IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Hangzhou Sanai Environmental Technology Co., Ltd.'s application for public stock issuance and listing [1][2]. Group 1: Company Overview - Sanai Environmental is a national high-tech enterprise focused on providing integrated electrolysis system solutions for the non-ferrous metal smelting industry [2]. - The company's main products and services include vinyl resin casting electrolysis tanks, complete electrolysis systems, and integrated electrolysis/electrodeposition process services [2]. Group 2: Shareholding Structure - As of the signing date of the prospectus, Lin Jianping directly holds 30 million shares, accounting for 82.64% of the total share capital, while Jiang Yuling directly holds 3.3 million shares, accounting for 9.09% [2]. - Lin Jianping, as the controlling shareholder, along with Jiang Yuling, collectively controls 94.93% of the company's shares [2]. Group 3: Initial Public Offering (IPO) Details - Sanai Environmental originally planned to publicly issue no more than 12.1 million shares, with a potential total of 13.915 million shares if the overallotment option was fully exercised [3]. - The company aimed to raise approximately 329.1941 million yuan, intended for the construction of an environmental electrolysis equipment production base, a research and development center, and to supplement working capital [3][4]. Group 4: Investment Projects - The total investment for the projects includes: - Environmental electrolysis equipment production base: 191.0712 million yuan - R&D center construction: 63.1229 million yuan - Supplementing working capital: 75 million yuan - The total planned investment is 329.1941 million yuan [4].