Core Viewpoint - Jiangsu Chengfeng New Materials Co., Ltd. (Chengfeng New Materials) is attempting to restart its IPO process after previously withdrawing its application due to being selected for a regulatory inspection, raising questions about its compliance confidence [2][12]. Group 1: IPO Restart and Strategy - Chengfeng New Materials had previously withdrawn its IPO application in July 2022 and signed a new listing guidance agreement with Huatai United in September 2024, indicating a renewed effort to enter the A-share market [2][3]. - The company aims for an initial public offering on the Shanghai Stock Exchange (SSE) but has also applied for listing on the New Third Board as a contingency plan [4][5]. - The company’s financial performance has improved since its last IPO attempt, with net profits reaching 128.6 million and 167.5 million in 2023 and 2024, respectively, although it still does not meet the SSE's requirement of over 100 million in net profit for the most recent year [6][12]. Group 2: Previous IPO Withdrawal - Chengfeng New Materials was among 20 companies selected for a regulatory inspection in July 2022, and it chose to withdraw its application within the ten-day grace period to avoid potential penalties from the inspection [8][10]. - The company attributed its withdrawal to the urgent investment needs of its Guangdong production base project, claiming that the inspection could delay its IPO process and negatively impact project funding [19][20]. - Despite its claims, industry experts have questioned the validity of Chengfeng's reasons for withdrawal, suggesting that the company could have proceeded with its projects using self-funding or bank loans [20][21]. Group 3: Future Considerations - Following its previous IPO failure, Chengfeng New Materials has entered into new agreements with investors, extending the deadline for its IPO to December 2027 and including the Beijing Stock Exchange as a potential listing venue [26][27]. - The regulatory environment has changed, with increased scrutiny and a higher percentage of companies subject to inspections, which may complicate Chengfeng's future IPO attempts [27].