Five new stocks are opening for subscription this week! Leading the advanced packaging and testing industry, the winning rate may be relatively high.

Two new stocks will begin their subscriptions today.

According to the issuance schedule, over this week’s four trading days (April 7 through April 10), the A-share market will have five new stocks open for subscription: Shangshui Smart in the ChiNext board, Hengdao Technology on the National Equities Exchange and Quotations (NEEQ), Shenghe Jingwei in the STAR Market, A-share index main board EtaiTec on the Shanghai main board, and Fu’en Shares on the Shenzhen main board. Among them, EtaiTec and Hengdao Technology will open for subscription on Tuesday this week; Shangshui Smart will open for subscription on Wednesday; Shenghe Jingwei will be subscribed on Thursday; and Fu’en Shares will be subscribed on Friday.

According to available information, EtaiTec is an industry-leading provider of intelligent automotive electronics solutions. Hengdao Technology is a “Little Giant” enterprise for hot runner systems in injection-molding mold hot runner systems. Shangshui Smart focuses deeply on the intelligent equipment industry. Shenghe Jingwei is a globally leading integrated circuit (IC) wafer-level advanced packaging and testing enterprise. Fu’en Shares is a leading enterprise in the regenerated fabric market for apparel.

It is worth noting that the total number of shares publicly issued by Shenghe Jingwei this time is 255 million shares, making it the second-highest among new stocks by issuance volume since the beginning of this year. At the same time, among STAR Market new stocks since the beginning of this year, it ranks first. This means that Shenghe Jingwei’s bid-to-win (winning odds) may be relatively high.

Looking in detail, EtaiTec’s issuance price is 33.49 yuan per share. The subscription upper limit for a single account is 14,000 shares. To subscribe at the maximum level, investors must hold 140,000 yuan of market value in the Shanghai market.

The prospectus shows that EtaiTec is an industry-leading provider of intelligent automotive electronics solutions. It is mainly engaged in the research, production, and sales of automotive electronics products, and also provides automotive electronics EMS and technical development services to customers. Its products cover four core functional domains: the body domain, the intelligent cockpit domain, the powertrain domain, and the intelligent driving domain. Since the company was founded in 2002, it has consistently focused on the automotive electronics field, adhering to technology innovation as the driving force, and building a full-chain capability system from R&D and design, to testing and verification, and then to mass-production delivery. It has accumulated extensive experience in the development and industrialization of automotive electronics products, and has now become one of the few domestic suppliers with the capability to develop automotive electronics products across multiple functional domains.

According to statistics from the GaoGong Intelligent Vehicle Research Institute, in 2024 China’s market (excluding imports and exports, the same applies below), the share of body (domain) controllers (including regional controllers) matched as standard in front-installation (i.e., standard-equipped) by independent-brand passenger vehicles was 25.5%, ranking first for three consecutive years and breaking the long-term monopoly in this area held by international automotive electronics manufacturers. In China’s passenger vehicle market, the share of standard front-installation remote physical key units was 13.83%, ranking first. In China’s independent-brand passenger vehicle market, the share of standard front-installation cockpit domain and display screen assemblies was 6.41%, ranking third.

After years of industry accumulation, technological development, and continued market expansion, the company’s customer base has covered independent-brand whole-vehicle manufacturers such as Chery Automobile, Changan Automobile, Great Wall Motor, SAIC Group, Geely Automobile, BAIC Group, and Dongfeng Motor, as well as new-generation automakers such as Li Auto, XPeng, and Leapmotor. In addition, by providing automotive electronics EMS to companies such as Bosch, its products ultimately support well-known OEMs such as Volvo and Audi.

In 2023 through 2025, the company achieved operating revenue of 30.03 billion yuan, 34.67 billion yuan, and 36.09 billion yuan, respectively. Net profit attributable to the owners of the parent company was 1.91 billion yuan, 2.12 billion yuan, and 2.46 billion yuan, respectively.

The funds raised in this offering by the company will be mainly invested in EtaiTec’s annual production of 5 million units of automotive electronics projects, the expansion project for the Burtaic automotive electronics production base, EtaiTec’s R&D center construction project, the Burtaic R&D center construction project, and supplementing working capital, among others.

Hengdao Technology’s issuance price is 21.8 yuan per share. The subscription upper limit for a single account is 588,600 shares.

