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]

下游已过周期性底部。 《投资者网》张伟 对拟上市（IPO）公司来说，只要收到上市委会议的《意见落实函》，就意味着将会进入上会流程，离IPO大考不远了。 日前，电解成套装备生产商——西安泰金新能科技股份有限公司（下称"泰金新能"或"公司"）对《意见落实函》进行了回复。 资料显示，科创板上市委在《意见落实函》中只提了一个问题，对泰金新能的持续经营能力表示怀疑，要求"进一步论证公司未来业绩是否存在大幅下滑风 险"。 根据安排，泰金新能将于10月31日上会，公司最终能否过会，答案即将揭晓。 股权代持人数近千人 泰金新能，系出名门，发源于西北有色金属研究院（下称"西北院"）。 据公开资料，西北院创建于1965年，最初为冶金工业部有色金属研究院第一分院，后历经多次合并与改制。1988年10月，宝鸡稀有金属加工研究所与西安有 色金属研究所合并后，正式命名为"西北有色金属研究院"。 西北院现为陕西省财政厅全资控股的国有大型科研机构，属于国家重点投资建设的国家级重点科研单位。所以，泰金新能的实际控制人为陕西省财政厅。 《招股书》显示，泰金新能的前身泰金有限于2000年11月成立，由西北院和西北院职工持股会发起，分别持股58%和 ...

从拟上市板来看，泰金新能拟科创板IPO；红板科技拟沪市主板上市；江天科技拟北交所IPO。 拟募资额方面，本周即将上会的3家企业中，拟募集资金最多的是红板科技，预计募集资金20.57亿元， 募资拟投向年产120万平方米高精密电路板项目等项目。其次是泰金新能、江天科技，拟募资金额分别 为9.90亿元、5.31亿元。地域分布看，本周即将上会企业中，江苏省、江西省、陕西省分别有1家企业上 榜。 1家主板公司拟上会 证券时报·数据宝统计，根据深交所、上交所、北交所上市委会议公告，本周（10月27日—10月31日） 将有3家企业首发事项上会。 1家北交所公司拟上会 江天科技主要从事标签印刷产品的研发、生产与销售，致力于为客户提供承印材料选取、色彩和油墨方 案定制、工艺方案设计和优化，以及高效稳定生产供应的标签一体化综合解决方案。（数据宝） 将于本周上会的IPO公司 | 简称 | 会议日期 | 拟上市板 | 拟发行数量（万 | | 拟募资金额（亿 | 注册 | 保荐机构 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 块 | 股） | | 元） | 地 | ...

据了解，泰金新能专注于高端绿色电解成套装备、钛电极以及金属玻璃封接制品的研发、设计、生产及 销售，公司IPO于2024年6月获得受理。本次冲击上市，公司拟募集资金约9.9亿元。 北京商报讯（记者 马换换 王蔓蕾）10月24日晚间，上交所官网显示，西安泰金新能科技股份有限公司 （以下简称"泰金新能"）科创板IPO将于10月31日二度上会迎考。 ...

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].

Core Viewpoint - 泰金新能 is the first IPO company accepted by the Shanghai and Shenzhen Stock Exchanges after the release of the new "National Nine Policies," but its review has been postponed [1][4]. IPO Review Results - In the week from August 25 to August 29, four companies were reviewed for IPO, with a total fundraising amount of 2.901 billion yuan. Three companies passed, while one was postponed [2][3]. Company Overview - 泰金新能 focuses on high-end green electrolysis complete equipment, titanium electrodes, and metal glass sealing products. It is a leading provider of solutions for high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production lines [7][8]. - The company's main revenue source is the electrolysis copper foil complete equipment, which accounted for 66.54% of its main business revenue in 2024 [9]. Key Technologies - 泰金新能 has developed core technologies in the production of cathode rollers, foil-integrated machines, and electrolysis tanks, achieving import substitution and reaching international advanced levels [10][14]. - The company has successfully manufactured cathode rollers for ultra-thin copper foil production, with a market share ranking among the top in China [8][14]. Financial Performance - From 2021 to 2024, 泰金新能's revenue increased from 519 million yuan to 2.194 billion yuan, with net profits rising from approximately 48.43 million yuan to 104.66 million yuan [22][24]. - The company has maintained growth despite fluctuations in the downstream copper foil market, with a projected market size of 20 billion yuan in 2023, reflecting a 33% year-on-year increase [19][21]. Market Outlook - The copper foil equipment market is expected to decline in 2024 due to reduced new capacity expansion projects, with a forecasted market size of 13.4 billion yuan, a 33% decrease year-on-year [19][21]. - However, the industry is anticipated to enter a new investment expansion cycle by 2028, following a period of adjustment [21][25]. Fundraising and Project Adjustments - 泰金新能 initially planned to raise 1.5 billion yuan for various projects, including high-end intelligent equipment and titanium electrode materials, but has since adjusted its fundraising plans, canceling the working capital supplement and reducing other project funding [27][30][33].