Shining3D Tech Co., Ltd. Faces Second Round of IPO Inquiries: BSE Focuses on Rationality of Overseas Growth, Gross Margin, and Overseas Subsidiary Losses

Source: Beijing Stock Exchange Official Website

DentalGoodNews | June 12, 2026, Shining3D Tech Co., Ltd. (hereinafter referred to as "Shining3D") issued an announcement regarding its initial public offering and listing on the Beijing Stock Exchange (BSE), along with a trading suspension update. The announcement stated that after completing financial data updates, the BSE adjusted its listing review status to "resume review" on April 20, 2026, and issued a second round of inquiry letters to the company on June 11.

According to public information, Shining3D is a domestic supplier of digital oral scanning equipment, with its main business covering dental digitalization and industrial 3D modeling. As previously reported by DENTALGOODNEWS (Leading Dental Industry Media, DGN), the company achieved operating revenue of RMB 1.575 billion in 2025, a year-on-year increase of 31.03%; and a net profit attributable to shareholders of the parent company of RMB 425 million, a year-on-year increase of approximately 100%. Currently, the company has launched products such as the Aoralscan series of intraoral scanners.

In the second round of inquiry letters, the BSE focused on the authenticity and reasonableness of its performance growth. Regarding Shining3D's relatively rapid growth in mature markets such as Europe and the United States in recent years, the exchange required the company to explain, in conjunction with changes in revenue, sales volume, and market share of international peers including Align, 3Shape, ZEISS, HEXAGON, and AMETEK, whether there are significant differences in its growth trends, as well as the reasons and reasonableness for changes in market share.

At the same time, the BSE also required the company to further explain the development of the dental and industrial 3D scanner markets in different regions, as well as the specific reasons for the rapid performance growth in mature markets in Europe and the United States. Additionally, the inquiry letter focused on the reasons for the significant increase in sales from overseas distributors such as GeoMedi and Henry Schein, Inc. (Schein), and required an explanation of whether such growth has a reasonable basis.

The gross margin issue was also a key focus of this round of inquiries. The BSE pointed out that the company's gross margin is higher than that of comparable companies and shows different trends. It required the company to quantitatively analyze the impact of factors such as selling prices and procurement prices on gross margin, and to explain the relevant reasons in conjunction with changes in product structure. At the same time, the company is required to further disclose information on core component suppliers, such as the optical core for intraoral scanning, and cooperation with outsourced processing partners, as well as the reasonableness of cooperation with some suppliers that have been established for a relatively short time and have relatively low registered capital.

In terms of overseas operations, the BSE required the company to further disclose the operating conditions of its overseas subsidiaries, such as Shining3D USA and Shining3D Germany. Regarding the negative net assets and net profit of some overseas subsidiaries, the exchange required an explanation of the reasons for their formation and verification of whether they involve transfer pricing and tax compliance risks.

In addition to operating performance and gross margin, this round of inquiries also covered multiple items including inventory management, the reasonableness of fundraising investment projects, the operations of domestic and overseas subsidiaries, the fairness of supplier procurement prices, and the stability of control rights.

Shining3D's IPO process was previously suspended due to financial data updates. According to the company's announcement, as the validity period of the financial reports cited in the application documents was about to expire, the company applied for a suspension of the review, which was approved by the BSE on March 31, 2026. After completing the financial data updates, the company resumed the review on April 20.

As of now, the matter of Shining3D's public issuance of shares and listing on the Beijing Stock Exchange is still in progress. Since the relevant review procedures have not yet been completed, the company's shares will continue to be suspended from trading.