Core Viewpoint - The challenges faced by cross-border e-commerce companies in seeking capital through A-share listings are highlighted, with a specific focus on the failed IPO attempts of Xiamen Dongang Technology Co., Ltd. [1][7] Company Overview - Dongang Technology, established in 2008, specializes in the research, production, and sales of professional mobile lighting tools, with over 200 product models, primarily focusing on folding lights and floodlights, which contribute over 50% of its main business revenue [3][5]. IPO Attempts and Challenges - Dongang Technology's IPO journey has been fraught with difficulties, having failed twice. The first attempt in September 2022 to list on the Shenzhen Stock Exchange was hindered by stringent revenue growth and R&D capability requirements, with a compound annual growth rate of only 4.91% from 2019 to 2021, falling short of the 20% threshold [5][7]. - The company withdrew its first IPO application in February 2023 due to slowing performance and doubts about its innovation capabilities, marking its first failure [7][11]. - After regrouping, Dongang attempted to list on the Beijing Stock Exchange in July 2023 but ultimately failed again after a year and a half of efforts [7][11]. Financial Performance - Dongang Technology's financial performance has been lackluster, with revenues of 263 million yuan in 2021, declining to 231 million yuan in 2022, and projected revenues of 221 million yuan in 2023 [11]. - The net profit decreased from 60.62 million yuan in 2021 to an estimated 51.99 million yuan in 2024, attributed to both macroeconomic factors and internal operational challenges [11][12]. Business Model and Risks - The company relies heavily on an ODM (Original Design Manufacturer) model, leading to structural risks due to high customer concentration, with its top three clients accounting for over 83% of sales [8][10]. - In 2022, a significant revenue drop of 60 million yuan occurred due to inventory adjustments by a major client, highlighting the vulnerability of its business model [8][10]. Industry Context - The mobile lighting sector is characterized by intense competition and low market concentration, with many companies facing similar challenges in capitalizing on cross-border opportunities [14][15]. - The global LED lighting market is experiencing slow growth, with a compound annual growth rate of only about 2%, indicating limited expansion opportunities for companies like Dongang Technology [14][15]. - The failures of Dongang Technology reflect broader issues faced by cross-border export companies, including the need to navigate international risks, establish brand presence, and diversify customer bases to mitigate risks [14][15][16].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Xiamen Dongang Technology Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1][3]. Company Overview - Xiamen Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various series such as folding lamps, floodlights, pocket lights, pen lights, long lights, and headlamps [3]. Application Details - The application for public issuance was initially accepted by the Beijing Stock Exchange on January 8, 2024, and the company submitted a withdrawal request on May 20, 2025 [3]. - The company intended to issue no more than 51,111,113 shares, with an option for an additional 15% (up to 7,666,666 shares) through an over-allotment option [4]. Fundraising Plans - Dongang Technology aimed to raise 26 million yuan, allocated for the construction of a high-end professional mobile lighting tool production base, a research and development center, and to supplement working capital [4][5]. - The total investment for the production base project is approximately 185.64 million yuan, with 184 million yuan expected to be funded from the raised capital [5]. Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder and actual controller of Dongang Technology is Zhuang Junhui, who directly holds 83.14 million shares (54.22%) and indirectly controls an additional 22.5 million shares (14.67%), totaling 68.89% of the company's shares [3]. Underwriting Information - The lead underwriter for this issuance was China Merchants Securities Co., Ltd., with representatives Zhang Qian and Zhang Yang signing as the sponsoring representatives [6].