The first IPO termination on the Sci-Tech Innovation Board in 2026 has arrived swiftly. Recently, Jiangsu Yadian Technology Co., Ltd. (hereinafter referred to as Yadian Technology) and its sponsor, Huatai United Securities, withdrew their application for issuance and listing, leading the Shanghai Stock Exchange to promptly terminate the review. This also signifies that Yadian Technology has become the first, and so far the only, company to have its listing review terminated on the Sci-Tech Innovation Board this year.
From a timeline perspective, the progress of this IPO was not particularly slow. Yadian Technology's application was accepted on June 27, 2025, and it received the first round of inquiries as early as July 21. However, after that, the responses to these inquiries were never published online. Six months later, the company opted to withdraw its application, effectively pressing the stop button on the entire review process.
Regarding the reasons for the withdrawal, Yadian Technology's public statements have been relatively restrained. The company's board secretary's office responded to media inquiries, stating that the withdrawal was an adjustment made based on the company's own business development and strategic planning, combined with recommendations from the exchange; the procedures related to the IPO withdrawal are still being processed, primarily involving the withdrawal process for the previously submitted application materials, and they are temporarily not accepting further investor inquiries, with subsequent developments to be announced via official notices.
Nevertheless, there are several points of market interest surrounding this company. The prospectus reveals that Yadian Technology's main business is semiconductor wet cleaning equipment, with products covering both the semiconductor and photovoltaic manufacturing sectors. Although the company positions itself in the specialized equipment manufacturing for semiconductor devices, its performance structure during the reporting period showed a distinct photovoltaic hue.
In the first half of 2025, Yadian Technology's sales of specialized photovoltaic wet process equipment and supporting products and services to Longi Green Energy Technology Co.,Ltd. amounted to 137 million yuan, accounting for 51.91% of its main business revenue, meaning a single client contributed over half of its income. During the same period, the concentration of revenue from the company's top five clients was also notably high.
Aligning with the high revenue concentration were fluctuations in payment collection rhythms and cash flow. Yadian Technology employs a "3331" payment model with its major clients, where the acceptance payment and warranty retention have relatively long collection cycles. During the reporting period, the net cash flow from the company's operating activities was not smooth, turning negative in some periods, while the scale of accounts receivable increased significantly alongside business expansion.
At the equity level, the withdrawal has also triggered significant external attention. The prospectus discloses that the repurchase obligation clauses at the company level have been irrevocably terminated and are void from the outset; however, historical valuation adjustment mechanisms between the actual controller and some shareholders stipulated that the repurchase obligations would terminate upon acceptance of the IPO application, but would automatically revive if the application was withdrawn or the listing process terminated.
Furthermore, the company also highlighted risks related to government subsidies in its prospectus. Yadian Technology had received government subsidies totaling 60 million yuan, which were tied to tax and listing performance conditions, and were recorded as deferred income based on the prudence principle. If the relevant performance conditions are not met in the future, there is a possibility that the subsidies may need to be refunded, which could subsequently impact the company's fund arrangements.
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