Group 1 - Two companies terminated their IPO applications last week, both from the Shenzhen Stock Exchange: Guangdong Zhengyang Sensor Technology Co., Ltd. and Guizhou Duocai New Media Co., Ltd. [1] - Wuhan Heyuan Biotechnology Co., Ltd. became the first company to pass the IPO review under the new fifth standard of the Sci-Tech Innovation Board, after a wait of over two years [2][3] - Shenzhen Beixin Life Technology Co., Ltd. also passed the IPO review on July 18, 2023, after being in the queue for over two years [2][3] Group 2 - Guizhou Duocai New Media faced a single business risk, as its IPTV business accounted for over 99% of its revenue from 2019 to the first half of 2022 [4][5] - The company failed to submit its registration after 28 months post-approval, leading to the termination of its IPO application [4] - Guangdong Zhengyang Technology's cash dividend policy raised concerns, with a cumulative dividend payout of 83% of its net profit from 2020 to 2022, which is considered excessive [5][6] Group 3 - The new policies introduced on June 18, 2023, aimed to support high-quality, unprofitable tech companies in going public, including the reintroduction of the fifth standard for the Sci-Tech Innovation Board [2] - The review process for companies applying under the fifth standard has seen new developments, with three other companies still in the queue: Harbin Sizherui Intelligent Medical Equipment Co., Ltd., Shanghai Hengrun Da Biological Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd. [3]

Core Insights - A total of 17 financing events were disclosed on June 19, 2025, involving 11 domestic companies and 6 foreign companies, with a total financing amount of approximately 38.819 billion yuan [2] - The consumer sector had the highest number of events, while the manufacturing sector had the highest financing amount [2] - In the smart technology sector, 4 financing events were reported, all involving domestic companies, with a total financing amount of approximately 10 million yuan [2] Smart Technology Sector Summary - Chu Guang San Wei received strategic investment; the company is based in Hubei, China, and specializes in sensor technology [2] - Neng Li Xin completed a tens of millions yuan Series B financing round, with investors including Shang Chuang Wei, Fei Fan Chuang Tou, and Li He Capital Management; the company is based in Jiangsu, China, and manufactures electronic components [2] - Shanghai Ju Shen Duo Mo secured 10 million yuan in Pre-A round financing, with investors including Heng Di Capital and Ningbo Shun Gong; the company is based in Shanghai, China, and provides AI infrastructure [2] - Yuan Ji Wei Technology completed a tens of millions yuan seed round financing, with investors including Lin Chuang Si Nan, Fu Rong Capital, and Zhong Ke Chuang Xing; the company is based in Shanghai, China, and focuses on new semiconductor material research and development [2]