Group 1 - In 2026, two semiconductor companies, Qinheng Micro and Yadian Technology, withdrew their IPO applications from the Sci-Tech Innovation Board, contributing to a total of eight companies that have terminated their IPO applications since 2025 [1] - Qinheng Micro's IPO application was accepted on June 30, 2025, with a planned fundraising of 932 million yuan, but it was withdrawn on January 20, 2026, after entering the inquiry stage [3] - Yadian Technology's IPO application was accepted on June 27, 2025, with a planned fundraising of 950 million yuan, but it was terminated on January 14, 2026, after receiving the first round of inquiry [4] Group 2 - Qinheng Micro is recognized as a "specialized and innovative small giant" by the Ministry of Industry and Information Technology, focusing on connection technology and microprocessor core research, with a main business in USB, Bluetooth, Ethernet interface chips, and various types of MCUs [3] - The company's tax benefits accounted for over 20% of its total profit during the reporting period, peaking at 23.26%, while its gross margin declined from 63.32% in 2022 to 57.51% in 2024, with price drops of 27% and 47% for core products like USB chips and MCUs, respectively [3] - Yadian Technology specializes in semiconductor wet cleaning equipment, with a significant portion of its revenue (51.91%) coming from sales to a single customer, Longi Green Energy, amounting to 137 million yuan in the first half of 2025, indicating a high customer concentration risk [4] Group 3 - Since 2025, the focus of inquiries from the Shanghai Stock Exchange has shifted from fundraising amounts and project inquiries to core technology advancement and market development potential, with an emphasis on sustainable operation capabilities and significant changes during the IPO process [4] - Specific inquiries have included the technological advancement and market space for companies like Zhuzhou Kenen, as well as concerns regarding profitability and accumulated losses for companies like Changguang Chuangxin [4]

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]

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has terminated its IPO review, becoming the first company to withdraw its IPO application in 2026, and currently the only one to do so this year [3]. Company Overview - Yadian Technology focuses on the research, production, and sales of wet cleaning equipment, which is a critical process in semiconductor wafer manufacturing [3]. - The company's wet cleaning equipment is primarily used in the semiconductor and photovoltaic manufacturing sectors [3]. Customer Concentration - The top five customers accounted for a significant portion of the company's revenue, with sales percentages of 74.80%, 76.59%, 76.25%, and 92.26% over the reporting periods [3]. - In the first half of 2025, sales to Longi Green Energy amounted to 137 million yuan, representing 51.91% of the company's main business revenue, indicating a high dependency on a single customer [3][4]. Financial Performance - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Net profits (losses) for the same periods were -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan [5]. Market Conditions - Longi Green Energy has forecasted a net loss of 6 to 6.5 billion yuan for 2025, citing severe competition and rising costs in the photovoltaic industry, which may impact Yadian Technology's performance due to their customer reliance [4][5]. Shareholder Dynamics - Qian Cheng, the controlling shareholder, holds 22.59% of the company directly and controls an additional 18.7% through partnerships, totaling 41.29% of voting rights [5]. - Following the IPO withdrawal, Qian Cheng may face significant buyback pressure due to previous agreements that could be reinstated if the IPO application is terminated [6].

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has terminated its IPO review, becoming the first company to withdraw its IPO application in 2026 and the only one so far this year [1] Company Overview - Yadian Technology specializes in the research, production, and sales of wet cleaning equipment, which is a crucial step in the semiconductor wafer manufacturing process [1] - The company's wet cleaning equipment is primarily used in the semiconductor and photovoltaic manufacturing sectors [1] Customer Concentration - The top five customers accounted for a significant portion of the company's revenue during the reporting period (2022 to the first half of 2025), with percentages of 74.80%, 76.59%, 76.25%, and 92.26% respectively, indicating high customer concentration [1] - In the first half of 2025, sales to Longi Green Energy amounted to 137 million yuan, representing 51.91% of the company's main business revenue, highlighting the risk of over-reliance on a single customer [1] Financial Performance - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - The net profits attributable to the parent company were -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan for the same periods [3] Shareholder Structure - Qian Cheng, the controlling shareholder and actual controller of Yadian Technology, holds 22.59% of the company's shares directly and controls an additional 41.29% of the voting rights through various entities [3] - Following the IPO withdrawal, Qian Cheng may face significant buyback pressure due to the termination of certain share repurchase obligations [3][4]