Core Viewpoint - The IPO applications of two companies, Qinheng Micro and Yadian Technology, have been terminated due to the withdrawal of their applications by the issuers and their sponsors, marking a total of two terminated IPO cases in the A-share market since 2026 [1][9]. Group 1: Yadian Technology - Yadian Technology's IPO application was accepted on June 27, 2025, but was withdrawn on January 14, 2026, without a response to the inquiries from the Shanghai Stock Exchange [2][10]. - The company specializes in the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields, contributing to the localization and technological breakthroughs in core semiconductor equipment [11]. - Yadian Technology aimed to raise 950 million yuan through its IPO, with plans to invest 718 million yuan in high-end semiconductor equipment industrialization and advanced process semiconductor technology research and development projects, 82.45 million yuan in advanced process wet cleaning equipment development, and 150 million yuan for working capital [3][11]. Financial Data - Yadian Technology's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan, respectively. The net profit attributable to the parent company was -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan for the same periods [3][11]. Group 2: Qinheng Micro - Qinheng Micro's IPO application was accepted on June 30, 2025, but was also withdrawn on January 20, 2026, without a response to the inquiries from the Shanghai Stock Exchange [6][14]. - The company focuses on integrated circuit design, specializing in the research of connection technology and microprocessors, aiming to develop integrated chips based on self-developed interface IP and core IP [7][14]. - Qinheng Micro planned to raise 932 million yuan through its IPO, with intended investments of 263 million yuan in USB chip research and industrialization, 302 million yuan in network chip research and industrialization, and 367 million yuan in full-stack MCU chip research and industrialization [7][14]. Financial Data - Qinheng Micro's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 238 million yuan, 308 million yuan, 397 million yuan, and 249 million yuan, respectively. The net profit attributable to the parent company was 59.10 million yuan, 72.40 million yuan, 104 million yuan, and 81.80 million yuan for the same periods [15][16].

IPO Pipeline Overview - As of January 18, there are 328 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 43 on the Sci-Tech Innovation Board, 19 on the Shenzhen Main Board, 41 on the Growth Enterprise Market, and 204 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Two companies were newly listed between January 12 and January 18: Chongqing Zhixin Industrial Co., Ltd. on the Shanghai Main Board (stock code: 603352) and Zhejiang Kema Friction Material Co., Ltd. on the Beijing Stock Exchange (stock code: 920086) [3][4]. - Chongqing Zhixin closed at 68.58 CNY per share, with a rise of 213.44% and a trading volume of 2.527 billion CNY, achieving a turnover rate of 78.67% [4]. - Zhejiang Kema closed at 54.95 CNY per share, with a rise of 371.27% and a trading volume of 988 million CNY, achieving a turnover rate of 96.14% [5]. New Counseling Records - Eleven companies were newly registered for counseling between January 12 and January 18, including Shandong Tianjiao Biotechnology Co., Ltd. and Shanghai Beibian Technology Co., Ltd. [6][7]. Companies Passing Review - Six companies successfully passed the review process from January 12 to January 18, including Hangzhou Gaote Electronic Equipment Co., Ltd. and Suzhou Lianxun Instrument Co., Ltd. [11][12]. Companies Obtaining Registration Approval - Five companies received registration approval between January 12 and January 18, including Hangzhou Mirui Technology Co., Ltd. and Shenzhen Shangshui Intelligent Co., Ltd. [15][16]. Terminated Review - Jiangsu Yadian Technology Co., Ltd. withdrew its IPO application during the period from January 12 to January 18 [18][19].

