Xinrui Electronics passes the IPO review: this year it is the 48th company to clear the IPO review, and Guotaihai passed 11 deals

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China Economic Net, Beijing, April 4 — The Beijing Stock Exchange Listing Committee held its 35th deliberation meeting of 2026 on April 3, 2026, in the morning. The deliberation results show that Linhai XINRUI Electronic Technology Co., Ltd. (hereinafter referred to as “XINRUI Electronic”) meets the issuance requirements, listing requirements, and information disclosure requirements. This is the 48th company to pass review in 2026 (including 14 companies that passed review on the SSE and the SZSE combined, and 34 companies that passed review on the BSE).

The sponsor of XINRUI Electronic is Cathay Haitong Securities Co., Ltd., and the sponsor representatives are Sheng Zehu and Zhang Jing. This is Cathay Haitong’s 11th successful IPO project this year. Previously, on January 20, the company Wuxi Liqi Intelligent Equipment Co., Ltd. sponsored by Cathay Haitong passed review; on January 28, Zhejiang Hengdao Technology Co., Ltd. sponsored by Cathay Haitong passed review; on February 4, Guangdong Huahui Intelligent Equipment Co., Ltd. sponsored by Cathay Haitong passed review; on February 13, Zhenhong Heavy Industry (Jiangsu) Co., Ltd. sponsored by Cathay Haitong passed review; on February 27, Hubei Longchen Technology Co., Ltd. sponsored by Cathay Haitong passed review; on March 3, Zhuhai Ruixiang Intelligent Technology Co., Ltd. sponsored by Cathay Haitong passed review; on March 5, Zhejiang Deshuo Technology Co., Ltd. sponsored by Cathay Haitong passed review; on March 20, Zhuhai Jieli Technology Co., Ltd. sponsored by Cathay Haitong passed review; on March 27, Wuhan Changjin Photonics Technology Co., Ltd. sponsored by Cathay Haitong passed review; on March 31, Shanghai Baiying Biotechnology Co., Ltd. sponsored by Cathay Haitong passed review.

The company’s controlling shareholder and actual controller is Zhang Jizhou. As of the date of signing of the prospectus, Zhang Jizhou directly holds 34.52% of the company’s shares, making him the company’s controlling shareholder.

At the same time, Zhang Jizhou is the executive affairs partner of Xinruihong, and therefore Xinruihong is an acting-in-concert party of Zhang Jizhou. Zhang Jizhou indirectly controls 3.80% of the voting rights of the company through Xinruihong. In addition, Dong Liqiang holds 16.19% of the company’s shares; Zhang Jizhou and Dong Liqiang have signed the “Acting-in-Concert Agreement,” the “Supplementary Acting-in-Concert Agreement,” and the “Supplementary Acting-in-Concert Agreement (II),” which determine Dong Liqiang as Zhang Jizhou’s acting-in-concert party. The effective period of the agreements is no less than 36 months from the date on which the company publicly issues shares to unspecified qualified investors and lists them on the Beijing Stock Exchange. According to the “Acting-in-Concert Agreement,” the “Supplementary Acting-in-Concert Agreement,” and the “Supplementary Acting-in-Concert Agreement (II),” both parties agree to continue maintaining the acting-in-concert relationship when major matters are decided, such as approving the company’s business policies, decision-making, and the appointment or removal of management at meetings of the board of directors and shareholders (general) meetings. In making decisions on major matters of the company, Zhang Jizhou’s opinions serve as the final opinions. Dong Liqiang recognizes Zhang Jizhou as the actual controller.

In summary, Zhang Jizhou cumulatively controls 54.51% of the company’s voting rights, and also serves as the company’s chairman, general manager, and head of R&D, which enables him to have a significant impact on the company’s business and management, making him the company’s actual controller.

XINRUI Electronic plans to publicly issue no more than 6.40 million shares to unspecified qualified investors (not considering the over-allotment option). The company plans to raise RMB 1,396.944 million, which will be used for the production center upgrade and renovation project, the R&D center construction project, and supplementary working capital.

Deliberation opinions

None.

Key questions raised at the deliberation meeting

Regarding performance stability and sustainability. Please have the issuer explain the stability and sustainability of the company’s performance, and whether there is a risk of performance decline, by combining factors such as the technical advancement, customer expansion, outstanding orders, and post-reporting performance. Please have the sponsor and the reporting accountants verify and issue clear opinions.

A list of companies that passed the IPO review on the SSE and the SZSE in 2026:

A list of companies that passed the IPO review on the BSE in 2026:

(Edited by Cai Qing)

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