Core Viewpoint - The Shenzhen Stock Exchange has terminated the IPO review of Jiangsu Jinzhi Education Information Co., Ltd. due to the company's withdrawal of its application along with its sponsor, Guotai Junan Securities [2][3] Group 1: IPO Application History - Jiangsu Jinzhi Education has attempted to go public twice, successfully passing the review both times but ultimately failing to register, making it the first company in the market to have two successful reviews without successful registration [3][5] - The first attempt was for the Sci-Tech Innovation Board, where the company submitted its application on September 24, 2020, and received approval on February 5, 2021, but withdrew the application on January 7, 2022, due to issues related to its Sci-Tech attributes [4][5] - The second attempt was for the ChiNext board, where the company submitted its application on June 30, 2022, received approval on July 13, 2023, and subsequently withdrew its registration on June 13, 2025 [5] Group 2: Financial Information - The company aimed to raise 6.97 billion yuan during its first IPO attempt but reduced the target to 5.77 billion yuan for the ChiNext application, primarily decreasing the investment in the "Product R&D and Technology Upgrade Fund" from 3 billion yuan to 1.8 billion yuan [5] - Revenue figures for the years 2020 to 2022 were 475 million yuan, 492 million yuan, and 455 million yuan respectively, while net profits were 71.58 million yuan, 80.32 million yuan, and 78.26 million yuan [7] - As of December 31, 2022, the total assets of the company were 751 million yuan, with a net profit of 77.55 million yuan and a debt-to-asset ratio of 24.87% [8] Group 3: Business Operations - Jiangsu Jinzhi Education specializes in providing information technology services for higher education institutions, offering software development, SaaS services, operation and maintenance services, and system integration [6] - The company has developed the "Today Campus" app, a mobile service platform for college faculty and students, which has faced regulatory scrutiny regarding personal information collection and usage [9][11]

Core Viewpoint - The company, Jiangsu Jinzhi Education Information Co., Ltd., has faced challenges in its IPO attempts, with both its ChiNext and Sci-Tech Innovation Board applications being withdrawn after initial approvals, indicating potential underlying issues in its business model or market conditions [1][14][15] Group 1: Business Overview - The company primarily serves higher education institutions and vocational schools, with software development accounting for over 80% of its revenue [2] - Major clients include banks, with significant revenue contributions from institutions like China Bank and Agricultural Bank of China [3][4] Group 2: Financial Performance - The company's revenue and net profit have shown stagnation over the reporting periods, with revenues of 47,531 million, 49,165 million, and 45,495 million for 2020, 2021, and 2022 respectively, and net profits of 6,727 million, 6,360 million, and 6,638 million [4][5] - The operating cash flow has been volatile, with figures of 6,631 million, -486 million, and 4,514 million for the same years [5] Group 3: Accounts Receivable and Cash Flow - The company has a high and increasing proportion of accounts receivable and contract assets relative to its revenue, with ratios of 53.24%, 69.15%, and 78.28% for 2020, 2021, and 2022 respectively [7][10] - The total accounts receivable and contract assets were 25,304.07 million, 33,996.33 million, and 35,615.89 million at the end of 2020, 2021, and 2022 [8] Group 4: Compliance and Regulatory Issues - The company faced regulatory scrutiny regarding its "Today Campus" app for improper collection and use of personal information, leading to rectification orders from authorities [9][12] - The company has been required to disclose details regarding these compliance issues in its prospectus [13] Group 5: IPO Attempts and Market Position - The company had previously applied for an IPO on the Sci-Tech Innovation Board in 2020, which was approved but later withdrawn due to unresolved issues related to its technological attributes and market positioning [14][15] - The company’s direct sales revenue has been declining, raising concerns about its market competitiveness and customer retention [11]

