On the evening of December 5th, the Shanghai Stock Exchange website was updated to announce that Bangsun Tech and its sponsors have withdrawn their IPO application. According to relevant regulations, the Shanghai Stock Exchange has decided to terminate the review of the company's initial public offering of stocks and listing on the Sci-Tech Innovation Board. Looking back, Bangsun Tech submitted its listing application on June 19th this year, received the first round of inquiries on July 16th, but the company and its sponsors have not responded, nor have they timely updated the financial data in the prospectus. It wasn't until December 5th that the withdrawal from the listing was announced, making the entire IPO journey less than six months.
Previous News Link:
https://cybersecuritymew.substack.com/p/bangsun-tech-star-market-ipo-application
According to the prospectus, Bangsun Tech is primarily focused on providing software and data platform services in the financial sector. The sales revenue in the financial sector accounted for over 94% from 2020 to 2022. The company's total assets are just over 600 million yuan, but the originally planned fundraising for this IPO was 1.267 billion yuan, which is twice the total assets. In addition, the company reported net losses for three consecutive years during the reporting period, with the loss amount continuously expanding. The company even hinted at the risk of triggering delisting conditions after listing in the prospectus.
News Source:
https://mp.weixin.qq.com/s/mk57dcAWf6KYdV049kuxcA