Group 1: IPO Withdrawals - Three companies withdrew their IPO applications during the week of June 16 to June 22, 2025, including one from the Shanghai Stock Exchange, one from the Shenzhen Stock Exchange, and one from the Beijing Stock Exchange [1] - The companies that withdrew their applications are Qingdao Gulf Chemical Co., Ltd., Zhejiang Qingtian Solar Technology Co., Ltd., and Beijing Zhaoxin Information Technology Co., Ltd. [2] Group 2: Qingdao Gulf Chemical Co., Ltd. - Qingdao Gulf Chemical focuses on the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer new materials, and inorganic silicon products, with key products including PVC, polystyrene, and caustic soda [3] - The company experienced significant growth in performance due to a nearly 50% increase in product prices during the chemical industry upcycle before 2022, but is now facing potential declines in performance as prices revert to pre-cycle levels [4] - The company's total assets as of June 30, 2022, were approximately 1,332.11 million yuan, with a net profit of approximately 100.56 million yuan for the first half of 2022 [4] Group 3: Beijing Zhaoxin Information Technology Co., Ltd. - Beijing Zhaoxin specializes in Product Identity Management (PIDM) technology, offering IoT identification products, SaaS software, and digital solutions for various industries [5] - The company's revenue for 2022 was approximately 22.88 million yuan, which is significantly below the standards required for listing, leading to the withdrawal of its IPO application [6]

Core Viewpoint - Qingdao Gulf Chemical Co., Ltd. has terminated its IPO application on the Shanghai Stock Exchange due to the withdrawal request from the company and its sponsor, CITIC Securities [1][4]. Company Overview - Qingdao Gulf Chemical was established in September 1999, evolving from the state-owned Qingdao Chemical Plant. The company has a registered capital of approximately 144 million yuan and focuses on the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, polymer new materials, and inorganic silicon products [6][7]. - The company has built a production capacity of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate. It ranks first in domestic ethylene-based PVC capacity [7][8]. IPO Details - The company initially planned to issue up to 253.45 million shares, accounting for no more than 15% and no less than 10% of the total share capital post-issue. The intended fundraising amount was 3 billion yuan, aimed at several projects including a green circular economy project for epoxy chloropropane and an expansion project for ethylene oxychlorination [4]. Financial Performance - The company's revenue for the years 2019, 2020, 2021, and the first half of 2022 was approximately 7.038 billion yuan, 6.053 billion yuan, 13.028 billion yuan, and 6.962 billion yuan, respectively. The net profits for the same periods were 485 million yuan, 301 million yuan, 2.076 billion yuan, and 1.006 billion yuan [10]. - Gulf Chemical has a history of significant cash dividends, distributing approximately 741 million yuan, 508 million yuan, 481 million yuan, and 1.577 billion yuan in cash dividends for the years 2019, 2020, 2021, and the first half of 2022, respectively [10]. Shareholder Information - The major shareholders of Gulf Chemical include Gulf Group and Qingdao International Investment Co., Ltd. Gulf Group holds 62% of the shares, making it the controlling shareholder. The actual control of the company is exercised by the Qingdao State-owned Assets Supervision and Administration Commission through Qingdao International Investment [9].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Qingdao Gulf Chemical Co., Ltd.'s initial public offering (IPO) and listing on the Shanghai Main Board due to the company's withdrawal of its application [1][3]. Group 1: Company Background - Qingdao Gulf Chemical's main business includes chlor-alkali chemicals, organic chemical raw materials, polymer new materials, and inorganic silicon products, with key products such as PVC, styrene, polystyrene, and caustic soda [3]. - The controlling shareholder of Gulf Chemical is Qingdao Gulf Group Co., Ltd., which holds 62% of the company's shares. The actual controller is the Qingdao State-owned Assets Supervision and Administration Commission through its ownership of Qingdao Investment [3]. Group 2: IPO Details - Gulf Chemical initially planned to issue no more than 25,344,990 shares, accounting for no more than 15% and no less than 10% of the total share capital after issuance [4]. - The company aimed to raise 300 million yuan for various projects, including a green circular economy project for epoxy chloropropane, an epoxy resin project, and an expansion project for ethylene oxychlorination [4][6]. - The total investment for the planned projects is approximately 460.69 million yuan, with specific allocations for each project detailed in the funding table [6].

Core Viewpoint - Qingdao Bay Chemical Co., Ltd. has withdrawn its application for an initial public offering (IPO) on the Shanghai Stock Exchange, leading to the termination of the review process for its stock listing [1][3]. Company Overview - Qingdao Bay Chemical was established in September 1999, originally as a state-owned enterprise, and has a registered capital of approximately 144 million yuan [3]. - The main shareholders include Qingdao Bay Group and Qingdao State Investment, with the company focusing on the development, production, and sales of chlor-alkali chemicals, organic chemical raw materials, and high polymer new materials [5]. IPO Process - The company initially disclosed its prospectus in January 2023, aiming to raise 3 billion yuan through the IPO [3]. - The Shanghai Stock Exchange issued its first round of inquiries in July 2023, but the company has not responded, leading to multiple suspensions of the review due to outdated financial data [3][5]. Financial Performance - Revenue figures for Qingdao Bay Chemical over the years are as follows: approximately 7.04 billion yuan in 2019, 6.05 billion yuan in 2020, 13.03 billion yuan in 2021, and 6.96 billion yuan in the first half of 2022 [5][6]. - Net profits for the same periods were approximately 485 million yuan, 301 million yuan, 2.08 billion yuan, and 1.01 billion yuan, respectively [5][6]. - The company has a history of significant cash dividends, distributing around 741 million yuan in 2019, 508 million yuan in 2020, 481 million yuan in 2021, and 1.58 billion yuan in the first half of 2022 [6]. Future Projections - For 2022, the company expects revenue between 12.445 billion yuan and 14.410 billion yuan, with a projected decline in net profit of 47.85% to 39.62% due to rising raw material prices [7].

