IPO News Summary | Xinsheng Technology's review postponed, three new stock subscriptions this week

According to disclosures from the Beijing, Shanghai, Shenzhen, and Shanghai Stock Exchange, last week (January 12–16), six companies went public, with no new companies accepted; five IPOs submitted for registration, three IPO registrations approved, and two new stocks listed.

Meanwhile, this week (January 19–23), six companies are scheduled to go public, with one new stock listing and three new stocks scheduled for subscription.

1. IPO Review and Registration Progress

Six reviewed, five approved; Xinsheng Technology’s BSE IPO temporarily halted

Last week, six companies had their IPOs reviewed. Except for Xinsheng Technology, which was temporarily halted, Gaote Electronics, Lianxun Instruments, Tianhai Electronics, Ruiling Jinda, and Zhongke Yi all successfully passed review.

Xinsheng Technology specializes in the research, development, production, and sales of computer embroidery machines. In the first three quarters of 2025, it achieved revenue of 1.044 billion yuan, up 44.48% year-over-year; net profit attributable to shareholders increased by 105.18% to 150 million yuan. The IPO aims to raise approximately 449 million yuan.

At the review meeting, the listing committee required the sponsor institutions and the reporting accountants to further verify all sales customers with “cross-border foreign exchange payment capabilities,” including but not limited to agreements and implementation of fund payments, business expenses, reasons for frequent changes in payers, annual foreign exchange quotas of relevant customers, and their allocations to the issuer, to confirm the authenticity of the company’s sales revenue.

Additionally, the committee asked Xinsheng Technology to disclose the main details of raising funds through loans from subsidiaries for project implementation; measures to effectively control the use of raised funds, prevent benefit transfer, and protect the interests of the company and small investors. The committee also inquired about the authenticity of operating performance, sustainability, and the implementation of fundraising projects through subsidiaries.

From last week’s review, the core focus at the review meeting was on the stability of the company’s performance, core competitiveness, accounts receivable management, and industry cycle risks.

Gaote Electronics is the first IPO project scheduled for review on the Shenzhen Stock Exchange in 2026, planning to list on the ChiNext. The company mainly develops, produces, and sells automotive wiring harnesses, connectors, and electronic components. The review announcement states that the committee asked the company to explain how factors such as market competition for energy storage BMS products and raw material price trends impact gross profit margin decline, extended collection cycles for accounts receivable, and the sustained low net cash flow from operating activities.

Lianxun Instruments is the first company to pass review on the STAR Market in 2026. Its main business involves the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment. During the review, the committee inquired on industry cycle and technological iteration in its specific field, new product technical levels, downstream demand, and procurement of core components.

Tianhai Electronics plans to list on the Shenzhen Main Board. It mainly develops, produces, and sells automotive wiring harnesses, connectors, and electronic components, with a proposed fundraising of 2.46 billion yuan, the largest among last week’s reviewed companies. The review announcement shows the committee mainly asked about the sustainability of operating performance and the reasons for changes in operating cash flow.

Ruiling Jinda and Zhongke Yi plan to list on the Beijing Stock Exchange. Ruiling Jinda focuses on refractory materials and integrated technical solutions for blast furnace ironmaking; it withdrew after an unsuccessful attempt to list on the BSE at the end of 2023. During review, the committee focused on verifying performance authenticity, asking the company to explain why gross profit margins are higher under direct sales compared to ton-iron settlement models, and reasons for the stable or slightly increased proportion of direct material costs in unit costs despite declining raw material prices.

Zhongke Yi’s main business involves the research, development, production, and sales of dry vacuum pumps and vacuum scientific instruments, along with related technical services. In the first three quarters of 2025, revenue and net profit attributable to shareholders were 845 million yuan and 549 million yuan, respectively. The main questions during review concerned revenue recognition accuracy, asking whether there were anomalies in timing or cross-period recognition.

This week, 6 companies face review, with Huikang Technology planning to raise 1.797 billion yuan

Wind data shows that this week, six companies are attempting IPOs. Etake plans to list on the Shanghai Main Board, Lichi Intelligent on the ChiNext, Huikang Technology on the Shenzhen Main Board, and Bairui Ji, Mifu Technology, and Toputake on the Beijing Stock Exchange.

Among these, Huikang Technology plans to raise the most funds, approximately 1.797 billion yuan. Next are Etake and Lichi Intelligent, with proposed raises of 1.5 billion yuan and 1 billion yuan, respectively.

Huikang Technology mainly develops, produces, and sells refrigeration equipment, including ice makers, refrigerators, freezers, and wine cabinets, primarily for residential and commercial use. During the reporting period, its performance steadily grew, with revenue increasing from 1.93 billion yuan in 2022 to 3.204 billion yuan in 2024; net profit attributable to shareholders rose from 197 million yuan to 451 million yuan. In the second review inquiry, questions focused on industry and business model, compliance issues, and revenue.

The company plans to raise 1.797 billion yuan to fund projects including the second phase of the Quyuan refrigeration equipment intelligent manufacturing base, upgrades to the refrigeration equipment manufacturing base, a new intelligent manufacturing base in Thailand, and R&D center construction.

