Core Viewpoint - The prolonged and challenging journey of Chongqing Digital Media Co., Ltd. (重数传媒) in its attempts to go public, particularly its difficulties in listing on the New Third Board and the A-share market, raises questions about its operational independence and compliance with regulatory requirements [2][10][12]. Group 1: Listing Attempts and Challenges - Chongqing Digital Media initiated its first IPO application in September 2016 but faced rejection from the China Securities Regulatory Commission (CSRC) in November 2017 due to concerns over its independence [5][6][13]. - After a two-year hiatus and rectifications, the company attempted a second IPO in December 2020 but was again unsuccessful, primarily due to new regulatory standards that it failed to meet [7][17][18]. - The company has since sought to list on the New Third Board, but its application has faced significant delays, making it a notable outlier among its peers [10][11][12]. Group 2: Financial Performance and Compliance Issues - Despite stable financial performance, with net profits exceeding 100 million yuan annually from 2019 to 2023, the company struggles to meet the regulatory requirements for public listing [10][12][18]. - The company’s R&D expenditures have seen a dramatic increase, with a 141.1% rise in 2023, raising questions about the timing and authenticity of these investments [25][26][29]. - The company distributed substantial cash dividends totaling 246 million yuan in 2023, which may conflict with the North Exchange's regulations regarding dividend distributions relative to net profits [30][31][32].