Controversies

Shenzhen Stock Exchange terminates Bohua Technology's ChiNext IPO review after company and sponsor withdraw applications

On October 5, 2026, the Shenzhen Stock Exchange disclosed its decision to terminate the review of Bohua Technology's (北京博华信智科技股份有限公司) initial public offering and listing on the ChiNext board, after the company and its sponsor CITIC Securities had each submitted applications to withdraw the listing application documents. The company had passed the ChiNext listing committee review on January 13, 2023 but never filed its registration application; per the report, its review was repeatedly suspended, including in 2024 after the CSRC penalized its then-auditor Tianzhi International, and regulators' two rounds of inquiries — covering ChiNext positioning, client-shareholders' investments, possible benefits transfer and whether commercial bribery existed in sales — were never satisfactorily answered.