BaiTu Corporation's IPO on the Shenzhen Stock Exchange's Growth Enterprise Board has been "terminated" (withdrawn). Its main business is the production, research, and sales of advanced inorganic non-metallic thermal conductive powder materials.

On February 28, Bai Tu High-tech Materials Co., Ltd. (referred to as Bai Tu) had its IPO review status on the Shenzhen Stock Exchange ChiNext board changed to "terminated" (withdrawn). On February 24, Bai Tu applied to withdraw its application for listing and issuance. According to Article 62 of the Stock Issuance and Listing Review Rules of the Shenzhen Stock Exchange, the Exchange decided to terminate the review of its initial public offering of shares and listing on the ChiNext board. According to the prospectus, the company's main business is the research, production, and sales of advanced inorganic non-metallic thermal conductive powder materials. The main products include spherical alumina, submicron alumina, boron nitride, aluminum nitride, and other functional powder materials. The company is one of the earliest high-tech enterprises in China to independently design and produce spherical alumina using core equipment. After years of striving for progress and independent innovation, the company has developed a variety of high-performance thermal conductive powders. The company is at the industry-leading level in research and development capabilities, process level, product performance, and market share. In addition to domestic sales, the products are also sold to overseas markets such as the United States, Europe, and South Korea. The main raw materials required for production are high-temperature alumina, industrial alumina, and hexagonal boron nitride. According to statistics from the Gaogong Industry Research Institute, in 2022, the company's global market share in the field of spherical alumina is approximately 15%, with shipments ranking first in China and second globally. The company is currently a national-level specialized and new "Little Giant" enterprise, a national high-tech enterprise, a specialized and new small and medium-sized enterprise in Sichuan Province, and a new economic demonstration enterprise in Sichuan Province, with a Sichuan Province enterprise technology center. In 2020, 2021, and 2022, the company's operating income was 172.84 million yuan, 262.85 million yuan, and 349.63 million yuan respectively, with a compound annual growth rate of 42.22%; the net profit attributable to the parent company's shareholders (before and after deducting non-recurring gains and losses) was -22.37 million yuan, 59.70 million yuan, and 80.61 million yuan respectively. In the years 2020-2022, the company's operating income and net profit attributable to the parent company's shareholders (before and after deducting non-recurring gains and losses) have remained on an upward trend. During the reporting period, the company's operating income and net profit mainly came from the production of advanced inorganic non-metallic thermal conductive powders based on core technology.