Xinlian Technology's IPO on the ChiNext has been questioned, and its user volume and transaction scale of toll fees rank first nationwide.

On July 15th, Shandong Hi-speed Xinlian Technology Co., Ltd. (referred to as Xinlian Technology) applied for a change in the status of the listing review on the ChiNext Board of the Shenzhen Stock Exchange to "inquiry requested", with Zhongtai as the sponsor institution, intending to raise 5.0894 billion yuan. According to the prospectus, Xinlian Technology focuses on new generation information technology services in the field of smart transportation, and is a leading company in China that provides ETC information technology services and data application ecosystem services to car manufacturers, car owners, highway owners, and parking lot operators. As of December 31, 2025, the company has accumulated ETC user counts, new ETC user counts during the reporting period, and ETC user toll transaction volumes that are all ranked first nationally, pioneering the large-scale application of ETC car pre-installation and internet issuance models in the industry. The company leverages ETC data foundation to aggregate multi-dimensional data resources in the transportation industry, utilizes advanced technologies such as big data analysis and cloud computing to explore user service scenarios, and builds an integrated multi-scenario smart transportation service system. The company's main business covers three major segments: ETC issuance and technology services, data application and ecosystem services, and fast passage technology support services. ETC issuance and technology services provide car manufacturers with full lifecycle solutions including pre-installation system design, testing, software adaptation, issuance activation, and after-sales services, as well as direct issuance and installation services for end-terminal car owners; Data application and ecosystem services are based on multi-dimensional data of people and cars, forming commercial vehicle toll data applications and member benefits services; Fast passage technology support services provide electronic non-stop toll collection, precise path recognition, and toll evasion prevention technology support for scenarios such as highways and parking lots, helping to improve passage efficiency and reduce operation costs. The issuer has formed an ecosystem synergy of "issuance acquisition - data precipitation - service value-added", as follows: The company has established cooperation with 35 car manufacturers, covering 56 car brands, including 18 brands from the top 20 domestic passenger car sales as released by China Passenger Car Association (CPCA) in 2025, as well as 9 brands from the top 10 new energy passenger car sales. The company's pre-installation business covers all categories of car companies including self-owned, joint ventures, and new energy, with cooperation brands accounting for 64% of the national passenger car total sales volume. In terms of data application services for commercial vehicle tolls, as of December 31, 2025, the business has served 4.67 million commercial vehicles, with clients including well-known enterprises such as SF Express, JD.com, Cainiao, Best Inc, ZTO Express, YTO Express, STO Express, and Yunda Express. In 2025, the average daily toll revenue from commercial vehicle toll data application services was 189 million yuan, ranking first in the country in terms of customer quantity and toll revenue. The company possesses multiple core technologies directly related to its main business and is a pioneer and leader in technological innovation in the industry. As of December 31, 2025, the company has obtained 36 patents and 122 software copyrights. In terms of standard formulation, the company has participated in the compilation of 4 national standards, 1 local standard in Shandong Province, and led or participated in 3 group standards. In terms of finances, in the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 663 million yuan, 723 million yuan, and 736 million yuan respectively; during the same period, the net profits were approximately 207 million yuan, 171 million yuan, and 136 million yuan respectively.