CHINA STOCK
ALL Announcement IPOs Research Market Company

Sixteen companies including Colorful New Media, Du Yuan Outdoors, and Saiwei Electronics have had their IPO review status changed to "suspended" by the Shenzhen Stock Exchange.

According to the Shenzhen Stock Exchange website, on March 31st, a total of 16 companies including Colorful New Media, DuYuan Outdoor, and Saiwei Electronics have updated their IPO review status to "suspended".
31/03/2025

Qingdao Green Crop, Hualong Securities, Shanxi Hydropower and 27 other companies have changed their status for IPO review on the Shanghai Stock Exchange to "suspended (financial report update)".

According to the website of the Shanghai Stock Exchange, on March 31, 27 companies including Qingdao Qinghe, Hualong Securities, and Shaanxi Hydropower have updated their IPO review status to "suspended (financial report update)".
31/03/2025

Xiamen Huntkey Energy Co., Ltd.'s IPO on the Shanghai Stock Exchange has been terminated. Its main businesses include the incineration and power generation of household waste, and the disposal of industrial hazardous waste.

On March 31, Xiamen Municipal Government Environment and Energy Co., Ltd. (referred to as Xiamen Environment and Energy) terminated its IPO on the Shanghai Stock Exchange. This was due to Xiamen Municipal Government Environment and Energy Co., Ltd. and its sponsors withdrawing their application for listing. According to relevant provisions of the "Shanghai Stock Exchange Stock Listing Review Rules" Article 63, the Shanghai Stock Exchange terminated the listing review. According to the prospectus, the company has been rooted in China's environmental energy field for a long time, with main businesses including municipal solid waste incineration power generation, industrial hazardous waste disposal, medical waste disposal, kitchen waste disposal, leachate treatment, ecological landfill, marine environmental sanitation, and garbage compression transfer, forming a profitable model mainly based on revenue from municipal solid waste treatment, hazardous waste disposal business, and environmental comprehensive treatment business. The garbage to be disposed of in the company's solid waste disposal projects is mainly provided by local government departments or businesses, and does not need to be purchased or included in the company's raw material procurement costs. The main raw materials of the company include calcium hydroxide, liquid acetic acid, chelating agents, activated carbon, urea, etc., primarily used for daily project operation consumption. The main energy sources are water, electricity, natural gas, diesel, etc. needed for project operation. The company's main raw materials and energy supply are ample and can meet the company's daily operational requirements. After deducting issuance expenses from the funds raised in this offering, the company will invest in the following projects:
31/03/2025

A-share subscription | Xinkai Technology (001335.SZ) starts subscription, with major clients including DIC Corporation, Flint Group, and other ink and coating production enterprises.

On March 31, Xinkai Technology (001335.SZ) started its subscription, with an issue price of 12.80 yuan per share. The maximum subscription limit is 9,000 shares, with a P/E ratio of 14.38 times. It is listed on the Shenzhen Stock Exchange, and Guotou Securities is the sponsor (lead underwriter). According to the prospectus, Xinkai Technology mainly engages in the development, sales, and services of products such as organic pigments and colorants. The company's core competitive strengths lie in product development, quality management, supply chain integration, and global sales network layout. Its main products include azo pigments, heterocyclic pigments, and phthalocyanine pigments, which are mainly used in the fields of ink, paint, and plastics. During the reporting period, the company mainly focused on exports, with major customers including DIC Corporation, Flint Group, Siegwerk Group, Huber Group, and Eckart Group, leading global ink and paint producers. The company mainly relies on product development, quality management, and testing capabilities to integrate upstream supply chain resources, providing customers with relatively comprehensive and professional organic pigment products and services. The company's supply resources include important domestic organic pigment suppliers such as Rui'an Baoyuan Chemical Co., Ltd., Lily Group Co., Ltd. (603823.SH), Zhejiang Shengdaxiangwei Chemical Co., Ltd., Anshan Hifichem (300758.SZ), and Wenzhou Jinyuan. The company has established subsidiaries in the Netherlands, the United States, Australia, Canada, Turkey, India, the United Kingdom, and other countries, with its business covering more than 70 countries and regions worldwide. In order to sell chemicals in the European Union, the company has completed the REACH registration for 89 organic pigments and related chemical substances independently, making it a leading company in the domestic organic pigment industry in terms of REACH registrations. According to the Organic Pigment Professional Committee of the China Dyestuff Industry Association, the company has ranked first in the national organic pigment export industry from 2015 to 2023. The company is also recognized as one of the major suppliers in the global organic pigment market according to the Organic Pigment Market Research Report released by ResearchAndMarkets, with a certain degree of reputation and influence in the industry. In terms of finance, in 2021, 2022, 2023, and the first six months of 2024, Xinkai Technology achieved operating income of approximately RMB 1.206 billion, RMB 1.192 billion, RMB 1.069 billion, and RMB 666 million respectively. During the same period, net profits were RMB 89.0591 million, RMB 85.3109 million, RMB 84.547 million, and RMB 42.4921 million respectively.
31/03/2025

A-share subscription | Taihe shares (301665.SZ) open for subscription, mainly engaged in the production of pesticides such as Baijunsing and Mijunzhi.

