On October 5, Beijing Bohua Xinzhi Technology Co., Ltd. (Bohua Technology) and its sponsor CITIC Securities voluntarily withdrew their listing application for a ChiNext IPO.

The company's application was accepted on June 22, 2022, making it a rare "holdout" among Shenzhen Stock Exchange排队 companies, ending in a voluntary withdrawal after an extraordinarily long 1,566-day IPO queue—four years and three months.

These numbers are ordinary, but for a company seeking an IPO they are destined to be tragic, and Bohua Technology has vaulted to become the company with the longest queue time among withdrawn materials since the registration system, with the former "first place" being Beijing Huazhuo Jingke Technology Co., Ltd., a STAR Market company that withdrew in 2024, which set a record of 1,463 days in queue at the time.

Interestingly, both "number one" and "number two" had smoothly passed the listing committee review, but after approval both became difficult cases for submitting registration.

More interestingly, such companies that passed review but ultimately withdrew their IPO applications are not uncommon on the Shenzhen Stock Exchange; the editor noted that among the 80 companies with over 700 days on the exchange that withdrew materials, 68 had passed review but had no results for a long time and ultimately had to withdraw their applications.

We will not analyze the specific circumstances of IPO companies' material withdrawals here; in summary, the reasons for withdrawal are just a few points: significant performance changes, policy orientation, disruptive industry changes affecting performance, and problems in company operations.

We have briefly compiled the IPO material withdrawal situation on the Shanghai, Shenzhen, and Beijing exchanges from 2026 to date.

From January 1 to October 8, 2026, a total of 67 companies withdrew their applications, among which the Beijing Stock Exchange currently has the largest base of queued companies and the most material withdrawals, with 40 companies withdrawing their applications, but many companies on the Beijing Stock Exchange withdrew materials and then re-applied within two months, which is rarely seen in Shanghai and Shenzhen; next, the Shenzhen Stock Exchange had 11 companies withdraw materials, and the Shanghai Stock Exchange had 16 companies withdraw materials, the reason being that the number of companies under review in Shanghai and Shenzhen is too small.

Looking at the monthly material withdrawal situation, the pace of withdrawals was concentrated in June-July, with 10 in June and 13 in July, totaling 23 in the two months, accounting for 34% of the statistical period.

Dividing the 67 companies by queue duration, the structure is very clear: the 200-365 day range is the most dense, with 27 companies; over 365 days totals 34 companies, accounting for 51%; over 1,000 days totals 4 companies; and within 100 days there are only 2 companies.

Detailed list of 67 companies that withdrew materials in 2026.