Core Points - Xi'an's enterprises are actively pursuing capital market opportunities, with multiple companies preparing for IPOs and listings, including TaiJin New Energy Technology Co., Ltd. [1][8] - TaiJin New Energy is set to become the 84th A-share listed company in Shaanxi and the 16th on the Sci-Tech Innovation Board [8][9] - The company specializes in high-end green electrolysis equipment and has significant applications in various high-tech fields [3][4] Company Overview - TaiJin New Energy, a subsidiary of the Northwest Institute of Nonferrous Metal Research, was established in 2000 and focuses on the R&D, design, production, and sales of advanced green electrolysis equipment, titanium electrodes, and metal glass sealing products [3][4] - The company is recognized as a national manufacturing champion and a key player in the titanium and titanium alloy industry chain in Shaanxi [3][4] Financial Performance - TaiJin New Energy's revenue from 2022 to the first half of 2025 shows a growth trajectory: 1.005 billion, 1.669 billion, 2.194 billion, and 1.164 billion yuan respectively, with net profits of 87 million, 138 million, 183 million, and 101 million yuan [5][6] - The core product, electrolysis equipment, accounted for over 50% of the main business revenue, with 65.11% in the first half of 2025 [5] IPO Details - The company plans to raise 990 million yuan through its IPO, focusing on projects related to high-end intelligent electrolysis equipment, titanium electrode materials, and R&D center construction [6][7] - The total investment for these projects is approximately 1.493 billion yuan, with significant portions allocated to the development of high-performance materials [6] Industry Context - As of October 31, 2025, Shaanxi ranks 14th in the number of A-share listed companies in China, with 83 companies, and is the second in the western region, following Sichuan [7][8] - The Northwest Institute has previously facilitated the listing of multiple companies, contributing to the growth of Shaanxi's presence in the capital market [12][13] Future Prospects - The recent developments in Shaanxi's capital market, including the upcoming listing of Shaanxi Tourism, indicate a growing trend of high-tech companies entering the market [9][14] - The establishment of the Qin Chuang Yuan Development Forum highlights the region's commitment to fostering innovation and capital integration [15][18]

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 65th company to pass this year [1]. Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products. It is a leading provider of high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions [2]. - The company's products are applied in various sectors, including large computers, 5G high-frequency communications, consumer electronics, new energy vehicles, green environmental protection, aluminum foil formation, hydrometallurgy, hydrogen energy, and aerospace military [2]. - As of the signing date of the prospectus, the controlling shareholder is the Northwest Nonferrous Metal Research Institute, holding 22.83% of the company's total share capital, with actual control over 42.83% of the shares [2]. IPO Details - Taijin New Energy plans to list on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, intending to publicly issue no more than 40 million shares of ordinary shares, aiming to raise approximately 989.95 million yuan for various projects [2][3]. - The total investment for the projects is estimated at 1.4938757 billion yuan, with the funds allocated as follows: - High-end intelligent electrolysis equipment industrialization project: 769.1328 million yuan [3]. - High-performance composite coating titanium electrode materials industrialization project: 482.3755 million yuan [3]. - Corporate research and development center construction project: 250.1774 million yuan [3]. Regulatory Scrutiny - During the listing committee meeting, questions were raised regarding the future performance risks associated with lithium battery copper foil and electronic circuit copper foil equipment orders, as well as the prudence of profit forecasts and the sufficiency of risk disclosures [4].

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, indicating a significant step towards its public listing [1] Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolytic complete equipment, titanium electrodes, and metal glass sealing products [1] - The company aims to raise approximately 990 million yuan through this IPO [1] Timeline - The IPO application for Taijin New Energy was accepted on June 20, 2024, marking the beginning of its journey towards becoming a publicly traded company [1]