On March 31, Taihe shares (301665.SZ) started the subscription process with an issue price of 10.27 yuan/share, a subscription limit of 7,000 shares, a P/E ratio of 13.4 times, and listed on the Shenzhen Stock Exchange, with EB SECURITIES as its sponsor. According to the prospectus, Taihe shares are mainly engaged in the research, development, production, and sales of pesticide products and functional chemicals. The company holds industry-leading positions in three core products including Baijunsing, Mupirocin, and 2,4-D, with a production scale and comprehensive technical capabilities at the industry-leading level. Relying on its own technology, rich manufacturing management experience, and good international market reputation, the company conducts sales and customization business for global customers in core technologies, core processes, and core products, making it a group manufacturing enterprise with industry-leading positions. In terms of procurement and suppliers, the company's main raw materials include xylenes, phenols, salicylonitrile, 4,6-dihydroxypyrimidine, benzofuranone, liquid ethyl chloride, trichloropropane, liquid alkali, liquid ammonia, liquid chlorine, diisopropylamine, trimethyl orthoformate, diisopropylamine, and benzyl chloride. The main suppliers of the company are Anhui Guangxin Chemical Co., Ltd., Zhejiang Hengdian Purol Import and Export Co., Ltd., Henan Pingmei Shenma Dong Chemical Co., Ltd., Mitsubishi Gas Chemical Trading, Inc., among others. In recent years, relying on good product quality, stable production supply capabilities, and strong R&D capabilities, the company has established long-term strategic partnerships with multinational companies such as Syngenta, Dow, NewFarm, ADAMA, UPL, Honeywell, etc. The export regions cover major markets in South America, North America, Southeast Asia, and Europe. In terms of finance, the company achieved operating income of approximately RMB 3.579 billion, RMB 5.099 billion, RMB 3.868 billion, and RMB 1.959 billion in the fiscal year 2021, 2022, 2023, and January-June 2024, respectively. The net profits were approximately RMB 4.31 billion, RMB 6.62 billion, RMB 3.38 billion, and RMB 1.1 billion respectively. It is important to note that the prospectus specifically warns investors to pay attention to environmental protection risks. The company operates in the sub-industry of chemical pesticide manufacturing under the chemical raw materials and chemical product manufacturing industry, facing issues of emissions and comprehensive treatment of "three wastes". With the comprehensive promotion of the national sustainable development strategy, the country and society are increasingly emphasizing environmental protection, and stricter environmental protection standards may be introduced in the future, leading to increased penalties for illegal emissions. The company may further increase investment in environmental protection, increase related operating costs, and potentially have a certain impact on the company's production and operation.
31/03/2025

Angewei Micro's ChiNext IPO has been "accepted", breaking the international manufacturers' monopoly on L-PAMiD module products.

On March 28, Beijing Angray Microelectronics Technology Co., Ltd. (hereinafter referred to as "Angray Micro") has submitted its application for listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange, with China Securities Co., Ltd. as the sponsoring institution. The company plans to raise 2.067 billion yuan. According to the prospectus, Angrai Micro is an integrated circuit design enterprise focusing on the RF and analog fields, and is a national key "little giant" enterprise specializing in new technologies. The company is mainly engaged in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips. During the reporting period, the company's core product lines mainly include a full range of RF front-end chip products (including RF front-end modules and power amplifiers, RF switches, LNAs, etc.) for intelligent mobile terminals in 5G/4G/3G/2G, as well as RF SoC chip products (including low-power Bluetooth and 2.4GHz proprietary protocol wireless communication chips) for the Internet of Things. With excellent technical strength, product performance, and customer service capabilities, the company has accumulated rich customer resources and formed a good reputation in the market. The company's RF front-end chip products have been sold in scale to all the top ten global smartphone brands except Apple, including Honor, Samsung, vivo, Xiaomi, Customer A, OPPO, Lenovo (moto), Transsion, realme. Meanwhile, the RF SoC chip products have been introduced to well-known industrial, medical, and IoT customers such as Alibaba, Xiaomi, HP, Kaidishi, Guangzhou Wahlap Technology Corporation, and Sannuo Medical. With rich technological accumulation and outstanding technological innovation capabilities, as of the date of the prospectus signing, the company has led or participated in 5 national-level and multiple local-level major scientific research projects. While actively promoting the basic research and industrial application of RF technology in China, it has developed high-integration products such as 5GL-PAMiD. The technical solution and performance of this product have reached the level of international manufacturers and have been widely used in mainstream flagship models, breaking the monopoly of international manufacturers on L-PAMiD module products. Financially, in the fiscal years 2022, 2023, and 2024, Angrai Micro is expected to achieve revenues of approximately 923 million yuan, 1.695 billion yuan, and 2.101 billion yuan, respectively. At the same time, the net profits are expected to be approximately -290 million yuan, -450 million yuan, and -64.7092 million yuan, respectively.
28/03/2025

