Technology Author：Niko Yang Aug 12, 2020 11:50 AM (GMT+8)

The IPO reviewing process in China has been relatively loose this year.

Image credit: Petr Macháček/Unsplash

The Shanghai Stock Exchange website showed that call center solution provider WellJoint and its sponsor Essence Security have revoked their IPO files. The firm took part in the first-round inquiry on June 6 and stopped the following process on August 10 on the Star Market.

Application profiles revealed that WellJoint mainly provides call center solutions with financial clients. Apart from legacy technologies, it also develops a cloud-based contact center as a service and conversation analysis platform.

The company generated a revenue of CNY 124.56 million, earning CNY 34.44 million in 2019. It relies heavily on its relationship with big financial institutions, including China Merchants Bank (CMB) and China Minsheng Banking Corp. CMB accounted for 48% of total revenue in 2019.

The firm used to be listed on the National Equities Exchange and Quotations.

Before August 6, the China Securities Regulatory Commission reviewed 255 IPO applications, 8 of which failed.