Longtaitong Technology's ChiNext IPO "terminated (withdrawn)"

On May 17th, Dongguan City Langtong Technology Co., Ltd. (referred to as Langtong Technology) terminated its IPO on the ChiNext board of the Shenzhen Stock Exchange. This was due to Langtong Technology and the sponsor withdrawing their application for listing. According to Article 62 of the Shenzhen Stock Exchange Rules for the Review of Stock Issuance and Listing, the Shenzhen Stock Exchange decided to terminate the IPO review. Langtong Technology planned to raise a net amount of 702 million yuan through this stock issuance, with the funds intended for the construction of the Langtong Lithium Iron Phosphate Battery Production Base Project, the Langtong Research and Development Center Project, and for working capital. According to the prospectus, the company is mainly engaged in the research, development, production, and sales of lithium-ion batteries, nickel-metal hydride batteries, and PACK battery packs. They can provide customers with a full range of products including battery cells and PACK battery packs, primarily used in the energy storage, small power, and consumer sectors. The energy storage products are mainly used in the home energy storage, portable energy storage, and general energy storage markets, while the small power products are mainly used in the electric low-speed vehicle market, and the consumer products are mainly used in the 3C digital and personal care markets. The company is one of the core suppliers of large cylindrical battery cells and PACK battery packs in the energy storage industry. The sponsor institutions for Langtong Technology's ChiNext IPO on the Shenzhen Stock Exchange in this instance were Sinolink Co., Ltd., the accounting firm was Daxin Accounting Firm (Special General Partnership), and the law firm was Zhong Lun Law Firm in Beijing. For the fiscal years 2021, 2022, and 2023, the company's operating income was 961 million yuan, 1.045 billion yuan, and 1.159 billion yuan respectively. The net profit attributable to the parent company was 66.0723 million yuan, 85.099 million yuan, and 89.4428 million yuan respectively.