Following Yadian Technology, another photovoltaic company stopped its IPO .
On February 7, the Shenzhen Stock Exchange has terminated the audit of its GEM IPO because Wuxi Jiangsong Science and Technology Co., Ltd. (Hereinafter referred to as "Jiangsong Science and Technology"), a photovoltaic equipment company , and its sponsors voluntarily withdrew their application for listing.
However, only three months later, Jiangsu Science and Technology was forced to suspend the first round of IPO audit because of the expiration of financial information.
In order to restart its IPO audit as soon as possible, Jiangsong Technologies immediately updated and submitted relevant financial information in December of that year, and completed its response to the Shenzhen Stock Exchange's inquiry in January 2026. But unexpectedly, while waiting for the listing committee to consider, Jiangsong Technologies suddenly withdrew its IPO application voluntarily.
At this point, the listing took nearly eight months to break through, and finally ended with "active termination" . With
a halo!
It is reported that the company's products cover the main processes of photovoltaic cells, such as diffusion annealing, PECVD, wet process, and is one of the few domestic manufacturers that can provide a complete set of integrated solutions for photovoltaic cell automation equipment.
From 2022 to 2024, Jiangsong's science and technology business expanded rapidly, with its business income rising from 807 million yuan to 2.019 billion yuan . The net profit attributable to the parent company increased from 88 million yuan to 1.
By virtue of its leading product strength, Jiangsong Science and Technology has won many honors such as "Jiangsu Province's Specialized, Special and New Small and Medium-sized Enterprises in 2023" and "Jiangsu Province's Private Science and Technology Enterprises", with its market share ranking the top three in the industry and the first echelon.
Taking advantage of the momentum of development, Jiangsong Science and Technology is planning an IPO with the intention of climbing the peak again with the help of capital. Surprisingly, however, only one month after responding to the Shenzhen Stock Exchange's inquiry, the company suddenly pressed the "pause button" for listing.
The sprint is imminent!
From the content of the inquiry, the regulator focused on the three core issues of Jiangsong Science and Technology: the sustainability of performance under the downward cycle of the industry, the hidden worries of the single technical route, and the rationality of the project.
First, in the context of the downward cycle of the industry, the Shenzhen Stock Exchange questioned the sustainability of the performance of Jiangsong Science and Technology. From
2022 to 2024, the photovoltaic industry set off a wave of transformation from PERC to TOPCon technology, and the huge demand for equipment renewal brought industry dividends to the "shovel sellers" who accurately bet on the TOPCon route.
With this east wind, Jiangsong Science and Technology has risen rapidly, its revenue and net profit have doubled synchronously, and the proportion of related equipment revenue has increased year by year, reaching 97% in the first half of 2025.
Downstream photovoltaic cell manufacturers generally fell into a loss, the pace of expansion slowed down, Jiangsong technology orders also ushered in a cliff-like slump .
First, the company's new orders dropped sharply from 4.986 billion yuan in 2023 to 472 million yuan in 2024, and only 3.In just two and a half years, its future revenue orders have shrunk by more than 90% .
orders is bound to directly lower the company's performance expectations.
According to the prospectus, affected by the accelerated liquidation of photovoltaic production capacity, Jiangsu's scientific and technological performance may decline sharply in 2025, and only 1.518 billion yuan of revenue can be achieved under pessimistic circumstances. Net profit 1.
In addition, behind the brilliant performance of Jiangsong Science and Technology, there are multiple hidden worries at the operational level.
According to the disclosure, the company's asset-liability ratio soared to 91.59% in 2023 ; Although by the end of June 2025, this indicator has fallen back to 74.
Cash flow is also worrying , the net cash flow generated by Jiangsong Science and Technology Business Activities in 2024 is-118 million yuan, compared with 3.
The company still has high accounts receivable, which has reached 6 by the end of June 2025. The high concentration of customers makes the problem of Jiangsong Technology's repayment worse: in the first half of 2025, the top five customers of the company contributed more than 53% of the revenue. Only so far, Jiangsong Science and Technology is facing various difficulties, such as a sharp decline in orders, a sharp decline in performance growth, and a high debt ratio." It is enough to cause regulators to question its performance independence and sustainability.
Secondly, the technical route is single, and the core competitiveness of the company is tortured by Shenzhen Stock Exchange.
As mentioned, the rise of Jiangsong Science and Technology is inseparable from the precise bet on TOPCon technology. But "success is also Xiao He, failure is also Xiao He", the technology that once helped it stand on the draught has now become the shackles that trap it.
At present, the market share of TOPCon technology in photovoltaic industry has reached its peak and the demand for equipment has slowed down, while other new technologies such as HJT, XBC and perovskite in the company's layout are still in the stage of development and difficult to take the lead . Special attention
should be paid to the fact that GEM has more stringent requirements for R & D investment and R & D personnel, but Jiangsong Science and Technology relies on reducing R & D investment in 2024, when the industry shrinks and orders drop sharply .
According to the prospectus, the R & D expenditure of Jiangsong Science and Technology in the first half of 2025 accounted for only 3.12% of its revenue , far below the industry average of 7.
But after the Shenzhen Stock Exchange inquiry, it deleted this statement, which undoubtedly greatly reduced the authenticity of its core competitiveness.
Thirdly, Shenzhen Stock Exchange has doubts about the "rationality" of Jiangsong Science and Technology Investment Project.
According to the prospectus, Jiangsong Science and Technology originally planned to raise funds 10.
However, it should be noted that the market penetration rate of TOPCon technology has approached saturation, and the demand for equipment has slowed down significantly. Jiangsong Science and Technology still plans to invest in fund-raising against the trend 2.
Although the company said in its reply that the move was to improve quality and efficiency, and also mentioned that the follow-up investment plan of downstream battery manufacturers would bring new orders, it took the initiative to withdraw in just one month, and the guilty intention could not be hidden.
In addition, regulators also highlighted in the inquiry letter that Jiangsong Technologies carried out large-scale production cuts and layoffs in 2024, and the number of employees dropped sharply from about 1800 at the beginning of the year to 887 at the end of the year, a reduction of more than 50%.
On the one hand, the scale of personnel has been "cut in half" and the operation has contracted substantially, while on the other hand, it has spent a lot of money on the layout of new production lines. Such a contradictory operation has added to the doubts of the regulatory authorities about its strategic planning.
Postscript
, however, the Jiangsong Technology IPO failed, the most urgent is the company's actual controller Zuo Guisong .
Back in 2020-2024, in order to introduce Zheng Kaiming, Juyuan Investment, Sucheng Venture Capital and other investors, the actual controller Zuo Guisong signed a share repurchase agreement with these capital parties, which stipulated that if the company withdrew its listing application and was terminated, Zuo Guisong would have to fulfill his share repurchase obligations.
Now, with the termination of IPO, a "real gold and silver" cashing test has been placed in front of Zuo Guisong.
In addition, with the accelerated liquidation of the photovoltaic industry in 2026, the most urgent task for Jiangsong Science and Technology, which is already short of funds, is to "survive" first : grasp the cash flow, strictly manage the cold winter, and grasp the quick recovery of accounts receivable. Only when the "hay" is ready, can we get through this difficult situation.
At the same time, the company needs to plan for the future and establish differentiated competitiveness in the next generation of battery technology and equipment as soon as possible. After all, the value of photovoltaic equipment enterprises ultimately depends on < a href = "https://www.databm." surviving the darkest hour of 2026 and accumulating enough technology in the cold winter. When the industry recovers, Jiangsong Science and Technology may be able to knock on the door of the capital market with a new attitude.
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