This week's new share subscriptions feature industry leaders in mobile HDI mainboards and mobile battery boards.
According to Wind data and public information, three new stocks are scheduled for subscription from March 23 to March 27: Ningbo Longyuan Co., Ltd. (Longyuan Shares, 920055), Nanchang Sanrui Intelligence Technology Co., Ltd. (Sanrui Intelligence, 301696), and Jiangxi Redboard Technology Co., Ltd. (Redboard Technology, 603459).
Among them, Redboard Technology specializes in the R&D, production, and sales of printed circuit boards, targeting mid-to-high-end application markets. Its products are widely used in consumer electronics, automotive electronics, high-end displays, and communication electronics, demonstrating significant competitive advantages and market presence in consumer electronics and automotive sectors. The company holds substantial market share in mobile HDI boards and mobile battery boards, establishing itself as a leading enterprise in China's mobile HDI mainboard and mobile battery board industry.
**I. This Week's New Share Subscriptions** Based on the schedule, Longyuan Shares (920055) opened for subscription on Monday (March 23), while Sanrui Intelligence (301696) and Redboard Technology (603459) will both be available for subscription on Friday (March 27).
According to Kaiyuan Securities research reports, Longyuan Shares specializes in the R&D, production, and sales of aluminum alloy precision die-cast components. Its main products include aluminum alloy precision die-cast parts for automotive engine systems, new energy vehicle triple-power systems, automotive steering systems, thermal management systems, and other components. The primary raw material required for production is aluminum alloy.
From 2022 to the first half of 2025, the company's total operating revenue reached 519 million yuan, 699 million yuan, 869 million yuan, and 475 million yuan respectively. Net profits attributable to shareholders were 101 million yuan, 126 million yuan, 128 million yuan, and 143 million yuan during 2022-2025. Gross profit margins stood at 32%, 31%, 26%, and 27%, while net profit margins were 19%, 18%, 15%, and 14% respectively.
Wind data indicates that Sanrui Intelligence is a leading manufacturer of power systems for drones and robots. Its main business involves the R&D, production, and sales of electric power systems for drones and robots, with active development in electric vertical take-off and landing (eVTOL) power system products, committed to providing high-quality, high-performance, and reliable power system solutions.
Wind data shows that Redboard Technology focuses on the R&D, production, and sales of printed circuit boards, positioning its products in mid-to-high-end markets with characteristics of high precision, high density, and high reliability. The company is one of the enterprises with relatively high HDI board revenue contribution in the industry, capable of mass-producing任意互连HDI boards and IC substrates. Its product portfolio includes HDI boards, rigid boards, flexible boards, rigid-flex boards, substrate-like PCBs, and IC substrates.
The company's products are widely used in consumer electronics, automotive electronics, high-end displays, and communication electronics, demonstrating significant competitive advantages and market position in consumer electronics and automotive sectors. With high market share in mobile HDI boards and mobile battery boards, the company has become one of China's leading enterprises in mobile HDI mainboard and mobile battery board industries.
**II. Last Week's New Listing Performance** No new listings have been announced for this week, while two new stocks debuted last week.
On March 18, Zuxing New Materials (920078) listed on the Beijing Stock Exchange with an issue price of 6.98 yuan per share. By the closing of its first trading day, the stock reached 35.3 yuan per share, representing a 405.73% increase. Based on the closing price, investors gained 2,832 yuan per lot.
On March 20, Xin Hengtai (920028) listed on the Beijing Stock Exchange with an issue price of 9.4 yuan per share. The stock closed at 22.7 yuan per share on its debut, marking a 141.49% increase. Investors realized gains of 1,330 yuan per lot at the closing price.
**III. Last Week's IPO Approvals** Regarding review committee approvals, the Beijing Stock Exchange held a new session of the listing review committee meeting last week.
Companies including Zhejiang Olun Electrical Co., Ltd. (Olun Electrical), Guizhou Southern Dairy Co., Ltd. (Southern Dairy), Huzhou Anda Auto Parts Co., Ltd. (Anda Shares), and Zhuhai JieLi Technology Co., Ltd. (JieLi Technology), all seeking IPOs on the Beijing Stock Exchange, successfully passed the review.
This week, the Shanghai Stock Exchange and Beijing Stock Exchange will continue their review activities.
On March 26, the Beijing Stock Exchange will review the initial listing application of Shenyang Guangtai Vacuum Technology Co., Ltd. (Guangtai Vacuum). The company is a high-tech enterprise specializing in the R&D, manufacturing, and sales of vacuum equipment with integrated capabilities from independent design to manufacturing delivery. Its main products include vacuum sintering furnaces, vacuum melting furnaces, and vacuum coating machines.