The IPO of Zhongchuang Chemical Industry on the Shanghai Stock Exchange has been "terminated". Both the production capacity of butyl acetate and isopropyl acetate rank first in the industry.

On March 28th, Hunan Zhongchuang Chemical Co., Ltd. (referred to as Zhongchuang Chemical) had its IPO review status on the Shanghai Stock Exchange Main Board changed to "terminated". This was due to Zhongchuang Chemical and its sponsor withdrawing the application for listing. According to Article 63 of the Shanghai Stock Exchange Stock Issuance and Listing Review Rules, the exchange terminated the review for its listing. The prospectus shows that Zhongchuang Chemical is a high-tech chemical enterprise with a core business of producing, researching, and selling new environmentally friendly solvents. Its main products include n-butyl acetate, isopropyl acetate, and acetone. The company's products are mainly used in coatings, inks, adhesives, pesticides, pharmaceuticals, chemical dehydration, extractive distillation, organic synthesis, electronic cleaning, flavors, and fragrances, and can also be used as gasoline blending components. The main raw materials needed for the company's production operations are ether carbon four, acetic acid, and propylene, with electricity and steam as the main sources of energy. Major suppliers include Petrochina Chemical Group Co., Ltd. and its subsidiaries and major domestic chemical production and sales enterprises. The company formulates production plans based on market conditions, organizes production according to the production plan, and adjusts the production plan based on procurement and sales conditions. The company's sales model is direct sales to end-users and traders. The company currently has a scale production line with an annual production capacity of 200,000 tons of n-butyl acetate, 50,000 tons of isopropyl acetate, 20,000 tons/30,000 tons of acetic esters/n-butanol joint device, and 100,000 tons of acetone. The production capacity and output of n-butyl acetate and isopropyl acetate both rank first in the industry. The actual funds raised by the company, after deducting issuance expenses, will all be used for projects related to the company's main business, as follows: Financially, in 2021, 2022, 2023, and January to June 2024, the company's operating income is expected to be approximately 1.169 billion yuan, 1.284 billion yuan, 1.392 billion yuan, and 823 million yuan, respectively. Net profit is expected to be approximately 132 million yuan, 122 million yuan, 119 million yuan, and 84.1274 million yuan, respectively.
28/03/2025

Hua Zhi Jie successfully listed on the Shanghai Stock Exchange through the listing committee meeting, becoming a partner of well-known companies such as Baidu Group and TTI Group.

On March 28th, Suzhou Huazhijie Telecommunications Co., Ltd. (referred to as Huazhijie) passed the listing committee meeting of the Shanghai Stock Exchange. The sponsor of this IPO is China Securities Co., Ltd., with plans to raise 486 million yuan. According to the prospectus, Huazhijie is positioned in the smart control industry and is a supplier that provides intelligent, safe, and precise key functional components for products in the fields of power tools, consumer electronics, etc. The company is mainly engaged in the research and development, production, and sales of components in the fields of power tools, consumer electronics, etc. The main products of the company include intelligent switches, intelligent controllers, brushless motors, precision structural parts for power tools, and precision structural parts and switches for consumer electronics. The company has formed 32 underlying technology combinations with core technologies such as "low resistance, low heat dual MOSFET circuit technology", "non-disassembling update program burning technology", and "dual motor and control system technology", which can further expand to fields such as smart homes, new energy vehicles, etc. The company has established long-term stable cooperative relationships with well-known power tool and consumer electronics brands and manufacturers at home and abroad, becoming partners of well-known enterprises such as Bosch Group, TTI Group, Stanley Black & Decker, Makita Group, and Delta Group. The industry in which the company operates has a high degree of market orientation and fierce competition. The power tool industry in China has experienced rapid development in the process of receiving the transfer of international division of labor, which has also driven the development of power tool components and the upstream and downstream industrial chains, making it an important supplier of power tools and components and a global production base. The market concentration of the power tool industry is high, and power tool manufacturers generally have higher quality requirements for components than the industry standards. Component manufacturers can maintain long-term stable cooperation and occupy a certain market share after being qualified as suppliers by power tool manufacturers. In terms of finance, in the fiscal years 2022, 2023, and 2024, Huazhijie is expected to achieve operating income of approximately 1.019 billion yuan, 937 million yuan, and 1.230 billion yuan, respectively, with net profits of approximately 101 million yuan, 121 million yuan, and 154 million yuan, respectively.
28/03/2025

