据悉，惠康科技是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品包 括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。 值得一提的是，此次已是惠康科技二度上会，公司今年1月22日首次上会遭暂缓审议。 北京商报讯（记者 马换换 李佳雪）2月27日晚间，深交所官网显示，宁波惠康工业科技股份有限公司 （以下简称"惠康科技"）主板IPO将于3月5日再次上会。 ...

本次冲击上市，惠康科技拟募集资金约为17.97亿元。 据悉，惠康科技是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品包 括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。公司IPO于今年1月22日上会遭到暂缓 审议。 北京商报讯（记者 马换换 李佳雪）2月26日晚间，深交所官网显示，宁波惠康工业科技股份有限公司 （以下简称"惠康科技"）主板IPO 对外披露了上市委审议意见落实函回复。 ...

2026年1月22日，深交所上市审核委员会2026年第4次审议会议作出决定，对宁波惠康工业科技股份有限 公司（以下简称：惠康科技）首次公开发行股票并在深主板上市申请予以暂缓审议。 这家称之为"全球民用制冰机市占率第一"、冲刺"制冰机第一股"的企业，成为深交所开年首家被暂缓审 议的IPO项目，也将自身长期掩盖的经营隐患、财务疑点、治理缺陷与信披瑕疵彻底暴露在市场与监管 的聚光灯下。 从报告期内业绩高速增长到申报期断崖式下滑，从核心供应商"成立即合作"的反常交易到实控人家族低 价入股的利益输送，从IPO前夕突击分红2亿元却募资近18亿元的矛盾操作，到募投项目信披不一致、 高新技术企业资质存疑的合规风险，惠康科技的IPO之路，堪称注册制从严审核背景下，贴牌制造企业 冲刺资本市场的典型反面样本。 行业光环与现实落差：制冰机龙头的业绩"过山车" 惠康科技成立于2001年，主营业务为制冷设备研发、生产与销售，核心产品包括制冰机、冷柜、冰箱、 酒柜等，以ODM/OEM贴牌模式为主，产品销往全球80余个国家和地区。公司在招股书中反复强调自身 的行业地位：自称全球民用制冰机市占率超30%，位列全球第一；荣获"全国制造业单项冠军 ...

Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]

Group 1: A-share IPO Market Overview - In January 2026, 17 companies were scheduled for IPO meetings in the A-share market, with 15 companies passing and a pass rate of 88.24% [2][3] - Among the 17 companies, 11 are set to list on the Beijing Stock Exchange, continuing a trend of over 10 companies per month since November 2025 [1][2] - Four companies terminated their IPOs in January, a decrease from five in December 2025 [5] Group 2: Company-Specific Insights - Huikang Technology, one of the companies that faced questions during the IPO process, reported a decline in revenue and net profit for the first three quarters of 2025, with expected full-year declines of 13.40% and 8.40% respectively [3] - The first major supplier of Huikang Technology, Cixi Ruiyi Electronics, was established in 2020 and became a key supplier in the same year [3] - Yadian Technology, another company that terminated its IPO, had a high customer concentration, with over 50% of its revenue coming from a single client, Longi Green Energy [6][7] Group 3: Hong Kong IPO Market Activity - The Hong Kong IPO market remained active in January 2026, with over 100 companies submitting applications, and all new stocks listed in January saw price increases on their debut [10][12] - MINIMAX-WP, a domestic large model enterprise, saw a remarkable 109.9% increase on its first trading day, achieving a market capitalization exceeding 100 billion HKD [12] - A total of 121 companies applied to list on the Hong Kong Stock Exchange in January, a significant increase from 80 in December 2025 [11]

