IPO Weekly Report | Three New Stock Offerings This Week, Leading Mobile Printed Circuit Board Manufacturer Joins

This week, new stock subscriptions feature leading companies in the mobile HDI motherboard and mobile battery industries.

According to Wind and public information, there are three new stocks scheduled for subscription from March 23 to March 27: Ningbo Longyuan Co., Ltd. (referred to as “Longyuan Co.,” 920055), Nanchang Sanrui Intelligent Technology Co., Ltd. (“Sanrui Intelligent,” 301696), and Jiangxi Hongban Technology Co., Ltd. (“Hongban Technology,” 603459).

Among them, Hongban Technology focuses on the research, production, and sales of printed circuit boards (PCBs). Its products target the mid-to-high-end application market and are widely used in consumer electronics, automotive electronics, high-end displays, and communications electronics. The company has significant competitive advantages and market position in consumer electronics and automotive electronics. It holds a high market share in mobile HDI boards and mobile batteries, making it one of China’s leading companies in the mobile HDI motherboard and mobile battery industries.

I. This Week’s New Stock Subscriptions

Based on the schedule, Longyuan Co. (920055) will be subscribed on Monday, March 23, while Sanrui Intelligent (301696) and Hongban Technology (603459) will be on Friday, March 27.

According to research from Kaiyuan Securities, Longyuan Co. specializes in the research, production, and sales of aluminum alloy precision castings. Its main components include automotive engine systems, new energy vehicle three-electric systems, automotive steering systems, thermal management systems, and other aluminum alloy precision castings. The primary raw material for production is aluminum alloy.

From 2022 to the first half of 2025, the company’s total revenue was 519 million yuan, 699 million yuan, 869 million yuan, and 475 million yuan, respectively. Net profits attributable to shareholders were 101 million yuan, 126 million yuan, 128 million yuan, and 143 million yuan. Gross profit margins were 32%, 31%, 26%, and 27%, respectively, with net profit margins of 19%, 18%, 15%, and 14%.

Wind data shows that Sanrui Intelligent is a leading manufacturer of drone and robot power systems, mainly engaged in the research, production, and sales of electric drone power systems and robot power systems. The company is actively developing eVTOL (electric vertical takeoff and landing) aircraft power systems, committed to providing high-quality, high-performance, and highly reliable power solutions.

Wind data indicates that Hongban Technology focuses on the research, production, and sales of PCBs, targeting the mid-to-high-end application market. It features high precision, high density, and high reliability, and is one of the companies with a high proportion of HDI board revenue capable of mass-producing any interconnect HDI boards and IC substrates. Its products include HDI boards, rigid boards, flexible boards, rigid-flex boards, embedded boards, and IC substrates.

The company’s products are widely used in consumer electronics, automotive electronics, high-end displays, and communications electronics, with notable competitive advantages and market position in these fields. Its market share in mobile HDI boards and mobile batteries is high, establishing it as one of China’s leading companies in these industries.

II. Last Week’s Stock Returns

There are no new stock listing plans announced for this week. Last week, two new stocks were listed:

On March 18, Zuxing New Materials (920078) was listed on the Beijing Stock Exchange (BSE), with an issue price of 6.98 yuan per share. On the first day of trading, it closed at 35.3 yuan, a 405.73% increase. Based on the closing price, the initial one-signature profit for investors was 2,832 yuan.

On March 20, XinHengtai (920028) was listed on the BSE, with an issue price of 9.4 yuan per share. It closed at 22.7 yuan on the first day, up 141.49%. The initial profit per sign for investors was 1,330 yuan.

III. Last Week’s IPO Approvals

Regarding review and approval, the BSE held a new listing review committee meeting last week.

Companies approved include Zhejiang Oulun Electric Co., Ltd. (“Oulun Electric”), Guizhou Southern Dairy Co., Ltd. (“Southern Dairy”), Huzhou Anda Auto Parts Co., Ltd. (“Anda Parts”), and Zhuhai Jieli Technology Co., Ltd. (“Jieli Technology”).

This week, the Shanghai Stock Exchange (SSE) and BSE will continue review processes.

On March 26, the BSE will review the IPO of Shenyang GBT Vacuum Technology Co., Ltd. (“GBT Vacuum”). The company specializes in the research, manufacturing, and sales of vacuum equipment, including vacuum sintering furnaces, vacuum melting furnaces, and vacuum coating machines.

