Must-Read for IPOs | Subscription for Two New Stocks on April 9

1. Shenghe Jingwei ( STAR Market )

Subscription code: 787820

Stock code: 688820

Issue price: 19.68

Issue P/E ratio: 195.62

Industry P/E ratio: 62.61

Issue size: 5.028 billion yuan

Main business: Mid-stage silicon wafer processing and back-end advanced packaging for the integrated circuit advanced packaging and testing industry

Other important company information is shown in the figure below:

Comment: In terms of industry prospects, from the market size perspective, the global integrated circuit packaging and testing industry’s market size grew from $55.46 billion in 2019 to $101.47 billion in 2024, with a compound annual growth rate (CAGR) of 12.8%. According to Yole and Zhishi Consulting, the global integrated circuit packaging and testing industry’s market size is expected to reach $134.90 billion by 2029, with a CAGR of 5.9% from 2024 to 2029. Among them, the market size of the integrated circuit packaging and testing industry in mainland China is expected to reach 438.98 billion yuan by 2029.

In terms of company performance, from 2022 to 2025, Shenghe Jingwei achieved revenues of 1.633 billion yuan, 3.038 billion yuan, 4.7 billion yuan, and 6.521 billion yuan, respectively; non-recurring gains and losses (after deduction) net profits were -349 million yuan, 31.62 million yuan, 187 million yuan, and 85.9 million yuan, respectively. The company expects to achieve revenue of 1.65 billion yuan to 1.8 billion yuan in Q1 2026, representing a year-on-year increase of 9.91% to 19.91%; and to achieve non-recurring gains and losses (after deduction) net profit of 135 million yuan to 150 million yuan, representing a year-on-year increase of 7.32% to 19.24%.

Regarding fundraising, according to the prospectus, Shenghe Jingwei originally planned to issue 255 million shares, raising 4.8 billion yuan, which would be used for the 3D multi-chip integration packaging project ( 4.0 billion yuan ) and the ultra-high-density interconnected 3D multi-chip integration packaging project ( 0.8 billion yuan ). Based on the offer price of 19.68 yuan per share in this offering, the company’s actual amount raised is approximately 5.028 billion yuan, which is about 5% higher than the original plan.

Looking back at the 2025 new listings, in 2025, there were 116 new stocks listed on the A-share market, and none saw a drop on the first day. Among them, 19 new stocks were listed on the STAR Market throughout the year; the average closing gain on the first day was 244%, and the average floating profit per lot was about 58.2 thousand yuan with ( 500 shares ). Since 2026, 33 new stocks have been listed on the A-share market, and none saw a drop on the first day.

From a valuation perspective, the company’s issue P/E ratio is far higher than the industry average, which is relatively uncommon among recent new listings. However, considering the company’s STAR Market attributes and the clearly visible first-day “making money” effect of new listings in the past two years, the overall view is that Shenghe Jingwei has a low probability of seeing a first-day drop.

2. Ruili Jingda ( NEEQ )

Subscription code: 920191

Stock code: 920191

Issue price: 7.71

Issue P/E ratio: 14.99

Industry P/E ratio: 39.14

Issue size: 342 million yuan

Main business: Research, development, production and sales of technologies such as energy-efficient, long-life, energy-saving, green and environmentally friendly blast furnace ironmaking, and related refractory materials required

Comment: In terms of industry prospects, according to Bazeis Consulting’s research, the global refractory materials market size reached $27.5 billion in 2024, and is expected to reach $42.5 billion by 2032.

In terms of company performance, from 2022 to 2025, Ruili Jingda achieved revenues of 403 million yuan, 467 million yuan, 476 million yuan, and 478 million yuan, respectively; net profits were 59.8503 million yuan, 92.2662 million yuan, 84.8437 million yuan, and 92.6368 million yuan, respectively. The company expects to achieve revenue of 105 million yuan to 120 million yuan in Q1 2026, representing a year-on-year increase of 3.65% to 18.46%; and to achieve net profit attributable to parent company shareholders of 19 million yuan to 21 million yuan, representing a year-on-year increase of 0.57% to 11.15%. It can be seen that in recent years, the company’s profit growth rate has dropped significantly, approaching a standstill.

Regarding fundraising, according to the prospectus, Ruili Jingda originally planned to issue 44.35 million shares, raising about 335 million yuan, which would be used for the construction of the intelligent equipment base project ( 261.61 million yuan ) for metallurgical process carbon capture new technology and energy-saving long-life new materials, the R&D center construction project ( 48.10 million yuan ) for metallurgical process carbon capture technology and energy-saving long-life materials, and the technical renovation and expansion project ( 26.10 million yuan ) for the production line of composite metal tuyere mud. Based on the offer price of 7.71 yuan per share in this offering, the company’s actual amount raised is approximately 342 million yuan, which is about 2% higher than the original plan.

Looking back at the 2025 new listings, in 2025, there were 116 new stocks listed on the A-share market, and none saw a drop on the first day. Among them, 26 new stocks were listed on the NEEQ throughout the year; the average closing gain on the first day was 368%, and the average floating profit per lot was about 4,650 yuan with ( 100 shares ). Since 2026, 33 new stocks have been listed on the A-share market, and none saw a drop on the first day.

From a valuation perspective, the company’s issue P/E ratio is clearly lower than the industry average. Considering the clearly visible first-day profit effect of new listings in the past two years, the overall view is that Ruili Jingda has a low probability of seeing a first-day drop.