Group 1: A-share IPO Market Overview - In January 2026, 17 companies were reviewed for IPOs in the A-share market, with 15 approved and 2 (Huikang Technology and Xinxing Technology) postponed, resulting in an approval rate of 88.24% [3][4] - The number of companies approved for IPOs in January 2026 significantly decreased from 28 in December 2025 [2][6] - Among the 17 companies, 11 are set to list on the Beijing Stock Exchange, continuing a trend of over 10 monthly IPO reviews since November 2025 [1][2] Group 2: Company-Specific Insights - Huikang Technology, primarily engaged in the research, production, and sales of refrigeration equipment, faced questions regarding the sustainability of its business performance due to a decline in revenue and net profit in 2025 [5][6] - The revenue and net profit of Huikang Technology for 2022, 2023, and 2024 were reported as 1.93 billion, 2.49 billion, and 3.24 billion yuan, with net profits of 197 million, 338 million, and 451 million yuan respectively [6] - In the first three quarters of 2025, Huikang Technology's revenue and net profit are expected to decline by 13.40% and 8.40% year-on-year [6] Group 3: Terminated IPOs - Four companies terminated their IPOs in January 2026, including Yadian Technology, which had over 50% of its sales revenue from Longi Green Energy in the first half of 2025 [2][7] - Yadian Technology's revenue figures from 2022 to the first half of 2025 showed a significant dependency on a few major clients, with a high customer concentration [9][10] Group 4: Hong Kong IPO Market Activity - The Hong Kong IPO market remained active in January 2026, with over 100 companies submitting applications, and all new stocks listed in January saw price increases on their debut [2][14] - Notably, the domestic large model enterprise MINIMAX-WP surged by 109.9% on its first trading day, achieving a market capitalization exceeding 100 billion HKD [14] - A total of 121 companies applied for IPOs in Hong Kong in January 2026, a significant increase from 80 in December 2025 [14]

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology) has had its IPO review postponed by the Shenzhen Stock Exchange, which has raised several concerns regarding the company's operational sustainability and supplier relationships [1]. Group 1: Company Overview - Huikang Technology is a national high-tech enterprise focused on the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, cold cabinets, and wine cabinets, primarily serving both consumer and commercial markets [1]. Group 2: Market Position - The company's core product, ice machines, has a diversified product matrix and strong market competitiveness, successfully covering over 80 countries and regions, including major markets like China, the USA, Canada, Australia, Mexico, Germany, Sweden, and Brazil [2]. - According to the China Light Industry Machinery Association, Huikang Technology ranks first in the domestic market share for ice machines from 2022 to 2024, with a leading position in both domestic and global markets [2]. Group 3: Financial Performance - The revenue composition by product type for Huikang Technology is as follows: - Ice machines: 257,811.26 million (81.00%) in 2024, up from 194,750.77 million (78.44%) in 2023, and 136,233.74 million (70.83%) in 2022 - Cold cabinets: 24,730.10 million (7.77%) in 2024, compared to 17,558.50 million (7.07%) in 2023, and 23,903.62 million (12.43%) in 2022 - Refrigerators: 16,255.66 million (5.11%) in 2024, down from 19,447.17 million (7.83%) in 2023, and 17,847.40 million (9.28%) in 2022 - Wine cabinets: 18,411.10 million (5.78%) in 2024, up from 15,550.63 million (6.26%) in 2023, and 13,527.29 million (7.03%) in 2022 - Other products: 1,081.90 million (0.34%) in 2024, compared to 962.59 million (0.39%) in 2023, and 820.00 million (0.43%) in 2022 - Total revenue: 318,290.02 million in 2024, up from 248,269.67 million in 2023, and 192,332.04 million in 2022 [3].

