IPO News Summary | 2 new stocks to be subscribed this week, and 6 companies including Tianhai Electronics will be reviewed

According to disclosures from the Beijing, Shanghai, and Shenzhen stock exchanges, last week (January 5–January 9), two companies went public, with no new companies accepted; four IPOs submitted for registration, three IPO registrations approved, and one new stock listed.

Meanwhile, this week (January 12–January 16), six companies are scheduled to go public, and two new stocks are set for subscription.

1. IPO Review and Registration Progress

Review: 2 Approved, Beijing Stock Exchange IPO Review Steady and Improving

Last week, two IPOs were reviewed, both of which are planning to list on the Beijing Stock Exchange: Chen Guang Electric Motor and Bangze Chuangke. The Beijing Stock Exchange maintained a high review frequency in 2025, reviewing 25 companies from November to December last year, with 23 approved.

Hua Yuan Securities’ chief analyst Zhao Hao said that the pace of IPOs on the Beijing Stock Exchange has significantly accelerated in 2025, with 38 companies approved in the second half of the year. Under the ongoing deepening of market system reforms, subsequent IPOs are expected to see structural recovery amid steady growth, with high issuance speed likely to continue.

From last week’s review meetings, the core issues raised by the review committee mainly involved performance stability, the authenticity and sustainability of growth, and corporate governance.

Chen Guang Electric Motor mainly engages in R&D, manufacturing, and sales of micro-special electric motors, primarily used in cleaning appliances like vacuum cleaners. In the first three quarters of 2025, the company achieved revenue of 687 million yuan and net profit attributable to shareholders of 68 million yuan.

The review comments indicated that the listing committee asked Chen Guang Electric Motor to explain the cooperation with major clients during the reporting period, sales strategies, new customer procurement strategies, and how the company’s core competitiveness compares to main competitors. They also inquired whether there is instability in major client relationships or risks of continuous gross margin decline. Additionally, the company was asked to clarify the background of related-party transactions during the reporting period and the measures taken to regulate them, including whether effective internal financial controls have been established and strictly implemented.

Bangze Chuangke mainly focuses on independent R&D, original design, multinational manufacturing, and global retail/online sales of office and household appliances. The company mainly conducts online sales through third-party platforms such as Amazon, Walmart, Shopify, and JD.com, covering mainstream e-commerce channels.

Financial data shows that from 2022 to 2024 and the first three quarters of 2025, the company’s revenue was 1.071 billion yuan, 1.168 billion yuan, 1.51 billion yuan, and 1.354 billion yuan, respectively; net profit attributable to shareholders was 7.14 million yuan, 108 million yuan, 148 million yuan, and 121 million yuan.

According to the review meeting announcement, the main questions raised during the review of Peicheng Technology concerned the authenticity and sustainability of performance growth. The company was asked to explain the reasons for the significant increase in net profit during the reporting period, the inconsistency between net profit and revenue growth, whether the influencing factors are temporary, and the overall authenticity and sustainability of the performance growth.

This Week: 6 Companies “Facing the Test,” Tianhai Electronics Plans to Raise 2.46 Billion Yuan

Wind data shows that six companies are scheduled for IPO review this week. Gorte Electronic, Lianxun Instruments, and Tianhai Electronics plan to list on the ChiNext, STAR Market, and Shenzhen Main Board, respectively. Ruili Jinda, Zhongke Yi, and Xinsheng Technology plan to list on the Beijing Stock Exchange.

In terms of fundraising, among these six companies, Tianhai Electronics plans to raise the most—about 2.46 billion yuan. Next are Lianxun Instruments and Gorte Electronic, with proposed raises of 1.711 billion yuan and 850 million yuan, respectively.

Tianhai Electronics mainly engages in R&D, production, and sales of automotive wiring harnesses, connectors, and electronic components. The company’s performance has slowed recently. From 2022 to the first three quarters of 2025, revenue was 8.215 billion yuan, 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan; net profit attributable to shareholders was 402 million yuan, 652 million yuan, 614 million yuan, and 537 million yuan.

Tianhai Electronics stated that its main raw materials include connectors, wires, and metal materials. During the reporting period, the proportion of direct materials in main business costs was high—78.59%, 78.32%, 78.51%, and 77.76%, respectively—meaning fluctuations in raw material prices significantly impact the company’s costs and gross margins. Copper-containing materials account for about 40% of procurement each period. If copper prices fluctuate greatly or continue to rise, it could put pressure on cost control and negatively affect performance.

Gorte Electronic mainly develops, produces, and sells new energy storage battery management system (BMS) products, including BMS modules and related products. Leveraging BMS data collection and aggregation, the company has expanded into integrated control units and data services, covering power battery BMS, backup power BMS, and other products.

