With twists and turns on the road to listing, Caifu Glass, which moved from the Shanghai Stock Exchange to the IPO of the Shenzhen Stock Exchange, was first launched on the main board of the Shenzhen Stock Exchange on November 11, and finally failed to pass. The main business of Caifu Glass is the R & D, production and sales of daily glass packaging containers, including glass bottles and glassware. According to the specific items, glass bottles and cans can be divided into wine bottles, food seasoning bottles and reagent bottles, and glassware products can be divided into candle cups and tissue culture containers. Equity institutions, the actual control of Caifu Glass is Chen Jiangang, Chen Ping an, Wang Haihong. The three directly and indirectly hold a total of 92.33% of the company. Chen Ping an is Chen Jiangang's father and Wang Haihong is Chen Jiangang's spouse. At the meeting held on November 11, the Development Review Committee was concerned about the fact that the performance of Caifu Glass was lower than expected. The last time Caifu Glass applied for IPO, it compiled a profit forecast for 2019, and the audited net profit for 2019 was less than 70 per cent of the aforementioned profit forecast. The Development and Review Committee asked Caifu Glass to combine the relevant profit forecast information in the previous declaration to explain the main reasons and rationality why the business income and net profit completed in 2019 were lower than the forecast; at the same time, it explains whether the production and marketing rate and the basis of revenue forecast in the profit forecast are reasonable, whether the key parameters used in the profit forecast are sufficient, and whether the disclosed information is true, accurate and complete, and so on. In terms of performance, from 2018 to 2020, the business income of Caifu Glass was 454 million yuan, 538 million yuan and 597 million yuan respectively, and the non-return net profit was 74 million yuan, 69 million yuan and 64 million yuan respectively. The business income of Caifu Glass is increasing year by year, and the sales to indirect customers fluctuate greatly. In response, the Development and Review Commission asked the company to explain whether there was a relaxation of credit policy to regulate revenue because sales revenue in 2020 was not affected by the epidemic and increased compared with 2019. At the same time, the Development and Review Commission asked Caifu Glass to explain the reasons for the relatively small amount and proportion of sales to indirect users Shanghai Shangcheng in 2019, combined with the severity of the COVID-19 epidemic in the Philippines in 2020. it shows that the substantial increase in the number of products purchased by Shanghai Shangcheng from issuers and the rationality of all exports to the Philippines, and so on. It is worth noting that the gross profit margin is higher than that of its peers. It is worth noting that Caifu Glass has a high customer concentration, and its business is concentrated in Jiangsu, Zhejiang, Shanghai and Northeast China. The main customers are China Resources Snow, Budweiser, Qiandao Lake Beer, Old Village head, Shikumen, Huaiji Mountain, Shanghai Shangcheng and other domestic well-known beverage production enterprises and traders, and the main customers are more concentrated. During the reporting period, the sales revenue of the first five customers of Caifu Glass accounted for about 50% of the main business income. The Development and Review Commission asked Caifu Glass to explain whether the cooperation with major customers during the reporting period was stable and sustainable, the reasons and rationality of the continuous decline in the sales prices of major products during the reporting period, whether the relevant negative factors will have a significant adverse impact on the company's long-term profitability, and whether the relevant risks have been fully disclosed. The main products of Caifu Glass have the risk of a decline in gross profit margin. From 2018 to 2020, the gross profit margin of the main business of Caifu Glass is 31.00%, 29.17% and 26.71% respectively (after deducting the transportation fee from the main business cost). The main customers often have a number of glass packaging container suppliers to choose to compare. In this regard, the Development and Review Commission pointed out that the unit price of Caifu Glass purchasing broken glass from users of China Resources Snow, Budweiser and other glass bottles is obviously lower than that of Deqing Jinlei and mainly using the latter as the source of procurement, and the basis for determining the purchase price and its fairness; the gross profit margin of glass bottles and cans of the company is much higher than that of similar products of Shandong Huapeng, a comparable company in the same industry. Caifu glass IPO road can be described as twists and turns. In December 2014, the company listed the new third board under the stock symbol "831530", and the stock was terminated from September 4, 2017. In 2017, Caifu Glass submitted its A-share listing application for the first time. At that time, the sponsor institution and the proposed listing venue were Guoxin Securities and the main board of the Shanghai Stock Exchange. However, after waiting in line for about two years, Caifu Glass voluntarily withdrew its materials on the eve of the 2019 meeting. In December 2020, Caifu Glass sprinted IPO again, this time the sponsor was replaced by Caitong Securities, and the proposed listing venue became the main board of the Shenzhen Stock Exchange. However, at the review meeting held on September 16 this year, the voting of the company was suspended. This time, will it be announced that the A-share IPO of Caifu Glass has come to an end for the time being.