IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has terminated the stock issuance registration process for Hengyang Jinzeli Special Alloy Co., Ltd. (Jinzeli) on the Beijing Stock Exchange, following the company's and its sponsor's request to withdraw the application [1]. Group 1: Company Overview - Jinzeli is a high-tech enterprise primarily engaged in the research, production, and sales of corrosion-resistant soft magnetic alloys, heat-resistant steel, and high-temperature alloys [2]. - The largest shareholder, Changlin Industrial and Trade, holds 11,386,082 shares, accounting for 46.29% of the company, making it the controlling shareholder [2]. - The actual controllers of the company are Chang Lin and his daughter, who collectively control 49.27% of the voting rights, significantly influencing company decisions [2]. Group 2: Financial and Project Details - Jinzeli originally planned to publicly issue up to 8.2 million shares (including the base number, excluding the over-allotment option) and up to 9.43 million shares (including the base number, fully exercising the over-allotment option) [2]. - The company intended to raise 142.434 million yuan for a project to produce 8,000 tons of special alloys [3].

Core Viewpoint - The company Jinzelite Special Alloy Co., Ltd. is set to hold a shareholders' meeting to discuss the termination of its listing on the Beijing Stock Exchange, following a series of poor financial performances and compliance challenges that have hindered its IPO process [1][4]. Financial Performance - Jinzelite reported its worst annual performance in four years, with a non-GAAP net profit of 22.02 million, a year-on-year decline of 19.51%, failing to meet the listing standard of at least 25 million [3][9]. - The company's return on equity for 2024 was only 7.86%, below the required 8% threshold for listing [3]. - The 2023 annual report indicated a net profit of 29.18 million, marking a three-year low, which subsequently stalled its listing process [3][4]. IPO Process and Challenges - The company initially had a smooth IPO application process, receiving approval from the North Exchange in December 2023, but has faced over a year of stagnation since submitting its registration application in January 2024 [6][7]. - Concerns regarding compliance have arisen, including issues with project approvals and unusual financial transactions with related parties, raising questions about the company's operational integrity [8][9]. Strategic Responses - In response to declining performance and compliance issues, the company has implemented measures to enhance cost control and optimize production processes, although these efforts have shown limited effectiveness [10][11]. - Jinzelite has disclosed some transformation initiatives, including holding nine invention patents and twenty utility model patents, but the authenticity and innovation of these patents are under scrutiny [12]. Market Position and Future Outlook - Despite its technical capabilities in the special alloy sector, the company faces significant challenges that threaten both its short-term performance and long-term growth prospects [12]. - The upcoming shareholders' meeting will be crucial in determining the company's path forward, as it grapples with the decision to continue pursuing its IPO or to reconsider its strategy in light of ongoing issues [12].