The prospectus shows that Hengdao Technology is a high-tech enterprise focusing on the R&D, design, production, and sales of injection-molding mold hot runner systems and related components. It is a nationally recognized “Little Giant” enterprise specialized and innovative. The company’s main product is hot runner systems, which are the core heating component systems in hot runner injection-molding molds, and are widely used in areas such as automotive headlamps, automotive interior and exterior trims, and 3C consumer electronics. The company has been deeply involved in the hot runner industry for many years. Through continuous R&D investment and process accumulation, it has strong technical reserves and has formed multiple core technologies, including multi-color hot runner system technology, hot runner system technology for optical-guided injection-molding molds, hot runner system molding and runner-layout analysis technology, hot runner system dead-corner-free technology, hot runner system precise temperature-control technology, and hot runner system drive control technology.

During the reporting period, the company’s hot runner system products were mainly applied in the automotive sector, covering components such as automotive headlamps and automotive interior and exterior trims; only a small portion was applied in areas such as 3C consumer electronics and home appliances. After years of market cultivation and testing, the company has accumulated substantial customer resources and has successively become a supporting supplier to well-known domestic and overseas automotive OEMs, auto parts manufacturers, and injection-molding mold manufacturers. The company has established long-term and stable cooperative relationships with well-known enterprises such as BYD, Anrui Optoelectronics (a wholly owned subsidiary of Sanan Optoelectronics), Jiali Shares, Xingyu Shares, Haitai Ke, and Gree Electric Appliances. Downstream applications of its products include well-known automobile brands such as BYD, SAIC Volkswagen, SAIC-GM, Li Auto, NIO, and Chery.

In 2023 through 2025, the company achieved operating revenue of 1.68 billion yuan, 2.34 billion yuan, and 2.97 billion yuan, respectively. Net profit attributable to the owners of the parent company was 0.49 billion yuan, 0.69 billion yuan, and 0.79 billion yuan, respectively.

The funds raised in this offering by the company will be invested in the annual production of 30,000 hot runner production lines projects, the R&D center construction project, and supplementing working capital.

Shangshui Smart’s subscription upper limit for a single account is 6,000 shares. To subscribe at the maximum level, investors must hold 60,000 yuan of market value in the Shenzhen market.

The prospectus shows that Shangshui Smart has been deeply engaged in the intelligent equipment industry for more than ten years, building comprehensive technical capabilities based on a system of “core standalone units + intelligent control systems + process packages.” Its principal business is carried out around core process links such as micro/nano powder handling, precision metering of powder and liquids, mixing and dispersion of powder and liquids, and functional thin-film preparation. Its products can be widely used in industries such as new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors. At present, the company mainly serves the fields of new energy battery cathode foil manufacturing and new material preparation, and professionally engages in the R&D, design, production, and sales of intelligent equipment with integrated process capabilities.

In the new energy battery cathode foil manufacturing field, the company has established cooperative relationships with new energy battery and new energy vehicle enterprises such as BYD, EVE Energy, CATL, C&IC (Sinocell or Zhongchuang Xinhang), and Ningde New Energy, among others. It has also carried out business cooperation with overseas new energy battery manufacturers such as Samsung SDI, LGES, Panasonic, and SK On. In the new material preparation field, the company’s products have covered customer groups in different fields such as Bettery, Enjie Shares, Wanhua Chemical, and customers in areas including new energy battery materials, optical films, and semiconductor packaging materials.

Looking to the future, the company has proactively laid out R&D for emerging technologies such as high-temperature and high-pressure preparation technology, chemical and physical vapor deposition technology, plasma-enhanced technology, high-pressure homogenization technology, atomic layer deposition technology, and ultra-thin and ultra-precise coating technology. At the same time, it has introduced new products such as desktop intelligent experimental equipment, and will continue to expand the application of its products in new fields such as chemicals, food, pharmaceuticals, and semiconductors.

In 2023 through 2025, the company achieved operating revenue of 6.01 billion yuan, 6.37 billion yuan, and 8.1 billion yuan, respectively. Net profit attributable to the owners of the parent company was 2.34 billion yuan, 1.53 billion yuan, and 1.61 billion yuan, respectively.

The funds raised in this offering by the company will be invested in the construction project of the high-precision intelligent equipment South China headquarters manufacturing base, the R&D center construction project, and supplementing working capital.

Shenghe Jingwei’s subscription upper limit for a single account is 35,500 shares. To subscribe at the maximum level, investors must hold 3.55 million yuan of market value in the Shanghai market.

