Qiaolu Ming's IPO at the Beijing Stock Exchange approved; the company's fundraising projects and their necessity and reasonableness questioned

LightningPacketLoss · 2026-03-09T12:19:50+00:00

Qiaolu Ming Technology Co., Ltd. successfully passed the IPO review on the evening of March 5, with plans to raise approximately 658 million yuan for the new energy vehicle intelligent and lightweight interior and exterior parts project and to supplement working capital. The listing committee requested explanations on issues such as net profit margin differences, customer expansion measures, and the rationality of fund flow.

LightningPacketLoss

2026-03-09 12:19:50

Abstract generation in progress

Beijing Business Daily (Reporter Wang Manlei) — On the evening of March 5, the Beijing Stock Exchange official website announced that Qiaolu Ming Technology Co., Ltd. (hereinafter referred to as “Qiaolu Ming”) has been approved for IPO listing.

It is understood that Qiaolu Ming is a high-tech enterprise specializing in the research, development, production, and sales of automotive interior and exterior accessories, including automotive interior parts, exterior parts, and supporting molds. The company’s IPO was accepted on June 26, 2025, and entered the inquiry stage on July 22 of the same year.

For this listing attempt, Qiaolu Ming plans to raise approximately 658 million yuan. After deducting issuance costs, the funds will be invested in the Qiaolu Ming New Energy Vehicle Intelligent and Lightweight Interior and Exterior Accessories Manufacturing Project (Phase I), the Automotive Lightweight Interior and Exterior Accessories Intelligent Manufacturing Project (Phase I), and to supplement working capital.

At the listing committee meeting site, the committee required Qiaolu Ming to explain the reasons for and the rationality of the significant difference in net profit margin compared to comparable companies in the same industry; to clarify specific measures and effectiveness in expanding new customers and reducing customer concentration risk. Additionally, the company was asked to analyze and explain the necessity and reasonableness of “supplementing working capital” based on information such as disposable financial assets held at the end of the reporting period and the net cash flow generated from operating activities during the reporting period.

Furthermore, the listing committee also requested Qiaolu Ming and its intermediaries to further confirm the accuracy and reasonableness of the supplementary information in the cash flow statement disclosed in the filing documents.

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