The ultimate jackpot for IPO subscribers has arrived. On August 18, Pinzhun Laser, the most expensive new stock of the year, officially debuted on the STAR Market, smashing through the 1,000-yuan mark on its first trading day.
The stock opened with a massive gain of 488.61%, priced at 1,100 yuan per share. During the session, it surged by as much as 595%, reaching an intraday high of 1,300 yuan per share.
According to data, Pinzhun Laser had an issue price of 186.88 yuan, the highest for any A-share IPO this year. Based on the opening price, an investor holding one lot (500 shares) would see a paper gain of around 450,000 yuan. At the peak price, the profit for a single lot could reach as high as 556,600 yuan.
As of the time of writing, Pinzhun Laser was up 519.12%, trading at 1,156.12 yuan per share, giving it a total market capitalization of 46.245 billion yuan.
This marks a new record as the most expensive new listing of the year. The issue price of 186.88 yuan per share surpasses the highly anticipated Yushu Technology (150.8 yuan per share), making it the highest-priced IPO in the A-share market this year. Currently, Pinzhun Laser ranks as the fourth most expensive stock on the A-share market, trailing only Lianxun Instruments, Yuanjie Technology, and Kweichow Moutai.
It is also the most profitable new stock of the year and the strongest "meat ticket king" in A-share history. In terms of maximum profit per lot on the first trading day, Pinzhun Laser has outperformed other major winners this year, including Lianxun Instruments, Changjin Photon, Zhenbao Technology, and Ultra-Pure Materials.
Where to begin with the numbers? Pinzhun Laser has a placement price-to-earnings (P/E) ratio of 49.42 times, compared to the industry average P/E of 68.04 times. The company publicly issued 10 million new shares, bringing its total share capital to 40 million shares. After deducting various issuance costs, the net proceeds from the fundraising amount to 1.725 billion yuan.
What are the subscription details? The final online allotment rate for Pinzhun Laser was only 0.02013739%. Subscribing for one lot required a payment of 93,400 yuan, setting a new record for the highest capital threshold for new stock subscriptions in the A-share market in 2026.
Why is the capital being raised? According to the prospectus, the funds will be used for the precision laser system industrialization project, the research and development center construction project, the Wuhan R&D center construction project, and to supplement working capital.
Who are the key players involved? The company's client base includes prestigious institutions such as Harvard University, MIT, Tsinghua University, the Chinese Academy of Sciences, as well as industry leaders like Guodun Quantum and AMEC.
What does the company do? Pinzhun Laser, hailed as the "first stock of precision lasers" in the A-share market, is a leading player in quantum lasers. Its main business is the research, development, production, and sale of precision lasers, primarily targeting quantum technology sectors such as quantum computing and quantum precision measurement, as well as semiconductor fields including wafer manufacturing, wafer inspection, and wafer stealth dicing.
How has the financial performance been? In recent years, Pinzhun Laser has seen sustained high growth. From 2023 to 2025, the company's revenue was 148 million yuan, 292 million yuan, and 418 million yuan, respectively, with total revenue over the three years exceeding 800 million yuan. The non-GAAP net profit attributable to parent company was 57.8031 million yuan, 111 million yuan, and 151 million yuan, with gross margins stable in the 67% to 70% range.
What does the revenue breakdown look like? In terms of revenue share, the quantum technology sector accounted for 80.02%, 70.45%, and 69.9% of main business revenue, while the semiconductor sector contributed 17.53%, 26.31%, and 25.5% in the respective years.
What are the main products? By product category, revenue from main operations primarily comes from laser products, which account for over 95% of total revenue. Among these, single-frequency infrared lasers contributed 29.38%, 34.3%, and 36.27% of revenue, while single-frequency visible light lasers accounted for 31.86%, 29.21%, and 32.26%, respectively.
What is the outlook? The company projects that in the first half of 2026, it will achieve revenue of 230 million to 260 million yuan, a year-on-year increase of 28% to 44%. It also expects to post a net profit attributable to parent company of 90 million to 105 million yuan, up 27% to 48% year-on-year.
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