mnlwincom| Hecheng Technology IPO Withdraws: Shenzhen Stock Exchange terminates review of originally planned raised funds of 1 billion yuan

News summary

Hecheng Technology announced the withdrawal of its main board listing applicationmnlwincom, originally planned to raise 1 billion yuan for new materials and food projects, but sponsor institution CITIC Securities also withdrew its application.

Newsletter text

[Shenzhen Stock Exchange terminates its review of listing on the main board of Hecheng Technology Co., Ltd.]

Recently, Huicheng Technology withdrew its application for initial public offering and listing on the main board. Previously, the Shenzhen Stock Exchange accepted the company's listing application documents in accordance with the law on March 3, 2023 and conducted a compliance review.

Hecheng Technology, a private high-tech enterprise, focuses on the research and development, production and sales of modified plastics, food sauces and additives, and serves its downstream customers through self-production and distribution models.

The prospectus shows that as of the signing date, Jiang Wenzhen, as the controlling shareholder of the company, directly held 58%mnlwincom. 15% of the shares, and indirectly holds 15.02% of the shares with his spouse Hu Binfeng through other companies. The two directly and indirectly hold a total of 77.72% of the shares in the company.

The company originally planned to publicly issue between 40 million and 120 million shares on the main board of the Shenzhen Stock Exchange, and planned to raise 1 billion yuan for new materials and food projects and to replenish working capital.

CITIC Securities Co., Ltd. serves as the sponsor institution (lead underwriter) of Hecheng Technology, and the sponsor representatives are Deng Jun and Shao Rongsheng.