"High school signing rate" new stock, here it comes!

【Introduction】Six new stocks available for subscription next week, with Yueya Technology and Shenglong Co., Ltd. having the largest total issuance shares

China Fund Reporter - Wen Yan

Attention, A-share investors interested in IPOs!

According to the current issuance schedule, there will be six new stocks available for subscription next week.

Specifically, on March 16th, three new stocks can be subscribed to: Yueya Technology listed on the Beijing Stock Exchange, Vision Technology on the STAR Market, and Hongming Electronics on the Shenzhen ChiNext.

On March 20th, three more new stocks can be subscribed to: Taijin New Energy on the STAR Market, Huigu New Materials on the ChiNext, and Shenglong Co., Ltd. on the Main Board.

Among the new stocks listed in Shanghai and Shenzhen since 2026, Shenglong Co., Ltd. and Vision Technology rank second and fourth in total issuance shares. This means investors have a higher probability of winning the bid when subscribing to Shenglong Co., Ltd. and Vision Technology.

Yueya Technology develops high-end equipment products with自主可控 (independent controllability)

Yueya Technology’s subscription code is 920188, with an issue price of 14.04 yuan per share, an issuance P/E ratio of 14.99 times, and a reference industry P/E ratio of 28.52 times.

The total issuance amount for Yueya Technology is 21.99 million shares, with 19.79 million shares available online. Investors participating in online subscription can subscribe up to 985,600 shares.

Yueya Technology mainly engages in the research, production, and sales of flexible fluid conveying pipelines, including three major series: marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial soft hoses.

According to the prospectus, in high-end equipment fields such as marine oil and gas, energy reserves, engineering machinery, and krill fishing ships, Yueya Technology’s supporting flexible pipeline products have achieved自主可控 (independent controllability).

Currently, Yueya Technology supplies products and supporting services to large enterprises such as CNOOC, PetroChina, Sinopec, CIMC, Shanghai Waigaoqiao, Schlumberger, Trico, ExxonMobil, and others.

From 2022 to the first half of 2025, Yueya Technology’s operating revenues were 189 million yuan, 219 million yuan, 268 million yuan, and 153 million yuan, respectively, with net profits attributable to parent company of 47.92 million yuan, 60.78 million yuan, 83.42 million yuan, and 52.93 million yuan.

Source: Yueya Technology Prospectus

The prospectus shows that benefiting from downstream demand release, Yueya Technology’s audited full-year revenue for 2025 is 289 million yuan, a year-on-year increase of 7.89%; net profit attributable to parent is approximately 90.28 million yuan, an increase of 8.22%.

Source: Yueya Technology Prospectus

Vision Technology is a leading global provider of micro-display integrated solutions

Vision Technology’s subscription code is 787781, with an issue price of 22.68 yuan per share, and an issuance revenue multiple of 80.98 times.

The total issuance amount is 100 million shares, with 14 million shares available online. Online subscription limit is 14,000 shares, with a maximum subscription requiring a market value of 140,000 yuan in the Shanghai market.

Vision Technology is a provider of micro-display integrated solutions, with core products being silicon-based OLED (organic light-emitting diode display) micro-displays, offering strategic product development, optical systems, and XR (extended reality) solutions.

Silicon-based OLED micro-displays are core hardware for next-generation intelligent terminals in the AI era. With explosive growth in AI technology, massive information interaction demands have surged, leading to rapid growth in downstream demand for high-performance silicon-based OLED micro-displays.

Previously, the micro-display industry was long monopolized by foreign companies such as Sony Japan and MICROOLED France. The prospectus shows that in key performance, capacity, and reliability aspects, Vision Technology has reached or surpassed Sony, achieving shipments to top global terminal manufacturers like ByteDance, YingShi Innovation, LeBird, and Lenovo.

According to a report by Frost & Sullivan, in 2024, Sony ranked first globally in shipments of silicon-based OLED products for XR devices, accounting for about 50.8% of the market; Vision Technology ranked second globally and first domestically, with about 35.2% of the market share.

