Why did Zero Paoyang successfully list the new three board Yiguang Lighting and why it announced the termination of listing?

On January 18, 2018, Shenzhen Zero Benyang Optoelectronics Co., Ltd. (referred to as "Zero Benyang") successfully listed on the New Third Board, marking a significant milestone in its development. According to the disclosure from the National Equity Transfer System, Wen Xiaogui, the company's chairman, holds a direct 51% stake and is the actual controller of the firm. ![Image](http://i.bosscdn.com/blog/15/16/32/6853717321.png) Financial data reveals that in 2016, Zero Benyang generated an operating revenue of 93.563 million yuan, with a net profit of 4.1098 million yuan. For the first half of 2017, the company reported a revenue of 43.904 million yuan and a net profit of 2.7597 million yuan. Founded in 2005, Zero Benyang specializes in providing LED advertising logo lighting solutions. The company focuses on the research, development, production, and sales of LED lighting applications, offering products such as LED modules and LED strips. Its products are primarily targeted at the mid-to-high-end market, serving sectors like logo lighting, indoor and outdoor illumination, and landscape lighting. The company has achieved multiple international certifications, including CE, RoHS, UL, ISO9001:2008, and ISO14001. With an annual output value approaching 200 million yuan, its products are exported to over 100 countries and regions, including Europe, Asia, Southeast Asia, the Middle East, and the Americas. To date, Zero Benyang has established a global sales network, featuring a headquarters and a subsidiary in China, six regional offices, more than 20 local offices, four overseas branches, and over 30 sales outlets worldwide. While Zero Benyang celebrated its successful listing, another new three-board company, Xiamen Yiguang Lighting Technology Co., Ltd. (referred to as "Yiguang Lighting"), announced the termination of its listing process on the same day. On December 29, 2017, Yiguang Lighting submitted its application for delisting to the National Small and Medium Enterprise Share Transfer System. According to the official letter issued by the system on January 19, 2018, Yiguang Lighting’s shares were approved for listing. However, despite initial growth, the company faced challenges in the highly competitive LED market. Yiguang Lighting focuses on the R&D, production, and sales of LED lighting products, including light sources, fixtures, and modules, which are widely used in hotels, shopping malls, office buildings, and residential areas. Financial reports show that in 2015 and 2016, the company recorded operating revenues of 39.671 million yuan and 45.732 million yuan, respectively, with net profits of 1.2104 million yuan and 1.3108 million yuan. In the first half of 2017, revenue reached 33.29 million yuan, reflecting a year-on-year increase of 47.06%, but the net profit was negative at 585,700 yuan. The LED industry continued to face intense competition in 2017, with product homogenization becoming more pronounced. As larger players consolidate resources, small and medium enterprises like Yiguang Lighting face increasing challenges. ![Logo](http://i.bosscdn.com/blog/co/nt/en/t_logo.jpg)

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