Core Viewpoint - The article discusses the termination of the IPO review for Qingdao Haibay Chemical Co., Ltd. by the Shanghai Stock Exchange due to the company's withdrawal of its application, highlighting the company's financial performance and challenges in a high-energy consumption and high-emission industry [1][4]. Financial Performance - The company operates in the chlor-alkali chemical, organic chemical raw materials, and polymer new materials sectors, with major products including PVC, styrene, polystyrene, and caustic soda. The company reported net profits of 425.19 million yuan, 246.80 million yuan, 2.04 billion yuan, and 970.47 million yuan for the years 2019, 2020, 2021, and the first half of 2022, respectively [2][3]. - The company expects a significant decline in net profit for 2022, projecting a decrease of 47.85% to 39.62%, with revenue estimates ranging from 1.2445 billion yuan to 1.441 billion yuan, reflecting a year-on-year fluctuation of -4.47% to 10.61% [4][5]. Market Environment - In 2022, the company faced challenges due to a significant drop in PVC product prices while raw material prices for ethylene increased, leading to reduced profitability. The prices of styrene's main raw materials, benzene and ethylene, also rose, further compressing profit margins [5]. Regulatory Issues - During the IPO review period, the company received regulatory warnings from the Shanghai Stock Exchange regarding issues related to the clarity of equity ownership and accuracy of financial accounting. The company failed to fully disclose the status of equity pledges related to employee stockholding platforms and had multiple inaccuracies in accounting for various financial categories [6][7][8]. Company Background - Qingdao Haibay Chemical Co., Ltd. was established from the transformation of the state-owned Qingdao Chemical Plant and is controlled by the Qingdao State-owned Assets Supervision and Administration Commission. The company underwent a mixed-ownership reform in 2021, introducing three employee stockholding platforms [9][13].

Core Viewpoint - Qingdao Gulf Chemical Co., Ltd. has had its IPO review status changed to "terminated" due to the withdrawal of its listing application by the company and its sponsor [1] Group 1: Company Overview - Gulf Chemical's main business includes the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer new materials, and inorganic silicon products [1] - The company has established a production capacity of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate [2] - Gulf Chemical ranks first in domestic ethylene-based PVC production capacity according to the China Chlor-Alkali Industry Association [2] Group 2: Financial Performance - The company's revenue for the years 2019, 2020, 2021, and the first half of 2022 was approximately 7.038 billion, 6.053 billion, 13.028 billion, and 6.962 billion RMB respectively [2] - The net profit for the same periods was approximately 485 million, 301 million, 2.076 billion, and 1.006 billion RMB respectively [2][3] - As of June 30, 2022, the company's revenue was 696.23 million RMB, and the net profit was 100.56 million RMB [3]

Core Viewpoint - The IPO application of Qingdao Gulf Chemical Co., Ltd. has been withdrawn, leading to the termination of its listing review by the Shanghai Stock Exchange [1]. Company Overview - Gulf Chemical was established in 1999, evolving from the state-owned Qingdao Chemical Plant, and has over 20 years of experience in the chlor-alkali chemical industry [4]. - The company operates in the production and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer materials, and inorganic silicon products, with key products including PVC, styrene, polystyrene, and caustic soda [4]. Production Capacity - Gulf Chemical has established production capacities of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate [5]. - The company ranks first in domestic production capacity for ethylene-based PVC [5]. Future Projects - Gulf Chemical has ongoing and planned projects including a 240,000 tons/year high-end polycarbonate bisphenol A project, a 3×75,000 tons/year epoxy chloropropane green circular economy project, a 150,000 tons/year epoxy resin project, and a 400,000 tons/year ethylene oxychlorination project [5]. Financial Performance - The company reported revenues of 6.053 billion yuan, 13.028 billion yuan, and 6.962 billion yuan for the years 2020, 2021, and the first half of 2022, respectively, with net profits of 301 million yuan, 2.077 billion yuan, and 1.006 billion yuan during the same periods [5]. Shareholding Structure - Gulf Group holds 62% of Gulf Chemical's shares, making it the controlling shareholder, while the actual controller is the Qingdao State-owned Assets Supervision and Administration Commission through Qingdao Investment [6]. IPO Plans - In February 2023, Gulf Chemical's IPO application was accepted, with plans to raise 3 billion yuan for various projects, including the green circular economy project and working capital [6].