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has terminated its IPO review, becoming the first company to withdraw its IPO application in 2026, and currently the only one to do so this year [3]. Company Overview - Yadian Technology focuses on the research, production, and sales of wet cleaning equipment, which is a critical process in semiconductor wafer manufacturing [3]. - The company's wet cleaning equipment is primarily used in the semiconductor and photovoltaic manufacturing sectors [3]. Customer Concentration - The top five customers accounted for a significant portion of the company's revenue, with sales percentages of 74.80%, 76.59%, 76.25%, and 92.26% over the reporting periods [3]. - In the first half of 2025, sales to Longi Green Energy amounted to 137 million yuan, representing 51.91% of the company's main business revenue, indicating a high dependency on a single customer [3][4]. Financial Performance - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Net profits (losses) for the same periods were -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan [5]. Market Conditions - Longi Green Energy has forecasted a net loss of 6 to 6.5 billion yuan for 2025, citing severe competition and rising costs in the photovoltaic industry, which may impact Yadian Technology's performance due to their customer reliance [4][5]. Shareholder Dynamics - Qian Cheng, the controlling shareholder, holds 22.59% of the company directly and controls an additional 18.7% through partnerships, totaling 41.29% of voting rights [5]. - Following the IPO withdrawal, Qian Cheng may face significant buyback pressure due to previous agreements that could be reinstated if the IPO application is terminated [6].

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has terminated its IPO review, becoming the first company to withdraw its IPO application in 2026 and the only one so far this year [1] Company Overview - Yadian Technology specializes in the research, production, and sales of wet cleaning equipment, which is a crucial step in the semiconductor wafer manufacturing process [1] - The company's wet cleaning equipment is primarily used in the semiconductor and photovoltaic manufacturing sectors [1] Customer Concentration - The top five customers accounted for a significant portion of the company's revenue during the reporting period (2022 to the first half of 2025), with percentages of 74.80%, 76.59%, 76.25%, and 92.26% respectively, indicating high customer concentration [1] - In the first half of 2025, sales to Longi Green Energy amounted to 137 million yuan, representing 51.91% of the company's main business revenue, highlighting the risk of over-reliance on a single customer [1] Financial Performance - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - The net profits attributable to the parent company were -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan for the same periods [3] Shareholder Structure - Qian Cheng, the controlling shareholder and actual controller of Yadian Technology, holds 22.59% of the company's shares directly and controls an additional 41.29% of the voting rights through various entities [3] - Following the IPO withdrawal, Qian Cheng may face significant buyback pressure due to the termination of certain share repurchase obligations [3][4]

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has had its IPO application on the Sci-Tech Innovation Board terminated, marking it as the first company to have its IPO halted in 2026 [1] Group 1: Company Overview - Yadian Technology is a leading supplier of wet cleaning equipment in China, focusing on the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [3] - The company plays a crucial role in the domestic semiconductor cleaning equipment localization process, ranking second among domestic brands in market share for slot-type wet cleaning equipment in 2024 according to third-party reports [3] Group 2: Financial Performance - The company has shown rapid growth in its financial performance, with revenues of 120.73 million yuan, 441.75 million yuan, and 580.41 million yuan from 2022 to 2024, respectively [3] - Net profit attributable to shareholders turned from a loss of 81.01 million yuan in 2022 to a profit of 82.52 million yuan in 2024, indicating a successful turnaround [3] Group 3: IPO Details - Yadian Technology planned to raise 950 million yuan through its IPO, with intended investments in high-end semiconductor equipment industrialization, advanced process semiconductor technology research and development, and working capital [4] - The company faced multiple risks, including high customer concentration, potential underperformance in technology development, large inventory scale, and industry cyclicality [4] Group 4: Regulatory and Market Context - The termination of the IPO reflects the high standards and strict requirements of the Sci-Tech Innovation Board regarding information disclosure quality, technological attributes, and sustainable operational capabilities [5] - The underwriting firm, Huatai United Securities, and its representatives are under scrutiny following the project's termination, which may lead to a reassessment of risk management and project selection in their investment banking operations [5]

