Megagroup Technology's IPO on the Shenzhen Stock Exchange has been terminated, providing IT solutions for bank investment management businesses.

On July 12th, Anhui Zhaoyin Information Technology Co., Ltd. (Zhaoyin Technology) had its IPO review status changed to terminated by the Shenzhen Stock Exchange. This was due to Zhaoyin Technology and the sponsor withdrawing their application for listing, in accordance with the "Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (Revised in 2024)" Article 62, the Shenzhen Stock Exchange decided to terminate its IPO review. According to the prospectus, Zhaoyin Technology is one of the leading domestic providers of IT solutions for bank investment management businesses, offering software development and technical services to predominantly bank financial institutions, primarily used in areas such as bank wealth management, investment banking, proprietary fund investments, and related fields. The company's independently developed asset management systems, asset securitization systems, fund management systems, etc., serve as full-process information management systems for the corresponding business of banks, aiding clients in standardizing management processes, enhancing operational efficiency, and controlling business risks. According to an IDC report, in 2022, the company ranked second in market share in the banking financial market business (mainly including asset management, investment banking, proprietary trading, custody, etc.) system segmentation fields. As of June 30, 2023, the company has provided related software products and services to a total of 195 bank clients, including one developmental financial institution, six large state-owned commercial banks, twelve joint-stock commercial banks, eighteen bank wealth management subsidiaries, eighty-two city commercial banks, and thirty-two rural commercial banks. The net proceeds from this offering, after deducting issuance expenses, will be used for the following projects: On the financial side, Zhaoyin Technology achieved revenues of approximately RMB 316 million, RMB 444 million, RMB 493 million, RMB 243 million in the years 2020, 2021, 2022, and for January to June 2023 respectively, with net profits of approximately RMB 10.95 million, RMB 57.34 million, RMB 51.78 million, RMB 13.89 million respectively.