Spring tides surge as capital sets sail. In the first quarter of this year, Shandong's capital market continued to expand. According to data from the Shandong Provincial Financial Office, the province added four new listed companies during the quarter. By the end of Q1, the total number of domestic and overseas listed companies in Shandong reached 434, including 313 listed domestically.
Since the beginning of 2026, Shandong's capital market has consistently demonstrated strong momentum. The pace of corporate listings has accelerated comprehensively, the pipeline of potential listing candidates has continued to grow, and policy support has been precisely targeted. The provincial capital market is exhibiting a vigorous trend of simultaneous improvement in both quantity and quality, progressing in an orderly, tiered manner, continuously injecting fresh capital into the high-quality development of the real economy.
**Four New Listings in Q1 Raise 2.11 Billion Yuan in IPOs** Starting the year at a sprint, Shandong celebrated a successful opening for listings. In the first quarter of 2026, the pace of corporate listings in Shandong Province steadily accelerated. The province added four new listed companies domestically and overseas, one more than the same period last year. Together, they achieved initial public offering (IPO) financing totaling 2.11 billion yuan, providing solid financial support for corporate technological breakthroughs, capacity expansion, and market layout.
On January 28, Nongda Technology (920159.BJ) took the lead by listing on the Beijing Stock Exchange (BSE), becoming Shandong's "first listing" of 2026. The company specializes in products like bio-fertilizers and humic acid compound fertilizers and is a leading enterprise in China's bio-organic fertilizer sector. This public offering involved 16 million shares at an issue price of 25 yuan per share, raising a total of 400 million yuan. The funds will primarily be allocated to projects including an annual 300,000-ton intelligent tower-type humic acid compound fertilizer project, the construction of a bio-fertilizer production line, and the upgrade of an R&D center, further consolidating its leading position in the green agriculture sector.
Yuelong Technology (920188.BJ) successfully rang the bell for its listing on the Beijing Stock Exchange on March 30, becoming the first company from Yantai City to enter the A-share market in 2026. Notably, Yuelong Technology is a national-level "Little Giant" enterprise specializing in refined and unique products. It focuses on the R&D and production of high-end flexible pipelines for fluid transport, with products covering three major series: flexible subsea pipelines, flexible onshore oil and gas pipelines, and industrial specialty hoses. Its end customers include global energy leaders such as CNOOC, CNPC, Sinopec, and ExxonMobil. The company publicly issued 21.9932 million shares at an issue price of 14.04 yuan per share, raising approximately 289 million yuan in total. These funds will be directed towards projects including the production of self-floating oil offloading hoses, intelligent upgrades of production facilities, and the construction of a high-end R&D center. On its first trading day, Yuelong Technology opened at 39.86 yuan per share, a surge of 183.90% from its issue price of 14.04 yuan. It closed at 30.20 yuan per share, up 115.10% from the issue price, achieving a more than doubling of returns. The entire process from application to listing took only 308 days.
In the first quarter, Shandong also saw Qingdao's GON TECHNOLOGY (02768.HK) successfully list on the Hong Kong stock market. GON TECHNOLOGY specializes in polymer composite materials, biomedicine, and other products. It listed on the main board of the Hong Kong Exchange on February 4, becoming Shandong's first "A+H" listed enterprise in 2026, further broadening the overseas financing channels for Shandong companies.
On March 30, Shandong EXTREME VISION Technology Co., Ltd. (06636.HK) officially listed on the main board of the Hong Kong Stock Exchange, successfully becoming the "first stock in the visual language large model" sector. It is worth mentioning that as a leading domestic provider of AI vision algorithm and large model solutions, the company is expected to have taken only 69 days from submitting its application to listing, setting a new record for the listing timeline on the Hong Kong stock market.
In terms of industry distribution, the new listings in the first quarter covered Shandong's advantageous sectors such as high-end equipment, green chemicals, modern agriculture, and new materials. This not only highlights the solid foundation of Shandong's real economy but also reflects the significantly enhanced ability of "Little Giant" specialized and sophisticated enterprises to connect with the capital market, injecting new vitality into the province's industrial upgrade.
