IPO Watch Daily (3.18): Zebra Intelligence and AiKe Baifa Submit Applications to Hong Kong Stock Exchange; Ourui Electric Passes NASDQ Board Approval, Zuzu New Materials Surges 405.7% on First Day

IPO Daily Report (3.18): Zebra Intelligence and Aike Baifa Submit Applications to HKEX; Oulun Electric to Beijing Stock Exchange? IPO Approved

1. HK Stock Listings

Zebra Intelligence

HKEX announced on March 18 that Zebra Intelligence Information Technology Co., Ltd. (Zebra Intelligence) has submitted a listing application to the Main Board of HKEX, with Deutsche Bank, China International Capital Corporation, and Guotai Junan International serving as joint sponsors. This is the company’s second time applying to HKEX.

According to Zhuoshi Consulting, based on 2024 revenue, Zebra Intelligence is China’s largest software-centric intelligent cockpit solution provider, ranking first in solution deployment volume as well.

For 2023, 2024, and 2025, Zebra Intelligence’s revenues are approximately 872 million, 824 million, and 861 million RMB, respectively; gross profits for these years are approximately 404 million, 321 million, and 361 million RMB.

Aike Baifa

HKEX announced on March 17 that Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd. B (Aike Baifa) has submitted a listing application to the Main Board of HKEX, with CITIC Securities and J.P. Morgan as joint sponsors. This is the company’s third time applying to HKEX.

According to the prospectus, Aike Baifa is a biopharmaceutical company founded in 2013, focusing on discovering and developing therapies to address respiratory and pediatric medical needs.

In 2024 and 2025, Aike Baifa’s other income and gains are 26.305 million and 7.574 million RMB, respectively; total comprehensive losses for these years are approximately 199 million and 225 million RMB.

2. IPO Review Information

Jiangyin Saiying Electronics Co., Ltd.

Review status: Registered; Sponsor: Dongwu Securities Co., Ltd.; Updated: March 17, 2026; Proposed listing location: Beijing Stock Exchange

Zhejiang Oulun Electric Co., Ltd.

Review status: Approved by Listing Committee; Sponsor: Guolian Minsheng Securities Underwriting and Sponsoring Co., Ltd.; Updated: March 17, 2026; Proposed listing location: Beijing Stock Exchange

Wuhan Changjin Photonic Technology Co., Ltd.

Review status: Inquiry completed; Sponsor: Guotai Haitong Securities Co., Ltd.; Updated: March 17, 2026; Proposed listing location: STAR Market, Shanghai Stock Exchange

3. CSRC Public Offering Guidance Disclosure

Zhengzhou Senpeng Electronic Technology Co., Ltd.

Guidance agency: Guojin Securities Co., Ltd.; Filing date: March 17, 2026; Disclosure content: Guidance filing report on Zhengzhou Senpeng Electronic Technology Co., Ltd. for public offering to unspecified qualified investors and listing on Beijing Stock Exchange

4. New Stock and Convertible Bond Subscriptions Today

Shang26 Convertible Bond (118067)

Subscription code: 718533; Stock abbreviation: Shangsheng Electronics (688533.SH); Total funds raised: 325 million RMB; Issue price: 100 RMB; Max subscription: 1 million units

Doctor Convertible Bond (123266)

Subscription code: 370622; Stock abbreviation: Doctor Eyewear (300622.SZ); Total funds raised: 375 million RMB; Issue price: 100 RMB; Max subscription: 1 million units

Puang Medical (920069)

Issue price: 18.38 RMB; Price-to-earnings ratio: 14.53; Total shares issued: 10.5828 million; Online subscription max: 476,200 shares; Required funds for max online subscription: 8.7526 million RMB

Zuxing New Materials (920078)

Issue price: 6.98 RMB; Opening price: 33 RMB; Closing price: 35.3 RMB; Price change: +405.7%