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 has withdrawn its IPO application, leading to the termination of its review for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Company Overview -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]

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]

Core Viewpoint - After a four-month "suspended" review status, the company has chosen to withdraw its IPO application, leading to the termination of its listing process [2] Group 1: Company Performance - In 2024, the company reported revenue of 258 million yuan, a year-on-year decrease of 16.34%, contrasting with an average growth rate exceeding 30% over the previous three years [3] - The net profit for 2024 was 3 million yuan, a dramatic decline of 93% compared to previous years, where the lowest growth rate was 16.20% [3] Group 2: IPO Details - The company, Shenzhen Konghui Intelligent Co., Ltd., was established in 2010 and specializes in the research, production, and sales of industrial automation control products [4] - The company submitted its IPO application to the Beijing Stock Exchange on November 3, 2023, aiming to raise 163 million yuan for expansion projects and R&D [4] Group 3: Controversies and Concerns - There are significant concerns regarding the necessity and rationality of the fundraising projects, particularly the projected output ratio dropping from 18.00 to 4.75 post-expansion [4] - Despite negative cash flow from operating activities from 2020 to 2024, the company distributed cash dividends totaling 23.43 million yuan, with the controlling shareholders receiving 10 million yuan [4] - The company's reliance on major client BYD has weakened, with orders amounting to 4.774 million yuan in 2023, a decrease of over 90% year-on-year [4]

3月7日晚上，北交所公布对常州金康精工（831978）IPO终止审核的决定。常州金康精工2024年1月25日获得北交所上市委审核通过，但一直未能提交注册直到被终 止审核。公司IPＯ的保荐机构为东北证券。笔者注意到，公司列举的4家同行业可比公司2024年扣非净利润同比均是大幅下降。 文/西风 一、两实控人合计控制公司96.65%的股份表决权 公司前身有限公司成立于２００１年１０月，2014年7月整体变更为股份公司。2015年2月17日公司股票挂牌新三板。公司目前注册资本5508万元。公司控股股东、 实际控制人为钟仁康、万奕金。钟仁康、万奕金目前分别持有公司总股本的 43.64%。两人合计持有发行人 87.28%的股权，并通过一致行动协议控制常州奕仁、钟 惠丽、万丽、钟立新直接持有的发行人合计 9.37%的股份表决权，两人合计控制发行人 96.65%的股份表决权。钟仁康先生1969 年 9 月出生，现任公司董事长。万奕 金1947年12月出生，现任公司董事。 另外，一致行动人钟惠丽系发行人股东常州奕仁执行事务合伙人，与钟仁康为父女关系，万丽与董事万奕金为父女关系。 二、公司是电机绕组制造专用装备整体解决方案提供商 ...

文/梧桐兄弟 1月21日，上交所公布中国证监会对苏州高泰电子技术股份有限公司主板IPO注册程序终止的通知书，直接原因是公司及保荐机构国金证券撤回注册申请。公司IPO 在2023年8月29日获得审核通过，2023年12月1日提交注册。公司本次IPO拟募资11.55亿元。 一、上市委会议现场问询的主要问题 1.请发行人代表：（1）结合下游行业发展趋势、下游PC产品毛利率、公司技术优劣势、研发费用率、产品价格及销量情况、主要成本结构及生产方式等方面，说 明公司毛利率明显高于同行业可比公司的合理性；（2）说明未进一步与全制程外协厂商商议供货价格的原因。请保荐代表人发表明确意见。 2.请发行人代表结合行业竞争格局、下游需求变化、公司2023 年上半年经营业绩下滑、公司现有固定资产规模和产能利用率等，说明本次募投项目的必要性和合 理性，产能消化的具体措施及可行性。请保荐代表人发表明确意见。 二、2023年业绩下滑，下游应用领域主要集中于电脑 公司主营产品包括复合功能性材料、复合功能性器件及电子级追溯产品。报告期内，公司产品应用于戴尔、苹果、联想终端品牌的收入分别占同期主营业务收入 的 82.11%、84.02%、83.7 ...