Langxin Electric's IPO at Beijing Stock Exchange approved, related-party transactions and other issues questioned

Beijing Business Daily (Reporter Ma Huanchang, Li Jiaxue) — On the evening of March 10, the Beijing Stock Exchange official website showed that Jiangsu Langxin Electric Co., Ltd. (hereinafter referred to as “Langxin Electric”) was approved on the day of its IPO review.

It is reported that Langxin Electric’s main business is the research and development, production, and sales of thermal management system electric drive components. It is the largest supplier of electronic fans for passenger vehicle thermal management systems in the domestic market. The company’s IPO was accepted on June 25, 2025, and entered the inquiry stage on July 18 of the same year. For this listing attempt, the company plans to raise approximately 350 million yuan.

At the listing committee meeting site, regarding the stability and sustainability of operating performance, the committee asked Langxin Electric to explain, in light of market and policy environment changes, the objectivity and sufficiency of the basis for judging the prospects of the domestic and global passenger vehicle thermal management system markets, whether there will be adverse effects on customer demand plans after the period, and whether there is a risk of significant decline in future operating performance.

Additionally, concerning related-party transactions, the committee also requested that Langxin Electric explain, in conjunction with the formulation and implementation of related-party transaction systems with Yinlun Co., Ltd., the independence of the company’s related businesses and the fairness of related-party transactions.