Landsea New Energy terminated its application for an IPO on the Shenzhen Stock Exchange main board. Its main business involves hydroelectric power generation, photovoltaic power generation, wind power generation, and more.

On March 8, Guangxi Beibu Gulf Land and Sea New Energy Co., Ltd. (referred to as Land and Sea New Energy) had its IPO status on the Shenzhen Stock Exchange changed to "terminated." This decision was made as Land and Sea New Energy applied to withdraw its application for initial public offering and listing on the main board, in accordance with Rule 62 of the Shenzhen Stock Exchange's Stock Issuance and Listing Review Rules. The prospectus indicates that Land and Sea New Energy's main business is the investment, development, construction, and operation management of renewable energy projects such as hydroelectric power generation, photovoltaic power generation, and wind power generation. As of March 31, 2023, the company's controlled installed capacity in operation was 1.0404 million kilowatts, with a total installed capacity of 708,500 kilowatts for hydroelectric power projects and 331,900 kilowatts for photovoltaic power projects. It has now become a leading state-owned enterprise in the field of renewable energy in Guangxi. During the reporting period, the company's market share in the hydroelectric and photovoltaic power industry in Guangxi has remained stable, with its installed capacity and power generation of hydroelectric and photovoltaic power ranking at the forefront in Guangxi. As of the date of this prospectus, the company has reserved construction indicators for 1.3 million kilowatts of wind power generation and 300,000 kilowatts of photovoltaic power generation and is actively advancing related preliminary work to ensure the early grid connection and production of these projects, further improving the company's layout in the field of renewable energy. Financially, in 2020, 2021, 2022, and January to March 2023, Land and Sea New Energy achieved operating income of approximately 909 million yuan, 890 million yuan, 927 million yuan, and 123 million yuan respectively; during the same period, the company achieved net profits of approximately 314 million yuan, approximately 287 million yuan, approximately 298 million yuan, and -10.40 million yuan respectively. It is worth noting that Land and Sea New Energy mentioned in the prospectus that the company faces risks of a decrease in grid electricity prices and subsidies. It stated that since 2014, the National Development and Reform Commission has adjusted the benchmark grid prices for photovoltaic and wind power generation several times. In 2019, the NDRC successively issued documents further promoting the construction of parity grid connection projects. As of June 2021, the NDRC announced that from 2021 onwards, new centralized photovoltaic power projects, commercial and industrial distributed photovoltaic projects, and newly approved onshore wind power projects will no longer receive subsidies from the central government, effective from August 1, 2021. Therefore, the company's future investments in photovoltaic and wind power projects may face risks of a decrease in grid electricity prices and subsidies.