Xinxing Tools' IPO on the Shanghai Stock Exchange has been terminated. Its core product, the steel plate drill, is ranked first in market share in the domestic market.

On July 19, Zhejiang Xinxing Tools Co., Ltd. (referred to as Xinxing Tools) had their IPO review status on the Shanghai Stock Exchange changed to terminated. This was because Xinxing Tools and their sponsor withdrew their application for listing. According to the relevant provisions of the "Shanghai Stock Exchange Rules for the Review of Stock Issuance and Listing" Article 63, the Shanghai Stock Exchange terminated their IPO review. According to the prospectus, Xinxing Tools is a leading domestic manufacturer of hole machining tools, focusing on the research, production, and sales of drilling tools since its establishment, forming a series of circular drilling products, solid drilling products, and related accessories. Xinxing Tools products are widely used in steel structure engineering, rail transportation, shipbuilding, energy equipment, mechanical manufacturing, petroleum engineering and CNC machining fields. The company's end customers include national railways, China National Nuclear Corporation, Bosch, Emerson, Fanuc, and other domestic and foreign enterprises, with products used in famous engineering projects like Qinshan Nuclear Power Plant, Shanghai Maglev Train Project, Donghai Bridge, San Francisco Bay Bridge, and Busan Dongdaegyo Bridge. According to the proof issued by the Tool Sub-Association of China Machine Tool Industry Association, the company's core product, steel plate drilling, ranks first in market share in the domestic market. The funds raised in this offering will be used for investment in the following projects: As for financial performance, in 2020, 2021, and 2022, Xinxing Tools achieved revenues of approximately RMB 315 million, 385 million, and 391 million respectively, with net profits of 134 million, 171 million, and 172 million yuan.