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, 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 planned for subscription.

1. IPO Review and Registration Progress

6 Approved, 5 Pending, Xinsheng Technology’s Beijing Stock Exchange IPO Temporarily Suspended

Last week, six IPOs were reviewed; 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, up 44.48% year-over-year; net profit attributable to shareholders increased by 105.18% to 150 million yuan. For this IPO, Xinsheng Technology plans 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 regarding fund payments, business expenses, reasons for frequent changes in payers, annual foreign exchange quotas of relevant customers, and their distribution to the issuer, to confirm the authenticity of the company’s sales revenue.

Additionally, the committee asked Xinsheng Technology to disclose more details about funding projects through loans from subsidiaries; measures the company and its subsidiaries have in place 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 funding 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 indicated that the committee asked the company to explain how factors such as declining gross profit margin, 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 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 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 planned fundraising of 2.46 billion yuan, the largest among companies reviewed last week. The review announcement showed that 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; it withdrew after an unsuccessful attempt to list on the BSE at the end of 2023. The committee focused on verifying its performance authenticity, asking the company to explain why gross profit margins are higher under direct sales compared to ton-iron settlement models, and why direct material costs as a proportion of unit costs have remained stable or slightly increased 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, its revenue and net profit attributable to shareholders were 845 million yuan and 549 million yuan, respectively. The main questions during review concerned the accuracy of revenue recognition, asking whether there were any anomalies in the timing of revenue recognition or instances of cross-period recognition.

This Week’s “Examinations” for 6 Companies, HuiKang Technology Plans to Raise 1.797 Billion Yuan

Wind data shows that six companies are scheduled for IPO attempts this week. Among them, Aiteke 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 Aiteke 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 shareholders rose 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 Beiwang refrigeration equipment intelligent manufacturing base, upgrades to the refrigeration equipment manufacturing base, the Thailand refrigeration equipment intelligent manufacturing base, and R&D center construction.

Aiteke 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, also offering EMS and technical development services. The prospectus highlights risks such as “high customer concentration” and “reliance on a single customer, Chery Automobile.”

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 Aiteke, holding 14.99% of the company before issuance.

Lichi Intelligent focuses on automated material batching, dispersion emulsification, and mixing, providing integrated solutions for material automation processing. It offers consulting, design, manufacturing, installation, debugging, training, and after-sales services, with products widely used 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 shareholders were 107 million, 239 million, 270 million, and 183 million yuan.

However, the company notes “the risk 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 sodium hyaluronate gels for uterine, pelvic, and nasal applications, as well as functional skincare products. Financial data shows that in the first three quarters of 2025, revenue reached 200 million yuan, 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, applicable to new energy vehicles and traditional fuel vehicles. Its performance in the first three quarters of 2025 showed revenue of 237 million yuan, up 32.43%, and net profit of 65 million yuan, up 36.09%.

Toputake mainly develops, produces, and sells smart controllers and intelligent products, widely 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%, with net profit 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, only 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 rehabilitation, nursing, and medical protection, providing ODM/OEM services for well-known international medical device brands.

It 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 Shares 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-day profit per lot was about 23,400 yuan. The company mainly develops, processes, and sells automotive stamping parts and related molds.

Koma Materials listed on the Beijing Stock Exchange 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-day profit per lot was about 4,329 yuan. Its main business involves R&D, production, and sales of dry and wet friction materials, focusing on new friction material applications.

This Week, 3 New Stocks Planned for Subscription, Nongda Technology Priced at 25 Yuan/Share

Wind data shows three new stocks scheduled for subscription this week. Zhenshi Shares and Nongda Technology will start subscription on January 19, listing on the Shanghai Main Board and the Beijing Stock Exchange, with issue prices of 11.18 yuan and 25 yuan per share, respectively. Shimeng Shares will start subscription on January 23, listing on the Shenzhen Main Board, with the issue price not yet disclosed.

Zhenshi Shares 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. Its prospectus indicates that in 2025, it expects revenue of 7 billion to 7.5 billion yuan, 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, with a change of –6.91% to 1.56% year-over-year; net profit is projected at 140 million to 160 million yuan, down 3.64% to 10.13%.

Shimeng Shares provides customized, integrated, and 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 revenues from Maersk-related and Mercedes-Benz-related clients, affected by changes in supplier structures and end-market demand.