A-share subscription | Highkai Technology (688835.SH) has started its subscription. The products are used in the fields of semiconductors, consumer electronics, and other smart manufacturing sectors.

On August 14, Gaokai Technology (688835.SH) began its subscription, with an issue price of 61.36 RMB per share, a subscription limit of 5,500 shares, and a price-to-earnings ratio of 48.33 times. It is listed on the Shanghai Stock Exchange, with Guotai Junan Securities as its sponsoring institution. The prospectus shows that Gaokai Technology specializes in the research, development, production, and sales of key control components and related equipment in the field of precision fluid control. Currently, the companys products primarily focus on flow control series, dispensing packaging series, and precision coating series, which extend to various types of precision fluid control components and related equipment, including components for semiconductor vacuum systems. These products find wide applications in intelligent manufacturing sectors such as semiconductors, consumer electronics, automotive electronics, and new energy. The companys main products have successfully passed verification by well-known domestic manufacturers and have achieved stable mass production supply, with some products applicable in advanced process front-end equipment for logic chips at 7nm and below. In recent years, the market for precision fluid control components and related equipment in China has been continuously expanding, becoming an indispensable foundational aspect of high-end manufacturing industries such as semiconductors, photovoltaics, lithium batteries, and consumer electronics. For instance, the issuers main product lines, including the flow control series, dispensing packaging series, and precision coating series, are widely used in precision fluid control scenarios such as wafer manufacturing, dispensing packaging, power battery bonding, and photovoltaic frame coating. According to QY Research statistics, the market size for precision fluid control components and equipment in China is expected to reach 32.444 billion RMB in 2024, with a compound annual growth rate (CAGR) of 9.39% from 2016 to 2024. It is projected that by 2030, the market size will reach 53.032 billion RMB, with a CAGR of 8.53%. According to QY Research statistics, the market size for piezoelectric-driven dispensing components and equipment in China is expected to reach 2.262 billion RMB in 2024, with a CAGR of 7.32% from 2016 to 2024. It is estimated that by 2030, the market size will reach 3.848 billion RMB, with a CAGR of 9.26%, showing a rapid development trend. In terms of financial performance, for the fiscal years 2023, 2024, and 2025, the company is expected to achieve operating revenues of approximately 226 million RMB, 423 million RMB, and 511 million RMB, respectively; during the same periods, net profits are expected to be approximately 26.4915 million RMB, 99.7604 million RMB, and 131 million RMB, respectively.