On March 27, the SSE will review the Sci-Tech Innovation Board (STAR Market) IPO of Wuhan Changjin Photonic Technology Co., Ltd. (“Changjin Photonics”). The company is a leading manufacturer of specialty optical fibers, capable of high-performance, multi-category R&D and industrialization. Its main product, rare-earth-doped optical fibers, are key components in laser systems, optical amplifiers, and LiDAR, widely used in advanced manufacturing, optical communications, measurement and sensing, national defense, healthcare, and scientific research.

Also on March 27, the BSE will review the IPO of Guangdong Ginge New Materials Co., Ltd. (“Ginge New Materials”). The company specializes in R&D, production, and sales of functional materials, recognized as a national “Little Giant” enterprise. Its core products feature high dispersibility, high filling efficiency, and high stability, including thermal conductive powders, flame-retardant powders, and wave-absorbing powders.

On the same day, Shenzhen Qianan Technology Co., Ltd. (“Qianan Tech”) will also be reviewed. The company develops, designs, and sells own-brand products, primarily through Amazon, AliExpress, eBay, and its own website, offering high-quality, cost-effective Chinese-made goods to global consumers.

IV. Latest Hong Kong Stock Market News

In the Hong Kong market, Wind data shows five new stocks are scheduled for subscription from March 23 to March 27.

These include Huayan Robotics (01021.HK), Deshi-B (02526.HK), Tongrentang Medical & Elderly Care (02667.HK), Hantian Tiancheng (02726.HK), and Jishi Jiao (06636.HK), all to be subscribed between Monday and Wednesday (March 23-25).

Last week, Shanghai Putailai New Energy Technology Group and SmartMore Inc. submitted their IPO applications in Hong Kong for the first time. Companies such as Sichuan Yingfa Ruineng Technology, Zebra Intelligence, and Bai Ge Online (Xiamen) Digital Technology updated their Hong Kong IPO filings.

Shandong Jishi Jiao’s IPO hearing was approved. Applications from Guangzhou Ruoyucheng Technology, Saimet Information Group, and Hangzhou Xianwei Biological Technology were invalidated.

V. Major Investment and Financing Events

1. On March 20, Hangzhou Lingqiao Shou Enterprise Xinuo Future completed a multi-hundred-million-yuan Pre-A round financing, led by a top internet giant. Financial investors include CTF Capital, Yida Capital, Zhejiang Youchuang, and industry investors such as Sanqi Interactive Entertainment, Hangzhou Data Group, with existing shareholders like DKE Fund, Dongfang Jiafu, and Xiaomi Strategic Investment participating in oversubscriptions. Guangyuan Capital continues as the exclusive financial advisor.

2. On March 20, Xuanjing Biological announced the completion of over 200 million yuan Pre-A financing led by Kangjun Capital, with Deliang Capital, Huatai Jinsrui Fund, Jinyi Fu Xin, Guohai Innovation Capital, Lenovo Venture Capital, and existing shareholder Yuanxi Haihe participating.

3. On March 20, Chengdu Xianyuan Biological Technology Co., Ltd. announced the completion of 150 million yuan Series A financing, led by Daoyuan Capital, with Qishen Venture Capital and other investors including Jiale Capital, Chengdu Kechuang Investment Group, Sichuan Pilot R&D Co., Ltd., Xiamen High-tech Investment, and Zengrui Minghe. Existing shareholders like Chengdu Lead, Yinman Fund, Huai Ge Capital, Juntian Venture Capital, Cao Jiaming, and Huabo Instruments continued to invest.

4. On March 19, Suzhou Bosi De Electric Co., Ltd. announced the completion of over 100 million yuan Series C financing, led by Shanghai Ruili, with China Merchants Capital and Yuanjing Capital participating.

5. On March 17, Reisi Zhixin completed several hundred million yuan B+ round financing, involving multiple institutions including Jingguo Investment, Yuecai Fund, GAC Capital, Yuan Zhou Fund, Yangtze River Capital, Zhongke Laxun, Qinghai Henghui, Zhichen Investment, Wofu Venture Capital, and Xinya Process (all rights reserved).