On December 13, 2025, the official website of the Shanghai Stock Exchange (SSE) revealed that the listing committee had given the green light to the initial public offering (IPO) of GRINM Metal Composite Materials (Beijing) Co., Ltd. (hereinafter referred to as "GRINM Advanced Materials") on the Science and Technology Innovation Board, commonly known as the STAR Market. With this approval, the company is now poised to go public on the SSE STAR Market.

This time around, GRINM Advanced Materials intends to issue no more than 159 million shares, with the goal of raising 900 million yuan. The funds raised will be primarily allocated to the second - phase industrialization project for advanced metal matrix composites, the R&D center project, and to bolster the company's working capital.

GRINM Advanced Materials stands as a high - tech enterprise that has carved out a niche in the research and development, production, and sales of metal composite materials and products, along with special non - ferrous metal alloy products. Its product portfolio finds extensive applications across various industries, including aerospace, military electronics, and smart terminals.

In terms of corporate structure, China GRINM Group Co., Ltd. serves as its controlling shareholder, while the State - owned Assets Supervision and Administration Commission of the State Council (SASAC) acts as the actual controller.

However, the company is not without its challenges. It confronts several risks, such as weak internal financial controls, which could potentially lead to inefficiencies or mismanagement of funds. There have also been abnormal fluctuations in its technical service revenue, raising concerns about the stability and predictability of this income stream. Moreover, the company's technical independence is under scrutiny, as doubts linger regarding its ability to innovate and develop technologies independently. Additionally, there are questions surrounding the fairness of its equity pricing, which could impact investor confidence. Lastly, a long - standing divergence between its operating cash flow and net profit has been observed, indicating possible issues in the company's financial health and performance.