Jinyi New Materials' IPO on the Shanghai Stock Exchange's Sci-Tech Board has been terminated. The company holds the largest sales volume in the field of inorganic functional powder for copper clad laminates.

On February 13, Suzhou Jinyi New Material Technology Co., Ltd. (hereinafter referred to as "Jinyi New Material")'s IPO on the Shanghai Stock Exchange's Science and Technology Innovation Board was terminated. Jinyi New Material and its sponsor withdrew their IPO application, and according to the relevant provisions of Article 63 of the "Shanghai Stock Exchange Stock Issuance and Listing Review Rules", the Shanghai Stock Exchange terminated its IPO review. The prospectus shows that Jinyi New Material is committed to innovative research and development and industrial applications in the new materials field, and is a national high-tech enterprise and a national "specialized and fine-grained" small and medium-sized enterprise that specializes in the research, production, and sales of advanced inorganic non-metallic powder materials. The Company's current main products include four categories: electronic information functional materials, heat dissipation and heat dissipation functional materials, coating functional materials, and other emerging functional materials. Electronic information functional materials are mainly applied to various levels of printed circuit boards, including IC substrates, and heat dissipation and heat dissipation functional materials are mainly applied to high-heat-conductivity glue or ceramic heat dissipation substrates. According to the certification of China Electronic Materials Industry Association's Printed Circuit Board Materials Branch, Jinyi New Material's global market share in high-purity ultra-fine silica powder was about 18% in 2019, and its market share has risen rapidly since then. In 2020, it accounted for about 22% of the whole year, reaching 25% in 2021, and its average global market share of high-purity ultra-fine silica powder products during 2022-2023 was about 25%, ranking second in China. According to data from the China Industry Research Institute, Jinyi New Material ranked first in the domestic market in terms of sales revenue of inorganic functional powders used in printed circuit boards in 2021. According to the China Nonmetallic Minerals Industry Association, the Company's sales scale in the field of inorganic functional powders used in printed circuit boards ranked first in China. The net proceeds of the issuance after deducting the issuance expenses will be used for the following projects: Financially, Jinyi New Material's revenue was RMB325 million in 2021, RMB429 million in 2022, RMB520 million in 2023, and RMB337 million in the first half of 2024, and its net profit was about RMB34.73 million, RMB50.80 million, RMB66.04 million, and RMB43.81 million, respectively, during the same period.