From 2022 to the first half of 2025, Vision Technology’s revenue was 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan, respectively, with net profits attributable to parent of -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan.

Source: Vision Technology Prospectus

The prospectus shows that, benefiting from increased sales of core silicon-based OLED micro-displays and recognition of strategic product development by downstream clients, Vision Technology’s audited revenue for 2025 is 513 million yuan, an increase of 83.19% year-on-year; net profit attributable to parent is -212 million yuan, with a narrowed loss of 13.96%.

Hongming Electronics is an electronic component manufacturer

Hongming Electronics’ subscription code is 301682, with an issue price of 69.66 yuan per share, an issuance P/E ratio of 33.61 times, and a reference industry P/E ratio of 65.16 times.

The total issuance amount is 30.39 million shares, with 8.66 million shares available online. Online subscription limit is 8,500 shares, with a maximum subscription requiring a market value of 85,000 yuan in the Shenzhen market.

Hongming Electronics mainly focuses on R&D, production, and sales of new electronic components centered on resistor-capacitor (RC) components, including high-reliability MLCC (multi-layer ceramic capacitors), organic and mica capacitors, displacement sensors, and thermistors, which have strong competitiveness in defense fields.

Currently, major clients in the electronic components sector include subsidiaries of China Aerospace Science and Industry Corporation, China Electronics Technology Group, and AVIC; in the precision components sector, clients include Hon Hai Group, Dagon Computer, and other Tier 1 or assembly suppliers in Apple’s supply chain.

From 2022 to 2024 and the first half of 2025, Hongming Electronics’ revenue was 3.146 billion yuan, 2.727 billion yuan, 2.494 billion yuan, and 1.528 billion yuan, respectively, with net profits attributable to parent of 476 million yuan, 412 million yuan, 268 million yuan, and 257 million yuan.

Source: Hongming Electronics Prospectus

The prospectus shows that, after review by an auditing agency, Hongming Electronics’ full-year revenue for 2025 is 2.617 billion yuan, a year-on-year increase of 4.93%; net profit attributable to parent is 319 million yuan, an increase of 18.82%.

Source: Hongming Electronics Prospectus

Tajkin New Energy is a national-level specialized and innovative “Little Giant” enterprise

Tajkin New Energy’s subscription code is 787813, with the issue price and P/E ratio not yet disclosed, but the industry average P/E is 43.57 times.

The total issuance amount is 40 million shares, with 9.6 million shares available online. The maximum subscription limit is 9,500 shares, requiring a market value of 95,000 yuan in the Shanghai market.

Tajkin New Energy mainly engages in R&D, design, production, and sales of high-end green electrolyzer equipment, titanium electrodes, and metal glass sealing products. It has obtained multiple national-level innovation platform certifications, including the National Enterprise Technology Center, National Manufacturing Single Champion Enterprise, and “Little Giant” certification.

Currently, Tajkin New Energy is a leading global provider of high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production lines, as well as a major domestic R&D and manufacturing base for precious metal titanium electrodes and electronic sealing glass materials. It has achieved the production of 4-6μm (micrometer) ultra-thin copper foil cathode rollers.

Tajkin New Energy’s products are used in fields such as large computers, 5G high-frequency communications, consumer electronics, new energy vehicles, environmental protection, aluminum foil processing, hydrometallurgy, hydrogen energy, aerospace, and military industry. Clients include BYD, Jiayuan Technology, Zhongyi Technology, Hailiang Group, Tongguan Copper Foil, Jinchuan Group, Huayou Cobalt, and QingShan Group.

From 2022 to 2024 and the first half of 2025, Tajkin New Energy’s revenue was 1.005 billion yuan, 1.669 billion yuan, 2.194 billion yuan, and 1.164 billion yuan, respectively, with net profits attributable to parent of 98.29 million yuan, 155 million yuan, 195 million yuan, and 104 million yuan.

