On December 12, the Shenzhen Stock Exchange announced that Chengdu Hongming Electronics Co., Ltd. ("Hongming Electronics") has passed its ChiNext IPO review, advancing to the issuance and listing phase. As a leader in China's electronic components sector, Hongming has successively undertaken national key R&D projects during the 13th and 14th Five-Year Plans and won multiple National Science and Technology Progress Awards.
The number of listed companies serves as a vital indicator of regional economic vitality. With Hongming Electronics included, Chengdu has added six newly listed or IPO-approved firms this year, bringing its total listed companies across domestic and overseas markets to 153—the highest in central and western China.
Hongming Electronics, tracing its roots to State-Owned Factory 715 established in 1958 (one of China's 156 key projects during the First Five-Year Plan), has witnessed the evolution of China's electronics industry. Originally named Hongming Wireless Components Factory, it was long known as "Factory 715" in Chengdu's industrial history, where its presence helped shape today's Dongjiao Memory industrial heritage site.
Specializing in R&D, production, and sales of resistive-capacitive components, Hongming's products are widely used in aerospace, defense, and consumer electronics. It has ranked among China's Top 100 Electronic Components Enterprises for over 30 consecutive years since 1987 and was designated a "Manufacturing Industry Champion" in 2021. The company is one of China's top three military-grade multilayer ceramic capacitor (MLCC) manufacturers.
Hongming filed its ChiNext IPO application on May 30, 2025, with Shenwan Hongyuan as sponsor. In 2024, it reported revenue of 2.494 billion yuan and adjusted net profit of 252 million yuan. The IPO aims to raise approximately 1.95 billion yuan, primarily for projects like high-energy pulse capacitor industrialization.
Chengdu's proactive capital market strategy has yielded results this year. Beyond Hongming, notable listings include: - Chengdu Shanyou HVAC Engineering Co., which debuted on Nasdaq (WXM) on March 27 as Chengdu's first 2025 IPO, serving major projects like Chengdu IFS and BOE Mianyang. - Chengdu Kaifa Technology (920029), which became Sichuan's first 2025 A-share listing on Beijing Stock Exchange on March 28, known for smart meter innovations in European markets. - Southwest Jiaotong University Railway Development Co. (920027), a national "Little Giant" enterprise in rail infrastructure safety, listed on June 10. - Sichuan Baili Pharmaceutical, which cleared its Hong Kong IPO hearing on October 22 after a 2023 STAR Market debut, excels in oncology biologics. - Nuobikan AI Technology, a power inspection AI leader and provincial "New Economy Pioneer," passed its HKEX hearing on December 3.
These milestones reflect Chengdu's enhanced corporate financing services and capital market integration efforts, with institutions like Chengdu Science and Technology Investment Group providing critical support through funding and strategic guidance to firms like Hongming Electronics.
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