Core Viewpoint - Zandong Technology Co., Ltd. has submitted an application to the Beijing Stock Exchange after previously withdrawing its IPO application from the Shanghai Stock Exchange, indicating a significant shift in its fundraising strategy amid declining financial performance [2][4]. Group 1: IPO and Financial Performance - The company attempted to go public on the Shanghai Stock Exchange in 2021 but faced scrutiny over its risk disclosures and financial data, leading to the withdrawal of its application in June 2024 [2][4]. - Zandong Technology's revenue has been declining, with reported revenues of 1.184 billion yuan, 1.124 billion yuan, and 1.071 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year changes of -11.82%, -5.08%, and -4.67% [7]. - The net profit attributable to the parent company also decreased significantly, with figures of 117 million yuan, 90.61 million yuan, and 73.43 million yuan for the same years, showing year-on-year changes of 26.24%, -22.36%, and -18.97% [7]. Group 2: Business Model and Clientele - Zandong Technology specializes in providing IT solutions for banks and financial institutions, with over 90% of its revenue coming from software development and services [5][6]. - The company has established a strong client base, including one policy bank, four large state-owned commercial banks, eleven joint-stock banks, and over 200 regional banks and non-bank financial institutions [5]. Group 3: Fundraising and Project Plans - The company plans to raise 294 million yuan in its current IPO, a significant reduction of 65% from the previously planned 834 million yuan during its initial attempt [11][14]. - The funds will be allocated to projects such as the upgrade of smart cloud cabinets, the construction of a financial collaboration platform, and the development of the Zhi Yan banking system [11][12][14].