Due to the withdrawal of the application for issuance and listing of Shandong Changxin Chemical Technology Co., Ltd. and its sponsor, the Exchange terminated its issuance and listing review. 
Shandong Changxin Chemical Technology Co., Ltd. *** Changxin Chemical").It is a high-tech enterprise focusing on the R&D, production and sales of fine chemicals, and its products are mainly lithium battery materials such as N-methylpyrrolidone (NMP) and carbon nanotubes (CNT), as well as fine chemical materials such as -butyrolide (GBL-pyrrolidone (2-P), cyclohexylamine (CHA), dicyclohexylamine (DCHA), furfuryl alcohol (FA).In addition to selling products, the company also provides customers with NMP** liquid purification and processing services.
As an excellent solvent and an important organic synthetic material, the company's core product NMP is mainly used in the lithium battery industry, and also has many applications in polymer materials, semiconductors, insulating materials and other fieldsCarbon nanotubes are currently mainly used in the lithium battery industryGBL, 2-P, cyclohexylamine, dicyclohexylamine and furfuryl alcohol are mainly used in polymer materials, food additives, medicine, dyes, agrochemical and other industries.
Controlling shareholder and actual controllerThe controlling shareholder of the company is Xinminhui Group, directly holding 66 of the issuer's total share capital before issuance13%。Zhou Ruijie holds Jingjing New Materials 5393% of the equity, Jingjing New Materials holds 100% of the equity of Xinminhui Group, which is the controlling shareholder of the issuer, holding 66% of the issuer13% stake;At the same time, Zhou Ruijie directly holds the issuer 292% of the shares, indirectly controlling the issuer through Chanjuan Partnership749% of the shares. Therefore,The actual controller of the issuer is Zhou Ruijie, who controls 76% of the total share capital of the issuer before issuance54%
Key financial data and financial indicatorsFrom January to June 2019, 2020, 2021 and 2022, the company's operating profit was 1,663400,000 yuan, 3,496590,000 yuan, 14,799$570,000 and $4,984670,000 yuan, the operating performance fluctuated greatly. The significant increase in operating profit in 2021 is mainly due to the company's main product market, sales scale and profit level have improvedThe decrease in operating profit from January to June 2022 was mainly due to the decline in product gross profit marginFor the full year 2022, operating profit is expected to fall sharply. 
The specific listing criteria selected by the issuer: The net profit in the last 3 years is positive, and the cumulative net profit in the last 3 years is not less than 1500 million yuan, the net profit in the latest year is not less than 60 million yuan, and the cumulative net cash flow generated by operating activities in the last three years is not less than 100 million yuan or the cumulative operating income is not less than 1 billion yuan. Use of raised funds
The issuance does not exceed 26,710,334 shares, accounting for no less than 25% of the total share capital after the issuance, and it is planned to raise 92.5 billion yuan, the funds raised in this issuance** will be used for the following projects:
External Guarantee RiskOn December 28, 2020, the company signed the "Guarantee Contract" with Shandong Qingyun Rural Commercial Bank Co., Ltd. (hereinafter referred to as "Qingyun Rural Commercial Bank"), and the main claim guaranteed by the company is the creditor's right enjoyed by Qingyun Rural Commercial Bank in accordance with the "Working Capital Loan Contract" signed on December 28, 2020 with Qingyun Oriental CNC Machine Tool Parts Manufacturing, and the guarantee method is joint and several liability guarantee, and the actual loan of Oriental CNC is 2.99 million yuanThe scope of the company's guarantee includes the principal of the main claim, interest, penalty interest, compound interest, liquidated damages, damages and the cost of realizing the claim. The guarantee period is three years from the date of expiration of the term for Dongfang CNC to perform debts
On December 28, 2021, the loan of Dongfang CNC failed to be repaid after it expired。As of the end of June 2022, the company has accrued estimated liabilities of 310680,000 yuan. If Dongfang CNC is ultimately unable to repay the loan and interest, the company has the risk of being recovered by the bank due to external guarantees. New product business development riskDuring the reporting period, on the basis of existing NMP products and years of technical reserves, the company began to set foot in the R&D and production of carbon nanotube conductive paste and carbon nanotube powder to broaden the product line. As of the signing date of this prospectus, the company's carbon nanotube conductive paste and carbon nanotube powder are undergoing small batch production and customer testing, except for sporadic revenue, it has not been sold in large quantities to the market, and the downstream market and customer development are facing more uncertainties. Carbon nanotube series products are mainly used as conductive agents in the field of lithium batteries, and there is customer overlap with NMP products. However, if carbon nanotube products cannot be widely used due to lithium battery technology or market reasons, or the development of the company's downstream markets and customers is not as expected, the company's carbon nanotube production capacity may not be digested, and the relevant investment may not be recovered, which will adversely affect the company's operating performance.