Core Viewpoint - Beijing Defeng New Journey Technology Co., Ltd. (Defeng New Journey) submitted its IPO application to the Hong Kong Stock Exchange (HKEX) on November 14, 2025, which was returned on November 24, marking the first "tied" case in two and a half years. The company must wait at least eight weeks before reapplying [1]. Company Overview - Defeng New Journey is a developer of AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, focusing on enhancing energy efficiency, operational excellence, safety, and sustainability in China's energy, manufacturing, and mixed industries. The company offers a comprehensive and integrated suite of customized AIoT production optimization software solutions and services tailored to meet specific customer needs and challenges [3]. Market Position - According to a Frost & Sullivan report, Defeng New Journey is the fifth largest independent AIoT service provider in China by revenue for the fiscal year 2024, holding a market share of approximately 1.8%. In the energy sector, it ranks as the third largest independent AIoT service provider with a market share of about 9.9% [4]. Financial Performance - The company's revenue increased from approximately RMB 442.2 million in the fiscal year 2023 to about RMB 525.5 million in the fiscal year 2024, representing a year-on-year growth rate of approximately 18.8% [4]. - For the first nine months of 2025, revenue rose from approximately RMB 216.1 million to about RMB 275.3 million compared to the same period in 2024, reflecting a growth rate of approximately 27.4% [5]. Client Base - Defeng New Journey has completed over 500 projects, primarily serving state-owned enterprises in China, with around 150 clients, including leading companies in the electricity and utilities, oil and gas, and tobacco industries, such as the China Grid duopoly and the three major oil giants [3].

Group 1 - The core point of the news is that Beijing Defeng New Journey Technology Co., Ltd. (Defeng Technology) submitted its IPO application to the Hong Kong Stock Exchange (HKEX) on November 14, which was returned on November 24, marking the first "tied" case in two and a half years [1] - The "tied" mechanism is a criticism notification system by HKEX, where a rejected IPO application is recorded to enhance the quality of listed companies in Hong Kong [1] - Since the implementation of the "tied" system, there have been 10 cases on the Main Board and 15 on GEM, involving 26 sponsors, including major firms like Goldman Sachs and Morgan Stanley [1] Group 2 - Defeng Technology, established in March 2015, is an AI-enabled Industrial Internet of Things (AIoT) software solution developer focused on enhancing energy efficiency and operational excellence in China's energy, manufacturing, and mixed industries [2] - The company has completed over 600 projects, primarily serving state-owned enterprises, with around 200 clients, including leading firms in the electricity, public utilities, oil and gas, and tobacco sectors [2] - Defeng Technology previously attempted to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 but terminated its A-share listing efforts in October 2024, subsequently applying for a listing on HKEX in November 2023 [2] Group 3 - The IPO application involves a special agreement granting investors rights such as redemption rights, anti-dilution rights, and preemptive rights [2] - The target date for completing the IPO has been extended from December 31, 2024, to December 31, 2026, with the redemption rights of original shareholders being terminated before the submission of the prospectus [2] - If the IPO fails, the previously terminated redemption rights will automatically be reinstated [2] Group 4 - Due to the granting of redemption rights, Defeng Technology incurred redemption liabilities of 1.224 billion yuan, 1.455 billion yuan, and 1.462 billion yuan for the years 2023, 2024, and the first half of 2025, respectively [3]

Group 1 - The core viewpoint of the news is that Beijing Defeng New Journey Technology Co., Ltd. (Defeng Technology) has had its IPO application returned by the Hong Kong Stock Exchange (HKEX), marking the first "tied" case in two and a half years, which requires the company to wait at least 8 weeks before reapplying [1] - The "tied" mechanism is a criticism notification system implemented by HKEX to enhance the quality of listed companies, with a total of 25 applications returned since its inception, involving major underwriters like Goldman Sachs and Morgan Stanley [1] - Defeng Technology, established in March 2015, focuses on AI-enabled Industrial Internet of Things (AIoT) production optimization software solutions, having completed over 600 projects primarily for state-owned enterprises in China [2] Group 2 - The company had previously attempted to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 but terminated those plans in October 2024, subsequently applying for a listing on HKEX in November 2023 [2] - Defeng Technology's IPO involves a special agreement granting investors rights such as redemption rights and anti-dilution rights, with a revised IPO target date extended to December 31, 2026 [2] - The company has incurred redemption liabilities of RMB 1.224 billion, RMB 1.455 billion, and RMB 1.462 billion for the years 2023, 2024, and the first half of 2025, respectively, due to the granted redemption rights [3]