On March 27, the Shanghai Stock Exchange will review the STAR Market listing application of Wuhan Changjin Photonics Technology Co., Ltd. (Changjin Photonics). The company is a leading domestic manufacturer of specialty optical fibers with capabilities in R&D and industrial production of high-performance, diverse specialty optical fibers. Its main products, rare-earth-doped fibers, are crucial subcategories of specialty optical fibers and core optical materials in the laser industry chain, serving as key components in various fiber lasers, optical amplifiers, and fiber optic lidars, widely applied in advanced manufacturing, optical communications, measurement sensing, national defense, healthcare, and scientific research.
On March 27, the Beijing Stock Exchange will review the initial listing application of Guangdong Jinge New Materials Co., Ltd. (Jinge New Materials). The company is a national-level specialized and sophisticated SME focusing on the R&D, production, and sales of functional materials. Its core products feature excellent properties such as high dispersibility, high filling efficiency, and high stability, including thermal conductive powder materials, flame retardant powder materials, and wave-absorbing powder materials.
On March 27, the Beijing Stock Exchange will review the initial listing application of Shenzhen Qian'an Technology Co., Ltd. (Qian'an Technology). The company engages in the R&D, design, and sales of own-brand products, primarily selling high-quality, cost-effective Chinese manufactured goods to global consumers through third-party e-commerce platforms including Amazon, AliExpress, and eBay, as well as through its own brand websites.
**IV. Hong Kong Market Updates** In the Hong Kong market, Wind data shows five new stocks available for subscription from March 23 to March 27.
HUAYAN ROBOTICS (01021.HK), DIAGENS-B (02526.HK), TONGRENTANGCARE (02667.HK), EPIWORLD (02726.HK), and EXTREME VISION (06636.HK) will all be available for subscription from Monday to Wednesday (March 23-25).
Last week, Shanghai Putailai New Energy Technology Group Co., Ltd. and SmartMore Inc. submitted their initial Hong Kong listing applications. Sichuan Yingfa Ruineng Technology Co., Ltd., Zebra Intelligent Information Technology Co., Ltd., and White Dove Online (Xiamen) Digital Technology Co., Ltd. updated their Hong Kong listing documents.
Shandong Extreme Vision Technology Co., Ltd. passed its hearing. Hong Kong listing applications from Guangzhou Ruoyuchen Technology Co., Ltd., Semitronic Information Group Co., Ltd., and Hangzhou Sciwind Biosciences Co., Ltd. have expired.
**V. Major Investment and Financing Events** 1. On March 20, Hangzhou Xinuo Future, a dexterous hand technology company, completed hundreds of millions of yuan in Pre-A round financing. The round was led by a leading internet company with participation from financial investment institutions including Caitong Capital, Yida Capital, and ZJU Friends Capital, along with industrial investors such as 37 Interactive Entertainment and Hangzhou Data Group. Existing shareholders including CETC Fund, Dongfang Jiafu, and Xiaomi Strategic Investment made additional investments, with Lighthouse Capital continuing as the exclusive financial advisor.
2. On March 20, Xuanjing Biotech announced the completion of over 200 million yuan in Pre-A round financing led by Kangjun Capital, with participation from Delian Capital, Huatai金斯瑞 Fund, Jinyifuxin, Guohai Innovation Capital, Legend Capital, and existing shareholder Yuanxi Haihe.
3. On March 20, Chengdu Xianyan Biotechnology Co., Ltd. announced the completion of 150 million yuan in Series A financing. The round was led by Daoyuan Capital with joint leadership from Qishen Venture Capital, followed by Jiale Capital, Chengdu Science and Technology Investment Group, Sichuan Provincial Pilot R&D Co., Ltd., Xiamen High-tech Investment, and Zengrui Minghe. Existing shareholders including Chengdu Leadman, Yinman Fund, Huaige Capital, Juntain Capital, Cao Jiaming, and Huabo Instruments continued their investments.
4. On March 19, Suzhou Boside Electric Co., Ltd. announced the recent completion of over 100 million yuan in Series C financing. The round was led by Shanghai Ruili Capital with participation from Bank of Communications Financial Asset Investment and Yuanjing Capital.
5. On March 17, Ruisi Zhixin announced the completion of hundreds of millions of yuan in B+ round financing. The round saw participation from multiple institutions including Jingguotou, Yuecai Fund, GAC Capital, Yuanzhou Fund, Changjiang Capital, Zhongke Lanxun, Zhongqing Heng Hui, Zhichen Investment, Wofu Venture Capital, and New Asia Manufacturing.
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