# dry film photoresist

IPO Red Flag: Chuyuan New Materials’ Market Gains Mask Falling Prices, Thickening Receivables and Unusual Sales Fees

Chuyuan New Materials, a domestic maker of dry‑film photopolymers for PCBs, has applied for a ChiNext IPO while reporting a strong market share. Yet unit prices have been sliding, receivables and financing have grown materially, and the company’s high sales service fees — some tied to former related parties — have drawn regulatory queries that could affect valuation and listing timing.