Qian'an Technology passes review: the 43rd IPO approval this year, Industrial Securities completes 6 deals

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China Economic Net, Beijing, March 28 — The Beijing Stock Exchange Listing Committee held its 32nd deliberation meeting in 2026 yesterday afternoon. The review result shows that Shenzhen Qianan Technology Co., Ltd. (hereinafter referred to as “Qianan Technology”) meets the发行条件 (issuance conditions),上市条件 (listing conditions), and information disclosure requirements. This is the 43rd company to get approval to go public in 2026 (of which, the Shanghai Stock Exchange and the Shenzhen Stock Exchange together approved 12 companies, while the Beijing Stock Exchange approved 31 companies).

Qianan Technology’s sponsor and lead underwriter is Industrial Securities Co., Ltd. The signed sponsor representatives are He Xiaobo and Wang Ying. This is the first IPO project this year in which Industrial Securities succeeded in sponsoring.

Qianan Technology is a high-tech enterprise engaged in the research and development and design of products under its own brand, and mainly selling them through e-commerce platforms and its own websites.

As of the date of the prospectus signature, He Ding is the controlling shareholder of Qianan Technology. He Ding directly holds 43.56% of Qianan Technology’s shares. As the largest shareholder of Qianan Technology, the voting rights attached to the shares he holds are sufficient to exert a material impact on resolutions of the shareholders’ meeting.

He Ding and He Wen are the actual controllers of Qianan Technology. He Wen and He Ding are siblings and have signed a《一致行动人协议》 (acting-in-concert agreement). He Ding directly holds 43.56% of Qianan Technology’s shares, and indirectly holds 0.01% of Qianan Technology’s shares through Shenzhen Qianan Juxin Management Consulting Partnership (Limited Partnership). In total, they hold 43.57% of Qianan Technology’s shares and serve as Chairman and General Manager of Qianan Technology; He Wen directly holds 11.21% of Qianan Technology’s shares and serves as a director and Deputy General Manager of Qianan Technology. He Ding and He Wen together hold 54.78% of Qianan Technology’s shares.

Qianan Technology plans to publicly issue shares not exceeding 24,25 million shares to qualified investors other than specific persons (not considering the over-allotment option), or not exceeding 27.8875 million shares (with full exercise of the over-allotment option); and after the issuance, the proportion of shares held by public shareholders shall be no less than 25% of the total share capital after the issuance. The company and the lead underwriter may, according to the specific issuance circumstances, choose to adopt the over-allotment option at an appropriate time. The number of shares issued using the over-allotment option shall not exceed 15% of the number of shares being issued in this offering. The final issuance size will be determined after the board of directors and the lead underwriter negotiate based on specific circumstances and, after being approved for registration by the China Securities Regulatory Commission.

For this offering, Qianan Technology plans to raise RMB 480.2580 million, which will be used respectively for the product development center construction project, the supply chain and operations center system construction project, the brand building and channel promotion project, and replenishment of working capital.

The main questions raised in the inquiry meeting are:

1. On the authenticity of operating performance. Please the issuer: (1) explain the reasons and reasonableness for the continuous increase in the gross profit margin of the main business; (2) explain the reasons and reasonableness for the trend of changes in the gross profit margin and net profit margin being inconsistent with those of comparable companies in the same industry. Please have the sponsor and the filing auditors verify and issue clear opinions.

2. On the stability of operating performance. Please the issuer: (1) analyze the reasons for the decline in performance in the first quarter of 2026, and explain whether there is any risk of further decline in net profit; (2) based on factors such as exchange rate fluctuations and changes in the international situation, analyze the stability of the overseas sales business. Please have the sponsor verify and issue clear opinions.

Deliberation opinions:

None.

A list of companies that obtained approval to go public in 2026 on the SSE (Shanghai Stock Exchange) and SZSE (Shenzhen Stock Exchange):

A list of companies that obtained approval to go public in 2026 on the Beijing Stock Exchange (BSE):

(Editor: Ma Xin)