Company Overview - Shangtai Technology Co., Ltd. was established in 2008 and is headquartered in Wuqiao County, Shijiazhuang City, specializing in the R&D, integrated production, and sales of lithium-ion battery anode materials [1] - The company is listed on the Shenzhen Stock Exchange and is recognized as a leading high-tech enterprise in its industry [1] Recent Performance - Shangtai Technology has experienced a decline in stock price, with a cumulative drop of 8.15% over the last five trading days [1] - The company's performance in 2023 shows a year-to-date return of 3.17%, ranking 2023 out of 4574 in its category [2] Shareholder Activity - Dongfang Fund, under the management of Dongfang New Energy Mixed Fund, has increased its holdings in Shangtai Technology and is among the top ten shareholders [1] Fund Management - The fund manager for Dongfang New Energy Mixed Fund is Li Rui, who has extensive experience in equity investment and has been with Dongfang Fund since July 2011 [3][4] - Li Rui has managed various funds, including those focused on new energy and automotive industries, indicating a strategic focus on sectors aligned with Shangtai Technology's business [3][4]

Core Viewpoint - The article summarizes the key points from the "Shenzhen Stock Exchange Issuance and Listing Review Dynamics" since the implementation of the comprehensive registration system in February 2023, focusing on 23 common business issues addressed in 20 issues published to date. Group 1: Internal Control Audit Requirements - Proposed listed companies must provide an unqualified internal control audit report from an accounting firm when submitting their application or updating financial data for 2024 [3][4] - Existing companies under review must also provide this report when updating their annual report materials for 2024 [4] Group 2: Fundraising and Main Business Focus - Companies should plan the use of raised funds to focus on their main business, ensuring that the projects have a certain revenue scale and are relatively mature [5][6] - The definition of "existing main business" should be based on the time of disclosing the refinancing plan, and projects involving new businesses must be carefully justified [6][7] Group 3: New Product Fund Allocation - When raising funds for new products, companies must demonstrate synergy with existing products and ensure that there are no significant uncertainties in production and sales [8][9] Group 4: Dividend Regulations for IPO Companies - The exchange is tightening regulations on pre-IPO companies regarding "clearing-style" dividends, encouraging companies to retain profits for development rather than distribute them before going public [11] Group 5: Fund Usage Disclosure Requirements - Companies must disclose any changes in the use of previously raised funds in their prospectus, especially if the changes have not been approved by shareholders [12] Group 6: National Shareholder Identification - Companies with state-owned shareholders must clearly indicate this in their application materials and provide relevant approval documents [14] Group 7: Differentiated Supervision of Sponsoring Institutions - The Shenzhen Stock Exchange has initiated a differentiated supervision mechanism for sponsoring institutions to enhance the quality of their services [19][20] Group 8: Pre-communication Mechanism Optimization - The exchange has optimized the pre-communication mechanism to improve service quality and efficiency for market participants [21] Group 9: Fund Flow Verification - The exchange has revised guidelines for verifying fund flows in IPO applications, emphasizing the need for detailed documentation and clear audit opinions from sponsors [22][23] Group 10: Capital Reserve Transfer and Lock-up Period - New shares resulting from capital reserve transfers within six months prior to application must be locked for 36 months [28] Group 11: Application Document Requirements - Companies must ensure that their application documents meet the completeness requirements and comply with the new rules under the comprehensive registration system [29][30] Group 12: Attention Points for New Applications - New applicants must adhere to specific guidelines regarding their business focus and ensure compliance with the requirements set forth by the exchange [33][34]