In terms of performance, from 2022 to 2024, Gorte Electronic achieved revenues of 346 million yuan, 779 million yuan, and 919 million yuan, with net profits attributable to shareholders of 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan. However, the company’s accounts receivable ratio to revenue is high—at the end of 2024, accounts receivable stood at 506 million yuan, accounting for 55.1% of revenue and 43.62% of total assets.

Lianxun Instruments is a leading domestic high-end testing instrument equipment company, mainly engaged in R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment. The company’s performance has fluctuated; from 2022 to 2024 and the first three quarters of 2025, net profits attributable to shareholders were -380 million yuan, -550 million yuan, 140 million yuan, and 97 million yuan.

Lianxun Instruments also warns of “operational performance decline risks,” stating that future industry cycles, market fluctuations in optical communications and silicon carbide power devices, changes in downstream demand, and delays in new product R&D and promotion could impact performance. If the company fails to respond effectively, it faces the risk of declining performance.

Ruili Jinda specializes in refractory materials and integrated technical solutions for blast furnace ironmaking, committed to green and low-carbon transformation in the metallurgical industry. This is not the company’s first attempt to list on the Beijing Stock Exchange; it previously attempted at the end of 2023 but withdrew voluntarily, leading to the IPO being terminated in November 2024. Financial data shows that in the first three quarters of 2025, revenue was 338 million yuan, down 11.43% year-over-year; net profit attributable to shareholders was 77 million yuan, down 8.51% year-over-year.

Zhongke Yi’s main business involves R&D, production, and sales of dry vacuum pumps and vacuum scientific instruments, along with related technical services. In the first three quarters of 2025, revenue was 845 million yuan, and net profit attributable to shareholders was 549 million yuan. The company plans to raise 825 million yuan this time, investing in projects such as dry vacuum pump industrialization, expansion and R&D of high-end semiconductor equipment, and new-generation dry vacuum pumps and high-suction-speed dry screw pumps.

Xinsheng Technology specializes in R&D, production, and sales of computer embroidery machines. In the first three quarters of 2025, revenue reached 1.044 billion yuan, up 44.48% year-over-year; net profit attributable to shareholders increased 105.18% to 150 million yuan. The IPO aims to raise about 449 million yuan.

2. New Stock Subscriptions and Listing Updates

Shaanxi Tourism Listed on Shanghai Main Board, First Day Up 64.1%

Last week, one new stock was listed. Shaanxi Tourism was listed on the Shanghai Main Board on January 6, with an issue price of 80.44 yuan per share. On the first day of trading, it closed at 132 yuan per share, a 64.1% increase. Based on the closing price, a single subscription would have a paper profit of about 25,800 yuan.

The prospectus shows that Shaanxi Tourism mainly operates in tourism performance, cable cars, and catering, focusing on tourism industry operations. With rich tourism resources and years of experience, the company has become one of the leading enterprises in “scenic spots + cultural tourism” core business.

In terms of performance, Shaanxi Tourism expects revenue of 951 million to 1.117 billion yuan in 2025, a year-over-year decrease of 24.69% to 11.54%; net profit attributable to shareholders is expected to be 371 million to 436 million yuan, down 27.50% to 14.80% year-over-year.

This Week: 2 New Stocks for Subscription, Aishe Lun Priced at 15.98 Yuan/Share

According to Wind data, two new stocks are scheduled for subscription this week. Aishe Lun will open for subscription on January 12, planning to list on the Beijing Stock Exchange, with an issue price of 15.98 yuan per share; Hengyun Chang will open on January 16, planning to list on the STAR Market, with the issue price not yet disclosed.

Aishe Lun mainly develops, produces, and sells disposable medical consumables used in professional rehabilitation, nursing, and medical protection. It supplies well-known international medical device brands through ODM/OEM. Its products include rehabilitation care products, surgical infection control products, and various medical dressings such as medical pads, ice packs, surgical gowns, drapes, and kits.

The prospectus shows that Aishe Lun expects full-year revenue of 889 million to 939 million yuan in 2025, a growth of approximately 28.65% to 35.89%, driven by increased downstream demand and expanded production capacity. Net profit attributable to shareholders is projected at 89.29 million to 98.48 million yuan, up 10.63% to 22.01%.

Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, mainly engaged in R&D, production, sales, and technical services of plasma RF power supplies, plasma excitation devices, plasma DC power supplies, and various accessories. It also imports key components such as vacuum pumps and fluid control parts, providing integrated solutions for plasma processes.

The prospectus indicates that Hengyun Chang expects revenue of 489 million to 515 million yuan in 2025, a decrease of 9.58% to 4.69%; net profit attributable to shareholders is estimated at 102 million to 114 million yuan, down 28.21% to 19.54%. The projected decline in 2025 performance is mainly due to short-term industry fluctuations. As a leader in the domestic plasma RF power supply industry, the company is expected to benefit from rapid downstream market growth, with sustainable future performance growth.