For stock investors, the premier analyst research reports offer authority, professionalism, timeliness and comprehensiveness, helping uncover potential thematic opportunities. After queuing for more than four years, Beijing Bohua Xinzhi Technology Co., Ltd. (hereinafter "Bohua Technology") has finally seen its ChiNext IPO fall through.

Recently, the Shenzhen Stock Exchange website showed that, because Bohua Technology and its sponsor withdrew the issuance and listing application, the company's ChiNext IPO was terminated. It is understood that Bohua Technology's IPO journey was lengthy: the company's IPO was accepted in June 2022, entered the inquiry stage in July of that year, and passed the listing review meeting on January 13, 2023, but there was no new progress afterward.

Bohua Technology is a high-tech enterprise focused on the field of critical equipment health management, mainly engaged in the research, development, production and sales of military equipment and industrial equipment monitoring systems and health management platforms. The prospectus showed that the specific listing standard chosen by Bohua Technology was "net profit has been positive in the most recent two years, with cumulative net profit of no less than 50 million yuan." Financial data showed that in 2020 and 2021, the company achieved attributable net profit of approximately 29.1103 million yuan and 68.6616 million yuan respectively, totaling more than 90 million yuan. However, in the first half of 2022, the company's performance fluctuated, with attributable net profit of approximately -22.3221 million yuan.

It is also worth mentioning that in August 2024, because Bohua Technology needed to change its reporting accountant, the Shenzhen Stock Exchange suspended its issuance and listing review. At that time, due to involvement in the financial fraud case of Jiangxi Qixin Group Co., Ltd., Tianzhi International Certified Public Accountants (Special General Partnership) (hereinafter "Tianzhi International") received a penalty from the China Securities Regulatory Commission, and Tianzhi International was the accounting firm initially hired by Bohua Technology. Two months later, in October 2024, Bohua Technology's audit institution was changed to Zhongxinghua Certified Public Accountants (Special General Partnership).