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 appeared before the review meeting, with no new companies accepted; five companies submitted IPO registration applications, three IPO registrations were approved, and two new stocks were listed.

Meanwhile, this week (January 19–23), six companies will appear before the review, one new stock will be listed, and three new stocks are scheduled for subscription.

1. IPO Review and Registration Progress

6 Approved, 5 Pending, Xinsheng Technology Temporarily Suspended

Last week, six IPOs appeared before the review meeting. Except for Xinsheng Technology, which was temporarily suspended, Gaote Electronics, Lianxun Instruments, Tianhai Electronics, Ruiling Jinda, and Zhongke Yi all passed smoothly.

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, a year-on-year increase of 44.48%; net profit attributable to the parent increased by 105.18% to 150 million yuan. For this IPO, Xinsheng Technology plans to raise about 449 million yuan.

At the listing committee meeting, the committee required the sponsor institutions and 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 distribution to the issuer, to further 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 approval situation, the review meeting focused on issues such as the stability of corporate performance, core competitiveness, accounts receivable management, and industry cycle risks.

Gaote Electronics is the first IPO project scheduled for the Shenzhen Stock Exchange in 2026, aiming to list on the ChiNext. The company mainly engages in the research, development, production, and sales of automotive wiring harnesses, connectors, and electronic components. According to the review announcement, the committee asked the company to explain how declining gross profit margins, extended collection cycles for accounts receivable, and persistently low net cash flow from operating activities impact its performance, considering the market competition and raw material price trends for energy storage BMS products.

Lianxun Instruments is the first company to pass the 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 companies approved last week. The review announcement shows the committee mainly asked about the sustainability of operating 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 systems; it withdrew after an unsuccessful attempt to list on the BSE at the end of 2023. During the review, the committee emphasized verifying the authenticity of its performance, 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 falling 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, its revenue and net profit attributable to the parent were 845 million yuan and 549 million yuan, respectively. The main questions during the review concerned the accuracy of revenue recognition, asking whether there were any anomalies in the timing of revenue recognition or cross-period recognition.

This Week’s 6 Companies “Facing Review,” Huikang Technology Plans to Raise 1.797 Billion Yuan

Wind data shows that this week, six companies are attempting to pass IPO review. Among them, Aitech 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.

In terms of fundraising, Huikang Technology plans to raise the most—about 1.797 billion yuan. Next are Aitech and Lichi Intelligent, with planned 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 the parent increased from 197 million yuan to 451 million yuan. In the second round of review inquiries, questions were raised about its industry, business model, compliance issues, and revenue.

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

Aitech 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, as well as providing 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 of Aitech, 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. 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 the first three quarters of 2025, with revenues of 619 million, 1.721 billion, 2.173 billion, and 1.718 billion yuan, respectively; net profits attributable to the parent were 107 million, 239 million, 270 million, and 183 million yuan.

However, the company notes risks of declining gross profit margins in its prospectus. Its main business gross profit margins were 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 hyaluronic acid gels for uterine, pelvic, and nasal 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-on-year; net profit attributable to the parent 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 attributable to the parent 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 attributable to the parent of 85 million yuan, up 5.2%.

2. New Stock Subscription and Listing Updates

Last Week, 2 New Stocks Listed; Koma Materials Surged 371% on First Day

According to Wind data, one new stock is scheduled to list this week: Aishelen on the Beijing Stock Exchange, with an issue price of 15.98 yuan per share. The prospectus states that Aishelen 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 well-known international medical device brands.

Aishelen expects to achieve revenue of 889 million to 939 million yuan in 2025, a year-on-year increase of approximately 28.65% to 35.89%; net profit attributable to the parent is projected at 89.29 million to 98.48 million yuan, up 10.63% to 22.01%.

Last week, two new stocks listed. Zhixin Co., Ltd. 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-lot profit for investors was about 23,400 yuan. The company mainly develops, processes, produces, 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-lot profit was approximately 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 for Subscription; Nongda Technology Priced at 25 Yuan/Share

Wind data shows three new stocks scheduled for subscription this week. Zhenshi Co., Ltd. and Nongda Technology started subscription on January 19, with issue prices of 11.18 yuan and 25 yuan per share, respectively; Shimeng Co., Ltd. will start subscription on January 23, 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 for clean energy, serving leading wind turbine blade and wind power generator manufacturers globally. Its prospectus indicates that in 2025, revenue is expected to reach 7 billion to 7.5 billion yuan, up 57.70% to 68.69% year-on-year; net profit attributable to the parent is expected to be 730 million to 860 million yuan, up 20.53% to 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-on-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. Its forecast for 2025 is revenue of 925 million yuan, down 10.08%, and net profit of 148 million yuan, down 12.70%, mainly due to declining revenue from Maersk-related clients and Mercedes-Benz-related clients, affected by changes in supplier structures and demand reductions.