The prospectus shows that Shenghe Jingwei is a globally leading integrated circuit wafer-level advanced packaging and testing enterprise. It started with advanced processing of 12-inch mid-segment silicon wafers, and further provides end-to-end advanced packaging and testing services such as wafer-level packaging (WLP) and chiplet multi-chip integrated packaging. The company is committed to supporting all kinds of high-performance chips, especially graphics processing units (GPU), central processing units (CPU), and artificial intelligence chips. Through heterogeneous integration methods that go beyond Moore’s Law (MorethanMoore), it achieves comprehensive performance improvements such as higher computing power, higher bandwidth, and lower power consumption.

In the mid-segment silicon wafer processing field, the company is one of the earliest enterprises in mainland China to carry out and achieve mass production of 12-inch bump manufacturing (Bumping), and it is also the first company in China capable of providing 14nm advanced process Bumping services, filling the gap in the high-end integrated circuit manufacturing industrial chain in mainland China. After that, the company successively broke through high-density bump processing technologies for multiple more advanced process nodes and entered the international advanced-node integrated circuit manufacturing industrial chain. According to statistics from Zhishang Consulting, as of the end of 2024, the company has the largest 12-inch Bumping production capacity scale in mainland China.

In the wafer-level packaging field, based on its leading mid-segment silicon wafer processing capability, the company quickly achieved R&D and industrialization of wafer-level chip packaging for 12-inch large-size wafers (wafer-level fan-in type packaging, WLCSP), including 12-inch Low-K WLCSP suitable for more advanced technology nodes and ultra-thin chip WLCSP whose market space is growing rapidly. According to statistics from Zhishang Consulting, in 2024, the company was the top enterprise in mainland China by revenue scale for 12-inch WLCSP, with a market share of approximately 31%.

In the chiplet multi-chip integrated packaging field, the company has a technical platform layout that can comprehensively benchmark the world’s leading enterprises. Especially for the industry’s most mainstream 2.5D integration (2.5D) based on silicon interconnect boards (TSV Interposer), the company is one of the earliest enterprises in mainland China to mass-produce and also with the largest production scale. It represents the most advanced level in mainland China in this technology area, and there is no technological gap with the world’s leading enterprises. According to statistics from Zhishang Consulting, in 2024, the company was the top enterprise in mainland China by revenue scale for 2.5D, with a market share of approximately 85%.

In 2023 through 2025, the company achieved operating revenue of 30.38 billion yuan, 47.05 billion yuan, and 65.21 billion yuan, respectively. Net profit attributable to the owners of the parent company was 0.34 billion yuan, 2.14 billion yuan, and 9.23 billion yuan, respectively.

The funds raised in this offering by the company will be invested in the three-dimensional multi-chip integrated packaging project and the ultra-high-density interconnect three-dimensional multi-chip integrated packaging project.

Fu’en Shares’s subscription upper limit for a single account is 23,000 shares. To subscribe at the maximum level, investors must hold 2.3 million yuan of market value in the Shenzhen market.

The prospectus shows that Fu’en Shares is a global eco-friendly fabric supplier with sustainable development as its core. Its main business is the R&D, production, and sales of eco-friendly fabrics. It has now become a large enterprise integrating fabric design, R&D, spinning, weaving, dyeing and finishing, post-finishing, and sales. The company’s main products are eco-friendly fabrics, mainly regenerated fabrics, and it has now become the leading enterprise in regenerated fabrics for apparel in China.

The company’s end customers are mainly well-known apparel brands at home and abroad, including H&M, Uniqlo, GU, ZARA, Taipingniao, Lilong, and others. The company has a relatively deep cooperative relationship with major apparel brand customers and holds an important position in their supply chains. The company is the No. 1 supplier of H&M regenerated T/C blended fabric and has been awarded the title of gold medal fabric supplier. It is the No. 1 supplier of Uniqlo regenerated T/C blended fabric and the No. 1 supplier of GU regenerated fabric, and has been granted the title of a trustworthy commercial partner by Uniqlo and GU. The company is also a strategic cooperation partner of domestic fast-moving consumer brand UR, and has received an outstanding cooperation award from Taipingniao, among others.

In 2023 through 2025, the company achieved operating revenue of 1.517 billion yuan, 1.813 billion yuan, and 1.72 billion yuan, respectively. Net profit attributable to the owners of the parent company was 2.29 billion yuan, 2.75 billion yuan, and 2.3 billion yuan, respectively.

The funds raised in this offering by the company will be invested in the Xiao Zheng Gong (2023) No. 82 regenerated eco-friendly yarn-dyed fabric integrated project and the high-end eco-friendly regenerated materials research institute and green intelligent manufacturing project.

Proofread by: Wang Zhaquan