Huishan Technology's IPO on the Shenzhen Stock Exchange has been temporarily suspended. In 2022-2024, their ice-making machine products ranked first in the domestic market share.

On January 22, the announcement of the results of the fourth review meeting of the Shenzhen Stock Exchange Listing Review Committee in 2026 showed that the initial public offering (IPO) of Ningbo Huikang Industrial Technology Co., Ltd. (referred to as "Huikang Technology") was temporarily postponed. The Shenzhen Stock Exchange requested the following: 1. The company representative should explain whether the adverse factors affecting the company's operational performance in 2025 have been eliminated, and whether the company's performance after the period has sustainability, taking into account the competitive landscape of the ice making machine industry, post-period exchange rate fluctuations, outstanding orders, sales prices and pricing capabilities, as well as the situation of the intelligent manufacturing production base project in Thailand for refrigeration equipment. The sponsoring representative is requested to express a clear opinion. 2. The company representative should explain whether there are related relationships between the main suppliers and the company and its affiliates, and whether the related information disclosure is true, accurate, and complete, taking into account the equity history, cooperation history, procurement pricing methods, settlement methods, payment periods, and fair prices of the main suppliers. The sponsoring representative is requested to express a clear opinion. 3. The company should explain whether there are related relationships between the main suppliers and the company and its affiliates, and whether the related information disclosure is true, accurate, and complete, considering the equity history, cooperation history, transaction prices, etc. The sponsoring representative and company lawyer are requested to express a clear opinion. The prospectus shows that Huikang Technology focuses on the refrigeration field and is a national high-tech enterprise with refrigeration equipment research and development, production, and sales as its core business. Its main products include ice making machines, refrigerators, refrigerated cabinets, wine cabinets, etc., mainly used in civil and commercial sectors. With a diverse product matrix, reliable quality assurance, efficient delivery system, and flexible customization capabilities, the company's core product, ice making machines, has successfully covered more than 80 countries and regions globally, including China, the United States, Canada, Australia, Mexico, Germany, Sweden, Brazil, and other major markets. The company has strong market competitiveness and a leading industry position in the ice making machine field, with its domestic market share ranking first in the internal sales market for ice making machine products and domestic civil market share ranking first from 2022 to 2024; ranking at the forefront in the global ice making machine market and ranking first in the global civil market share. During the reporting period, the company's main business income breakdown by product type was as follows: