Core Viewpoint - The article highlights the resilience and innovation of the private economy in Quanzhou, Fujian, showcasing how local enterprises adapt to market demands and technological advancements to maintain growth and competitiveness in a challenging environment [3][5][9]. Group 1: Industry Performance - Quanzhou's private sector has over 1.65 million operating entities, with private investment growing by 8% in the first five months of the year, surpassing the national average [3]. - The added value of large-scale private industry in Quanzhou increased by 8.7%, indicating steady growth despite external pressures [3]. Group 2: Innovation and Technology - Xintai (Fujian) Technology Co., Ltd. is set to launch a new weaving technology that combines advantages of existing methods, enhancing the value of shoe uppers by over 30% [4]. - Xunxing Zipper Technology Co., Ltd. has developed zippers for space suits that can withstand increased tensile strength, showcasing a commitment to innovation in niche markets [6]. - Xinheng New Materials Co., Ltd. has achieved a market share of over 70% in domestic nuclear power coatings, breaking foreign monopolies with products that last 30 to 50 years [7]. Group 3: Market Adaptation - Companies in Quanzhou are focusing on customized and differentiated products to capture market share, with Iron Tuo Machinery Co., Ltd. increasing its international market share to nearly 50% through tailored solutions [11]. - The food and beverage sector is also targeting niche markets, with companies like Panpan Foods and Shuhua Sports developing products that cater to health-conscious consumers [11]. Group 4: Smart Manufacturing - The implementation of smart manufacturing technologies has led to a 20% increase in production efficiency and a 10% reduction in labor costs for companies like Qipai Group [12]. - 87% of industrial enterprises in Quanzhou are undergoing digital transformation, maintaining the highest scale of industrial digitization in Fujian Province for five consecutive years [12]. Group 5: Government Support - The local government plays a crucial role in supporting the private economy, facilitating international trade opportunities and expediting intellectual property processes to enhance innovation [14][15]. - Initiatives such as the establishment of a rapid intellectual property rights protection center have significantly reduced the time for design patent approvals, fostering a more innovative environment [14][15].

Group 1 - Two companies withdrew their IPO applications during the week of June 23 to June 29, 2025, including one from the Shenzhen Main Board and one from the ChiNext Board [1] - The companies that withdrew their applications are Zhejiang Changcheng Mixing Equipment Co., Ltd. from the ChiNext Board and Kaiyuan Securities Co., Ltd. from the Main Board [2] Group 2 - Zhejiang Changcheng Mixing Equipment Co., Ltd. specializes in the research, production, sales, and service of mixing equipment, customizing products based on customer needs [3] - As of December 31, 2022, the total assets of Zhejiang Changcheng were 1.069 billion, with a net profit of 108.46 million for the year [4] - The company has experienced a decline in net profit from 131 million in 2023 to an expected 118 million in 2024, indicating uncertainty in future growth [4][5] Group 3 - Kaiyuan Securities Co., Ltd. offers a range of services including securities brokerage, investment consulting, and asset management [6] - The total assets of Kaiyuan Securities as of June 30, 2024, were approximately 55.20 billion, with a net profit of 28.30 million for the first half of 2024 [7] - The company faced six regulatory penalties during the reporting period, which may have hindered its IPO progress [7]

IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

Core Viewpoint - Zhejiang Changcheng Mixing Equipment 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] Group 1: IPO and Financial Plans - Changcheng Mixing submitted its prospectus in September 2022, aiming to raise 434 million RMB for production expansion and R&D center projects [3] - The company planned to invest approximately 380 million RMB in the production expansion project and 70 million RMB in the R&D center, totaling 450 million RMB [4] Group 2: Governance and Financial Concerns - The listing committee raised concerns regarding the company's service providers, R&D expenses, and corporate governance, specifically questioning the significant increase in R&D expenses in 2022 [4] - The company has a concentrated ownership structure, with seven individuals holding 90.47% of the shares, including the chairman and his family members [5] Group 3: Company Overview and Performance - Changcheng Mixing specializes in the R&D, production, sales, and service of mixing equipment, customizing solutions based on client needs [7] - The company's revenue grew from approximately 287 million RMB in 2020 to 551 million RMB in 2022, with net profits increasing from about 66.94 million RMB to 108.46 million RMB during the same period [8] - As of December 31, 2022, the total assets were approximately 1.069 billion RMB, with a debt-to-asset ratio of 70.13% [9]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Zhejiang Changcheng Mixing Equipment Co., Ltd.'s application for an initial public offering (IPO) and listing on the Growth Enterprise Market [1][3]. Group 1: Company Overview - Changcheng Mixing is a high-tech enterprise specializing in the research, development, production, sales, and service of mixing equipment, customizing products based on customer needs to meet specific application requirements [3]. - As of the signing date of the prospectus, the company has no controlling shareholder [4]. Group 2: Shareholding Structure - A group of seven individuals, including Yu Peiqing and Jin Youxiang, collectively holds 90.47% of the company's shares, with direct holdings of 89.42% [4]. - Yu Peiqing and others have signed a concerted action agreement, which remains effective until three years after the company's IPO and listing [4]. Group 3: IPO Details - The company originally planned to issue no more than 45 million shares, accounting for at least 25% of the total share capital post-issue [5]. - The intended fundraising amount was approximately 434.05 million yuan, aimed at expanding production capacity and establishing a research and development center [5][6]. Group 4: Project Investment - The total investment for the mixing equipment production expansion project is approximately 380.19 million yuan, with 374.25 million yuan expected to be funded from the IPO proceeds [6]. - The research and development center construction project has a total investment of about 70.29 million yuan, with 59.79 million yuan planned to be raised from the IPO [6].

