On December 15, Jianxin Superconducting from Cixi, Ningbo, will launch its IPO. This marks the second IPO in Ningbo this year, following Nengzhiguang on the Beijing Stock Exchange. It is also GF Securities' first independent underwriting and sponsorship deal in Zhejiang since the listing of Hangzhou Juheshun in June 2020.
After July 2020, GF Securities was penalized by the China Securities Regulatory Commission (CSRC) and suspended from sponsorship business for six months. This led to the departure of its Zhejiang investment banking team, led by industry veteran Zhu Dongchen, who collectively moved to Guotai Junan Securities. Consequently, GF Securities withdrew from Zhejiang's sponsorship market.
In October 2024, Topcloud Agri from Gongshu, Hangzhou, went public with Guotai Junan as the sponsor (with lead underwriter Li Shaodan, who had previously moved from GF Securities). GF Securities participated in the underwriting, marking the final chapter of its investment banking operations in Zhejiang.
After a five-year hiatus, GF Securities has finally secured an IPO order in Zhejiang again, a significant achievement. The sponsors for Jianxin Superconducting's IPO are Zhou Yin and Wang Zhen—neither of whom has previously worked on Zhejiang-based IPO projects.
Zhou Yin holds a master's degree in economics and has led or participated in IPO projects such as Wondershare (688178), Xin Jieneng (605111), Changling Hydraulics (605389), and Yaxiang (301220).
Wang Zhen holds a master's degree in law and has been involved in IPO projects including Apon Medical (300753), Hhfang (300952), and Taimushi (001234).
Jianxin Superconducting was established in December 2013 and transformed into a joint-stock company in November 2022, initiating its IPO process. The company specializes in core components for medical magnetic resonance imaging (MRI) equipment. Its controlling shareholders are Xu Jianyi and his children, Xu Hui and Xu Dianbo, holding 45.37%, 4.41%, and 4.36% stakes, respectively.
Xu Jianyi, born in September 1953, has a middle school education and entered the MRI industry in the late 1980s. From April 1999 to June 2004, he served as Chairman and General Manager of Ningbo Heli Magnetic Materials Technology Co., Ltd. From April 2003 to September 2017, he was Executive Director and Manager of Jianxin Machinery. Since December 2013, he has been Chairman of Jianxin Superconducting.
Xu Hui, born in June 1982, holds a postgraduate degree. From October 2008 to September 2015, she served as HR and Administration Manager at Jianxin Machinery. She joined Jianxin Superconducting in December 2013 and currently holds multiple roles, including Director, Deputy General Manager, Board Secretary, and HR & Administration Director.
Jianxin Superconducting is a small company, with an average annual net profit of less than RMB 50 million over the past three years. The IPO aims to raise RMB 775 million.
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