Zhejiang PFLUON Technology Co., Ltd. *** PFLUON").The application for the GEM was accepted on December 26, 2022, and in the absence of a reply to the first round of inquiries, on June 26, 2023, Zhejiang PFLUON Technology Co., Ltd. *** applied to withdraw the issuance and listing application documents, and the Shenzhen Stock Exchange decided to terminate the review of its initial public offering** and listing on the GEM, and the IPO was terminated on June 28, 2023!
The sponsor of the previous IPO application was Haitong**, the accountant was Lixin, and the lawyer was Shanghai GuangfaOn December 29, 2023, half a year after the termination of the IPO, PFLUON and the original team once again hit the capital market and restarted the IPO! 
According to the previous application materials
Zhejiang PFLUON Technology Co., Ltd. *** PFLUON").Specializing in the research and development, production and sales of high-performance polymers and their derivative products, the product series include special coating series, polyaryl ether resin series, which can be widely used in home appliances and cookware, aerospace, automobiles, electronic semiconductors, petrochemicals, clean energy and medical equipment and other fields. In 2021, its wholly-owned subsidiary, PFLUON New Materials, won the title of the second batch of national specialized, special and new key "little giant" enterprises, and the third batch of specialized, special and new "little giants".
The downstream application scenarios of the issuer's special coatings are mainly in the field of cookware and household appliances, including non-stick pans, air fryers, electric griddles, rice cooker liners and other food contact surfaces, which have high requirements for the safety and environmental protection of coatings, and the issuer's products have passed the US FDA standard testing, the US CA65 testing, and the German food contact material LFGB testing, and meet the requirements of environmental protection directives such as REACH and ROHS. At the same time, in line with the development trend of the industry, the issuer has established the development direction of environmental protection and solvent-free special coatings, and made low-VOC organic solvent-free water-based coatings based on relevant patents, which reduces VOC emissions in the production and use of special coatings and promotes the realization of solvent-free special coatings, which greatly improves the environmental protection of special coatings and lays a solid foundation for the environmental protection evolution of special coatings.
Controlling shareholder and actual controller
Tianqian Beidou holds issuer 7132% of the shares, the controlling shareholder of the issuer, Wang Ximing holds 8446% of the shares, indirectly controlling the issuer through Tianqian Beidou 7132% of the voting rights, while directly holding 1201% of the shares. During the reporting period, Wang Ximing has been serving as the chairman of the company. In summary, Wang Ximing controls a total of 8333% of the voting rights are the actual controllers of the issuer.
At the end of each reporting period, the issuer's domestic employees' social insurance and housing provident fund contributions are as follows:
Use of Proceeds
The company intends to issue no more than 1,942 to the public16.65 million RMB ordinary shares** (including 1,94216.65 million shares, and not less than 25% of the company's total share capital after the issuance, is expected to raise 7231.5 billion yuan, the net amount of the funds raised in this issuance after deducting the issuance expenses is intended to be invested in the following projects:
Key Financial Data and Financial Indicators
The specific listing criteria selected by the issuer: The net profit in the last two years is positive, and the cumulative net profit is not less than 50 million yuan.
Overseas political and economic risks
During the reporting period, the issuer's overseas main business income was 7,518240,000 yuan, 8,498560,000 yuan, 10,299280,000 yuan and 4,819050,000 yuan, accounting for the proportion of main business income respectively. 38% and 3940%。The issuer's overseas clients mainly include companies from Iran, Russia and other countries, and due to the tensions between Russia and Ukraine, the Iran nuclear deal is still pending, and the US and European sanctions against Russia and Iran may be further escalated. If the relevant sanctions severely restrict the payment ability of the issuer's customers, it will have a material adverse impact on the stability of the company's overseas business.
The issuer has a third-party payment collection
During the reporting period, the issuer had a third-party collection, and the third-party collection was mainly for Iranian customers, because Iran had been sanctioned by Western forces such as Europe and the United States for a long time, and could not make payments to China through normal payment channels. During the reporting period, the amount of third-party payments received by issuers was 3,859860,000 yuan, 3,507700,000 yuan, 4,495600,000 yuan and 2,063560,000 yuan, accounting for the proportion of operating income in the same period. 18% and 1678%。Considering that Iranian customers have been cooperating with the company for a long time, and there is no sign of easing the sanctions imposed by Western forces such as Europe and the United States, the company's third-party payment collection will continue in the short term. If the Company's relevant internal control system cannot be strictly and effectively implemented, it may adversely affect the Company's operating results.