Core Viewpoint - The listing review of Xiamen Hengkang New Materials Technology Co., Ltd. has been postponed by the Shanghai Stock Exchange, raising concerns about potential intellectual property disputes and accounting practices [1][2]. Group 1: Company Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2]. - The company's main products include SOC, BARC, KrF photoresists, i-Line photoresists, and TEOS precursor materials, with ArF immersion photoresists having passed verification and being sold on a small scale [2]. - Hengkang New Materials aims to replace foreign products in the domestic integrated circuit industry, leveraging a strategy of "introducing, digesting, absorbing, and innovating" to gain customer resources and accumulate product introduction and quality control experience [2]. Group 2: Regulatory Concerns - The Shanghai Stock Exchange has requested Hengkang New Materials to clarify the initial technology sources, R&D methods, core personnel, R&D investments, and corresponding patent technologies related to their self-produced photoresist materials and precursors, particularly regarding potential intellectual property disputes [1]. - The company is also required to explain the appropriateness of recognizing revenue using the net method in accordance with accounting standards, as it did not adopt this method in previous reporting periods [1]. - Additionally, Hengkang New Materials must justify the rationale behind the higher yield of long-term deposits compared to bank borrowing rates, and whether there are any restrictions or risks associated with these deposits [1].