Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Inner Mongolia Shuangxin Environmental Materials Co., Ltd., allowing it to list on the Shenzhen Stock Exchange main board, with the approval date being November 7, 2025 [1][2][3]. Company Overview - Inner Mongolia Shuangxin Environmental Materials Co., Ltd. specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [6]. - The company is recognized as the third-largest PVA producer in China and is one of the three major production bases for PVA in the country [7]. Shareholding Structure - Shuangxin Chemical holds 49,116,700 shares, accounting for 57.11% of the total share capital, making it the controlling shareholder. The actual controller, Qiao Yuhua, indirectly controls 62.10% of the voting rights through Shuangxin Resources and Antel [8]. Financial Performance - The company's revenue for the reporting periods was as follows: 506,138.28 million yuan, 378,325.31 million yuan, 348,621.48 million yuan, and 179,698.38 million yuan. The net profit attributable to the parent company after deducting non-recurring gains and losses was 80,301.00 million yuan, 52,648.91 million yuan, 48,531.57 million yuan, and 26,888.46 million yuan [9]. - As of June 30, 2025, the total assets amounted to 623,579.57 million yuan, with a debt-to-asset ratio of 20.69% [10]. Fundraising and Investment Plans - The company plans to raise approximately 1.86538 billion yuan through the IPO. The funds will be allocated to projects including the production of PVB resin and functional films, water-based adhesives, and energy-saving technology upgrades [11]. - The investment aims to enhance the production capacity of high-value-added products, improve technological capabilities, and optimize the product structure to meet the growing market demand in emerging sectors [11].

Group 1 - The China Securities Regulatory Commission has approved Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. for its initial public offering on the Shenzhen Stock Exchange, with a fundraising target of 1.86538 billion yuan [1] - Shuangxin Environmental Protection is a high-tech enterprise specializing in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [4] - The company has a complete industrial chain layout for polyvinyl alcohol, which is a water-soluble biodegradable polymer material with various properties, widely used in industries such as fine chemicals, green construction, and pharmaceuticals [4] Group 2 - Calcium carbide, a key raw material in the chemical industry, is primarily used to produce acetylene, which is then synthesized into important chemical materials like PVC, PVA, and BDO [4] - The applications of polyvinyl alcohol include industrial additives, special fibers, adhesives, safety glass interlayer films, water-soluble films, optical films, and more, making it a focus area for national support in new material development [4]

IPO Review and Registration Progress - Four companies passed the IPO review last week, including Jianxin Superconductor, Muxi Co., Shuangxin Environmental Protection, and Aishalen [3][4] - Jianxin Superconductor focuses on the R&D, production, and sales of core components for MRI equipment, with projected revenues of 359 million, 451 million, and 425 million yuan from 2022 to 2024 [3] - Muxi Co. specializes in high-performance GPU chips and plans to raise 3.904 billion yuan through its IPO [3][4] - Shuangxin Environmental Protection reported a revenue decline of 25.25% and 7.85% for 2023 and 2024, respectively, due to industry downturns [4][5] - Aishalen, primarily engaged in OEM for medical care pads, expects revenues of 692 million yuan in 2024 [5] Upcoming IPOs - Three companies are set to undergo IPO reviews this week, including Jiangtian Technology, Taijin New Energy, and Hongban Technology [6] - Jiangtian Technology, which focuses on label printing, reported revenue growth from 384 million yuan in 2022 to 538 million yuan in 2024 [6] - Taijin New Energy, involved in high-end green electrolytic equipment, expects revenues to grow from 1.005 billion yuan in 2022 to 2.194 billion yuan in 2024 [7] - Hongban Technology, specializing in printed circuit boards, achieved a revenue increase of 43.48% year-on-year for the first three quarters of 2025 [8] New Stock Listings and Subscriptions - Four new stocks are scheduled to be listed this week, including Heyuan Bio, Taikang Ying, Xi'an Yicai, and Bibete [12] - Heyuan Bio is a biopharmaceutical company with eight drugs in the pipeline, while Taikang Ying focuses on mining and construction tires [12] - Xi'an Yicai, specializing in 12-inch silicon wafers, reported a revenue of 1.933 billion yuan for the first three quarters of 2025 [13] - Bibete, a biopharmaceutical firm, has no revenue but has one innovative drug approved for market [13] Recent IPO Approvals - Two companies, Angrui Micro and Yuxun Co., received IPO registration approvals, both from the "hard technology" sector [11] - Angrui Micro specializes in RF front-end chips, while Yuxun Co. focuses on optical communication front-end transceiver chips [11] Financial Performance Highlights - Jianxin Superconductor's net profits are projected to grow from 35 million yuan in 2022 to 56 million yuan in 2024 [3] - Shuangxin Environmental Protection anticipates a net profit of 52.5 million yuan in 2025, a slight increase from previous years [4] - Hongban Technology's net profit surged by 306.91% year-on-year for the first three quarters of 2025 [8] - Taijin New Energy's new signed orders for electrolytic equipment dropped significantly, raising concerns about future performance [7]