Core Viewpoint - The Shenzhen Stock Exchange has terminated the IPO review of Jiangsu Jinzhi Education Information Co., Ltd. due to the company's withdrawal of its application along with its sponsor, Guotai Junan Securities [2][3] Group 1: IPO Application History - Jiangsu Jinzhi Education has attempted to go public twice, successfully passing the review both times but ultimately failing to register, making it the first company in the market to have two successful reviews without successful registration [3][5] - The first attempt was for the Sci-Tech Innovation Board, where the company submitted its application on September 24, 2020, and received approval on February 5, 2021, but withdrew the application on January 7, 2022, due to issues related to its Sci-Tech attributes [4][5] - The second attempt was for the ChiNext board, where the company submitted its application on June 30, 2022, received approval on July 13, 2023, and subsequently withdrew its registration on June 13, 2025 [5] Group 2: Financial Information - The company aimed to raise 6.97 billion yuan during its first IPO attempt but reduced the target to 5.77 billion yuan for the ChiNext application, primarily decreasing the investment in the "Product R&D and Technology Upgrade Fund" from 3 billion yuan to 1.8 billion yuan [5] - Revenue figures for the years 2020 to 2022 were 475 million yuan, 492 million yuan, and 455 million yuan respectively, while net profits were 71.58 million yuan, 80.32 million yuan, and 78.26 million yuan [7] - As of December 31, 2022, the total assets of the company were 751 million yuan, with a net profit of 77.55 million yuan and a debt-to-asset ratio of 24.87% [8] Group 3: Business Operations - Jiangsu Jinzhi Education specializes in providing information technology services for higher education institutions, offering software development, SaaS services, operation and maintenance services, and system integration [6] - The company has developed the "Today Campus" app, a mobile service platform for college faculty and students, which has faced regulatory scrutiny regarding personal information collection and usage [9][11]