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shenzhen business daily·duchuang client reporter zhu feng

according to the information on the shanghai stock exchange website on september 21, the shanghai stock exchange listing review committee is scheduled to hold the 23rd listing review committee review meeting in 2024 on september 27, 2024, at which time the initial public offering of hubei xingfu electronic materials co., ltd. (hereinafter referred to as "xingfu electronics") will be reviewed. the company also submitted a draft prospectus for listing on the shanghai stock exchange science and technology innovation board.

it is worth mentioning that xingfu electronics is a subsidiary of the listed company xingfa group (600141), and this ipo is a spin-off listing.

previously, xingfu electronics had responded to two rounds of review inquiry letters, and issues such as independence, related-party transactions, and competition among peers were the focus of regulatory attention.

▌related-party transactions and corporate independence are under regulatory scrutiny

according to the prospectus, xingfu electronics was established in 2008 and is mainly engaged in the research and development, production and sales of wet electronic chemicals. the company's main customers include tsmc, sk hynix, smic, yangtze memory technologies, huahong group, changxin memory technologies, byd semiconductor, shenzhen huaxing optoelectronics and many other well-known domestic and foreign integrated circuit and display panel industry companies.

in terms of equity structure,xingfa group directly holds 55.29% of xingfu electronics' shares and is the company's controlling shareholder.xingfa group is a subsidiary of yichang xingfa, and yichang xingfa is the company's indirect controlling shareholder.