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

According to disclosures from the Beijing, Shanghai, and Shenzhen stock exchanges, six companies went public last week (January 12–16), 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 approved, five pending, Xingsheng Technology temporarily suspended review at Beijing Stock Exchange IPO

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

Xingsheng 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, a 44.48% increase year-over-year; net profit attributable to shareholders grew 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 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 regarding fund payments, business expenses, reasons for frequent changes in payers, customers’ annual foreign exchange quotas, and their allocations to the issuer, to confirm the authenticity of the company’s revenue.

Additionally, the committee asked Xingsheng Technology to disclose more about borrowing from subsidiaries to fund major projects, and measures taken to effectively control the use of raised funds, prevent benefit transfer, and protect the interests of the company and small investors. The committee also questioned the authenticity and sustainability of operational performance and the implementation of projects through subsidiaries.

From last week’s review, the core focus at the review meeting was on the company’s performance stability, 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 indicated that the listing committee asked the company to explain how market competition, raw material price trends, and other factors impact gross profit margin decline, extended collection cycles for accounts receivable, and the ongoing 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 about industry cycle and technological iteration in its segment, new product technical levels, downstream demand, and procurement of key 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 companies reviewed last week. The review announcement showed the committee mainly asked about the sustainability of performance and 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 from the BSE at the end of 2023 after an unsuccessful attempt. The review focused on verifying its performance authenticity, asking for explanations on why gross profit margins are higher under direct sales compared to ton-iron settlement models, and reasons for stable or slightly increased proportions of direct material costs amid falling raw material prices.

Zhongke Yi specializes in dry vacuum pumps and vacuum scientific instruments, with revenue and net profit attributable to shareholders of 845 million yuan and 549 million yuan in the first three quarters of 2025. The review mainly inquired about 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 six companies are scheduled for IPO review this week. 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—about 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 develops and manufactures refrigeration equipment, including ice makers, refrigerators, freezers, and wine cabinets, mainly for residential and commercial use. Its revenue grew steadily from 1.93 billion yuan in 2022 to 3.204 billion yuan in 2024; net profit attributable to shareholders increased from 197 million yuan to 451 million yuan in the same period. During the second review inquiry, questions were raised about its industry, business model, compliance, and revenue.

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

Etake is a provider of automotive electronic intelligent solutions, mainly engaged in R&D, production, and sales of automotive electronic products across four domains: body, cockpit, power, and autonomous driving, also offering EMS and technical development services. The prospectus highlights risks such as high customer concentration and 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 is also a major shareholder, holding 14.99% of the company before the IPO.

Lichi Intelligent focuses on automated material batching, dispersion emulsification, and mixing, providing integrated solutions for material automation. Its services include consulting, design, manufacturing, installation, debugging, training, and after-sales. Its products are widely used in lithium battery manufacturing, fine chemicals, and composite materials. Its revenue doubled from 619 million yuan in 2022 to 2.173 billion yuan in 2024, with net profit attributable to shareholders rising from 107 million to 270 million yuan.

However, the company warned of risks related to declining gross profit margins. Its main business gross margin was 16.48%, 27.80%, 28.78%, and 27.13% over the periods, with adjusted gross 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, nasal, and other post-surgical applications, as well as 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 focuses on key components for automotive fluid pipelines and other plastic parts like guide rails, serving both new energy and traditional vehicles. Its revenue reached 237 million yuan in the first three quarters of 2025, a 32.43% increase; net profit attributable to shareholders was 65 million yuan, up 36.09%.

Toputake develops and sells smart controllers and related products, used in consumer electronics, power tools, industrial automation, automotive electronics, and new energy sectors. In the first three quarters of 2025, revenue was 823 million yuan, up 10.16%; net profit attributable to shareholders was 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 last week. Aishelen will list on the Beijing Stock Exchange on January 21, with an issue price of 15.98 yuan per share. The prospectus states that Aishelen has long focused on healthcare, mainly developing, producing, and selling disposable medical consumables for rehabilitation, nursing, and medical protection, providing ODM/OEM services for well-known international medical device brands.

It projects revenue of 889 million to 939 million yuan in 2025, up approximately 28.65%–35.89%, and net profit attributable to shareholders of 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-trade 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-trade 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 to subscribe, 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 will start subscription on January 19, listing on the Shanghai Main Board and BSE, with issue prices of 11.18 yuan and 25 yuan per share, respectively. Shimeng Co. will start on January 23, listing on the Shenzhen Main Board, with the issue price yet to be disclosed.

Zhenshi Co. is a national high-tech enterprise mainly engaged in R&D, production, and sales of fiber-reinforced materials for clean energy, serving top global wind turbine blade and wind power equipment manufacturers. It expects revenue of 7 billion to 7.5 billion yuan in 2025, up 57.70%–68.69%, and 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 projects revenue of 2.2 billion to 2.4 billion yuan in 2025, with a change of –6.91% to 1.56% year-over-year; net profit is expected to be 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. It 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.