Crown New Materials' IPO on the Shenzhen Stock Exchange has been questioned by the authorities, with plans to raise 918.68 million yuan.

On December 12, Crown New Materials Technology Co., Ltd. (referred to as Crown New Material) applied for a change in the status of its listing review on the Shenzhen Stock Exchange main board to "under inquiry". CICC is its sponsoring institution, with plans to raise 918.68 million yuan. According to the prospectus, Crown New Material is mainly engaged in the research, development, production, and sales of functional composite materials such as industrial adhesive materials, electronic adhesive materials, and functional film materials. The company's products have a wide range of applications, covering various sectors such as light industry, household appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors. In the industry, there are many domestic manufacturers engaged in the production of functional composite materials, but most of them have small scale, limited product variety, and a high proportion of mid-range and low-end products, placing them in a relatively weak position in the industry chain with a dispersed market share. A few domestic manufacturers that started earlier and have already achieved large-scale production, such as Crown New Material, Jiangsu Sidike New Materials Science & Technology, Shanghai Smith Adhesive New Material, Shanghai Yongguan Adhesive Products Corp., Ltd. etc., have gradually acquired the ability to compete with international leading companies in recent years thanks to years of technical experience accumulation and independent research and development. Currently, Crown New Material products have entered the material field previously dominated by international leading companies such as 3M from the United States, Nippon Steel from Japan, and Desai from Germany, achieving applications in various well-known terminals in fields such as OPPO, vivo, Huawei, Apple, Google, Amazon, BYD Company Limited, Tesla, Contemporary Amperex Technology, Gotion High-tech, CALB, Gree, Galanz, Deli, etc., providing good business support for the company's stable growth in performance. After years of accumulation, Crown New Material's performance has steadily increased, with profitability continuously strengthening, and will continue to focus on functional new materials as a strategic priority, benchmarking international leading companies such as 3M from the United States, Nippon Steel from Japan, Desai from Germany in the high-end product field, while consolidating its advantages in rapid response capability and integrated supporting services, to gain the trust of downstream end customers, and maintain strong competitiveness in the industry. The overview of the company's fundraising investment projects in this round is as follows: On the financial front, in the years 2022, 2023, 2024, and January to June 2025, the company's operating income is expected to be approximately 2.567 billion yuan, 2.895 billion yuan, 3.159 billion yuan, and 1.592 billion yuan respectively. During the same period, the company's net profit is estimated to be around 206 million yuan, 278 million yuan, 302 million yuan, and 155 million yuan respectively.