Half Ounce Finance | Beijing Stock Exchange's First IPO Review of the Year Passes

Beijing Youth Daily Reporter March 1st, learned from the Beijing Stock Exchange that, according to the 17th review meeting of the Listing Committee this year, Hubei Longchen Technology Co., Ltd. (referred to as “Longchen Technology”) meets the issuance, listing, and disclosure requirements and has successfully passed the review. This is Longchen Technology’s second IPO attempt on the Beijing Stock Exchange. The company first applied for listing on the BSE in December 2022, but its application was accepted, and the first review in April 2023 was postponed. After a second review in June of the same year, it was rejected. This marks its third review.

Notably, the Listing Committee issued review comments requiring Longchen Technology to further explain the stability of post-issuance performance by considering factors such as production line stability, customer composition, downstream market demand, development trends in the membrane industry, and its own technological reserves. Additionally, Longchen Technology and its intermediaries are asked to conduct a comprehensive self-inspection to verify the accuracy of the disclosed information.

During the review meeting, the committee mainly inquired about the stability and sustainability of the company’s operating performance and liquidity risks. The committee asked the company to explain the necessity and reasonableness of expanding new capacity in traditional applications such as power and home appliances, given the saturation of capacity in the film material industry, and to clarify the reasons for the decline in operating performance in the second half of 2025 and its rationality.

Longchen Technology mainly produces BOPP films, which are widely used in power grids, new energy vehicles, and other fields. For this IPO attempt, Longchen Technology plans to raise about 375 million yuan, which will be invested in a new electronic film material project for new energy and to supplement working capital. From the performance perspective, from 2022 to June 2025, the company’s operating income has maintained growth, with revenues of 344 million yuan, 371 million yuan, and 604 million yuan in 2022, 2023, and 2024 respectively. The company expects to achieve an operating income of 642 million yuan in 2025, a year-on-year increase of 6.4%. However, during the reporting period, the net profit attributable to the parent after deducting non-recurring gains and losses was 68 million yuan, 36 million yuan, and 67 million yuan, showing significant fluctuations. The company projects a net profit attributable to the parent after deducting non-recurring gains and losses of 84 million yuan in 2025, a year-on-year increase of 24%.

Currently, the review of IPO applications on the Beijing Stock Exchange is progressing steadily. Next week, three companies will be reviewed: Ruixiang Intelligent on March 4, and Qiaolu Ming and Deshuo Technology on March 5.

Text / Beijing Youth Daily Reporter Zhu Kaiyun

Photography / Beijing Youth Daily Reporter Zhang Xin

Editing / Li Tao