Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Jiangsu Ronghui General Lithium Industry Co., Ltd.'s initial public offering (IPO) application for listing on the ChiNext board, following the company's and its sponsor CITIC Securities' voluntary withdrawal of the application [1][2]. Company Overview - Jiangsu Ronghui General Lithium Industry focuses on the research, production, and sales of deep-processed lithium products, with key products including battery-grade lithium carbonate and lithium hydroxide, which are essential materials for lithium-ion batteries used in power, energy storage, and consumer applications [2]. - The company has certain technological advantages in the industry, with multiple self-developed technologies applied to its main business products [2]. IPO History - The Shenzhen Stock Exchange officially accepted Ronghui Lithium's application for listing on June 10, 2022, and the company's IPO was approved by the listing committee on June 8, 2023. However, the company failed to submit the registration for over two years thereafter [2]. - This is not the first attempt by Ronghui Lithium to enter the capital market; the company previously applied for an IPO on the Sci-Tech Innovation Board in December 2020 but withdrew the application in December 2021 due to insufficient "sci-tech attributes" [2]. Impact of Termination - The termination of the IPO may affect Ronghui Lithium's financing plans and the competitive landscape within the industry. The company's future adjustments to its capital operation strategy will be of interest [2].

Group 1 - As of September 21, 2025, a total of 22 companies that had passed the review have terminated their IPO applications, with 7 of these companies having been in the queue for over 1000 days [1][2] - From September 15 to September 21, three companies terminated their IPO applications: Jiangsu Ronghui General Lithium Co., Ltd., Hangzhou Sanai Environmental Technology Co., Ltd., and Xinjiang Boshiran Intelligent Agricultural Machinery Co., Ltd. [1] - Jiangsu Ronghui General Lithium Co., Ltd. had been in the queue for 1197 days before terminating its application, and it primarily engages in the research, production, and sales of lithium products [2] Group 2 - The company planned to raise 3.06 billion yuan for projects including the production of battery-grade lithium carbonate and lithium hydroxide, as well as for research and development [2] - The financial performance of Jiangsu Ronghui General Lithium Co., Ltd. showed revenues of 510 million yuan in 2020, 1.54 billion yuan in 2021, and 5.91 billion yuan in 2022, with net profits of -48.68 million yuan, 405 million yuan, and 1.99 billion yuan respectively [2] - Seven companies have terminated their registration this year, with the longest queue duration reaching 1110 days, indicating challenges in the IPO process [3]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Jiangsu Ronghui General Lithium Industry Co., Ltd.'s initial public offering (IPO) and listing on the ChiNext board due to the company's withdrawal of its application [1][3]. Company Overview - Jiangsu Ronghui General Lithium Industry Co., Ltd. specializes in the research, production, and sales of deep-processed lithium products, primarily battery-grade lithium carbonate and battery-grade lithium hydroxide, which are essential materials for lithium-ion battery cathodes [3][4]. - The company's controlling shareholders are Li Nanping and Chen Mengshan, who collectively hold 173.59965 million shares, accounting for 42.43% of the company's total share capital before the issuance [3]. IPO Details - The company originally planned to issue no more than 13.63783 million shares, representing up to 25% of the post-issue total share capital, with a minimum of 10% [4]. - The intended fundraising amount was 306 million yuan, allocated for a project to produce 68,000 tons of battery-grade lithium hydroxide, a research and development center, and to supplement working capital [4][5]. Project Investment Breakdown - The total investment for the 68,000 tons battery-grade lithium hydroxide project is 226.124 million yuan, with 207 million yuan already invested [5]. - The R&D center construction project has a total investment of 9.22165 million yuan, with 9 million yuan already invested [5]. - The total investment for working capital is 90 million yuan [5].

Report Industry Investment Rating - No information provided Core View of the Report - On September 10, the main contract of lithium carbonate futures fluctuated at a low level. The spot market had active low - price point pricing, and the basis premium expanded. Considering factors such as cost, supply, demand, and inventory, with short - term supply and demand both strong and the weakening expectation of supply contraction due to the active resumption of lithium mines, the price of lithium carbonate is expected to decline with fluctuations. It is recommended to go short on rallies [1]. Summary by Related Catalogs Futures Market - On September 10, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared to the previous day, with the near - month contract closing at 70,300 yuan/ton, down 2,520 yuan. The trading volume was 751,480 lots (+159,805), and the open interest was 340,814 lots (-10,526) [1]. Spot Market - The average prices of various lithium - related products such as lithium carbonate, lithium hydroxide, and ternary precursors showed different degrees of change on September 10. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 73,450 yuan/ton, down 1,150 yuan [1]. Inventory - The registered warehouse receipts were 38,101 tons. The social inventory decreased, the smelter inventory decreased, while the downstream and other inventories increased. The total SMM lithium carbonate inventory decreased by 1,044 tons compared to the previous week [1]. Industry News - Australia's Galan Lithium company's Hombre Muerto West (HMW) project in Argentina made significant progress in the first - phase construction, with the design of the 4th pond completed. The project has a phased development plan, aiming for an annual production of 21,000 tons of LCE in 2026, 40,000 tons in 2028, and potentially 60,000 tons in 2030 [1]. - In August, Brazilian lithium spodumene exports decreased by more than one - third year - on - year and nearly 43% month - on - month. The suspension of shipments by the largest producer, Sigma Lithium, was a major factor [1].