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has had its IPO application on the Sci-Tech Innovation Board terminated, marking it as the first company to have its IPO halted in 2026 [3] Group 1: Company Overview - Yadian Technology is a leading supplier of wet cleaning equipment in China, focusing on the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [3] - The company's products are primarily used in critical processes such as cleaning in the front-end wafer manufacturing of the semiconductor industry, playing a vital role in the upstream of the semiconductor supply chain [3] - According to third-party reports, Yadian Technology ranked second among domestic brands in market share for slot-type wet cleaning equipment in 2024 [3] Group 2: Financial Performance - The company has shown rapid growth in its financial performance, with revenues of 120.73 million yuan, 441.75 million yuan, and 580.41 million yuan from 2022 to 2024 [4] - The net profit attributable to shareholders after deducting non-recurring gains and losses transitioned from a loss of 81.01 million yuan in 2022 to a profit of 82.52 million yuan in 2024 [4] - Yadian Technology has invested significantly in R&D, with a total of 146 million yuan over the past three years, and has 133 R&D personnel, accounting for nearly 30% of its total workforce [4] Group 3: IPO Details - The company originally planned to raise 950 million yuan through its IPO, intending to invest in high-end semiconductor equipment industrialization, advanced process semiconductor technology research and development projects, and to supplement working capital [4] - The IPO application was voluntarily withdrawn after failing to progress past the inquiry stage, which began on July 21, 2025 [3][4] Group 4: Market and Regulatory Context - The termination of the IPO reflects the high standards and strict requirements of the Sci-Tech Innovation Board regarding information disclosure quality, technological attributes, and sustainable operational capabilities [6] - Despite being in a strategically supported industry, the company must fully meet regulatory requirements related to board positioning and internal controls [6] - The termination of the project also prompts the lead underwriter, Huatai United Securities, to reassess its risk management and project selection processes [6]

Group 1 - The core issue leading to the termination of Jiangsu Yadian Technology Co., Ltd.'s IPO is a sudden patent lawsuit initiated by Jiejia Weichuang, which claims infringement of intellectual property rights against Yadian Technology and its key customer, Longi Green Energy [2] - The lawsuit occurred during a critical period of the IPO review process, specifically from September to November 2025, and is seen as a strategic move to delay or obstruct the listing process [2] - Yadian Technology did not disclose this lawsuit in its prospectus, raising concerns about the completeness of its information disclosure, which could further impact its IPO progress [2] Group 2 - Yadian Technology's financial performance is heavily reliant on a single customer, Longi Green Energy, which accounted for 51.91% of its main business revenue in the first half of 2025 [3] - The company has triggered multiple financial risk warning indicators, such as discrepancies in gross profit margins compared to industry trends and lower accounts receivable and inventory turnover rates than industry averages [3] - As of June 30, 2025, Yadian Technology had total assets of 1,145.75 million yuan and a debt-to-asset ratio of 46.79% [8] Group 3 - The company has achieved a market share ranking of second among domestic brands for its slot-type wet cleaning equipment in the semiconductor industry [6] - Yadian Technology has a total of 225 authorized patents, including 113 invention patents, as of June 30, 2025 [5] - The company reported revenues of 1,269.26 million yuan for the first half of 2025, with a net profit of 115.02 million yuan after deducting non-recurring gains and losses [7] Group 4 - The company plans to use the raised funds for high-end semiconductor equipment industrialization and advanced process semiconductor technology research and development projects, totaling 957.55 million yuan [9] - As of June 30, 2025, the company employed 128 R&D personnel, representing 28.57% of its total workforce, indicating a strong focus on research and development [9] - The company faces risks related to the potential loss of key R&D personnel due to increasing competition for talent in the semiconductor wet cleaning equipment market [10][11]

