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This is an article about the recent termination of the IPO application of Hubei Xiangyun (Group) Chemical Co., Ltd. (referred to as Xiangyun Stock) on the Shanghai Stock Exchange. The company withdrew its IPO application due to certain reasons.

Xiangyun Stock is primarily engaged in the production and sales of phosphate fertilizers and compound fertilizers. The company's main products include ammonium phosphate products, compound fertilizers, synthetic ammonia, and other related products. Ammonium phosphate products and compound fertilizers account for over 90% of the company's main business revenue.

The company's customers include fertilizer producers and distributors/traders, and its sales are conducted through direct sales and distribution models. The company's downstream customers include both domestic and overseas companies. The IPO termination of Xiangyun Stock came after it received the first round of inquiries from the Shanghai Stock Exchange, to which the company and its sponsor did not respond.

Why was the IPO terminated?

The termination of Xiangyun Stock's IPO application was due to various reasons. The company has not provided specific details about the factors leading to the withdrawal. However, it is speculated that the company may have encountered challenges or obstacles in meeting the new financial criteria set by the Shanghai Stock Exchange in April 2024. The exchange has significantly raised the financial indicators for companies seeking listing on the main board.

Financial Performance

In terms of financial performance, Xiangyun Stock has exhibited rapid growth. From 2019 to 2022 (January to June), the company's operating revenue increased from 57.35 billion yuan to 66.15 billion yuan. However, in 2023, the company's revenue dropped by 4.85% to 83.24 billion yuan, and its net profit decreased by 91.57% to 50.31 million yuan (after excluding non-recurring items).

These financial figures fell short of the new requirements set by the Shanghai Stock Exchange, leading to the termination of the IPO application. The exchange has raised the cumulative net profit indicator from 150 million yuan to 200 million yuan and the net profit for the most recent year from 60 million yuan to 100 million yuan.

The Future of Xiangyun Stock

As Xiangyun Stock's IPO has been terminated, the company will need to reconsider its options for raising funds and expanding its business. It may explore alternative financing methods such as private placements or seek partnerships with other companies in the industry. Additionally, the company may need to address the underlying factors that contributed to the termination of its IPO application in order to improve its financial performance and meet the requirements for a future listing.

In conclusion, the termination of Xiangyun Stock's IPO application reflects the challenges and strict criteria imposed by the Shanghai Stock Exchange. The company's future success will depend on its ability to adapt to these requirements, enhance its financial performance, and explore alternative strategies for growth.

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