Core Viewpoint - The resignation of Xu Yubin, the founder and CEO of Fengchao, adds uncertainty to the company's IPO plans as it approaches a critical phase in its listing process [1][4]. Group 1: Company Leadership Changes - Xu Yubin, a key figure in Fengchao's development, has resigned due to health reasons, prompting a reevaluation of the company's future [1][2]. - Xu Yubin has been instrumental in Fengchao's growth, having transitioned from a delivery worker to a CEO, and has led the company through significant milestones, including multiple rounds of financing [2][4]. - The company has seen changes in its board, with new appointments indicating a shift in leadership dynamics [5]. Group 2: Financial Performance and IPO Status - Fengchao recorded a net profit of 71.6 million yuan in the first five months of 2024, marking its first profitable period after three years of cumulative losses totaling 3.768 billion yuan [7]. - The company submitted its IPO application in August 2024, but the application has been inactive since February 2024, raising questions about its future listing prospects [11]. Group 3: Market Position and Business Expansion - Fengchao operates the largest smart delivery locker network globally, with over 330,200 units across China and Thailand [7]. - The company is diversifying its business by expanding into services such as cleaning and maintenance, with a notable increase in laundry service orders [9]. - Fengchao is also targeting tourist areas by installing lockers in public transport hubs and attractions, aiming to address the needs of travelers [9][10].