Etake is a provider of automotive electronic intelligent solutions, mainly engaged in the research, development, production, and sales of automotive electronic products across four major domains: body, intelligent cockpit, power, and autonomous driving. It also offers EMS and technical development services. The prospectus highlights risks such as high customer concentration and the reliance on Chery Automobile, which accounts for a significant portion of revenue.

During the reporting period, Chery Automobile remained its largest customer, with sales of 600 million, 1.057 billion, 1.868 billion, and 775 million yuan, accounting for 27.60%, 35.21%, 53.89%, and 50.26% of revenue, respectively. Chery also is a major shareholder, holding 14.99% of the company before this issuance.

Lichi Intelligent focuses on automated material batching, dispersed emulsification, and mixing in material automation, providing integrated solutions for material handling systems. It offers consulting, design, manufacturing, installation, debugging, training, and after-sales services, with applications in lithium battery manufacturing, fine chemicals, and composite materials. Its performance doubled from 2022 to 2024 and in the first three quarters of 2025, with revenues of 619 million, 1.721 billion, 2.173 billion, and 1.718 billion yuan, and net profits of 107 million, 239 million, 270 million, and 183 million yuan, respectively.

However, the company notes risks of declining gross profit margins. Its main business gross margins were 16.48%, 27.80%, 28.78%, and 27.13% over the periods, with margins excluding inventory valuation effects at 41.93%, 40.08%, 35.97%, and 31.20%, showing a downward trend.

Bairui Ji specializes in biomedical materials, mainly producing anti-adhesion devices such as cross-linked sodium hyaluronate gels for uterine, pelvic, and nasal applications, and functional skincare products. Financial data shows revenue of 200 million yuan in the first three quarters of 2025, up 26.38% year-over-year; net profit attributable to shareholders was 57 million yuan, up 63.38%.

Mifu Technology’s main business involves R&D, production, and sales of key components for automotive fluid pipelines and other plastic parts like guide rails. Its products are used in new energy vehicles and traditional fuel vehicles. Performance-wise, in the first three quarters of 2025, revenue was 237 million yuan, up 32.43%, and net profit was 65 million yuan, up 36.09%.

Toputake mainly develops, produces, and sells intelligent controllers and related products, widely used in consumer electronics, power tools, industrial automation, automotive electronics, and new energy sectors. In the first three quarters of 2025, revenue reached 823 million yuan, up 10.16%, with net profit of 85 million yuan, up 5.2%.

2. New Stock Subscription and Listing Updates

Two new stocks listed last week, Koma Materials surged 371% on debut

According to Wind data, one new stock was listed this week: Aishalen, scheduled for listing on the Beijing Stock Exchange on January 21, with an issue price of 15.98 yuan per share. The prospectus states that Aishalen has long focused on healthcare, mainly engaged in R&D, production, and sales of disposable medical consumables used in professional rehabilitation, nursing, and medical protection, providing ODM/OEM services for international medical device brands.

Aishalen expects to achieve revenue of 889 million to 939 million yuan in 2025, up approximately 28.65%–35.89% year-over-year; net profit attributable to shareholders is projected at 89.29 million to 98.48 million yuan, up 10.63%–22.01%.

Last week, two new stocks listed. Zhixin Co. listed on the Shanghai Main Board on January 15, with an issue price of 21.88 yuan per share. It closed at 68.58 yuan, a 213.44% increase. Based on the closing price, the first lottery winner’s profit was about 23,400 yuan. The company mainly develops, processes, and sells automotive stamping parts and related molds.

Koma Materials listed on the BSE on January 16, with an issue price of 11.66 yuan per share. It closed at 54.95 yuan, a 371.27% increase. The first lottery winner’s profit was about 4,329 yuan. Its main business involves R&D, production, and sales of dry friction plates and wet paper-based friction plates, focusing on new friction materials.

This week, 3 new stocks open for subscription, Nongda Technology’s issue price is 25 yuan/share

Wind data shows three new stocks scheduled for subscription this week. Zhenshi Co. and Nongda Technology started subscription on January 19, planning to list on the Shanghai Main Board and the BSE, with issue prices of 11.18 yuan/share and 25 yuan/share, respectively. Shimeng Co. will start subscription on January 23, planning to list on the Shenzhen Main Board, with the issue price not yet disclosed.

Zhenshi Co. is a national high-tech enterprise mainly engaged in R&D, production, and sales of fiber-reinforced materials in the clean energy field, serving top global wind turbine blade and wind power generator manufacturers. The prospectus indicates that Zhenshi expects revenue of 7 billion to 7.5 billion yuan in 2025, up 57.70%–68.69%, with net profit of 730 million to 860 million yuan, up 20.53%–42.00%.

Nongda Technology focuses on R&D, production, sales, and technical services for new fertilizers and intermediates. It expects revenue of 2.2 billion to 2.4 billion yuan in 2025, a change of –6.91% to 1.56% year-over-year; net profit is forecasted at 140 million to 160 million yuan, down –3.64% to 10.13%.

Shimeng Co. provides customized, integrated, embedded supply chain logistics solutions for multinational manufacturing companies, with a leading presence in North China and nationwide. It has established partnerships with well-known clients in automotive, packaging, and other manufacturing sectors. The company expects revenue of 925 million yuan in 2025, down 10.08%, and net profit of 148 million yuan, down 12.70%, mainly due to declining revenue from Maersk-related and Mercedes-Benz-related clients, affected by changes in supplier structures and demand reductions.