Core Viewpoint - The article discusses the rapid growth of the indoor snow sports economy in southern China, highlighting how cities with little to no snowfall are becoming significant players in the ice and snow consumption market, driven by strong consumer spending power and innovative facility designs [4][5][6]. Group 1: Market Growth and Consumer Trends - Southern cities are emerging as active participants in the ice and snow economy, with over 563 million visits to indoor snow venues in 2024-2025, accounting for over 21% of total visits nationwide [4]. - The largest indoor ski resort, Shenzhen Qianhai Ice and Snow World, opened in September last year, attracting over 5,000 visitors daily within six months of operation [4]. - The target demographic includes affluent parents, with 19% of ice and snow consumers being families, as skiing is seen as a valuable investment in children's development [6]. Group 2: Economic Structure and Spending Patterns - The primary expenses in the ice and snow sector include ticket prices, which are around 420 yuan for four hours, and coaching fees ranging from 200 to 600 yuan per hour [5]. - Indoor ski resorts are integrated into larger commercial complexes, offering additional attractions such as water parks and hotels, thus enhancing the overall consumer experience [7]. - The trend of combining skiing with other leisure activities is evident, as facilities aim to extend the consumer experience beyond just skiing [8]. Group 3: Operational Challenges and Industry Dynamics - Indoor ski resorts face higher operational costs compared to outdoor resorts, with energy costs potentially accounting for nearly half of total operational expenses [11]. - The investment return period for indoor ski resorts is longer, estimated at 10-15 years, compared to 5-8 years for outdoor resorts [11]. - Despite the growth, some indoor ski resorts have exited the market, indicating the challenges in converting casual visitors into long-term customers [12]. Group 4: Policy and Industry Support - The Chinese government has introduced policies to promote the development of the ice and snow industry, including financial incentives to reduce operational costs for southern venues [9]. - The domestic production of snow equipment is increasing, with over 90% of conveyor belts and more than 60% of snow-making machines now produced locally, which is expected to lower costs [10].

Core Viewpoint - Huikang Technology is a national high-tech enterprise focused on the research, production, and sales of refrigeration equipment, with an IPO application accepted on June 12, 2025, aiming to raise approximately 1.797 billion yuan [3]. Group 1: Company Overview - Huikang Technology's main products include ice machines, refrigerators, cold cabinets, and wine cabinets, primarily serving both residential and commercial markets [3]. - The company is currently in the inquiry stage of its IPO process, which began on June 26, 2025 [3]. Group 2: IPO and Financial Considerations - The company plans to raise around 1.797 billion yuan through its IPO [3]. - The listing committee has requested Huikang Technology to address various factors affecting its future operating performance, including the competitive landscape of the ice machine industry, exchange rate fluctuations, existing orders, sales prices, pricing power, and the status of its smart manufacturing project in Thailand [3]. Group 3: Supplier Relationships - The listing committee has also asked Huikang Technology to clarify the historical ownership, cooperation history, procurement pricing methods, settlement methods, payment cycles, and price fairness regarding its main suppliers, to determine if there are any related party relationships [3].

Core Viewpoint - Huikang Technology's IPO application has been temporarily suspended by the Shenzhen Stock Exchange, marking the first such case in 2026 [2][4]. Company Overview - Huikang Technology, established in 2001, specializes in the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, and wine cabinets, primarily serving both residential and commercial markets [4]. - The company was recognized as a "National Manufacturing Single Champion Enterprise (Ice Machine Products)" in 2024 [4]. IPO Details - The company plans to issue up to 37.09 million shares, aiming to raise approximately 1.797 billion yuan for projects including the construction of an intelligent manufacturing base for refrigeration equipment and a research and development center [5][7]. - The total investment for the projects is approximately 1.997 billion yuan, with specific allocations for various projects, including 42.17% for the intelligent manufacturing base [7]. Financial Performance - Huikang Technology's revenue showed steady growth from 2022 to 2024, with revenues of approximately 1.93 billion yuan, 2.49 billion yuan, and 3.20 billion yuan, and corresponding net profits of about 197 million yuan, 338 million yuan, and 451 million yuan [8]. - However, in 2025, the company experienced a significant decline in both revenue and net profit, with a projected revenue of approximately 2.77 billion yuan, a year-on-year decrease of 13.40%, and a net profit of about 413 million yuan, down 8.40% [8][9]. Reasons for IPO Suspension - The suspension of the IPO is attributed to concerns regarding the company's performance fluctuations, particularly due to tariffs imposed by major importing countries affecting revenue from the U.S. market [9]. - The Shenzhen Stock Exchange raised questions about the sustainability of the company's future performance and the relationship with its main suppliers, which the company struggled to address satisfactorily [11][12]. Supplier Relationships - The company’s largest supplier, Cixi Ruiyi Electronics Co., accounted for 17.05% of total procurement in 2025, raising questions about the rationale behind the short history of collaboration with this and another supplier, Cixi Jiecheng Electronics Co. [11][12]. - Huikang Technology explained that these suppliers were part of a strategic shift by its actual controllers, but the explanations did not alleviate regulatory concerns [12].