Group 1 - Kent Catalysts experienced a decline of 2.27% on October 28, with a trading volume of 72.7393 million yuan [1] - On the same day, the financing buy amount for Kent Catalysts was 10.254 million yuan, while the financing repayment was 8.6251 million yuan, resulting in a net financing buy of 1.6289 million yuan [1] - As of October 28, the total financing and securities lending balance for Kent Catalysts was 72.3737 million yuan, accounting for 7.91% of its circulating market value [1] Group 2 - As of September 30, the number of shareholders for Kent Catalysts was 15,800, a decrease of 27.31% from the previous period [2] - The average circulating shares per person increased by 37.56% to 1,402 shares [2] - For the period from January to September 2025, Kent Catalysts reported an operating income of 430 million yuan, a year-on-year increase of 0.62%, and a net profit attributable to shareholders of 50.3531 million yuan, a year-on-year decrease of 8.18% [2] Group 3 - Kent Catalysts has cumulatively distributed dividends of 36.16 million yuan since its A-share listing [2] - As of September 30, 2025, Southern Zhihong Mixed A (020645) was the second-largest circulating shareholder, holding 667,600 shares as a new shareholder [2]

Core Viewpoint - The recent IPO of Kent Catalysts has resulted in significant losses for investors, with the stock price plummeting over 37% within four trading days after its debut, highlighting the volatility and risks associated with new stock offerings in the A-share market [1][5][12]. Company Performance - Kent Catalysts, which specializes in the research, production, and sales of quaternary ammonium compounds, saw its stock price drop from an initial high of 60 yuan to 38 yuan shortly after its listing on April 16 [1][3]. - The company had a strong debut, with an opening price of 54.90 yuan and a closing price of 48.90 yuan on the first day, reflecting a 226% increase from the issue price of 15 yuan [5]. - However, the stock experienced a downward trend, with a 5.44% drop on the second day, a 10.88% drop on the third day, and a 6.89% drop on the fourth day, leading to a cumulative decline of nearly 37% [5][12]. Financial Metrics - Kent Catalysts' projected revenues from 2021 to 2024 are 636 million yuan, 808 million yuan, 666 million yuan, and 616.8 million yuan, respectively, with net profits of approximately 86.34 million yuan, 110 million yuan, 85.21 million yuan, and 93.5 million yuan [9]. - The company was valued at a high price-to-earnings ratio of 32 times during its IPO, which is above the industry average of 25 times, raising concerns about its growth potential [7]. Shareholding Structure - The controlling shareholders of Kent Catalysts, Xiang Feiyong and Guo Yanping, hold a combined 70.06% of the company's shares, giving them significant influence over corporate decisions [10]. Market Sentiment - Investor sentiment has turned negative, with many expressing frustration over the stock's performance, indicating a broader trend of new stocks underperforming after their initial listings [12][14].