After inquiry, the company submitted its prospectus (draft application) on June 23, and its financial data was updated to the end of 2013. The sponsor was China Merchants Securities. Due to expired financial data, the company was suspended from review on July 1 due to "incomplete application documents, etc., which resulted in the review process being unable to continue." As of September 12, the company has been in a "suspended review" status.
According to regulations, companies that are in a suspended review state must submit a prospectus (draft application) containing financial reports as of at least March 31 this year to the China Securities Regulatory Commission [Weibo] before the end of September in order to remain in the IPO application channel, otherwise they will be forced to terminate the review.
There is currently more than a week until the end of September. Unlike other companies that actively submit pre-disclosure materials and return to the normal review channel, Zhuhai Yueya Packaging Substrate Technology Co., Ltd. actively applied to terminate the review.
Some investment bankers have analyzed that if the review is terminated at this moment, companies may voluntarily give up the opportunity to queue for the IPO because their financial data is not up to standard, the data information is not sorted out, or they are subject to the high cost of queuing for IPOs. Previously, Zhuhai Yueya Company was questioned by the market that its operating profit dropped by 80% within a year and its return on net assets was not as good as time deposits.
The high cost of queuing is also a practical problem. According to the scale of listing of 100 companies during the year, this means that more than 600 listed companies currently in the queuing channel need to update their financial reports and submit pre-disclosure materials multiple times.
But this cannot stop the enthusiasm of companies to go public. More companies still choose to stay in the queue. Last week, 80 companies returned to the normal review channel, including 33 on the main board, 17 on the small and medium-sized board, and 30 on the GEM.
In addition, six new companies have been added to the IPO team, including Jiangsu Suli Fine Chemicals, which plans to be listed on the Shanghai Stock Exchange, Shenzhen Yutong Packaging Technology and Shenzhen Tongxingda Technology, which plan to be listed on the Small and Medium-sized Board, and Shenzhen Kexin Communication Technology, Guangdong Lexin Medical Electronics, and Beijing Zhenghe Engineering Equipment Services, which plan to be listed on the GEM.
As of September 18, the China Securities Regulatory Commission has accepted 618 IPO companies, of which 24 have passed and 594 have not. Among the companies that have not passed the meeting, there are 320 companies that are normally under review and 274 companies that have been suspended from review.
In addition, last week, Ocean King Lighting Technology Co., Ltd., Shenzhen Prince New Materials Co., Ltd., and Shenzhen Xiongtao Power Technology Co., Ltd. passed the initial application meeting.
According to arrangements, the initial applications of China Electric Machinery Co., Ltd., Huadian Heavy Industry Co., Ltd., and Hefei Hedang Machine Tool Co., Ltd. are scheduled to be held on Wednesday this week.
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