In 2026, the first IPO withdrawal company appeared!
According to the prospectus, Yadian Science and Technology originally planned to raise 950 million yuan , of which 718 million yuan was used for the industrialization of high-end semiconductor equipment and the research and development of advanced process semiconductor technology, and 82.45 million yuan was used for the research and development of advanced process wet cleaning equipment. 1.
However, before Yadian Technology responded to the exchange's inquiry, the road to listing had come to an abrupt end. Is it behind
this that the core qualifications of enterprises, such as their own operation and finance, can not withstand regulatory inquiries? Or is it impacted by unexpected factors such as the external environment and finally forced to choose to stop?
But in fact, it is not difficult to find out the details disclosed in the prospectus that the termination of its IPO has already been traced .
Over 90%! Since its establishment, Yadian Technology has focused on the R & D, production and sales of wet cleaning equipment in silicon-based semiconductors, compound semiconductors and photovoltaic fields.
According to the prospectus, Yadian Technology is the first domestic enterprise to realize the large-scale production of 8-inch high-temperature phosphoric acid tank wet cleaning equipment, and has also laid out 8-inch silicon carbide wet cleaning equipment, which has a certain competitiveness in the domestic manufacturers of mature process tank wet cleaning equipment.
From 2022 to 2024, the business of Yadian Science and Technology has gradually expanded, with its main business income of 121 million yuan, 441 million yuan and 5. In 2024, the company has become the top four in the domestic market share of domestic semiconductor wet cleaning equipment, including in the field of trough wet cleaning equipment. The domestic market share ranks second among domestic brands.
With the development of enterprises rising step by step, Yadian Technology hesitates to meet and plan for IPO, hoping to help the company develop faster with the help of capital. However, it took the initiative to terminate the plan in less than seven months, which was due to the drag of its own business shortcomings and the sniping from external competitors.
From the perspective of customer composition, there are many partners of Yadian Technology
The prospectus clearly discloses that in 2022-2024, the sales of the top five customers of the company accounted for more than 70% of the main business income , and the customer concentration remained high. However, in the first half of 2025, Yadian Technology not only failed to adjust in time, but also further aggravated its concentration risk.
Data show that during the reporting period, the proportion has soared to 92. What is more striking is that during the reporting period, only Longji Green Energy has contributed more than 50% to the business income of Yadian Technology.
According to industry media reports in November 2025, during the critical period of Yadian Technology's IPO audit, Jiejia Weichuang, the leading photovoltaic equipment company, sued Yadian Technology and its core customer Longji Green Energy for infringement of intellectual property rights . Sources said that the case has been accepted by the court, but the details have not yet been made public.
In the sensitive stage of IPO review, the fermentation of such litigation rumors will directly impact the confidence of the capital market. Under the internal and external troubles, the IPO "breakthrough" road, which lasted less than seven months, was terminated.
In fact, the use of patent litigation to accurately "snipe" competitors during the critical period of IPO has long been a common means in the industry. Especially in silver paste , equipment, " prior to the launch of Laplace on the eve of the launch. It was sued by companies such as Jiejia Weichuang and Microconductor Nano in patent lawsuits. During the critical period of inquiry, Juhe Materials was also held back by Dike through patent issues. Such cases often take three to five years, and even if they win, they are enough to slow down the process of listing. This lawsuit is undoubtedly a fatal blow to Yadian Technology, which is
already plagued by problems.
In addition, Yadian Technologies disclosed some patent disputes in the prospectus, but only missed the lawsuit with Jiejia Weichuang, the leading photovoltaic company, which will undoubtedly touch the red line of the integrity of information disclosure by regulators .
Who panics the most?
It is understood that in the process of equity financing, in order to attract investment, Qian Cheng, the actual controller of Yadian Science and Technology, has signed a series of gambling agreements with some investors since August 2019. It is agreed that if the company withdraws its application for listing or is terminated , the investor has the right to request Qian Cheng to fulfill his obligation of share repurchase .
Now Yadian Technology's IPO has been terminated. It means that Qian Cheng may face more than 1 billion yuan of equity repurchase pressure.
In addition, industry insiders pointed out that the photovoltaic industry will accelerate its liquidation in 2026, and the market will continue to hover at the bottom. Longji Green Energy, the core customer of Yadian Technology, has already lost 6 billion yuan to 6.5 billion yuan in 2025. It can be predicted that the challenges it will face in 2026 will be even more arduous. The high customer dependence of Yadian Technology will undoubtedly be its fatal hidden danger .
Therefore, for Yadian Technology, the current primary task is to focus on the lawsuit of Jiejia Weichuang; at the same time, it should actively explore new customers, reduce the dependence on a single customer, and enhance its ability to resist risks.
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