Core Viewpoint - QingTian Technology's IPO on the Shenzhen Stock Exchange has been terminated after a lengthy review process, highlighting challenges in the renewable energy sector and the company's operational dynamics [1][2]. Company Overview - QingTian Technology specializes in providing comprehensive solutions for distributed photovoltaic power plants, with main business segments including system integration, investment operation, and maintenance services [1]. - The company has faced a series of regulatory hurdles since applying for an IPO in June 2022, culminating in the withdrawal of its application in June 2025 [1]. Financial Performance - From 2020 to the first half of 2023, the labor costs for the system integration business were reported as follows: 11.5184 million yuan in 2020, 11.0367 million yuan in 2021, 12.0523 million yuan in 2022, and 14.0450 million yuan in the first half of 2023, indicating a gradual increase in costs [1]. - Despite the rising labor costs, the proportion of labor costs relative to the main business costs has been decreasing year by year [1]. Shareholding Structure - Ding Yibo remains the actual controller of QingTian Technology, holding 25.6619% of the shares and controlling 58.6041% of the voting rights [2]. - Other shareholders include various investment firms, with Guangdong Minying Investment Co., Ltd. being a notable stakeholder through its private equity fund [2]. Management Background - Ding Yibo has a diverse professional background, having held positions in various companies, including China Life and Vooyage International Co., Ltd., before leading QingTian Technology [2].

Core Viewpoint - Shenzhen Stock Exchange has accepted the application for the initial public offering (IPO) of Qing Tian Technology on February 27, 2023, but the company has since withdrawn its application, leading to the termination of the review process by the exchange [2][3]. Company Overview - Qing Tian Technology is a renewable energy technology service provider specializing in distributed photovoltaic power station solutions, including system integration, investment operation, and maintenance services [2]. - The controlling shareholder of Qing Tian Technology is Qing Ke Holdings, which directly holds 22.05 million shares, accounting for 33.94% of the total share capital [2][3]. Shareholding Structure - The actual controller of Qing Tian Technology is individual Ding Yibo, who directly holds 4.18 million shares (6.43% of total shares). Ding Yibo also controls Qing Ke Holdings and other investment entities, collectively holding 58.60% of the voting rights [3]. IPO Details - Qing Tian Technology planned to issue no more than 21.66 million shares, representing at least 25% of the total shares post-issue. The intended fundraising amount was approximately 639.70 million yuan, aimed at various projects including a 29.44 MW distributed photovoltaic power station and a new energy manufacturing base [3][4].