Listing Overview - Xi'an Yiswei Materials Technology Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025 [1] - The total share capital after the initial public offering (IPO) will be 4,037,800,000 shares, with 537,800,000 shares being newly issued [4] Investment Risks - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Tier upon listing [2] - Investors must comply with suitability management requirements and sign a risk disclosure document before participating in trading [2] - The stock will have a price fluctuation limit of 20%, but there will be no limit on price changes for the first five trading days [2] Liquidity Concerns - The initial circulating shares will be 164,617,586 shares, representing 4.08% of the total share capital, indicating potential liquidity issues [3] Valuation Metrics - The IPO price corresponds to a price-to-sales (P/S) ratio of 16.41 times based on diluted earnings for 2024, which is lower than comparable companies in the A-share market [8] - The company has chosen to disclose the P/S ratio as it is not yet profitable, in accordance with regulatory requirements [7] Financing and Margin Trading - The stock will be eligible for margin trading from the first day of listing, which may introduce additional price volatility and liquidity risks [9]

格隆汇10月16日丨西安奕材(688783.SH)公布，根据《西安奕斯伟材料科技股份有限公司首次公开发行 股票并在科创板上市发行公告》公布的回拨机制，由于本次网上发行初步有效申购倍数约为2,105.38 倍，超过100倍，发行人和主承销商决定启动回拨机制，对网下、网上发行的规模进行调节，将扣除最 终战略配售部分后本次公开发行股票数量的10%（向上取整至500股的整数倍，即2,689.00万股）从网下 回拨到网上。回拨机制启动后：网下最终发行数量为18,823.00万股，占扣除最终战略配售数量后发行数 量的70.00%；网上最终发行数量为8,067.00万股，占扣除最终战略配售数量后发行数量的30.00%。回拨 机制启动后，网上发行最终中签率为0.07124620%。 ...

Listing Overview - Xi'an Yiswei Materials Technology Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025 [1] - The total share capital after the initial public offering (IPO) will be 4,037,800,000 shares, with 537,800,000 shares being newly issued [4] Investment Risks - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Tier upon listing [2] - Investors must comply with suitability management requirements and sign a risk disclosure document before participating in trading [2] - The stock will have a price fluctuation limit of 20%, but there will be no limit on price changes for the first five trading days [2] Liquidity Concerns - The initial circulating shares will be 164,617,586 shares, representing 4.08% of the total share capital, indicating potential liquidity issues [3] Valuation Metrics - The IPO price corresponds to a price-to-sales (P/S) ratio of 16.41 times based on diluted earnings for 2024, which is lower than comparable companies in the A-share market [8] - The company has chosen to disclose the P/S ratio as it is not yet profitable, in accordance with regulatory requirements [7] Financing and Margin Trading - The stock will be eligible for margin trading from the first day of listing, which may introduce additional price volatility and liquidity risks [9]

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. successfully completed its IPO on the Sci-Tech Innovation Board, raising approximately 4.636 billion yuan, marking it as the largest IPO in Shaanxi Province in 2025 and the second largest in A-shares this year, following Huadian New Energy [2][4]. Group 1: IPO Details - The IPO price was set at 8.62 yuan per share, with a total issuance of 53.78 million shares, resulting in a net fundraising amount of about 4.507 billion yuan [2]. - The issuance was met with high enthusiasm from the market, with nearly 80% of investors with access to the Sci-Tech Growth tier participating in the online subscription [4]. Group 2: Strategic Support and Investment - Notable participation from national and local investment funds, including the National Integrated Circuit Industry Investment Fund (Phase II) and the Shaanxi Integrated Circuit Fund, indicates strong recognition of the company's long-term value [4]. - Xi'an Yiswei's largest shareholder, Xian High-tech Investment, held a 9.06% stake prior to the IPO, highlighting its role as an "angel investor" [4]. Group 3: Technological Advancements - The company has established a comprehensive technical system covering five core processes: crystal growth, shaping, polishing, cleaning, and epitaxy, positioning itself as a representative of "hard technology" in the domestic 12-inch silicon wafer sector [6]. - As of June 2025, Xi'an Yiswei has applied for a total of 1,843 domestic and international patents, with over 80% being invention patents, and has received authorization for 799 patents, with more than 70% being invention patents [6]. Group 4: Market Position and Client Base - Xi'an Yiswei has rapidly evolved from a new entrant to a significant player in the global 12-inch silicon wafer market, achieving full coverage of domestic and international first-tier clients [7]. - The company ranks as the top or second supplier of 12-inch silicon wafers to major domestic storage IDM manufacturers and is the leading supplier to first-tier logic wafer foundries in mainland China [7]. Group 5: Production Capacity and Future Plans - The first factory's production capacity has been increased from 500,000 wafers per month to 640,000 wafers per month as of June 2025, while the second factory has reached a capacity of 110,000 wafers per month [8]. - By 2026, the combined production capacity of both factories is expected to exceed 1.2 million wafers per month, aiming for a global market share of over 10%, which will significantly alleviate the supply-demand imbalance in the domestic 12-inch silicon wafer market [10].

