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Rui Finance Deng RufeiOn August 12, the Shanghai Stock Exchange resumed the IPO registration procedures for Chengdu Jiachi Electronic Technology Co., Ltd. (hereinafter referred to as "Jiachi Technology").

On June 19, 2023, at the 54th review meeting of the Listing Review Committee in 2023, Jiachi Technology successfully passed the review. However, since then, the progress of Jiachi Technology's IPO has slowed down.

It was not until March 22, 2024, 9 months after passing the review of the Shanghai Stock Exchange Listing Committee, that Jiachi Technology's IPO obtained the opportunity to submit its registration to the China Securities Regulatory Commission, taking the final step towards listing.

However, in May 2024, Jiachi Technology suspended its IPO issuance registration procedures because its sponsor, West China Securities Co., Ltd. (hereinafter referred to as "West China Securities"), was subject to regulatory measures restricting its business activities by the China Securities Regulatory Commission.

On the evening of April 12, 2024, West China Securities issued an announcement stating that on the previous day, it had received a prior notice of administrative supervision measures from the Jiangsu Regulatory Bureau of the China Securities Regulatory Commission. Due to a number of problems in its due diligence work during the practice of a certain private placement of stock underwriting project, it was suspected of not performing its due diligence diligently and responsibly, and it was proposed to take regulatory measures to suspend its underwriting business qualifications for 6 months.

On May 5, 2024, West China Securities announced again that the Jiangsu Securities Regulatory Bureau decided to suspend the company's underwriting business qualifications for 6 months, from April 28 to October 27, 2024.

Returning from the "suspended" status to the registration process, the sponsor of Jiachi Technology's IPO has been changed from West China Securities to CITIC Securities Co., Ltd. (hereinafter referred to as "CITIC Securities").