Hainuoer's Shenzhen IPO termination. The company is positioned as a service provider for solid waste management in medium and small cities.

On July 23, Hainuoer Environmental Protection Industry Co., Ltd. (referred to as Hainuoer) terminated its IPO on the Shenzhen Stock Exchange ChiNext board. Due to the withdrawal of the issuance and listing application by Hainuoer and the sponsor, in accordance with Article 62 of the "Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (Revised in 2024)", the Shenzhen Stock Exchange decided to terminate its review for issuance and listing. According to the prospectus, Hainuoer was originally established by the founder and actual controller Mr. Luo Yili in 1990, jointly invested in by Hainuoer Limited and Haishang Equipment Leasing, focusing on urban household waste disposal business since its registration in 1999. The company positions itself as a service provider for small and medium-sized city household waste disposal and is one of the earliest pioneers in the urban household waste disposal industry in China. It has been the first to adopt the BOT, TOT, BOO franchise operating models, offering tailored comprehensive solutions for city household waste disposal, and providing integrated, professional investment, construction, and operation services for city household waste disposal. There has been no change in the main business of the issuer during the reporting period. After twenty years of development and accumulation, Hainuoer has mastered advanced technologies and processes in integrated treatment processes including household waste incineration, composting, and landfill, as well as the technologies of sanitary landfill, full incineration, and incineration power generation. It has developed a relatively complete format of household waste disposal services. The company's business is mainly concentrated in the southwest region, particularly with strong competitive advantages in the field of city household waste disposal in Sichuan Province. It was the first to invest, build, and operate the Chongzhou City household waste comprehensive treatment plant in Sichuan Province in 2000 through the BOT model. After years of efforts, the company has gradually expanded its business layout to neighboring provinces such as Guangxi, Hubei, and Gansu. As of the date of signing the prospectus, Hainuoer has operated 6 household waste incineration power generation projects, 2 sanitary landfill projects, and 5 environmental sanitation service projects, with a total designed daily waste processing capacity of 5,920 tons/day and a installed power generation capacity of 138MW. In addition, the company also operates 1 domestic sewage treatment project with a designed daily sewage treatment capacity of 20,000 tons/day. The company has 2 ongoing, 2 under development, and 4 reserve household waste incineration power generation projects, with a total designed daily waste processing capacity of 4,300 tons/day. In terms of finances, in 2018, 2019, 2020, and January to June 2021, Hainuoer achieved revenues of approximately RMB 247 million, RMB 252 million, RMB 379 million, and RMB 257 million, respectively, with net profits of approximately RMB 70.77 million, RMB 71.44 million, RMB 133 million, and RMB 103 million during the same periods.