Group 1 - The core viewpoint is that Zhejiang Jingyang Electromechanical Co., Ltd. has terminated its IPO application on the Beijing Stock Exchange amid a downturn in the photovoltaic industry [2][4] - Jingyang Electromechanical was established in 2017 and focuses on the research, manufacturing, and sales of crystal production equipment for the photovoltaic and semiconductor industries [3] - The company aimed to raise 166 million yuan through its IPO to fund the construction of 300 new photovoltaic single crystal silicon growth furnaces, a research center, and to supplement working capital [3] Group 2 - The company faced regulatory issues, including failure to disclose shareholding arrangements and delayed reporting of a 119 million yuan sales contract, leading to a warning from the Zhejiang Securities Regulatory Bureau [3][4] - Despite strong growth from 2020 to 2023, with revenue and net profit increasing by 93.80% and 179.01% respectively in 2023, the company experienced a decline in performance in 2024, with revenue and net profit dropping by 9.24% and 13.06% respectively [4] - In the first quarter of 2025, the company's performance worsened significantly, with revenue and net profit plummeting by 55.67% and 67.28% respectively [5]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Zhejiang Jingyang Electromechanical Co., Ltd.'s application for public stock issuance and listing [1][2]. Group 1: Company Overview - Zhejiang Jingyang Electromechanical Co., Ltd. specializes in the research, development, manufacturing, and sales of crystal growth equipment for the photovoltaic and semiconductor industries [2]. - The company's products are primarily used by manufacturers of photovoltaic silicon materials, silicon wafers, and semiconductor materials [2]. Group 2: Application and Funding Details - Jingyang Electromechanical originally planned to publicly issue up to 17.05 million shares (excluding the over-allotment option) or up to 19.6075 million shares (if the over-allotment option was fully exercised) [3]. - The company aimed to raise approximately 165.6897 million yuan, which was intended for the construction of 300 new photovoltaic monocrystalline silicon growth furnaces, the establishment of a research and development center, and to supplement working capital [3][4]. - The investment breakdown includes 128.0806 million yuan for the growth furnace project, 27.6091 million yuan for the R&D center, and 10 million yuan for working capital [4].