After the close of trading on July 8, the Shanghai Stock Exchange announced that science and technology innovation board's accepting enterprise Beijing Papaya Mobile Technology Co., Ltd. (hereinafter referred to as "Papaya Mobile") voluntarily withdrew its listing application, becoming the first stock in science and technology innovation board to terminate its audit. The dynamic "termination" column of the science and technology innovation board project is updated synchronously. With the initiative of Papaya Mobile to withdraw its IPO, it means that Papaya Mobile will become the first company in the science and technology innovation board to withdraw its IPO in the IPO review.
The Shanghai Stock Exchange said this time that the withdrawal of the application for issuance and listing is the independent judgment and normal behavior of the reporting enterprise, and the exchange respects it; In the future, we will continue to focus on information disclosure, grasp the positioning of the science and technology innovation board, focus on major issues such as the issuer's scientific and technological content and technological advancement, and urge the issuer to fully disclose relevant information.
According to the prospectus, Papaya Mobile is a company that relies on independent research and development technology for big data processing and analysis. It mainly uses global big data resources and big data processing and analysis technology to provide overseas marketing services for domestic enterprises, including search and display services and effect services.
Papaya Mobile accepted the case on March 29th this year, and the Shanghai Stock Exchange launched an inquiry on April 1 1. The company completed two rounds of inquiries on May 22nd and June 20th. On July 4th, the company and the sponsor submitted an application to withdraw the listing. According to the relevant rules, Shanghai Stock Exchange agreed to the company's application and decided to terminate the listing review of its science and technology innovation board according to law.
According to the first financial report, on the one hand, the nature and mode of business, the advanced nature of core technology, and whether there are risks in continuous operation, etc. Papaya mobile was repeatedly questioned before, and the related inquiry questions directly pointed to the scientific and technological attributes and technical content of the enterprise. On the other hand, in the two rounds of inquiries, Papaya Mobile also had doubts about information disclosure, and there were many data mismatches, which were also highlighted by the exchange.
Papaya Mobile was previously listed on the New Third Board. At the time of listing, the main business was "mobile digital marketing and marketing operation of mobile games", and the gross profit of game business in 20 16 years still exceeded 30%. However, when applying for science and technology innovation board this time, the company has transformed into an overseas marketing service provider relying on big data technology.
For this difference, the company said that it was due to the divestiture of mobile game business in July 2065438+2007, and further elaborated the marketing business in combination with the characteristics of technology and customers. He also said that this "does not belong to major information disclosure violations and does not constitute a legal obstacle to this listing."
In addition, Papaya Mobile disclosed in its reply to the audit inquiry that the company's purchases from Facebook in 20 18 years accounted for 2 1% of Facebook's revenue in Asia. This data is inconsistent with the data publicly disclosed by Facebook on the Nasdaq Stock Exchange.