Wan Chuang Technology's Shenzhen Stock Exchange IPO has been "terminated (withdrawn)" as it continues to focus on the field of Internet of Things communication and control products.

On November 2, Chengdu Wanchuang Technology Co., Ltd. (referred to as Wanchuang Technology) had the status of their IPO application on the Shenzhen Stock Exchange changed to "terminated (withdrawn)." This was due to the withdrawal of the issuance and listing application by Chengdu Wanchuang Technology Co., Ltd. and their sponsor. According to Article 62 of the Shenzhen Stock Exchange Stock Issuance and Listing Review Rules, the Shenzhen Stock Exchange decided to terminate the review for their listing. According to the prospectus, Wanchuang Technology is a high-tech company that provides IoT communication and control products for customers. The company's products include IoT gateways, mobile communication terminals, and IoT control devices. As of December 31, 2022, the company has been granted 107 patents and 61 software copyrights. Currently, the company's clients include world-renowned enterprises and listed companies such as Arrow, Qolsys, Nautilus, Wayne, MSA, Bosch, Hydrow, and Honeywell. The company's products have been widely used in industries such as smart manufacturing (industrial Internet), smart buildings, intelligent sports equipment, and smart prisons. In terms of financials, in 2020, 2021, and 2022, the company achieved operating revenues of approximately 262 million, 407 million, and 435 million RMB respectively. During the same periods, the company achieved net profits of 28.68 million, 45.18 million, and 79.94 million RMB respectively. In their prospectus, Wanchuang Technology warned about the risk of their net cash flows from operating activities being lower than their net profit. During the reporting period, the company's net cash flows from operating activities were 27.26 million, -79.32 million, and 129 million RMB respectively, indicating a negative or lower than net profit situation. The significant increase in accounts receivable and inventory is the main reason for the company's net cash flows from operating activities being lower than net profit. The company's business scale continues to expand, resulting in a significant need for funds in production, operation, and research and development. If the company cannot arrange the use of funds properly, it may have a certain impact on the company's liquidity and operational stability.