With the IPO applications of Yuxi New Materials, Yaomazi, and Tianyuan Heavy Industry successively accepted, and companies like Super Pure and Jule Shares already under inquiry, Sichuan-based enterprises have seen a marked acceleration in their IPO processes since the beginning of 2026. Among the many Sichuan companies in the IPO pipeline, Hongming Electronics, which has already received registration approval, is poised to become the first Sichuan-based company to list on the A-share market this year.
Chengdu Hongming Electronics is set to debut on the ChiNext board. Shortly after the start of 2026, the capital market is expected to welcome a new listing from Sichuan. In mid-December 2025, the results of the 29th review meeting of the Shenzhen Stock Exchange's listing committee showed that Chengdu Hongming Electronics Co., Ltd. passed the review for its initial public offering and listing on the ChiNext board.
According to its prospectus, as an established domestic electronic component manufacturer, Chengdu Hongming Electronics' predecessor was the state-owned Factory 715, founded in 1958. The company is now primarily engaged in the R&D, production, and sales of new electronic components and precision parts, mainly resistive and capacitive components, with its products widely used in aerospace, marine, consumer electronics, and new energy vehicles.
Chengdu Hongming Electronics is one of the few domestic producers with a full industrial chain capability, from high-quality electronic materials to electronic components, achieving self-sufficiency in multiple products and having created several domestic firsts, including the country's first aerospace-grade MLCC production line.
A solid operational foundation has translated into strong financial performance. Disclosed financial data shows that from 2022 to the first half of 2025, Chengdu Hongming Electronics reported operating revenues of 3.146 billion yuan, 2.727 billion yuan, 2.494 billion yuan, and 1.528 billion yuan, respectively. Its net profits attributable to parent shareholders were 476 million yuan, 412 million yuan, 268 million yuan, and 257 million yuan for the same periods.
Leveraging the capital market to bolster its main business and enhance competitiveness is the core objective of Hongming Electronics' listing. The prospectus indicates the company plans to raise approximately 1.951 billion yuan through the public offering, primarily for the industrial construction project of high-energy-storage pulse capacitors, the new electronic components and integrated circuit production project (Phase I/II), the key technology R&D project for high-reliability resistive and capacitive components, and the key technology R&D project for electronic materials and components.
Regarding the listing, Chengdu Hongming Electronics stated that the implementation of the fundraising projects will effectively enhance its production capacity, enabling the company to capitalize on market opportunities such as the trend of domestic substitution for electronic components and materials, improve its ability to respond swiftly to market demands, and further strengthen its profitability. Additionally, through continuous innovation and upgrades of main products and the development of new products, the company aims to significantly boost its R&D and independent innovation capabilities, providing robust support for its core business innovation.
Apart from Hongming Electronics listing on the ChiNext board, several other Sichuan-based companies are making a strong push in their IPO journeys. Statistics show that among the current IPO pipeline, up to eight Sichuan companies have reached the "under inquiry" or "accepted" stages.
The five companies currently under inquiry span various sectors including electronic components, semiconductor materials, and maternal-infant retail chains. If they successfully navigate multiple rounds of inquiry, these firms could become the second wave of Sichuan companies to list on the capital market in 2026.
Chengdu Super Pure Applied Materials Co., Ltd. aims to list on the ChiNext board, and its IPO review status was recently updated to "under inquiry." The company plans to raise 1.125 billion yuan, primarily for capacity expansion, increased R&D investment, and supplementing working capital. Public information shows Super Pure has deep expertise in special coated components for semiconductor equipment for nearly 20 years, and its profitability has shown rapid growth alongside the swift development of China's semiconductor industry.
Sichuan Ruijian Medical Technology Co., Ltd., founded in 2013, is a company specializing in the R&D, production, and sales of blood purification products. Its main products include hemodialyzers and hemoperfusion devices. In 2024, the company obtained medical device registration certificates for products such as hemodialysis machines, continuous blood purification equipment, and continuous renal replacement therapy tubing, allowing its product portfolio to cover the main equipment and consumables used in the hemodialysis process. On September 30, 2025, Ruijian Medical disclosed the results of the second round of inquiry from the Beijing Stock Exchange regarding its IPO.
Chengdu Yunying World Co., Ltd. is a digital and intelligent innovative maternal and infant product chain enterprise. Its main business involves the sales of maternal and infant goods and providing services to upstream brand suppliers and downstream franchisees. Yunying World was listed on the New Third Board in October 2023. On June 25, 2025, the company submitted its listing application to the Beijing Stock Exchange. As of now, the company has completed the second round of inquiry.
The most recent company to pass an inquiry stage is Sichuan Meikang Pharmaceutical Software Research and Development Co., Ltd. The company disclosed its response to the first round of inquiry letters on January 23. Public information indicates that Meikang is a high-tech enterprise engaged in the construction and maintenance of pharmaceutical knowledge bases, and the R&D, sales, and technical services of clinical rational drug use systems. The company plans to raise 385 million yuan in this offering, with 193 million yuan earmarked for an intelligent clinical diagnosis and treatment assistance application platform, 96 million yuan for an R&D center upgrade project, and 96 million yuan for a marketing service network and IT project.
The IPO journey of another Sichuan-based applicant, Jule Shares, has been particularly winding. Jule Shares first submitted its prospectus in 2017, aiming to list on the Shenzhen Stock Exchange's SME board. The application was hastily withdrawn in March 2018 due to incomplete materials. In the following years, the company made several more attempts to launch an IPO, all unsuccessful. Finally, its listing application was accepted by the Beijing Stock Exchange on June 30, 2025, marking its fifth attempt in eight years. On January 13 of this year, the company disclosed its response to the first round of inquiry from the exchange; whether this attempt will finally lead to a successful listing remains to be seen.
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