Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has received approval for its initial public offering (IPO) and listing on the Sci-Tech Innovation Board from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1] Group 1: Company Information - The issuer is Xiamen Hengkang New Materials Technology Co., Ltd. [1] - The main underwriter for the IPO is CITIC Securities Co., Ltd. [1] - The co-underwriter for the IPO is Zhongtai Securities Co., Ltd. [1] Group 2: Regulatory Approval - The application for the IPO has been approved by the listing review committee of the Shanghai Stock Exchange [1] - The registration has been authorized by the China Securities Regulatory Commission under document number 2025-2008 [1] Group 3: Disclosure Information - The prospectus for the IPO is available on the Shanghai Stock Exchange website and other specified websites [1] - The prospectus is accessible for public review at the issuer's address, the Shanghai Stock Exchange, and the underwriters' offices [1]

Summary of Key Points Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is set to list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 18, 2025, following approval from the exchange [2]. Group 1: Listing Overview - The stock will be referred to as "Hengkang New Materials" with the stock code 688727 [6]. - The total share capital after the IPO will be 449,319,600 shares, with 67,397,940 shares being newly issued [6]. - The IPO price is set at 14.99 yuan per share, corresponding to a price-to-earnings (P/E) ratio of 59.07 times based on the 2024 earnings before non-recurring gains and losses [8]. Group 2: Risks Associated with IPO - The first five trading days post-IPO will not have a price fluctuation limit, which may lead to significant price volatility [4]. - The number of freely tradable shares at the beginning will be limited, with only 50,243,165 shares available for trading, representing 11.18% of the total share capital [5]. - The company's P/E ratio is higher than the industry average of 60.47 times, indicating potential valuation concerns [7][8].

Core Viewpoint - Hengkun New Materials (688727.SH) has set the issuance price at 14.99 yuan per share based on a comprehensive assessment of its investment value and market conditions [1] Group 1: Issuance Details - The issuance price was determined after evaluating the company's reasonable investment value, comparable companies' secondary market valuations, and the industry’s secondary market valuation levels [1] - The offline subscription will no longer conduct cumulative bidding inquiries [1] - Investors are required to subscribe at the set price on November 7, 2025, without the need to pay subscription funds at the time of application [1] Group 2: Subscription Timing - The offline subscription period is from 9:30 to 15:00, while the online subscription period is from 9:30 to 11:30 and 13:00 to 15:00 [1]

Group 1 - The number of valid subscription accounts for the online issuance was 6,191,785, with a total of 56,326,001,000 shares subscribed, resulting in an initial online winning rate of 0.01914480% [1] - The initial effective subscription multiple for the online issuance was 5,223.35 times, leading to the activation of the allocation mechanism, which adjusted the distribution of shares between offline and online issuances [2] - After the allocation mechanism was implemented, the final online issuance quantity was 1,618.6500 million shares, accounting for 29.96% of the total issuance, with a final online winning rate of 0.02873717% [2] Group 2 - The total number of allocation numbers was 112,652,002, with the range of numbers from 100,000,000,000 to 100,112,652,001 [1] - The offline final issuance quantity was 3,784.1745 million shares, representing 70.04% of the total issuance after deducting the final strategic placement [2]

Company Overview - Hengkun New Materials is set to begin subscription tomorrow, with a total share capital of 382 million shares before the issuance and plans to publicly issue 67.3979 million shares, accounting for 15.00% of the total share capital post-issuance [1] - The subscription price is set at 14.99 yuan, with an issuance price-to-earnings ratio of 71.42 times, compared to the industry average of 60.47 times [1] - The company’s products are essential materials for integrated circuit wafer manufacturing, primarily used in advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [1] Subscription Details - The subscription code is 787727, with an online issuance of 10.7835 million shares and a maximum subscription limit of 10,500 shares per account [1] - The subscription date is November 7, 2025, with the announcement of the winning numbers and payment date on November 11, 2025 [1] Financial Highlights - Total assets for 2024 are reported at 2.645 billion yuan, an increase from 2.091 billion yuan in 2023 and 1.633 billion yuan in 2022 [1] - Net assets have grown to 1.500 billion yuan in 2024 from 1.382 billion yuan in 2023 and 1.273 billion yuan in 2022 [1] - Operating revenue for 2024 is 547.9388 million yuan, up from 367.7078 million yuan in 2023 and 321.7652 million yuan in 2022 [1] - The net profit attributable to shareholders for 2024 is 96.9192 million yuan, compared to 89.8493 million yuan in 2023 and 100.9030 million yuan in 2022 [1] - Research and development investment for 2024 is 88.6085 million yuan, representing 16.17% of operating revenue, an increase from 14.59% in 2023 and 13.28% in 2022 [1] Fundraising Allocation - The company plans to allocate 399.8022 million yuan to the second phase of the integrated circuit precursor project and 606.8928 million yuan to the advanced materials project for integrated circuits [1]