Core Viewpoint - The company, Xi'an Taijin New Energy Technology Co., Ltd. (Taijin New Energy), is preparing for its IPO, having received the "Opinion Implementation Letter" from the Sci-Tech Innovation Board, but faces scrutiny regarding its future operational stability and potential revenue decline [2][6]. Company Background - Taijin New Energy originated from the Northwest Nonferrous Metal Research Institute, a state-owned research institution established in 1965, with the actual controller being the Shaanxi Provincial Finance Department [2]. - The company was restructured from Taijin Limited, which was founded in November 2000, with initial shareholding by the Northwest Institute and its employee stockholding committee [3][4]. Shareholding Structure - As of the latest data, the employee stockholding committee represents 951 employees holding 58% of the company’s shares, with no disputes over share ownership [4][5]. - The largest shareholder is the Northwest Institute, holding 22.83% of Taijin New Energy, followed by Western Materials at 20% [5]. Financial Performance - Taijin New Energy has shown significant revenue growth, with projected revenues increasing from 919 million yuan in 2022 to 2.13 billion yuan in 2024, and 1.15 billion yuan in the first half of 2023 [6][8]. - The company specializes in high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products, with a notable increase in revenue contribution from electrolysis equipment [6][7]. Regulatory Scrutiny - The company has faced multiple inquiries from regulators regarding its revenue recognition policies and business stability, particularly in light of its rapid revenue growth [6][8]. - The Sci-Tech Innovation Board has requested further evidence to substantiate claims of no significant risk of revenue decline [6]. Fundraising Adjustments - Taijin New Energy has reduced its IPO fundraising target from 1.5 billion yuan to 990 million yuan, a decrease of 34%, which has raised market concerns [8]. - The company has scaled back funding for its projects, particularly those aimed at expanding production capacity, in response to regulatory inquiries [8]. Market Outlook - The company anticipates a recovery in the lithium copper foil industry, projecting a market size of 29 billion yuan by 2028, which underscores the need for expanded operational capacity and innovation [9].

Core Viewpoint - This week (October 27 - October 31), three companies are scheduled for initial public offering (IPO) meetings according to the announcements from the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange [1] Group 1: Companies and Their IPO Plans - Redboard Technology plans to list on the Shanghai Main Board, with an expected fundraising amount of 2.057 billion yuan, primarily for a project to produce 1.2 million square meters of high-precision circuit boards [2][3] - Taijin New Energy aims for an IPO on the Sci-Tech Innovation Board, seeking to raise 990 million yuan for high-end green electrolysis equipment and titanium electrode projects [2][4] - Jiangtian Technology is set to list on the Beijing Stock Exchange, with a planned fundraising of 531 million yuan, focusing on label printing products and integrated solutions [2][5] Group 2: Regional Distribution - Among the three companies scheduled for IPO meetings this week, one company each is from Jiangxi Province, Shaanxi Province, and Jiangsu Province [2]

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. is set to undergo a second review for its IPO on the Sci-Tech Innovation Board on October 31, aiming to raise approximately 990 million yuan [1] Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis complete equipment, titanium electrodes, and metal glass sealing products [1] - The company’s IPO was accepted in June 2024 [1]

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. has changed its listing review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board to "inquired," with a fundraising target of 990 million RMB [1] Company Overview - Taijin New Energy focuses on the R&D, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products, positioning itself as a leading provider of high-performance electronic circuit copper foil production line solutions globally [1] - The company is a major R&D and production base for precious metal titanium electrode composite materials and electronic sealing glass materials in China [1] Product and Market Position - Taijin New Energy offers essential equipment and complete production line solutions for high-end copper foil production, including cathode rollers, foil-integrated machines, titanium anodes, surface treatment machines, and efficient copper dissolution tanks [1] - The company's products are widely used in sectors such as large computers, 5G high-frequency communication, consumer electronics, new energy vehicles, green environmental protection, aluminum foil formation, hydrometallurgy, hydrogen energy, and aerospace military [1] Production Achievements - The company has achieved the manufacturing of cathode rollers for ultra-thin copper foil production (4-6μm), successfully replacing imports [2] - In 2022, Taijin New Energy developed the world's largest diameter 3.6m cathode roller and foil-integrated machine, leading the domestic market in both cathode rollers and titanium anode products in 2024 [2] Fundraising and Investment Plans - The company plans to publicly issue no more than 40 million ordinary shares, with the raised funds allocated to projects including high-end intelligent equipment for green electrolysis, high-performance composite coating titanium electrode materials, and the establishment of a corporate R&D center [2] Financial Performance - Projected revenues for Taijin New Energy are approximately 1.005 billion RMB, 1.669 billion RMB, and 2.194 billion RMB for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years are estimated at around 98.29 million RMB, 155.4 million RMB, and 195.38 million RMB [2] - Total assets are expected to reach 3.749 billion RMB by the end of 2024, with a debt-to-asset ratio of 85.27% [3] - The company has seen a consistent increase in R&D investment, with R&D expenses of 37.55 million RMB, 48.54 million RMB, and 71.84 million RMB from 2022 to 2024 [3]

