Rongxinhui Ke's application for IPO on the Science and Technology Innovation Board has been accepted. It is a major supplier of complete sets of equipment for flexible direct current converters.

On November 25th, Sino-Link Electrical Engineering Stock Co., Ltd. (referred to as Sino-Link) submitted its application for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market) for an IPO. Sino-Link has Sinolink as its sponsor and plans to raise 977 million yuan. According to the prospectus, Sino-Link is a high-tech enterprise specializing in the research, development, manufacturing, sales, and services of core equipment for new power systems, primarily providing customers with flexible power transmission equipment, high-power inverters, and other high-end equipment and technical services. The company's products and services are widely used in various fields of the new power system "source-grid-load-storage," including efficient power generation, power transmission and distribution, oil and gas networks, national defense, shipbuilding, metallurgy and chemical industry, and energy storage, contributing to the construction of a new power system mainly based on new energy sources and promoting technological innovation in high-end power equipment worldwide. As one of the main suppliers of flexible DC valve complete equipment, Sino-Link has achieved a market share of over 25% since the beginning of 2020, ranking among the top tier in the industry. The company has participated in four out of the five high-voltage flexible DC projects put into operation in China since 2020, supplying over 30% of the total operational capacity. The company has also supplied core equipment such as valve converters for the two highest voltage and most technically challenging ultra-high voltage projects (Uzbekistan-Kunlun Luan flexible DC project and Baihetan-Jiangsu 800kV ultra-high voltage DC transmission project). In addition, the company won the bid for the Saudi Arabian Central-Western 500kV flexible DC conversion station project in 2024, marking the first time the company's flexible DC products have been deployed in overseas markets. This successful entry into overseas markets with independently developed high-end flexible DC transmission technology, standards, and equipment represents a significant breakthrough and lays a solid foundation for the company's continued development in the future. According to the company's future business development plan, the funds raised from this IPO, after deducting issuance expenses, will be invested in the following projects: In terms of financials, the company's operating revenue is expected to be around 1.942 billion yuan, 233 million yuan, 508 million yuan, and 234 million yuan in the years 2022, 2023, 2024, and January to June 2025, respectively. The net profit is expected to be approximately 182 million yuan, -56.2779 million yuan, 354.224 million yuan, and -5.3701 million yuan during the same periods.