Core Viewpoint - The company, Jiangsu Jinzhi Education Information Co., Ltd., has faced challenges in its IPO attempts, with both its ChiNext and Sci-Tech Board applications being withdrawn after initial approvals, indicating potential underlying issues in its business model or market conditions [1][17][18]. Group 1: Business Overview - The company primarily serves higher education institutions and vocational schools, with software development accounting for over 80% of its revenue [2]. - The company has a registered capital of 60 million yuan and was established in 2008, transitioning to a joint-stock company in 2014 [1]. Group 2: Financial Performance - The company's revenue for 2020, 2021, and 2022 was 47,531 million yuan, 49,165 million yuan, and 45,495 million yuan respectively, indicating stagnation in growth [7]. - The net profit for the same years was 6,727 million yuan, 6,360 million yuan, and 6,638 million yuan, showing minimal fluctuation [7]. - The company’s cash flow from operating activities has been volatile, with figures of 6,631 million yuan, -486 million yuan, and 4,514 million yuan for the respective years [8]. Group 3: Client Base and Revenue Sources - The top five clients in 2022 included major banks and educational institutions, with the largest client being Bank of China, contributing 5.20% of total revenue [6]. - The company’s revenue from software development has decreased slightly from 84.24% in 2020 to 81.33% in 2022 [3]. Group 4: Accounts Receivable and Financial Health - The company has a high proportion of accounts receivable, with balances of 25,304.07 million yuan, 33,996.33 million yuan, and 35,615.89 million yuan for 2020, 2021, and 2022, respectively, representing 53.24%, 69.15%, and 78.28% of total revenue [10][11]. - The company’s asset-liability ratio improved from 35.56% in 2020 to 24.87% in 2022, indicating better financial stability [8]. Group 5: Regulatory and Compliance Issues - The company’s "Today Campus" app faced regulatory scrutiny for improper collection and use of personal information, leading to required rectifications [12]. - The company has been questioned about its compliance and operational integrity, particularly regarding its revenue recognition and client relationships [13][15]. Group 6: IPO Attempts and Market Position - The company’s IPO on the Sci-Tech Board was approved in February 2021 but was withdrawn in December 2021 due to unresolved issues regarding its technological attributes and market positioning [17][18]. - The company’s recent IPO attempt on the ChiNext was also halted, reflecting ongoing challenges in meeting market expectations and regulatory requirements [1][9].

Core Viewpoint - Jiangsu Jinzhi Education Information 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 - Jinzhi Education was established in January 2008 and is located in Nanjing, Jiangsu Province. The company has a registered capital of approximately 60 million yuan [3] - The main shareholders include Guo Chao, Shi Mingjie, Wang Tianshou, and Nanjing Mingde Information Technology Co., Ltd. [3] IPO Details - Jinzhi Education submitted its prospectus in June 2022, aiming to raise 577 million yuan through the IPO. The company passed the review in July 2023 but did not submit the registration, leading to a nearly two-year delay before the termination [4][5] Financial Performance - The company's revenue for 2020, 2021, and 2022 was approximately 475 million yuan, 492 million yuan, and 455 million yuan, respectively. The net profits for the same years were approximately 73.32 million yuan, 78.93 million yuan, and 77.55 million yuan [6] - The net profit after deducting non-recurring items for 2020, 2021, and 2022 was approximately 67.27 million yuan, 63.60 million yuan, and 66.38 million yuan [6] Revenue Composition - Jinzhi Education's income primarily comes from software development and SaaS services, with software development revenue for the reporting periods being approximately 400 million yuan, 404 million yuan, and 370 million yuan, accounting for 84.24%, 82.08%, and 81.33% of its main business income, respectively [7] Compliance and Operational Issues - The company faced scrutiny regarding its operational performance, core competitiveness, and compliance issues, particularly concerning the decline in direct sales revenue and the increase in accounts receivable and contract assets [5] - Jinzhi Education's R&D expenses and personnel have shown a downward trend, raising concerns about its core competitiveness [5] - The company received notifications from regulatory bodies regarding the collection and use of personal information through its "Today Campus" app, which necessitated further disclosures in its prospectus [5]