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北交所最新审核动态分享案例剑指何方:巨峰股份上市失败之谜遭揭
Sou Hu Cai Jing· 2025-07-16 16:54
Core Viewpoint - The latest issuance and listing review dynamics from the Beijing Stock Exchange (BSE) reveal a resurgence in IPO applications after a two-year regulatory tightening, with a significant number of companies submitting applications in June 2025 [3][4]. Group 1: IPO Application Statistics - In the first half of 2025, the BSE received applications from 115 companies, with 12 approved by the listing committee and 7 registered by the CSRC, resulting in 6 completed listings and a total financing amount of 1.923 billion yuan [3][4]. - As of June 30, 2025, the BSE had cumulatively accepted 708 IPO applications since the establishment of the selective layer, with 271 companies listed and 244 applications terminated [4]. Group 2: Regulatory Environment - The BSE has intensified its regulatory scrutiny, taking actions against 15 applications for issues related to information disclosure and intermediary quality, including public reprimands and warnings [4][5]. - The number of regulatory actions in the first half of 2025 exceeded the total for the entire year of 2024, indicating a stricter regulatory environment [5]. Group 3: Case Study of Failed IPO - A case study shared by the BSE highlights a failed IPO due to the significant personal debt of the controlling shareholder, which raised concerns about the company's governance and operational stability [7][8]. - The company in question, identified as Suzhou Jufeng Electric Insulation Systems Co., Ltd. (Jufeng Co.), had its IPO application withdrawn after the BSE raised concerns about the impact of the shareholder's debt on the company's future [9][15]. Group 4: Financial Performance and Future Plans - Jufeng Co. has recently restarted its IPO process, having signed a counseling agreement with Everbright Securities and submitted progress reports to the Jiangsu Securities Regulatory Bureau [22][23]. - The company has shown improved financial performance, with revenue and net profit growth in 2024, indicating its potential to pursue an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market [25][26].