On the evening of December 5, the Shanghai Stock Exchange updated that Bangsheng Technology and its sponsors withdrew their IPO applications, and according to relevant regulations, the Shanghai Stock Exchange decided to terminate the review of the company's initial public offering and listing on the Science and Technology Innovation Board. In retrospect, Bangsheng Technology submitted a listing application on June 19 this year and received the first round of inquiries on July 16, but the company and the sponsor have not replied, nor have they updated the financial data of the prospectus in a timely manner, until December 5 to show that the listing was withdrawn, and the entire IPO journey took less than half a year. 
According to the prospectus, Bangsheng Technology is a software and data platform service provider mainly focusing on the financial field, and its sales revenue in the financial field accounted for more than 94% in the three years from 2020 to 2022. The company's total assets are only more than 600 million, but this IPO originally planned to raise 126.7 billion yuan, which is twice the total assets. In addition, the company's net profit during the reporting period has been in the red for three consecutive years, and the loss has continued to expand. The company even warned in the prospectus that there was a risk of hitting the delisting conditions after listing. The total assets are 600 million yuan, and it plans to raise more than 1.2 billion yuanBangsheng Technology introduced in the prospectus that it is a provider of big data basic software development and related application solutions, focusing on the technical research of big data real-time intelligent platform, and independently developed core technologies such as real-time computing technology for time series flow data, real-time computing technology for dynamic time series graph, three-core fusion real-time intelligent decision-making technology, model rapid iteration artificial intelligence technology, real-time data governance technology, etc., and independently developed the flow cube platform, graph cube platform, pipeace platform, three-core decision-making platform, Correlation graph platform, machine Xi platform and other big data real-time intelligent platform software covering data governance, computing and analysis, and intelligent decision-making functions. According to the company, its big data real-time intelligence platform is in a leading position in real-time computing capabilities compared with database systems represented by Oracle and IBM, as well as commercial systems under open source frameworks such as Flink and Spark. Based on the above-mentioned big data platform, the company's profitability is simply summarized into three categories, one is to sell software, the other is to sell solutions, and the third is to provide technical services. Specifically, it includes: (1) separate sales of platform components of big data real-time intelligent platform;(2) Based on the standardized big data real-time intelligent platform, combined with the needs of specific scenarios, develop application solutions for specific industries, so as to sell application products;(3) Provide customers with technical services such as technology development, risk comparison, operation and maintenance, and consulting. In this IPO, the company originally planned to raise 126.6 billion yuan will be invested in four projects: real-time intelligent platform R&D and upgrade project, real-time intelligent technology system industrialization, R&D center construction, and marketing network construction. 
12.The financing amount of 6.6 billion yuan is undoubtedly a "lion's mouth" compared to the company's size. Its total assets for the three-year reporting period (2020 to 2022) were 47.4 billion, 61.7 billion and 61.6 billion yuan, net assets are only 39.4 billion, 500 million and 48.2 billion yuan. In other words, the financing amount of more than 1.2 billion yuan is already twice the company's latest total assets and 2 of the latest net assets6 times. 
Losing money for three years in a row suggests a number of risksAccording to the risk warning chapter of the Bangsheng Technology prospectus, during the reporting period, the company's main business income was 10.1 billion yuan, 19.6 billion and 2700 million yuan, net profit attributable to owners of the parent company was -3042050,000 yuan, -7911120,000 yuan and -8057720,000 yuan, which has not yet achieved profitability. As of December 31, 2022, the company's cumulative uncovered loss was 10.2 billion yuan. The company reminds that if there is a major business decision-making mistake or a major adverse change in the production and operation environment, the company's operating income and net assets may decline sharply, or even continue to lose money, and the company's unprofitable and operating income of less than 100 million yuan may occur and persist, which may trigger the risk of financial mandatory delisting conditions stipulated in the Listing Rules of the Science and Technology Innovation Board. 
The company's net cash flow from operating activities continued to be negative, at -3995430,000 yuan, -3505370,000 yuan and -5035610,000 yuan, and its operating income during the reporting period was not even enough to "pay wages" to employees. From 2020 to 2022, the company's "cash received from the sale of goods and the provision of labor services" is 11.2 billion yuan, 19.3 billion and 27.1 billion yuan, which basically matched the operating income, and the "cash paid to and for employees" reached 12.4 billion, 17.5 billion and 27.2 billion yuan. The contribution of the company's income from ** subsidies is not small, especially in 2022. In 2020, 2021 and 2022, the company's **subsidy amount included in the current profit and loss was 139450,000 yuan, 1681480,000 yuan and 1718540,000 yuan, accounting for the proportion of operating income. 60% and 636%。The company said that if the amount of ** subsidy received in the future is reduced, it will have an adverse impact on the company's profit level. Finally, the company's accounts receivable rose rapidly. At the end of the reporting period, the balance of the company's accounts receivable was 3082020,000 yuan, 6376460,000 yuan and 10.5 billion yuan, accounting for the proportion of total assets at the end of each period. 34% and 1711%, accounting for the proportion of current operating income respectively. 61% and 3902%, all showing an upward trend. Editor: Captain Review: Xu Wen.