Core Viewpoint - The A-share IPO market is experiencing a significant surge in applications, with a total of 61 new applications accepted this year, representing nearly 80% of last year's total [2][3]. Group 1: IPO Market Activity - In the week of June 16 to June 22, 20 new IPO applications were accepted, marking the highest weekly total this year [3]. - As of June, the total number of IPO applications accepted in 2023 reached 61, compared to only 7 during the same period last year [3]. - The North Exchange remains the dominant player, accepting 35 applications, while the Shanghai and Shenzhen exchanges accepted 14 and 12 applications, respectively [3]. Group 2: Regulatory Reforms - The China Securities Regulatory Commission (CSRC) introduced new policies to support technology innovation companies, including the establishment of a growth tier for the Sci-Tech Innovation Board [4]. - These reforms aim to facilitate the listing of unprofitable innovative companies and improve the confidence of investment institutions in the primary market [4]. Group 3: Company-Specific Risks - Three companies, including Qingdao Gulf Chemical Co., Zhejiang Sunny Solar Technology Co., and Beijing Zhaoxin Information Technology Co., have terminated their IPO applications due to various issues [5]. - Qingdao Gulf Chemical reported a decline in net profit over the years, with figures of 4.25 billion, 2.47 billion, 20.40 billion, and 9.70 billion yuan for 2019, 2020, 2021, and the first half of 2022, respectively [5][6]. - Sunny Technology has faced a decline in gross profit margin from 32.13% in 2020 to 18.34% in the first half of 2023, influenced by subsidy reductions and rising component prices [6]. - Beijing Zhaoxin, a subsidiary of Hong Kong-listed Huicong Group, faces risks related to market demand fluctuations, particularly in the food and beverage sector [7].

Core Viewpoint - Zhejiang Qingtian Solar Technology Co., Ltd. has withdrawn its IPO application, leading to the termination of its review process by the Shenzhen Stock Exchange [1][3]. Company Overview - Qingtian Technology was established in January 2015 and is located in Jinhua, Zhejiang Province. The company has a registered capital of 64.97 million yuan and is primarily owned by Qinke Holdings and other investors [3][5]. - The actual controller of Qingtian Technology is Ding Yibo, who holds a total of 58.61% voting rights in the company [4][5]. IPO Details - The company initially disclosed its prospectus on July 1, 2022, aiming to raise 640 million yuan through its IPO on the Shenzhen Stock Exchange [3][5]. - Following the implementation of the comprehensive registration system, Qingtian Technology resubmitted its prospectus in March 2023 to continue the IPO process [3]. Business Operations - Qingtian Technology specializes in providing integrated solutions for distributed photovoltaic power stations, including system integration, investment operation, and maintenance services [5]. - As of mid-2023, the company had a cumulative installed capacity of 2,634.64 MW, with an additional 505.11 MW added in the first half of 2023, representing 1.23% of the new installed capacity for distributed photovoltaic power stations in China during that period [5]. Financial Performance - The company's revenue for the years 2020, 2021, 2022, and the first half of 2023 was approximately 396 million yuan, 961 million yuan, 1.674 billion yuan, and 1.020 billion yuan, respectively. The net profits for the same periods were approximately 44.45 million yuan, 112 million yuan, 143 million yuan, and 75.74 million yuan [5][6]. - The total assets of Qingtian Technology as of June 30, 2023, were approximately 2.158 billion yuan, with a debt-to-asset ratio of 71.74% [6].