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].

Group 1: Industry Overview - The LED lighting industry is witnessing a surge in companies aiming to list on the Beijing Stock Exchange (BSE), with several firms making significant progress in their IPO applications [1][4][14] - Notable companies in the LED sector include Huakai Technology, Yaotai Co., and Tongbao Optoelectronics, all of which are at various stages of the IPO process [1][4][8] Group 2: Company Highlights - Huakai Technology, established in 2009, focuses on smart home solutions and derives 71.72% of its revenue from overseas markets, primarily the U.S., with 60.34% coming from there [3] - Yaotai Co., founded in 2006, specializes in outdoor lighting and has seen its overseas revenue grow significantly, with 97.18% of its main business income coming from international sales by 2024 [7] - Tongbao Optoelectronics, founded in 1991, is an automotive electronic component manufacturer with a steady revenue growth trajectory, achieving approximately 5.88 billion yuan in revenue by 2024 [10][11]

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].

深圳市联域光电股份有限公司 SHENZHEN SNC OPTO ELECTRONIC CO.,LTD （深圳市宝安区燕罗街道罗田社区象山大道 172 号正大安工业 城 6 栋 101-601；7 栋 101-301；12 栋 101-301；17 栋 101-301； 21 栋 101-201） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经深圳证券交易所及中国证监会履行相应的程序。本招股说明 书（上会稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 式公告的招股说明书作为投资决定的依据。 深圳市联域光电股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主 ...