Group 1 - Four companies, He Yuan Bio (688765.SH), Biobetter (688759.SH), Xi'an Yichai (688783.SH), and Taikai Ying (920020.BJ), were listed today [1] - Two companies, Delijia (603092.SH) and Zhongcheng Consulting (920003.BJ), are open for subscription [1]

Core Viewpoint - The article highlights the significant growth and potential of Xi'an Yicai, a leading player in the 12-inch silicon wafer market, emphasizing its role in addressing China's semiconductor supply challenges and its recent IPO as a milestone in this journey [2][14]. Company Overview - Xi'an Yicai, founded by Wang Dongsheng, aims to become a competitive player in the semiconductor materials sector, leveraging his experience from BOE Technology Group [2]. - The company has achieved remarkable revenue growth, with sales increasing from 1.055 billion to 2.121 billion yuan over three years, reflecting a compound annual growth rate of approximately 42% [3][9]. Market Position - As of 2024, Xi'an Yicai ranks first in China and sixth globally in terms of 12-inch silicon wafer shipment volume and production capacity, holding approximately 6% of global shipment volume and 7% of production capacity [8][12]. - The company is a key supplier for major domestic storage IDM manufacturers and leading logic wafer foundries, establishing itself as a preferred partner for new 12-inch wafer plants [8][12]. Industry Trends - The semiconductor industry is entering an upward cycle driven by the growth of artificial intelligence and the recovery of the consumer electronics market, leading to increased demand for silicon wafers [6]. - Global production capacity for 12-inch wafers is projected to grow from 8.34 million wafers per month in 2024 to 10.64 million in 2027, with China's capacity expected to rise from 2.35 million to 3.53 million wafers per month [6]. Technological Advancements - Xi'an Yicai has developed a comprehensive core technology system covering all key processes in 12-inch wafer production, achieving competitive quality levels with the top five global manufacturers [10][12]. - The company has made significant technological breakthroughs, enabling its products to be used in advanced NAND Flash, DRAM, and logic chips, thus enhancing its product mix towards higher value segments [12][13]. Financial Performance - The company's net cash flow from operating activities has surged from 47 million yuan in 2022 to 815 million yuan in 2024, indicating strong market monetization capabilities [9]. - Xi'an Yicai's R&D investment has been substantial, with expenses increasing from 146 million yuan in 2022 to 128 million yuan in 2025, reflecting a commitment to innovation [10][13]. Future Prospects - The company plans to expand its production capacity to 1.2 million wafers per month by 2026, aiming to capture over 10% of the global 12-inch wafer market [14][17]. - The IPO proceeds will be used to fund the second phase of its silicon industry base project, which is expected to enhance its production capabilities significantly [15][17].