Group 1 - Two new stocks are available for subscription on November 7, namely Nanfang Digital on the ChiNext board and Hengkang New Materials on the Sci-Tech Innovation board [1] - Nanfang Digital has a total issuance of 477 million shares, with an online issuance of 47.69 million shares, a price of 5.69 yuan, and a price-earnings ratio of 32.22 times [1] - Hengkang New Materials has a total issuance of 67.40 million shares, with an online issuance of 10.78 million shares, a price of 14.99 yuan, and a price-earnings ratio of 71.42 times [1] Group 2 - Nanfang Digital provides comprehensive digital construction solutions for clients in the electric power and energy industries [1] - Hengkang New Materials' products are essential materials for integrated circuit wafer manufacturing, primarily used in advanced NAND, DRAM storage chips, and logic chip production processes [1]

Group 1 - The core viewpoint of the article is the announcement of the subscription details for Hengkun New Materials and Southern Network Digital, highlighting their respective issuance price and price-to-earnings ratios [1] Group 2 - Hengkun New Materials has an issuance price of 14.99 yuan and a price-to-earnings ratio of 71.42 times, with a single account subscription limit of 10,500 shares [1] - Southern Network Digital has an issuance price of 5.69 yuan and a price-to-earnings ratio of 32.22 times, with a single account subscription limit of 47,500 shares [1]

New Stock Subscription - A new stock subscription is available for Jingchuang Electric, a national-level "little giant" in cold chain intelligent controllers, focusing on intelligent control and monitoring products for HVAC/R, pharmaceuticals, food, and environmental testing [1] - The expected revenue for Jingchuang Electric from 2022 to 2024 is projected to be CNY 396.3 million, CNY 434.5 million, and CNY 498.8 million, with net profits of CNY 48.74 million, CNY 55.36 million, and CNY 58.91 million respectively [1] New Stock Listings - Three new stocks are listed today: - Nanfang Digital, which provides digital construction solutions primarily for the power energy sector and is controlled by the State-owned Assets Supervision and Administration Commission [1] - Hengkang New Materials, engaged in the R&D, production, and sales of photolithography materials and precursors, with revenues projected to be CNY 321.8 million, CNY 367.7 million, and CNY 547.9 million from 2022 to 2024 [2] - Beikang Testing, a leading domestic service provider in non-ferrous metal inspection and testing technology, with revenues expected to reach CNY 91.74 million, CNY 110.5 million, and CNY 148 million from 2022 to 2024 [3] Financial Performance - Hengkang New Materials anticipates a revenue increase of 5.10% to 10.02% in 2025, with net profit growth of 0.30% to 5.21% [2] - Beikang Testing's net profits are projected to be CNY 31.96 million, CNY 45.58 million, and CNY 55.13 million from 2022 to 2024 [3] Stock Characteristics - Jingchuang Electric's stock is priced at CNY 12.10 with a P/E ratio of 13.47 [4] - Nanfang Digital's stock is priced at CNY 5.69 with a P/E ratio of 32.22 [5] - Hengkang New Materials' stock is priced at CNY 14.99 with a P/E ratio of 71.42 [7] - Beikang Testing's stock is priced at CNY 6.70 with a P/E ratio of 14.99 [8]

Group 1 - Three companies, Nanfang Digital (301638.SZ), Hengkun New Materials (688727.SH), and Beikong Testing (920160.BJ), are listed today [1] - Jingchuang Electric (920035.BJ) is available for subscription [1]

Group 1: New IPOs - This week (November 3 to 7), there are three new stocks available for subscription: one on the Sci-Tech Innovation Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][2] - The Beijing Stock Exchange new stock, Beikong Detection, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on the research and industrial application of key materials in the integrated circuit field, aiming to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] Group 2: Company Profiles - Hengkang New Materials is one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, enhancing its product structure and promoting domestic innovation [2] - Nanjing Digital, launching its IPO on November 7, provides comprehensive digital construction solutions for the power energy sector and is expanding its services to other industries such as transportation and urban construction, with a fundraising target of 2.554 billion yuan [2] - Zhi Xin Co., which is set to go public on the Shanghai Main Board, specializes in automotive welding parts and has established itself as a primary supplier for major automotive manufacturers, aiming to raise 1.329 billion yuan [5][6] - Shaanxi Tourism, also seeking to go public on the Shanghai Main Board, integrates tourism performances, cable cars, and dining services, leveraging local attractions to enhance visitor experiences, with a fundraising goal of 1.555 billion yuan [6]