**IPO Pipeline Grows 200% Year-on-Year as Listing Pipeline Expands** The continuous strengthening of listing momentum is fundamentally supported by a sufficient and high-quality pipeline of potential candidates. Since the beginning of the year, several Shandong enterprises have successively initiated listing guidance procedures, continuously enriching the reserve force. On January 12, Shandong Tianjiao Biotechnology Co., Ltd. completed its IPO tutoring filing with the Shandong Securities Regulatory Bureau, aiming for an A-share listing. On January 29, Weifang Jinghua submitted materials to the Shandong Securities Regulatory Bureau for a public share issuance tutoring filing targeting the Beijing Stock Exchange. On January 30, Elait Energy Equipment Co., Ltd. also completed its tutoring filing registration with the Shandong Securities Regulatory Bureau. Data shows that in the first quarter of 2026, IPO applications from 9 Shandong companies were accepted by domestic and overseas regulators, an increase of 6 compared to the same period last year, indicating high enthusiasm among enterprises for capital market entry. By the end of the first quarter, the number of companies in the provincial IPO pipeline reached 48, a significant year-on-year increase of 200%. Among these, 3 companies have already passed their listing hearings and completed registration, poised to enter the capital market imminently; 45 companies are under review, including 15 domestically and 30 overseas. A virtuous, tiered progression pattern of "a batch applying, a batch passing hearings, a batch listing" has taken shape, laying a solid foundation for sustained listing momentum in the future.
From a national perspective, Shandong's capital market scale remains firmly within the top tier. The province has developed distinctive advantages in areas such as listing manufacturing enterprises and cultivating specialized, sophisticated SMEs. As the Beijing Stock Exchange's "quality improvement and expansion" policies continue to be implemented, Shandong, as a hub for innovative small and medium-sized enterprises, is poised to see more companies seize opportunities to list on the BSE, further optimizing the structure of listed companies in the province.
Overseas listings have also become an important option for Shandong enterprises. Since 2026, besides GON TECHNOLOGY, companies like EXTREME VISION have successfully listed in Hong Kong. Eight companies, including Lianchi Hospital, COSMOPlat, and Xinde Technology, have submitted applications to the Hong Kong Exchange this year. Nine companies that applied in 2025, such as Weichai Lovol and Shengtong Special Medical, remain within the valid review period, indicating a continuously growing pipeline for overseas listings.
**Intensive Support Policies Help Shandong Accelerate Corporate Listings** Behind the impressive data lies a comprehensive, chain-wide corporate listing cultivation system in Shandong characterized by coordinated efforts across all levels and precise interventions. At the provincial level, Shandong has continuously improved its policy support system, deeply implemented the "Ten, Hundred, Thousand" enterprise cultivation plan for listings, and intensified efforts to identify and nurture technology-based and innovative enterprises.
An action plan issued by the General Office of the Shandong Provincial Government explicitly aims for approximately 15 new listed companies in the province in 2026. It emphasizes the continuous cultivation of listing resources, providing "one enterprise, one policy" tailored accompaniment services throughout the entire listing chain, persistently carrying out "capital market direct access enterprise acceleration" activities, and building a direct service channel involving "industry authorities + exchanges + intermediaries + funds + enterprises."
On March 30, the Shandong Provincial Financial Office and the Shandong Securities Regulatory Bureau jointly organized a "Enterprises Visit the BSE" event with the Beijing Stock Exchange. Using a four-dimensional model of "observation, consultation, training, and benchmarking," the event organized prospective listing candidates to observe Yuelong Technology's listing ceremony on-site. BSE experts provided "diagnostic consultations" for 19 key enterprises and conducted specialized training for 13 companies from Yantai, precisely empowering SMEs to list on the BSE.
Building on systematic planning at the provincial level, various cities in Shandong have also introduced supportive policies to provide strong backing for corporate listings. Yantai City issued guidelines proposing to strive for around 25 enterprises with a market capitalization exceeding 10 billion yuan by 2027. It aims to establish vertical coordination mechanisms between city and county levels and horizontal collaboration among departments, cultivating approximately 10 "sprint candidates" and 30 "seed candidates" for listing within the next three years, and fostering a group of backbone enterprises to become leading chain masters with international competitiveness and mastery of key core technologies.
In March, the Linyi Municipal Government issued a five-year action plan (2026-2030), clearly aiming for over 15 domestic and overseas listed companies by the end of 2030. The city level will establish a "1+3" resource pool system for potential listing candidates, dynamically maintaining about 100 enterprises in the pool, with national-level "Little Giant" enterprises and manufacturing single champions targeted to account for over 40% of the pool.
Guided by provincial policies and with coordinated efforts from various cities, Shandong's capital market is steadily advancing towards the goal of high-quality development. The momentum for corporate listings is expected to continue strengthening in subsequent quarters.
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