CSRC approves New Horizon Fund's application for IPO registration on Shenzhen Stock Exchange's ChiNext board.

On March 20th, the China Securities Regulatory Commission issued the approval for the initial public offering (IPO) registration of New Henghui Electronics Co., Ltd. It is reported that New Henghui intends to list on the ChiNext board of the Shenzhen Stock Exchange, with Founder as the sponsoring institution, aiming to raise 518.63 million yuan. According to the prospectus, New Henghui is an integrated circuit company engaged in the research and development, production, sales, and packaging testing services of chip packaging materials. Its main businesses include smart card business, etching wire frame business, and IoT eSIM chip packaging and testing services. The smart card business is New Henghui's traditional core business, mainly involving the research, production, and sales of key packaging materials for smart card chips such as flexible wire frame products. The company mainly provides smart card module products or module packaging testing services to customers relying on its self-produced flexible wire frames. During the reporting period, New Henghui's main income and profits came from the smart card business. The etching wire frame business and IoT eSIM chip packaging and testing business are two new business expansions for the company in 2019.