Core Viewpoint - The IPO application of China Shipbuilding Double-Rui (Luoyang) Special Equipment Co., Ltd. has been terminated after eight months of waiting, reflecting the tightening of IPO reviews in the A-share market [1][3][16] Company Overview - China Shipbuilding Double-Rui was established in 2005 and underwent a shareholding reform in 2022, submitting its IPO application on December 22, 2022 [5][2] - The company is controlled by China Shipbuilding Group, which holds 71.07% of its shares through various subsidiaries [5] IPO Process and Termination - The company was included in the first batch of IPO applicants for on-site inspections in 2023, where it faced scrutiny over financial authenticity and internal control [3] - Despite passing the initial inspection, the company was found to have nearly 20 internal control and operational flaws, leading to the eventual withdrawal of its IPO application [3][16] - With the termination of Double-Rui's application, all five companies selected for the first round of inspections in 2023 have now withdrawn their IPO applications [3][4] Financial Performance - From 2021 to 2023, the company's revenue increased from 1.262 billion to 1.611 billion, while net profit remained around 100 million [9] - The company's gross margin has declined from 27.34% in 2021 to 24.9% in 2023, indicating potential financial risks [9] - The operating cash flow turned negative in the first half of 2024, dropping from 181 million in 2023 to -262 million [9] Business Operations and Concerns - The company has faced scrutiny over its reliance on related party transactions, with sales to related parties increasing from 10.18% to 15.44% of total revenue from 2021 to 2023 [9][11] - The utilization rate of its core product, bridge safety equipment, has decreased from 73.77% in 2021 to 45.43% in the first half of 2024, raising concerns about its production capacity [11][12] - High accounts receivable, amounting to 943 million at the end of 2023, represented 58.51% of the annual revenue, highlighting operational pressures [16] Industry Context - The termination of Double-Rui's IPO application is indicative of a broader trend in the IPO market, where increased scrutiny and higher standards have led many companies to withdraw their applications voluntarily [16] - The shift in the A-share IPO landscape from "approval-based" to "registration-based" requires companies to demonstrate independent competitiveness and sustainable growth value [16]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of China Shipbuilding Dual Rui (Luoyang) Special Equipment Co., Ltd.'s application for an initial public offering (IPO) and listing on the Growth Enterprise Market [1][4] Company Overview - China Shipbuilding Dual Rui specializes in the research, development, manufacturing, and sales of bridge safety equipment, pipeline compensation equipment, special material products, high-efficiency energy-saving equipment, and energy storage and transportation equipment [4][5] - As of the signing date of the prospectus, Luoyang Dual Rui Technology Industry Holding Group Co., Ltd. holds 54.53% of Dual Rui's shares, making it the controlling shareholder [5] - The actual controller of Dual Rui holds a total of 71.07% of the shares through various subsidiaries of China Shipbuilding Group [5] IPO Details - Dual Rui originally planned to issue between 80,000,001 and 106,666,666 shares, accounting for 20% to 25% of the total share capital after issuance [5] - The company aimed to raise 65.374 million yuan, allocated for several projects including a special equipment R&D center, a high-quality stainless steel and alloy materials industrial base, a waste heat utilization and combined cooling and heating industrialization base, and to supplement working capital [5][6] Fund Allocation - The total amount for the fundraising projects is 65.374 million yuan, with specific allocations as follows: - Special Equipment R&D Center Project: 19.4 million yuan - High-Quality Stainless Steel and Alloy Materials Industrial Base Project: 9.609 million yuan - Waste Heat Utilization and Combined Cooling and Heating Industrialization Base Construction Project: 20.365 million yuan - Supplement Working Capital: 16 million yuan [6]

Core Viewpoint - The IPO process of Zhongchuan Shuangrui (Luoyang) Special Equipment Co., Ltd. has been abruptly terminated eight months after its approval, as the company submitted an application to withdraw its IPO filing to the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Zhongchuan Shuangrui specializes in three main industries: bridge safety equipment, pipeline compensation equipment, and special material products, along with two emerging industries: energy-efficient equipment and energy storage and transportation equipment [2]. - The company is a subsidiary of China Shipbuilding Group, with the parent company holding 71.07% of its shares through various subsidiaries [2]. Group 2: Financial Performance - The company's revenue from 2021 to the first half of 2024 was as follows: 2021: 1.26 billion, 2022: 1.34 billion, 2023: 1.61 billion, and 2024 (H1): 743 million [2]. - The net profit figures for the same period were: 2021: 105 million, 2022: 90 million, 2023: 111 million, and 2024 (H1): 51 million [2]. - As of June 30, 2024, the company's total assets and liabilities showed a debt ratio of 49.42%, down from 54.54% in 2021 [3]. - The company's return on equity decreased from 16.69% in 2021 to 3.40% in the first half of 2024 [3].