Group 1 - The core point of the article is that Jiangxi Shengfulai Optical Technology Co., Ltd. has officially terminated its IPO application after three rounds of inquiries, highlighting the challenges faced by companies in the current capital market [1][2]. - Shengfulai's IPO journey began on December 26, 2023, with plans to raise 204 million yuan for a project to produce 3,000 tons of high-refractive-index glass microspheres and to establish a research and development center [1]. - The company's financial performance has shown instability, with revenues of 256 million yuan, 266 million yuan, and 243 million yuan from 2022 to 2024, reflecting year-on-year growth rates of -7.62%, 3.73%, and -8.37% respectively [1]. Group 2 - Domestic sales revenue for Shengfulai has been declining, dropping from 215 million yuan in 2022 to 188 million yuan in 2024 [2]. - The growth in external sales in 2023 was largely dependent on a single customer, with a significant decline in sales to that customer in the first half of 2024 due to reduced demand influenced by the German economy, resulting in a year-on-year decrease of 71.82% [2]. - The termination of the IPO reflects the stringent requirements of the capital market regarding the stability of performance and market competitiveness of prospective listed companies, serving as a warning to other companies seeking to go public [2].

Group 1 - Only one company, Jiangxi Shengfulai Optical Technology Co., Ltd., withdrew its IPO application last week, according to information from the Shanghai, Shenzhen, and Beijing Stock Exchanges [1] - Jiangxi Shengfulai specializes in the research, production, and sales of high refractive index glass microspheres and optical films, being a major player in the reflective materials industry in China [3] - The company's products are categorized into two main types: high refractive index glass microspheres and optical films, with applications in traffic safety, personal protection, public safety, advertising, consumer products, and LED lighting [3] Group 2 - As of June 30, 2023, the total assets of Jiangxi Shengfulai amounted to approximately 391.57 million yuan, a decrease from 404.27 million yuan at the end of 2022 [4] - The company's net profit for the first half of 2023 was approximately 20.09 million yuan, down from 39.50 million yuan for the entire year of 2022, indicating a significant decline in profitability [4] - The company reported a net profit attributable to the parent company of approximately 18.45 million yuan for the first half of 2023, compared to 37.29 million yuan for the full year of 2022 [4] Group 3 - The primary reason for the withdrawal of the IPO application is that the company's performance has not met the relevant listing standards, as indicated by a decline in net profit from 37.06 million yuan in 2023 to 34.23 million yuan in 2024, a decrease of 7.64% [4] - There are concerns regarding potential conflicts of interest, as an employee's loan to the company was followed by a "fair price" exit, and this employee has certain relationships with related parties [5]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Jiangxi Shengfulai Optical Technology Co., Ltd.'s application for public stock issuance and listing [1][2]. Company Overview - Shengfulai specializes in the research, production, and sales of high-refractive index glass microspheres and optical films, being one of the major manufacturers in the reflective materials industry in China [2]. - The company has no controlling shareholder, with Chen Zhengyuan and Chen Oubo being the actual controllers, holding shares directly and indirectly through Taizhou Zhentai [2]. Initial Public Offering (IPO) Details - Shengfulai initially planned to issue up to 15,830,845 shares (including the base number, excluding the over-allotment option) and up to 18,205,471 shares (including the base number, fully exercising the over-allotment option) [3]. - The company aimed to raise 203.5 million yuan for a project to produce 3,000 tons of high-refractive index glass microspheres and for the construction of a research and development center, as well as to supplement working capital [3][4]. Project Investment Breakdown - The total investment for the project to produce 3,000 tons of high-refractive index glass microspheres and the R&D center is 173.5 million yuan, with the entire amount intended to be raised through the IPO [4]. - An additional 30 million yuan was allocated to supplement working capital, bringing the total fundraising goal to 203.5 million yuan [4].