Fenni Technology's IPO on the Shenzhen Stock Exchange Main Board has been terminated. The company is carrying out integrated research and development, production and sales around heat pump products.

On September 25, Guangdong FNI Technology Co., Ltd. (referred to as FNI Technology) terminated its IPO on the Shenzhen Stock Exchange Main Board. The IPO was terminated because FNI Technology and the sponsor withdrew the application for listing. According to Article 62 of the "Shenzhen Stock Exchange Stock Issue and Listing Review Rules (2024 Revision)", the Shenzhen Stock Exchange decided to terminate the review for its listing. According to the prospectus, FNI Technology is a company that conducts research and development, production, sales, and service integration around heat pump products. The company's main products are air source heat pumps and related products, with functions mainly divided into swimming pool constant temperature hot water, heating (cooling), domestic hot water, and drying, widely used in three major areas: home, commercial, and industrial and agricultural. Since its establishment, the company has adhered to independent research and development. With the founder and core technical team's research and years of technical accumulation in heat pumps, as of December 31, 2023, the issuer has 970 domestic patents (including 159 invention patents), 9 foreign patents (including 2 invention patents), 31 computer software copyrights, and 8 works copyrights, involving various key aspects of the company's research and development, production processes, and product applications. FNI Technology's overseas customers are mainly distributed in Europe, North America, Oceania, and other regions. In response to different market and customer characteristics, the company has adopted an overseas sales model that focuses on providing ODM services to foreign customers, with a small amount of direct sales and distribution sales models retained. The company's role in ODM business is product design and development and production. During the reporting period, the proportion of overseas revenue from ODM business was 99.09%, 98.76%, and 98.27%, respectively. China's heat pump industry started relatively late, initially mainly in the form of hot water heater devices. After 2000, air source heat pump water heaters were introduced to China, followed by the emergence of several enterprises specializing in the production of air source heat pump water heaters domestically. Since 2008, with policy protection and financial support, the heat pump industry has experienced rapid development, with significant expansion in the application areas and functions of related products. The company is one of the earlier companies in China to enter the air source heat pump industry and has been focusing on the research and development, production, and sales of air source heat pump products for many years, representing a high-quality company in the industry. According to the data from the Industry Online "China Air Source Heat Pump Industry Annual Research Report (2023)", FNI Technology ranked fifth in sales in the Chinese air source heat pump industry in 2023. According to the report, the top four in sales are Midea Group Co., Ltd, Haier SmartHome, Gree Electric Appliances, Inc. of Zhuhai, and ZhongGuo Oust. From 2020 to 2022, the company ranked first in sales in the overseas market for heat pumps, with a market share of around 20% in the domestic heat pump export market in 2022. In 2023, the company ranked second in sales in the heat pump export market, with Midea Group Co., Ltd. ranking first. Financially, in 2021, 2022, and 2023, FNI Technology achieved revenues of approximately 1.694 billion, 1.863 billion, and 1.58 billion RMB respectively, with net profits of 104 million, 190 million, and 160 million RMB during the same periods.