Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]

Group 1 - Nanjing Qinheng Microelectronics Co., Ltd. (Qinheng Micro) has terminated its IPO application, becoming the second company to do so on the Sci-Tech Innovation Board in 2026, following Yadian Technology [1][5] - The termination was due to the company and its sponsor voluntarily withdrawing the listing application, with no detailed announcement provided regarding the specific reasons for the withdrawal [1][3] - Qinheng Micro is a semiconductor company focused on the research, design, and sales of interface chips and interconnected MCU chips, reporting projected revenues of 397 million yuan and a net profit of 104 million yuan for 2024 [3][4] Group 2 - The company submitted its prospectus on June 30, 2025, aiming to raise 932 million yuan, and entered the inquiry phase on July 20, 2025, but did not disclose responses to the Shanghai Stock Exchange's inquiries before the termination [3][4] - The company's gross profit margin has shown a declining trend from 63.32% in 2022 to 57.51% in 2024, with a slight recovery to 60.46% in the first half of 2025, indicating potential risks related to market competition and cost control [3][4] - The recent trend of IPO terminations highlights the increasing scrutiny on technology barriers and competitive positioning within the semiconductor industry, as companies must demonstrate a sustainable technological advantage to succeed in the current regulatory environment [4][9] Group 3 - Yadian Technology also withdrew its IPO application shortly before Qinheng Micro, with both companies being semiconductor firms and sponsored by Huatai United Securities [1][6] - Yadian Technology specializes in wet process equipment for semiconductor wafer manufacturing and faced concerns regarding high customer concentration, with over 51% of its revenue coming from a single client [6][7] - The withdrawal of these IPOs reflects a broader trend in the semiconductor sector, where companies are facing intense competition and regulatory challenges [4][9]