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The second largest IPO on the Beijing Stock Exchange has a new development. Chengdu Great Wall Kaifa Technology Co., Ltd. (hereinafter referred to as "Kaifa Technology") received the third round of IPO review inquiry letter on August 19. After three rounds of inquiries from regulators, Kaifa Technology's rush to A-shares has many doubts. The prospectus shows that Kaifa Technology plans to raise 1.017 billion yuan in its initial public offering, of which 300 million yuan will be used to supplement working capital. However, the company has sufficient cash funds on its account behind the fundraising and cash dividends have been paid for years before the IPO application.

The second largest IPO on the Beijing Stock Exchange

The official website of the Beijing Stock Exchange shows that Kaifa Technology's IPO was accepted on December 12, 2023, entered the inquiry stage on January 10, 2024, and on August 19, the company received the third round of IPO review inquiry letter.

It is understood that Kaifa Technology's main business is the research, development, production and sales of smart metering terminals such as smart electricity, water and gas meters and AMI system software. It is one of the earliest companies in the world to participate in the research and development and deployment of smart meters.

Behind the Beijing Stock Exchange, Kaifa Technology has achieved outstanding performance in the first half of 2023. The financial report shows that from 2020 to 2022 and the first half of 2023, the company's operating income was approximately RMB 2.138 billion, RMB 1.475 billion, RMB 1.791 billion, and RMB 1.299 billion, respectively, and the corresponding attributable net profits were approximately RMB 326 million, RMB 208 million, RMB 183 million, and RMB 243 million, respectively.