Why did Benxing's listing fail?

Insufficient assets. Benxing Company in Hubei failed to go public because of insufficient assets. According to China's Company Law, listed companies need to meet the requirements that the assets are not less than 50 million yuan, the number of shareholders holding more than 1 000 yuan is not less than 1 000, and the shares publicly issued to the public account for more than 25% of the company's total shares. Companies with a total share capital exceeding 400 million yuan are allowed to go public.