CSRC approves Jiangshun Technology's application for IPO on the Shenzhen Stock Exchange main board.

On March 28, the China Securities Regulatory Commission issued the reply on approving the initial public offering of Jiangsu Jiangshun Precision Technology Group Co., Ltd. It is reported that Jiangshun Technology plans to list on the Shenzhen Stock Exchange main board, with Huatai United Securities as the sponsor, aiming to raise 560.49 million yuan. The prospectus shows that Jiangshun Technology is mainly engaged in the research, design, production, and sales of aluminum extrusion die and accessories, aluminum extrusion supporting equipment, precision mechanical components, and other products. The company's main products are aluminum extrusion dies and accessories, aluminum extrusion supporting equipment, precision mechanical components. After more than 20 years of industry cultivation, the company has become a leading enterprise in the domestic aluminum extrusion die and extrusion supporting equipment industry. Currently, the company has established long-term and stable cooperative relationships with well-known domestic aluminum manufacturers such as Huajian Aluminum, Dongliang Aluminum, Anhui Xinbo Aluminum, Guangdong Haomei New Material Co., Ltd., MINTH GROUP, Ningbo Xusheng Group, XINGFA ALUM, as well as well-known foreign aluminum manufacturers such as WISPECO.
28/03/2025

Zhongji Tian Da's Shenzhen Stock Exchange IPO has been "terminated (withdrawn)". The company has currently delivered over 8500 passenger boarding bridges.

On March 27th, CIMC-Tianda Holdings Co., Ltd. (referred to as CIMC-Tianda) terminated its Shenzhen Stock Exchange ChiNext IPO. This decision was made as CIMC-Tianda and the sponsor withdrew their application for listing, in accordance with Article 62 of the Shenzhen Stock Exchange Rules for the Review of Stock Issuance and Listing. According to the prospectus, CIMC-Tianda is a global leading manufacturer of airport and logistics equipment, firefighting and rescue equipment. Leveraging its leading position in airport equipment globally, the company actively expands its airport and logistics, firefighting and rescue businesses along the two main lines of urbanization and automation, optimizing resource allocation and building a high-end manufacturing ecosystem. The company's airport and logistics equipment segment mainly includes passenger boarding bridges, airport ground support equipment, airport baggage handling systems, material handling systems, and intelligent warehousing systems. The products of passenger boarding bridges are currently present in markets in 81 countries or regions, covering 380 airports, with over 8,500 units delivered, ranking first in the world in terms of product deliveries during the reporting period. CIMC-Tianda possesses leading technology in this field and maintains a competitive advantage, with globally pioneering unmanned boarding bridges, intelligent parking guidance systems, wireless intelligent data acquisition, and monitoring and control systems significantly improving airport operational quality and efficiency, in line with the country's market demand for "four-type airports." The airport ground support equipment mainly includes airport shuttle buses, cargo loader platform trucks, aviation catering trucks, and ground air conditioning bridge equipment. The company continuously upgrades its existing products technologically, combining new energy technology and wireless intelligent monitoring systems to deliver electric airport shuttle buses, electric aviation food trucks, and technological upgrades for aircraft ground-specific air conditioning, promoting the intelligent and green development of airports worldwide. As of now, the company's business has essentially achieved full coverage in China, with a complete line of firefighting and rescue equipment products, comprehensive emergency rescue capabilities in "vehicles + equipment + services + station construction," and a cloud platform for the full lifecycle management of firefighting products. Through product interconnection, the company provides comprehensive support for users to build an intelligent rescue system, facilitating precise decision-making, rapid response, and intelligent management. The net proceeds from the issuance of new shares after deducting issuance expenses will be invested in the following projects: In terms of financials, CIMC-Tianda achieved operating income of approximately RMB 6.074 billion, RMB 6.769 billion, and RMB 6.672 billion in 2020, 2021, and 2022 respectively. During the same periods, the company realized net profits of approximately RMB 282 million, RMB 131 million, and RMB 197 million respectively.
28/03/2025
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