ChainCatcher reports, citing Wind data from the Science and Technology Daily, that as of 2026, 76 IPO applications have been withdrawn, including 13 from the STAR Market, accounting for 17.1%. In full-year 2025, a total of 50 IPOs were withdrawn, with only 3 from the STAR Market, representing 6%. The total planned fundraising amount for the 13 withdrawn STAR Market IPOs in 2026 reached RMB 18.248 billion, nearly five times the RMB 3.181 billion in the same period of 2025. In the fourth quarter, Sike Sai and Zhongke Innovation successively withdrew their applications. Of the 13 withdrawn STAR Market projects, five are related to semiconductors and integrated circuits, including Wuhan Xinxin, Shanghai Xinmi, Beijing Tongmei, Taosheng Electronics, and Yadian Technology, accounting for approximately 38.5%. Beijing Tongmei is the only project among these to withdraw during the registration stage; it was accepted on January 10, 2022, submitted for registration on August 1, 2022, and withdrew on July 2, 2026—spanning over four years. Wuhan Xinxin, accepted at the end of September 2024 and withdrawn in May 2026, waited nearly 600 days and planned to raise RMB 4.8 billion, accounting for about 26.3% of the total planned fundraising of the 13 withdrawn projects. The duration from acceptance to withdrawal varies significantly. Huihe Medical was accepted on June 30, 2026, and withdrew on September 24, 2026—just 86 days later—making it the first IPO to withdraw after being selected for on-site inspection this year. Sike Sai voluntarily withdrew after six months of acceptance, marking its third failed IPO attempt in six years. Huandong Technology, accepted on November 25, 2024, and withdrawn on September 21, 2026—approximately 22 months—became the first robotics company to withdraw its IPO application this year; it specializes in robotic joint reducers and is sponsored by GF Securities. By categories such as semiconductors, software equipment, and hardware services, Hong Kong has seen 37 IPO applications lapse so far this year, compared to 11 during the same period last year.
In 2026, China's Sci-Tech Innovation Board saw 13 IPOs terminated, with 38.5% in the semiconductor sector.
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Summary
As of October 2026, 13 IPOs on China's Sci-Tech Innovation Board have been terminated, accounting for 17.1% of the 76 total terminations this year. Nearly 40% of the halted projects are in the semiconductor and integrated circuit sectors. Wuhan Xinxin, which had waited nearly 600 days in the IPO queue, had its application withdrawn with a planned fundraising of 4.8 billion yuan. Some companies saw their on-chain updates end in as few as 86 days. Blockchain innovation remains a key focus amid shifting market conditions.
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