- The report tracks the recent IPO market performance, focusing on the net gains from new stock listings across the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, excluding lock-up restrictions[1][11][39] - The cumulative IPO net gains for A-class accounts with a scale of 2 billion reached 2.44%, while B-class accounts of the same scale achieved 2.19% as of October 24, 2025[11][39] - For larger accounts with a scale of 10 billion, the IPO net gains were significantly lower, with A-class accounts at 0.77% and B-class accounts at 0.70%[11][39] - The average first-day price increase for Sci-Tech Innovation Board stocks was 218.45%, while ChiNext stocks saw an average increase of 244.28%[1][16] - The report provides detailed calculations for theoretical IPO gains, using formulas such as: $ Full subscription quantity = Maximum subscription limit × Average offline subscription rate $ $ Full subscription gains = (First-day average price - IPO price) × Full subscription quantity $[35][39] - The highest full subscription gains among recent IPOs were achieved by United Power, Jindal Zhixin, and C Marco, with gains of 50.81, 12.58, and 11.03 million yuan respectively[35][38] - The report also includes monthly tracking of IPO gains for A-class accounts across different scales, showing a cumulative gain rate of 6.17% for 2 billion accounts since 2024, and 2.44% for 2025 alone[39][41] - Similar tracking for B-class accounts reveals a cumulative gain rate of 5.11% for 2 billion accounts since 2024, and 2.19% for 2025 alone[47][45] - The report highlights the IPO subscription process, including strategic placement, offline inquiry, and online pricing methods, with detailed statistics on subscription rates, oversubscription multiples, and effective subscription ratios for recent IPOs like Xi'an Yicai and Bibet[24][25]

Core Points - Three companies, Bibit (688759.SH), Heyuan Bio (688765.SH), and Xi'an Yicai (688783.SH), are set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, marking the first batch of new listings since the launch of the Sci-Tech Growth Tier [1] - As of now, a total of 7.58 million investor accounts have opened trading permissions for the Sci-Tech Growth Tier, representing 126% of the active accounts among existing investors [1] - Following the release of the "1+6" policy reform for the Sci-Tech Board in June, 26 new companies have been accepted for listing, with 8 of them being unprofitable [1] - The first IPO application under the fifth set of listing standards, submitted by professional institutional investor Tianomaibo, was accepted on July 31 [1] - On September 26, the second IPO project under the restarted fifth set of listing standards, Anshi Bio, was accepted [1] - Companies such as Beixin Life, unprofitable company Moer Thread, and Angrui Micro have submitted registration on July 25, September 26, and October 15, respectively, under the fifth set of standards [1] - Unprofitable company Muxi Co. passed the listing committee review on October 24 [1]

Group 1: New Stock Performance - Two new stocks were listed last week (October 20-24), with an average first-day price increase of 263.20%[2] - Both new stocks had first-day gains exceeding 100%, specifically Chao Ying Electronics at 397.60% and Marco Polo at 128.80%[2][4] - The total fundraising amount for new stocks last week increased by 1.591 billion yuan compared to the previous week[3] Group 2: Weekly and Monthly Trends - The number of new stocks listed remained unchanged at 2 for the week of October 20-24, with no first-day price drops recorded[3] - For the week of October 13-17, the average first-day price increase was 325.18%, with two stocks showing gains over 100%[4] - Monthly data shows that from October 1 to October 24, 5 new stocks were listed, raising 3.653 billion yuan, with an average first-day increase of 305.31%[10]

Summary of Key Points Core Viewpoint - The article discusses the recent issuance of new stocks in China, highlighting the total amount raised and the distribution of funds across various sectors and regions. It emphasizes the performance of specific companies in terms of fundraising and stock pricing. Group 1: New Stock Issuance - A new stock, Fengbei Biotechnology, issued 35.90 million shares at a price of 24.49 yuan, raising 879 million yuan [1] - As of October 27, 85 companies have gone public this year, raising a total of 89.06 billion yuan, with an average fundraising of 1.048 billion yuan per company [1] - Among these, 18 companies raised over 1 billion yuan, and 1 company raised over 10 billion yuan [1] Group 2: Fundraising by Market Segment - In the Shanghai Stock Exchange, 20 new stocks were issued, raising 39.54 billion yuan; in the Shenzhen Stock Exchange, 10 stocks raised 7.92 billion yuan; the ChiNext Board had 27 stocks raising 19.32 billion yuan; the Sci-Tech Innovation Board had 10 stocks raising 16.74 billion yuan; and the Beijing Stock Exchange had 18 stocks raising 5.55 billion yuan [1] - Huadian New Energy is the top fundraiser this year, raising 18.171 billion yuan primarily for wind and solar power projects [1] Group 3: Stock Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 20.93 yuan, with 4 companies priced above 50 yuan, the highest being Tianyouwei at 93.50 yuan [2] - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with 21, 16, and 14 companies respectively [2] - The top fundraising regions are Fujian, Guangdong, and Jiangsu, with amounts of 18.171 billion yuan, 13.916 billion yuan, and 13.567 billion yuan respectively [2]