March 9-13 Weekly Report: Subtle Differences Across Different Sectors

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Source: Kaihan Finance

1. IPO Pace

This week (March 9–13):

1. Approvals

Two IPO projects became effective this week. Since 2026, a total of 18 projects have been approved, including 7 on the Main Board, 7 on the ChiNext, and 4 on the STAR Market.

Two projects on the Beijing Stock Exchange (BSE) became effective this week. Since 2026, a total of 23 projects have been approved on the BSE.

2. Filing

No new filings this week.

3. Meeting Approval

Six projects were approved at meetings this week. According to the schedule, next week’s meetings will include Oulun Electric, Southern Dairy, Anda Shares, and Jieli Technology on the BSE.

Oulun Electric’s main products include dehumidifiers, portable air conditioners, car refrigerators, and air source heat pumps. Over 70% of revenue comes from ODM, with a net profit of 218 million yuan in 2025.

Southern Dairy mainly engages in manufacturing and sales of dairy products and dairy beverages. Over 90% of revenue comes from Guizhou, with about 70% market share in Guizhou in 2024, and a net profit of 221 million yuan in 2025.

Anda Shares focuses on R&D, production, and sales of automotive aluminum alloy precision castings, with a net profit of 62.63 million yuan in 2025.

Jieli Technology specializes in system-on-chip (SoC) integrated circuit design, mainly for Bluetooth audio/video, smart wearables, and IoT devices, with a net profit of 545 million yuan in 2025.

Except for Anda Shares, which is smaller in scale, the other three projects seem to resemble the scale of previous Main Board listings. Does it feel like we’re on the wrong set?

4. Terminations

No projects were terminated this week.

5. Registration Submissions

No new registration submissions this week.

Currently, only 6 projects remain in the registration stage at the Shanghai and Shenzhen exchanges, with 4 of them having been in registration for over three months, which will likely impact the approval pace in the future.

2. Subtle Differences Across Market Segments

From recent review results of several projects, we can see that different segments have nuanced views on the same or similar projects, which can serve as references for future applicants.

1. Keleidi’s Second Meeting

Keleidi mainly develops, produces, and sells radiotherapy positioning devices and rehabilitation aids. The company was rejected by the ChiNext listing committee in September 2022, officially citing limited market space; this week, it was approved unconditionally on the BSE.

Here are some basic data before the two meetings:

It seems the company’s small scale was the real reason for the previous rejection. In 2022, during the loosest review period for the ChiNext, a scale of 50 million yuan was among the lowest but still had some cases; currently, a 60 million yuan scale also ranks among the smallest on the BSE. Small scale has been a disqualifying factor in both meetings, and we believe the official reason is accurate.

At the ChiNext meeting, the committee saw revenue of 156 million yuan, with about 100 million yuan domestic sales (the table shows an overall domestic sales ratio of 65.92%, but does not specify the internal sales proportion for radiotherapy devices; since it’s a main product, we estimate based on this ratio). The domestic market share was about 59.4%, indicating limited market space (less than 200 million yuan).

In this meeting, the situation didn’t improve much; the product line remains limited, with an increased revenue share for radiotherapy devices, and the impact of medical insurance cost control has intensified. Although the market size increased to about 350 million yuan (2.23*65%/42.5%), it’s still a small niche market. Yet, the BSE approved it, and during two rounds of inquiry, no questions about market size were asked.

Looking back at the ChiNext’s target audience—“growth-oriented innovative startups”—and the BSE’s “innovative small and medium-sized enterprises,” the difference becomes clearer. The ChiNext considers limited market space and high existing market share as signs of limited growth potential.

2. Southern Dairy vs. Baifei Dairy

Both Southern Dairy and Baifei Dairy mainly develop, produce, and sell dairy products. They are direct competitors, both filed projects in the first half of 2025, facing similar review environments. Basic info:

Baifei Dairy’s revenue is lower than Southern Dairy’s, but its net profit is higher, mainly because it focuses on water buffalo milk products, creating a differentiated market with higher gross margins.

From an investor’s perspective, if both were listed, I’d prefer Baifei. Besides higher margins, it has a more balanced regional distribution, indicating stronger market competitiveness. Southern Dairy, being a Guizhou-based company, finds it hard to expand beyond Guizhou, limiting growth potential.

In the end, Southern Dairy is likely to pass next week, while Baifei withdrew in January.

Public info suggests Baifei’s withdrawal was mainly due to its positioning on the Main Board. Its net profit ranks fifth among A+H shares, just below Yili, Feihe, Bright Dairy, and New Hope, but its revenue ranks lower at 11th. Usually, larger, industry-representative scale refers to revenue. We speculate Baifei wanted to rank water buffalo milk as a separate industry to be in the top three but was not approved.

If that’s the case, did Baifei choose the wrong listing segment? Should it have gone to the BSE?

Initially, Baifei also chose the BSE. In November 2024, it submitted materials but was not accepted. Later, after adding a phase, it switched to the Main Board.

As of June 2025, it’s hard to choose the best option. As mentioned, the BSE’s focus is on “innovative small and medium-sized enterprises.” What’s innovative about milk? With a profit of 300 million yuan, its revenue ranking is lower, but the Main Board isn’t out of reach—many low-ranked auto parts projects have been approved. Baifei’s recognition of innovation is a recent development; we can’t judge based on hindsight.

We don’t know if there are undisclosed reasons for withdrawal, such as unrelated complaints. Based on publicly available info, we’ve shared everything here. If other projects are debating which segment to apply for, these cases may offer some insights.

Of course, the biggest challenge in IPO review over the years is the rapid change in market sentiment and lack of stability—sometimes it’s three months of growth, then three months of decline. So, the above discussion only reflects recent conditions; it could change in a few months. Don’t cling to old methods. Choosing the right segment for IPO application is crucial—consult professional agencies.