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. (referred to as "Yadian Technology") has withdrawn its application for listing on the Shanghai Stock Exchange, leading to the termination of its review process [1]. Company Overview - Yadian Technology is a leading domestic supplier of wet cleaning equipment, primarily engaged in the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [4]. - The company's products are mainly used in the wet cleaning process during the front-end wafer manufacturing of semiconductors, with a focus on self-owned intellectual property products [4]. - As of June 30, 2025, Yadian Technology has been granted 225 authorized patents, including 113 invention patents [4]. Industry Recognition - Yadian Technology is recognized as a national-level "specialized and innovative" small giant enterprise and has been selected as one of the top ten semiconductor equipment suppliers by TechInsights for four consecutive years from 2022 to 2025 [5]. - The company's "DF-3000-B 12-inch槽式半导体湿法刻蚀清洗设备" has been recognized as a significant piece of equipment by the Jiangsu Provincial Department of Industry and Information Technology in 2023 [5]. Client Base and Revenue - Yadian Technology has a high customer concentration, with the top five customers accounting for 74.80% to 92.26% of its main business income from 2022 to the first half of 2025 [6]. - The company has established a significant presence in the domestic semiconductor localization process, providing systematic wet cleaning equipment and process solutions to major clients such as BYD, Huazhong Microelectronics, and Longi Green Energy [5][6]. - Revenue figures for Yadian Technology from 2023 to the first half of 2025 are as follows: 442 million yuan, 580 million yuan, and 267 million yuan, with net profits of 10.368 million yuan, 85.1205 million yuan, and 11.0552 million yuan respectively [5]. IPO Process - In June 2025, Yadian Technology's IPO application was accepted, with an initial fundraising target of 950 million yuan for high-end semiconductor equipment industrialization and advanced process research projects [6]. - After undergoing an inquiry in July 2025, the company ultimately withdrew its listing application six months later [6].

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has had its IPO application for the Sci-Tech Innovation Board terminated, making it the first company to have its IPO review halted in 2026 due to the withdrawal of its application by the company and its sponsor, Huatai United Securities [3] Company Overview - Yadian Technology is a leading supplier of wet cleaning equipment in China, primarily engaged in the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [3] - The company aimed to raise 950 million yuan through its IPO [3] Market Position - In the field of mature process semiconductor cleaning equipment, Yadian Technology ranks second among domestic brands in terms of market share for its slot-type wet cleaning equipment, according to a report by Frost & Sullivan [3] Financial Performance - As of June 30, 2025, the total assets of the company amounted to 1.145 billion yuan, with a net profit of 11.06 million yuan for the first half of 2025 [4] - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - The net profit figures for the same periods were -94 million yuan, 10 million yuan, 85 million yuan, and 11 million yuan [4] Shareholding Structure - Qian Cheng directly holds 22.59% of the company's shares and controls an additional 41.29% of the voting rights through various partnerships, serving as the chairman and general manager of the company [5]

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has withdrawn its IPO application for the Sci-Tech Innovation Board, becoming the first company to terminate its review for the 2026 IPO cycle, with a planned fundraising of 950 million yuan [1][13]. Company Overview - Jiangsu Yadian Technology, established in March 2019, transitioned to a joint-stock company in December 2023, with a registered capital of 83.970931 million yuan. The controlling shareholder is Mr. Qian Cheng, who is also the chairman and general manager of the company [3]. Industry Position - The company is a leading supplier of wet cleaning equipment in China, primarily engaged in the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields. Its products are mainly used in the wet cleaning process of semiconductor wafer manufacturing [4]. Product Development - The company focuses on the development, production, and sales of products with independent intellectual property rights, covering mainstream wafer sizes of 8 inches and 12 inches. As of June 30, 2025, it has obtained 225 authorized patents, including 113 invention patents [5]. Financial Performance - The company reported revenues of 120.73 million yuan in 2022, 441.75 million yuan in 2023, 580.41 million yuan in 2024, and 266.93 million yuan in the first half of 2025. The net profit attributable to the parent company was -81.01 million yuan in 2022, 0.327 million yuan in 2023, 82.52 million yuan in 2024, and 11.50 million yuan in the first half of 2025 [6][7]. R&D Investment - From 2022 to 2024, the company invested a total of 146 million yuan in R&D, with R&D personnel accounting for 29.82% of the total workforce as of December 31, 2024 [8]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 74.80% to 92.26% of its main business revenue during the reporting period. In the first half of 2025, sales to Longi Green Energy accounted for 51.91% of the main business revenue [10][11]. IPO Fundraising Plan - The planned fundraising of 950 million yuan is allocated as follows: 150 million yuan for working capital and 800 million yuan for two projects related to high-end semiconductor equipment and advanced process wet cleaning equipment [13].