Group 1 - The first IPO termination on the Sci-Tech Innovation Board in 2026 is marked by the withdrawal of Jiangsu Yadian Technology Co., Ltd. and its sponsor Huatai United Securities, making it the first and only company to terminate its IPO review this year [1][13] - Yadian Technology's IPO process was relatively swift, having been accepted on June 27, 2025, and receiving its first round of inquiries by July 21, but failed to respond to inquiries in a timely manner, leading to the withdrawal six months later [1][13] Group 2 - The company stated that the withdrawal was based on its own business development and strategic planning, in conjunction with suggestions from the exchange, and is currently processing the withdrawal of related application materials [3][15] - Yadian Technology specializes in semiconductor wet cleaning equipment, with products covering both semiconductor and photovoltaic manufacturing sectors, although its revenue structure has shown a significant focus on photovoltaic products during the reporting period [3][16] Group 3 - In the first half of 2025, Yadian Technology generated sales of photovoltaic wet cleaning equipment and related services amounting to 137 million yuan, accounting for 51.91% of its main business revenue, indicating a high concentration of revenue from a single customer [4][17] - The company's revenue concentration is also reflected in its top five customers, which have a high revenue concentration [4][17] Group 4 - As of June 30, 2025, Yadian Technology's total assets amounted to 1.145753 billion yuan, with a net profit of 11.0552 million yuan, and a basic earnings per share of 0.13 yuan [5][18] - The company's asset-liability ratio for the parent company was 46.79%, while the consolidated asset-liability ratio was 53.57% [5][18] Group 5 - The company has experienced fluctuations in cash flow and payment cycles due to its "3331" payment model with major clients, leading to periods of negative net cash flow from operating activities [7][20] - The scale of accounts receivable has significantly increased alongside business expansion [7][20] Group 6 - The withdrawal of the IPO has raised concerns regarding the company's share repurchase obligations, which were previously stated to be irrevocably terminated but would automatically resume if the IPO application is withdrawn or terminated [9][22] - Yadian Technology has also indicated potential risks related to government subsidies, having received a total of 60 million yuan in subsidies contingent on tax and listing assessment conditions, which may need to be returned if future conditions are not met [11][24]