Xinmai Machinery's Shenzhen Stock Exchange IPO has been terminated. The company specializes in the research, development, production, sales, and service of commercial baking equipment.

On August 2, Xinmai Machinery (China) Co.,Ltd. (referred to as Xinmai Machinery) terminated its IPO on the Shenzhen Stock Exchange's Growth Enterprise Board. This decision was made as Xinmai Machinery and the sponsor withdrew their application for listing, in accordance with Article 62 of the Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (Revised in 2024). According to the prospectus, Xinmai Machinery is engaged in the research and development, production, sales, and servicing of commercial baking equipment. The equipment produced by the company is used in the complete production process and sales display of various types of baked goods such as bread, toast, cakes, cookies, pizza, and pastry. The company's commercial baking equipment includes machine-type commercial baking equipment with machine operation as the main feature, oven-type commercial baking equipment with heating elements, proofing-type commercial baking equipment with proofing as the main function, and other commercial baking equipment. In addition, the company also produces other kitchen equipment that is not classified as commercial baking equipment, such as fryers, refrigerators, freezers, and washing equipment, and provides various equipment accessories. Participants in the commercial baking equipment industry include a large number of small and medium-sized enterprises, medium to large enterprises, and leading enterprises. According to statistics from Zhushi Consultancy, the market size of commercial baking equipment in mainland China was approximately 4.08 billion RMB in 2021, with the top five commercial baking equipment manufacturers holding a market share of around 23.7%. Xinmai Machinery had a revenue of approximately 480 million RMB from commercial baking equipment in mainland China in 2021, accounting for about 11.9% market share, ranking first in mainland China. In the global market, compared to foreign large enterprises, the company's establishment time, total number of employees, global subsidiaries, and global market coverage are generally weaker, mainly because foreign large enterprises have developed over several decades or even hundreds of years, with larger production scale, diverse product categories, and a larger number of employees and overseas branches. However, Xinmai Machinery still leads in terms of the number of patents and branches in mainland China compared to foreign large enterprises. Financially, in the fiscal years 2021, 2022, and 2023, Xinmai Machinery achieved revenues of approximately 0.968 billion, 0.856 billion, and 0.989 billion RMB respectively, with net profits of approximately 0.141 billion, 0.123 billion, and 0.184 billion RMB respectively during the same period.