CSRC agrees to allow XinXing Tools to register for an IPO on the ChiNext board.

On April 24th, the China Securities Regulatory Commission (CSRC) issued the approval for Zhejiang Xinxing Tool Co., Ltd. to conduct its initial public offering of stock. It is reported that Xinxing Tool plans to list on the ChiNext board of the Shenzhen Stock Exchange, with Huatai United Securities as its sponsor institution, aiming to raise 560 million RMB. According to the prospectus, Xinxing Tool is a leading domestic manufacturer of hole processing cutting tools, focusing on the research, production, and sales of drilling tools since its establishment. The company has developed a series of annular drilling products, solid drilling products, and related supporting products. The company's products are widely used in steel structure engineering, rail transportation, shipbuilding, energy equipment, mechanical manufacturing, and oil engineering, covering end customers such as China Railway, CNNC, Bosch, and Panasonic, and have been applied in well-known projects such as the Qinshan Nuclear Power Plant, Shanghai Maglev Train project, East Hai Bridge, San Francisco Bay Bridge in the United States, and the Busan Donghae Bridge in South Korea.