Summary of Key Points Core Viewpoint - Three companies have withdrawn their IPO applications in the past week, including one from the Shanghai Stock Exchange and two from the Beijing Stock Exchange [1]. Group 1: Company Withdrawals - Qingdao Qinghe Artificial Turf Co., Ltd. is a leading manufacturer of artificial turf, holding a global market share of 12.9% as of 2023 [3]. The company withdrew its IPO application after failing to respond to the first round of inquiries from the exchange [4]. - Xiamen Dongang Technology Co., Ltd. specializes in mobile lighting tools and faced regulatory scrutiny due to the lack of significant differentiation between its products and general lighting equipment [6][8]. The company also withdrew its IPO application [4]. - Wufeng Chicheng Biotechnology Co., Ltd. focuses on the development and production of tannin-based products. The company reported a 26.05% year-on-year decline in its net profit, raising concerns about meeting listing standards [9][10]. Group 2: Financial Performance - Qingdao Qinghe reported total assets of approximately 237.99 million yuan as of June 2024, with a net profit of 6.1 million yuan for the first half of 2024 [4]. - Xiamen Dongang's total assets reached approximately 332.12 million yuan as of September 30, 2023, with a net profit of approximately 33.38 million yuan [7]. - Wufeng Chicheng's total assets were approximately 614.24 million yuan as of December 31, 2023, with a net profit of approximately 48.76 million yuan [10].

Core Viewpoint - Dongang Technology's IPO application has been terminated again after transitioning from the ChiNext to the Beijing Stock Exchange, primarily due to concerns over business innovation, performance decline risks, and the rationality of fundraising projects [1][3][4]. Group 1: IPO Process and Challenges - Dongang Technology was the first company to have its IPO application accepted in 2024, but it voluntarily withdrew its application after two rounds of inquiries from the Beijing Stock Exchange [2][3]. - This is not the first time Dongang Technology has faced challenges with its IPO; it previously withdrew its application for the ChiNext in September 2022 after receiving a second round of inquiries [2][3]. Group 2: Business Overview - Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various types of lamps used in specialized fields such as vehicle maintenance, construction, and emergency response [3][4]. - The company claims to have strong competitive advantages in product performance and technological innovation, primarily serving markets in Europe and North America [3][4]. Group 3: Financial Performance - From 2020 to 2024, Dongang Technology's revenue fluctuated, with figures of 178 million, 263 million, 231 million, 221 million, and 234 million yuan respectively, indicating a notable decline in 2022 and 2023 before a slight recovery in 2024 [7]. - The company's net profit also showed volatility, with a decrease in 2022 and 2023, followed by a modest increase in 2024 [7][9]. Group 4: Customer Concentration and Risks - The company has a high customer concentration, with its top three customers accounting for over 78% of total sales in recent years, raising concerns about revenue stability [9][10]. - Sales to major clients saw significant declines in 2022, attributed to external economic factors such as the Ukraine crisis and inflation [10][11]. Group 5: Fundraising and Investment Plans - Dongang Technology plans to raise 260 million yuan through its IPO, with allocations for a high-end lighting tool production base, a research and development center, and working capital [14][18]. - The company aims to enhance its production capacity and technological capabilities through these investments, despite concerns about the necessity of the projects given its recent financial performance [17][20].