IPO Market Overview - In August, the A-share IPO market saw 11 companies pass the initial review, marking the highest monthly number since February 2024 [1][2] - A total of 6 companies had their IPOs terminated in August, maintaining a relatively low level [1][4] - Among the 11 companies that passed the review, 9 were approved, while one was deferred and another canceled [2] Company-Specific Insights - Tai Jin New Energy, which focuses on high-end green electrolysis equipment, faced inquiries regarding potential performance declines and extended product acceptance periods [2][3] - The average acceptance period for Tai Jin's products increased from 7-12 months in 2022-2023 to over 1 year in 2024 due to industry changes [3] - Longjin Photon and Lianxun Instruments were newly accepted for IPO, with projected revenues showing growth from 2022 to 2025 [6] Market Trends - The Hong Kong IPO market was highlighted in August, with 40 companies submitting applications, a significant increase from 21 in July [1][7] - A total of 25 A-share companies announced plans to list in Hong Kong, setting a new monthly record for 2025 [8] - In the Hong Kong market, 6 companies successfully listed in August, with notable first-day gains for several, indicating a strong "new share" market performance [8]

Core Viewpoint - The article discusses the contrasting outcomes of two IPOs on the Sci-Tech Innovation Board, highlighting the approval of Hengkun New Materials and the deferral of Taijin New Energy's IPO, emphasizing regulatory scrutiny on future performance stability and revenue recognition policies [1][3][5]. Group 1: IPO Outcomes - Hengkun New Materials successfully passed its second review on August 29, 2023, with no major inquiries raised during the meeting, leading to a swift registration submission on the same day [3]. - Taijin New Energy, on the other hand, faced a "deferred review" during its first meeting, marking it as the second IPO this year to encounter such a situation [5][8]. Group 2: Regulatory Concerns - The regulatory body focused on two main issues during Taijin New Energy's review: the risk of significant future performance decline and the accuracy of revenue recognition timing [5][9]. - Taijin New Energy's revenue and net profit have shown growth over the past three years, but concerns about future performance stability have arisen due to various factors affecting business stability [8][9]. Group 3: Business Performance and Adjustments - Taijin New Energy's fundraising plan was reduced from 1.5 billion to 990 million yuan, eliminating the supplementary working capital project, with the new funds allocated to two industrialization projects and a research center [8]. - The company reported a decline in order amounts in 2024 compared to previous years, alongside a decrease in customer sales growth, raising concerns about the stability of its business operations [9].

Core Viewpoint - The initial public offering (IPO) of Xi'an Taijin New Energy Technology Co., Ltd. has been temporarily suspended by the Shanghai Stock Exchange's listing review committee, indicating potential concerns regarding the company's financial health and operational performance [1][4]. Company Overview - Xi'an Taijin New Energy specializes in the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products, positioning itself as a leading provider of high-performance electronic circuit copper foil production lines [1]. - The company's major shareholder is the Northwest Nonferrous Metal Research Institute, which holds 22.83% of the shares directly and controls 42.83% of the company through West Materials [1]. IPO Details - The company plans to issue no more than 40 million shares, accounting for at least 25% of the total share capital post-issuance, with all shares being new issues and no existing shareholder sales [2]. - The total funds intended to be raised amount to approximately 989.95 million yuan, allocated for three main projects: high-end intelligent electrolysis equipment industrialization, high-performance composite coating titanium electrode materials industrialization, and the establishment of a corporate R&D center [2][3]. Project Funding Breakdown - The total investment for the high-end intelligent electrolysis equipment project is approximately 761.32 million yuan, with 439.37 million yuan planned for the first phase [3]. - The high-performance composite coating titanium electrode materials project has a total investment of about 482.38 million yuan, with 397.18 million yuan allocated for the first phase [3]. - The corporate R&D center is projected to require a total investment of 250.18 million yuan, with 153.40 million yuan planned for the first phase [3]. Listing Committee Inquiries - The listing committee raised concerns regarding the company's future performance, specifically asking for clarification on current orders, delivery data, acceptance progress, cash flow, and industry cycles to assess the risk of significant performance decline [4]. - The committee also inquired about the reasons for extended acceptance periods for major products and the consistency of the company's revenue recognition policies [4][5].