Changjin Photonics passes review: This year's 41st IPO approval, Guotaihai completes 9 deals

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China Economic Net, Beijing, March 28—The Shanghai Stock Exchange’s Listing Review Committee held its 12th deliberation meeting of 2026 yesterday. The review results show that Wuhan Changjin Photonics Technology Co., Ltd. (hereinafter referred to as “Changjin Photonics”) meets the发行 conditions, listing conditions, and information disclosure requirements. This is the 41st company to pass the review in 2026 (of which, 12 companies have passed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange combined, and 29 companies have passed on the Beijing Stock Exchange).

The sponsor and lead underwriter for Changjin Photonics is Guotai Haitong Securities Co., Ltd., and the sponsor representatives are Jin Xuer and Yin Xiangshi. This is Guotai Haitong’s 9th successful IPO project this year. Previously, on January 20, Guotai Haitong sponsored Wuxi Liqi Intelligent Equipment Co., Ltd. to pass the review; on January 28, Guotai Haitong sponsored Zhejiang Hengdao Technology Co., Ltd. to pass the review; on February 4, Guotai Haitong sponsored Guangdong Huahui Intelligent Equipment Co., Ltd. to pass the review; on February 13, Guotai Haitong sponsored Zhenhong Heavy Industry (Jiangsu) Co., Ltd. to pass the review; on February 27, Guotai Haitong sponsored Hubei Longchen Technology Co., Ltd. to pass the review; on March 3, Guotai Haitong sponsored Zhuhai Ruixiang Intelligent Technology Co., Ltd. to pass the review; on March 5, Guotai Haitong sponsored Zhejiang Deshuo Technology Co., Ltd. to pass the review; and on March 20, Guotai Haitong sponsored Zhuhai Jieli Technology Co., Ltd. to pass the review.

Changjin Photonics is a manufacturer of specialty optical fiber, with capabilities for R&D and industrialization of high-performance, multi-category specialty optical fibers.

As of the date the prospectus was signed, Wuhan Changhexin Enterprise Management Partnership (L.P.) (hereinafter referred to as “Changhexin”) directly holds 34.42% of the equity in Changjin Photonics, making it the controlling shareholder of Changjin Photonics.

Li Jinyan is the executive affairs partner of Changhexin, Wuhan Changjin Zhiyuan No. 1 Enterprise Management Partnership (L.P.) (hereinafter referred to as “Zhiyuan No. 1”), and Wuhan Changjin Zhiyuan No. 2 Enterprise Management Partnership (L.P.) (hereinafter referred to as “Zhiyuan No. 2”). Through Changhexin, Zhiyuan No. 1, and Zhiyuan No. 2, Li Jinyan indirectly holds 17.95% of the equity in Changjin Photonics. According to the partnership agreements among Changhexin, Zhiyuan No. 1, and Zhiyuan No. 2, the executive affairs partner has full responsibility for exercising the shareholders’ rights of the invested enterprises held by this partnership, including but not limited to representing this partnership to participate in major decisions of the invested enterprises according to its own will, independently exercising voting rights for the invested enterprises, or making any arrangements regarding such voting rights. Therefore, Li Jinyan is able to control 35.84% of the voting rights of Changjin Photonics through Changhexin, Zhiyuan No. 1, and Zhiyuan No. 2.

In addition, to enhance the stability of Changjin Photonics’ actual control, in August 2022 Li Jinyan signed a “Concerted Action Agreement” with Changjin Photonics’ director and general manager Liu Changbo. The main contents are: before exercising shareholder rights, the two parties shall conduct discussions item by item and form unanimous opinions; if opinions differ, Li Jinyan’s opinions shall prevail; before the board of directors or the board of supervisors of the company submits motions or exercises voting rights, the two parties shall reach unanimous opinions through prior joint consultation; if opinions differ, Li Jinyan’s opinions shall prevail. The effective period of the above agreement runs from the date both parties sign it until 36 months after the date of Changjin Photonics’ first public offering of shares and listing.

In summary, Li Jinyan, through Changhexin, Zhiyuan No. 1, Zhiyuan No. 2, and the Concerted Action Agreement, cumulatively controls 43.12% of the voting rights of Changjin Photonics, giving him control over and influence on the decisions of Changjin Photonics’ (shareholders’) meeting (the “(Large) Shareholders’ Meeting”); at the same time, Li Jinyan serves as chairman of Changjin Photonics, and through the nomination of Changjin Photonics’ more than half of the directors by Changhexin, has significant influence over the board of directors’ decisions of Changjin Photonics, making him Changjin Photonics’ actual controlling person.

Changjin Photonics plans to publicly issue no more than 23.4175 million shares on the SSE STAR Market (not considering the over-allotment option), and after the issuance is completed, the proportion of publicly issued shares to the total number of shares after issuance will be no less than 25%. This issuance is entirely new shares and does not involve any public offering of shares by shareholders.

Changjin Photonics plans to raise RMB 7,800.00 million in this offering, which will be used for the high-performance specialty optical fiber production base and R&D center, and for replenishing working capital, respectively.

Main issues in the on-site inquiry by the Listing Committee meeting:

1. Please have the issuer’s representative, in combination with the product categories, technology routes, downstream application scenarios, gross margin, etc. of listed companies in the same industry during the reporting period, conduct a comparative analysis to explain the reasonableness and sustainability of the company’s high gross margin. Please ask the sponsor representatives to express a clear opinion.

2. Please have the issuer’s representative, in combination with the market space in the specialty optical fiber industry, vertical integration of upstream and downstream, the company’s orders on hand, customer expansion, technology and product update and iteration, competitive strengths and weaknesses, product price change trends, etc., explain the company’s business competitiveness and growth potential. Please ask the sponsor representatives to express a clear opinion.

Matters requiring further implementation:

None.

List of companies that passed the IPO review on the SSE and SZSE in 2026:

List of companies that passed the IPO review on the Beijing Stock Exchange in 2026:

(责任编辑：Ma Xin)

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