The prospectus shows that benefiting from some customers completing trial runs and acceptance of orders, Tajkin New Energy’s audited revenue for 2025 is 2.395 billion yuan, a year-on-year increase of 9.16%; net profit attributable to parent is 204 million yuan, up 4.38%.

Huigu New Materials focuses on polymer materials

Huigu New Materials’ subscription code is 301683, with the issue price and P/E ratio not yet disclosed, but the industry average P/E is 35.62 times.

The total issuance amount is 15.78 million shares, with 4.02 million shares available online. The maximum subscription limit is 4,000 shares, requiring a market value of 40,000 yuan in the Shenzhen market.

Huigu New Materials is a platform-driven enterprise specializing in high-polymer materials, mainly engaged in R&D, production, and sales of functional resin and coating materials.

Its products cover applications in home appliances, packaging, new energy, and electronics, with clients including Midea, Gree, TCL, Dongyangguang, Jufei Optoelectronics, Zhaochi Optoelectronics, and BOE.

Source: Huigu New Materials Prospectus

The prospectus shows that in the fields of heat exchanger energy-saving coatings and metal packaging aluminum caps, Huigu New Materials’ domestic market share exceeds 60% and 30%, respectively. It is also one of the few domestic suppliers capable of achieving localization of fluid coating materials and photonic coatings for Mini LED.

From 2022 to 2024 and the first half of 2025, Huigu New Materials’ revenue was 664 million yuan, 717 million yuan, 817 million yuan, and 496 million yuan, respectively, with net profits attributable to parent of 30.09 million yuan, 109 million yuan, 146 million yuan, and 107 million yuan.

The prospectus shows that, driven by steady growth in home appliance and packaging businesses, as well as rapid growth in new energy, electronics, and aerospace coating materials, Huigu New Materials’ audited revenue for 2025 is 985 million yuan, an increase of 20.60% year-on-year; net profit attributable to parent is 207 million yuan, an increase of 41.84%.

Shenglong Co., Ltd. is one of China’s important molybdenum suppliers

Shenglong Co., Ltd.’s subscription code is 001257, with the issue price and P/E ratio not yet disclosed, but the industry average P/E is 40.32 times.

The total issuance amount is 215 million shares, with 45.15 million shares available online. The maximum subscription limit is 45,000 shares, requiring a market value of 450,000 yuan in the Shenzhen market.

Shenglong Co., Ltd. is a leading domestic molybdenum enterprise, mainly engaged in the production, processing, and sales of strategic resource molybdenum products, including molybdenum concentrate and molybdenum iron, with key processes including mining, beneficiation, and smelting.

According to USGS data, China’s molybdenum metal output in 2024 was about 110,000 tons, with Shenglong’s production around 10,600 tons, accounting for 9.64% of China’s total molybdenum output, making it one of China’s key molybdenum suppliers.

As of the end of 2024, Shenglong Co., Ltd. held 5 large and medium-sized molybdenum mining rights (4 mining rights and 1 exploration right), with molybdenum metal reserves of 710,500 tons, about 9.10% of China’s total molybdenum resources (according to the Ministry of Natural Resources’ “2024 China Natural Resources Bulletin”).

The prospectus shows that Shenglong’s main clients include China Baowu, Shandong Iron and Steel, Hualing Steel, and CITIC Special Steel. It also plans to build an annual 20,000-ton high-performance molybdenum material project to extend and strengthen the molybdenum industry chain, optimize product structure.

From 2022 to 2024 and the first half of 2025, Shenglong’s revenue was 1.911 billion yuan, 1.957 billion yuan, 2.864 billion yuan, and 2.289 billion yuan, respectively, with net profits attributable to parent of 344 million yuan, 619 million yuan, 757 million yuan, and 604 million yuan.

The prospectus indicates that driven by the transformation of the steel industry from general steel to special steel, downstream demand for molybdenum has steadily increased, leading to rising prices for molybdenum concentrates and molybdenum iron. Shenglong’s audited revenue for 2025 is 3.503 billion yuan, a year-on-year increase of 22.31%; net profit attributable to parent is 884 million yuan, up 16.80%.