and 48.8 million yuan [3] - The decline in revenue and profit in 2022 was primarily due to a major client, Zhengbang Technology, facing financial difficulties, which led to a significant reduction in orders [3][4] Group 3: Cost Structure and Risks - The cost of raw materials, particularly the reliance on wubeizi and tara powder, constitutes over 60% of the company's main business costs, making it vulnerable to price fluctuations [4] - In the first half of 2024, revenue increased by 25.10%, but net profit only grew by 14.59% due to rising raw material costs [4] Group 4: Inventory and Cash Flow - The company's inventory value as a percentage of total assets was notably high, with values of 96.2 million yuan, 87.2 million yuan, and 105 million yuan, representing 19.88%, 14.77%, and 17.03% of total assets respectively [5] - High inventory levels can lead to cash flow pressures and operational inefficiencies [5] Group 5: Business Expansion - Chicheng Biotechnology established a subsidiary, Hubei Bencao Times Health Industry Co., Ltd., in 2022 to enter the cosmetics sector, but this venture is still in its early stages with limited online sales [5] - Revenue from this subsidiary was minimal, with figures of 32,200 yuan and 127,570 yuan for 2022 and 2023 respectively, indicating challenges in scaling the new business [5]

Core Viewpoint - Dongang Technology's IPO application has been terminated again after transitioning from the ChiNext to the Beijing Stock Exchange, primarily due to concerns over business innovation, performance decline risks, and the rationality of fundraising projects [1][3][4]. Group 1: IPO Process and Challenges - Dongang Technology was the first company to have its IPO application accepted in 2024, but it voluntarily withdrew its application after two rounds of inquiries from the Beijing Stock Exchange [2][3]. - This is not the first time Dongang Technology has faced challenges with its IPO; it previously withdrew its application for the ChiNext in September 2022 after receiving a second round of inquiries [2][3]. Group 2: Business Overview - Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various types of lamps used in specialized fields such as vehicle maintenance, construction, and emergency response [3][4]. - The company claims to have strong competitive advantages in product performance and technological innovation, primarily serving markets in Europe and North America [3][4]. Group 3: Financial Performance - From 2020 to 2024, Dongang Technology's revenue fluctuated, with figures of 178 million, 263 million, 231 million, 221 million, and 234 million yuan respectively, indicating a notable decline in 2022 and 2023 before a slight recovery in 2024 [7]. - The company's net profit also showed volatility, with a decrease in 2022 and 2023, followed by a modest increase in 2024 [7][9]. Group 4: Customer Concentration and Risks - The company has a high customer concentration, with its top three customers accounting for over 78% of total sales in recent years, raising concerns about revenue stability [9][10]. - Sales to major clients saw significant declines in 2022, attributed to external economic factors such as the Ukraine crisis and inflation [10][11]. Group 5: Fundraising and Investment Plans - Dongang Technology plans to raise 260 million yuan through its IPO, with allocations for a high-end lighting tool production base, a research and development center, and working capital [14][18]. - The company aims to enhance its production capacity and technological capabilities through these investments, despite concerns about the necessity of the projects given its recent financial performance [17][20].

Group 1 - The IPO application of Dongguan Langtaitong Technology Co., Ltd. has been terminated as of May 19, 2025, due to the withdrawal of the application by the company and its sponsor [2][6] - The company’s IPO application was accepted by the Shenzhen Stock Exchange on June 27, 2023, and it received a second round of inquiry on November 8, 2023, but has not responded to the inquiries [5][6] - The company updated its financial data on June 29, 2024, which was three months late, with the data cutoff date set at December 31, 2023 [5][6] Group 2 - Langtaitong was established in 2015 and focuses on the research, production, sales, and service of batteries, primarily for energy storage and power tools [7] - The company aimed to raise 702 million yuan through its IPO, with the funds intended for the construction of a lithium iron phosphate battery production base, a research and development center, and to supplement working capital [7] - The termination of Langtaitong's IPO is not an isolated incident, as several other companies in the new energy battery industry have also faced similar challenges in their IPO attempts since 2024 [7]