Core Viewpoint - Zhejiang Changcheng Mixing Equipment Co., Ltd. has decided to withdraw its IPO application for listing on the Shenzhen Stock Exchange's Growth Enterprise Market due to strategic adjustments and changes in the capital market environment [1] Group 1: Company Overview - Changcheng Mixing is a high-tech enterprise specializing in the research, production, sales, and service of mixing equipment, with customized solutions for various application fields [2] - The company reported revenues of 283 million, 287 million, 401 million, and 551 million CNY from 2019 to 2022, with net profits of 54.69 million, 59.09 million, 73.53 million, and 98.68 million CNY respectively [2] - In 2023, the company's net profit exceeded 100 million CNY, reaching 131 million CNY, while in 2024, it is projected to decline by 9.57% to 119 million CNY [2] Group 2: Financial Performance - The total revenue for the year ending December 31, 2024, is projected to be 683.09 million CNY, a 4.76% increase from 2023 [3] - The total cost of sales for the same period is expected to be 533.00 million CNY, leading to an operating profit of 161.69 million CNY, which represents a 13.96% decrease compared to the previous year [3] - The net profit for 2024 is projected to be 140.09 million CNY, reflecting a 15.41% decrease year-on-year [3] Group 3: R&D and Regulatory Scrutiny - The company faced scrutiny regarding a significant increase in R&D expenses in 2022, which raised questions about compliance with the "Three Innovations and Four New" standards [4][5] - R&D expenses surged to 20.10 million CNY in 2022, achieving a compound annual growth rate of 21.08% over three years, thus meeting regulatory requirements [6] - The increase in R&D costs was attributed to a rise in personnel and material costs, with a notable 96.38% increase in material expenses due to equipment upgrades [8] Group 4: Sales Model and Concerns - The company utilizes a sales model involving promotion service providers, which accounted for 41.93% of its main business income in 2022 [11] - Concerns were raised regarding the potential for commercial bribery and conflicts of interest, as many service providers are controlled by former employees of the company [13][14] - The company defended its sales model, stating that it aligns with industry practices and that there are no significant discrepancies in profit margins between sales through service providers and direct sales [12]

Core Viewpoint - Changcheng Mixing announced the termination of its initial public offering (IPO) application for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Company Overview - Changcheng Mixing, established in 1993, specializes in the research, production, sales, and service of mixing equipment, with its main products being mixing devices [4] - Comparable companies in the industry include Hengfengtai, Oumai Machinery, Guomao Co., Tongli Technology, Yitong Sealing, and Zhongmi Holdings [4] Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 551.27 million yuan, 652.06 million yuan, and 683.09 million yuan, respectively [4] - Net profits attributable to shareholders for the same years are projected to be 108.46 million yuan, 165.61 million yuan, and 140.09 million yuan [4] - The net profit and net profit after deducting non-recurring gains and losses for 2024 are expected to decline by 15.41% and 9.57%, respectively [4] IPO Details - The company planned to issue no more than 45 million shares of ordinary stock (A-shares) and aimed to raise approximately 434 million yuan for the expansion of mixing equipment production and the construction of a research and development center [5][6] - The total investment for the mixing equipment production expansion project is 380.19 million yuan, with 374.25 million yuan from the raised funds, while the R&D center construction project has a total investment of 70.29 million yuan, with 59.79 million yuan from the raised funds [6] Governance and Control - The actual controllers of the company, including Yu Peiqing and Jin Youxiang, collectively hold 89.42% of the shares [6] - The company has faced inquiries regarding its governance structure, particularly concerning the relationships among its major shareholders and management [9]