Jereh Technology Passes NEEQ IPO Review; Questions Raised Over Potential Performance Decline Risk in 2026

AI Inquiry · What industry challenges lie behind the performance risks that the listing committee is paying attention to?

Beijing Business Daily (Reporter Wang Manlei) recently reported that the official website of the Beijing Stock Exchange shows that Zhuhai Jieli Technology Co., Ltd. (hereinafter referred to as “Jieli Technology”) has been approved for IPO listing.

It is understood that Jieli Technology is an integrated circuit design company focused on system-on-chip (SoC), mainly serving fields such as Bluetooth audio and video, smart wearables, and smart IoT terminals, providing high-specification, highly flexible, and highly integrated chip products for the global market. The company’s IPO was accepted in December 2024 and entered the inquiry stage in January 2025.

For this listing attempt, Jieli Technology plans to raise approximately 681 million yuan.

At the listing committee meeting site, the committee required Jieli Technology to explain whether there is a further risk of performance decline in 2026, based on the reasons for the 2025 performance decline, the launch of new products in 2026, its competitive advantages and technological advancements compared to competitors, and the effectiveness of the company’s proposed countermeasures.

Additionally, the committee asked the sponsoring institution and the reporting accountants to supplement verification of the basis for estimating the total sales volume of products AC110N and AC112N for 2026, the expected operating income and net profit attributable to the parent in the first quarter of 2026, and to provide clear opinions on the prudence of these forecasts. The company is also required to produce a profit forecast report for 2026, with the sponsoring institution providing verification opinions on the company’s profit forecast report, explaining the basic assumptions, specific basis, calculation process, and whether the forecast is cautious and reasonable. Furthermore, the committee asked the sponsoring institution and the reporting accountants to further verify whether certain employee “stockpiling” behaviors involving products, timing, customers, amounts, and fund flows, based on cash flow and customer survey data, could impact the authenticity of the company’s operating performance.