Optical Materials Company Yifeng Xincai Second IPO Terminated

Recently, the Shenzhen Stock Exchange website released a decision to terminate the review of Yifeng New Materials Co., Ltd.'s (referred to as "Yifeng New Materials") initial public offering and listing on the ChiNext Board.

In December 2020, Yifeng Xincai had submitted an application for listing on the Sci-Fi Board and was accepted. In November 2021, the Shanghai Stock Exchange terminated the review of its listing application due to the issuer withdrawing the application or the sponsor withdrawing its recommendation. The Shanghai Stock Exchange mainly focused on the company's historical evolution, major asset restructuring, and scientific and technological innovation attributes.

Yifeng New Materials applied for IPO on the ChiNext in June 2025 and was accepted; however, on April 4, 2026, the Shenzhen Stock Exchange decided to terminate its ChiNext IPO review due to the withdrawal of the IPO application by both the issuer and the sponsor.

Among the two filings, differing statements regarding shareholding arrangements sparked controversy: the prospectus filed for the ChiNext Board provided detailed disclosure of multiple historical instances involving shareholding by proxy, whereas in its first-round response during the previous STAR Market filing, the company stated that no such shareholding arrangements existed.

Key Financial Data and Financial Indicators

From 2022 to the first half of 2025, the company's operating revenue for each period was RMB 6,267.23 million, RMB 5,859.82 million, RMB 5,727.78 million, and RMB 2,305.92 million, respectively. Net profit (based on the lower of the amounts before and after deducting non-recurring gains and losses) was RMB 1,309.30 million, RMB 1,372.67 million, RMB 1,331.73 million, and RMB 441.29 million, respectively.

Company GEM (Growth Enterprise Market) Positioning Related Indicators

The issuer has selected the following specific listing criteria: net profits have been positive for the last two years, with cumulative net profit of no less than RMB 100 million, and net profit for the most recent year of no less than RMB 60 million.

Fundraising Utilization Plan

The net amount of funds raised after deducting issuance expenses will be invested in the following projects based on their priority and urgency:

Founded in 2011, Yifeng New Materials primarily engages in optical new materials and organosulfur chemicals. Leveraging its technological expertise, the company has become a national-level "Single Champion" enterprise and holds strong market competitiveness in its niche segments. Its GEM IPO application was accepted in June 2025, with plans to raise RMB 844 million, earmarked for high-refractive-index optical resins, cyclic olefin polymers, and other high-end new material projects—widely seen as a critical step toward overcoming capacity constraints and advancing into higher-value segments. However, after nearly a year of regulatory review and submission of nearly 400 pages of responses to inquiry letters, the company ultimately opted to voluntarily withdraw its application. Coupled with the expiration of its financial documentation, its second IPO attempt came to an abrupt halt.