Market Performance - On October 27, 2025, A-shares saw all three major indices rise, with the Shanghai Composite Index closing at 3996.94 points, up 1.18% [1] - The Shenzhen Component Index closed at 13489.4 points, up 1.51%, and the ChiNext Index closed at 3234.45 points, up 1.98% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.34 trillion yuan, an increase of 360 billion yuan from the previous trading day [1] - Hong Kong's stock indices also experienced gains, with the Hang Seng Index rising 1.05% to 26433.7 points and a total trading volume of 2670.77 million HKD [1] - In the U.S. market, the S&P 500 Index rose 1.59% to 5954.5 points, while the Nasdaq Composite Index increased by 1.63% to 18847.28 points [1] New Stock Listings - Xi'an Yicai, listed on the Sci-Tech Innovation Board with a stock code of 688783, had an issue price of 8.62 yuan per share and specializes in 12-inch electronic-grade silicon wafer products [3] - The company’s products are widely used in sectors such as electronic communications, new energy vehicles, and artificial intelligence [3] - Bibet, also listed on the Sci-Tech Innovation Board with a stock code of 688759, had an issue price of 17.78 yuan per share and focuses on innovative drug development [3] New Stock Subscription - Delijia, with a stock code of 603092, has an issue price of 46.68 yuan per share and a price-to-earnings ratio of 34.98 times [4] - The company specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind turbine applications [4] Regulatory News - The China Securities Regulatory Commission (CSRC) released 23 measures aimed at enhancing the protection of small and medium investors in the capital market [5] - These measures focus on improving investor protection during the issuance and delisting processes, creating a fair trading environment, and enhancing customer service levels [5] - The CSRC also issued a work plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to attract long-term foreign capital and improve the investment environment [6]

Group 1 - The article discusses the upcoming IPOs, including two new stock subscriptions and four new listings scheduled for October 28, 2025 [2][3] - The new stocks include He Yuan Bio (688765.SH), Xi'an Yicai (688783.SH), Bi Bei Te (688759.SH), and Tai Kai Ying (920020.BJ) [3][4] - The subscription price for Tai Kai Ying is set at 46.68 yuan with an issuance price-earnings ratio of 34.98 times, compared to the industry average of 44.03 times [4] Group 2 - The company specializes in the research, development, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [6] - The company has established a comprehensive business chain from design to production and maintenance services, with capabilities for products ranging from 1.5MW to 22MW [6] - Key financial data shows a projected revenue of 37.15 billion yuan for 2024, down from 44.42 billion yuan in 2023, with a net profit of 5.34 billion yuan [7] Group 3 - The company has a strong technical foundation and has built a mature technology system, enhancing product performance in terms of power density, sealing, stability, and transmission efficiency [8] - The wind power industry is supported by national policies, promoting market development despite previous subsidy cancellations [8][9] - The company faces challenges such as limited financing channels and increasing competition in a market transitioning to price-based competition [10][11] Group 4 - The company has received certifications from authoritative institutions, ensuring high-quality control and a good industry reputation [9] - The company’s future growth may be constrained by its relatively short establishment period and the mismatch between existing capacity and future development plans [11] - The company is also affected by the reliance on foreign suppliers for certain core components, such as bearings, which may impact its competitive edge [11] Group 5 - The second company mentioned focuses on providing professional technical services, including engineering cost, bidding agency, and project management [12] - Financial projections indicate a revenue increase to 3.96 billion yuan in 2024, up from 3.68 billion yuan in 2023 [13][15] - The company benefits from a strong service quality reputation and a comprehensive service offering, but faces challenges such as rising labor costs and fragmented business segments [20][21]

Core Viewpoint - Four new stocks will be listed today, setting a record for the number of new listings in a single day this year, with three of them being unprofitable companies on the Sci-Tech Innovation Board [1][3] Group 1: New Listings - The new stocks listed today include Xi'an Yicai, Heyuan Bio, Bibet, and Taikai Ying, marking the first time in five years that three new Sci-Tech Innovation Board stocks are listed on the same day [1] - Xi'an Yicai raised a total of 4.636 billion yuan, making it the second-largest IPO this year [6] - The three new Sci-Tech Innovation Board stocks will be the first to enter the growth tier since its establishment [3] Group 2: Performance of Newly Listed Stocks - The average first-day increase for newly listed Sci-Tech Innovation Board stocks this year is over 246%, with a 100% probability of rising on the first day [4] - Notable first-day performances include Sai Fen Technology, which saw a 379.17% increase [5] Group 3: Company Insights - Xi'an Yicai specializes in the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally in terms of monthly shipment volume and production capacity [6][7] - The company aims to exceed a 10% global market share by 2026, supported by significant investments from major funds [7] - Financial indicators for Xi'an Yicai are improving, with revenue projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a compound annual growth rate of 41.83% [9]

New IPOs and Listings - Two new stocks are available for subscription: Delijia (603092.SH) on the Shanghai Stock Exchange and Zhongcheng Consulting (920003.BJ) on the Beijing Stock Exchange [1] - Four stocks are listed today: Bibete (688759.SH), Xi'an Yicai (688783.SH), Heyuan Bio (688765.SH), and Taikaiying (920020.BJ) [1] Delijia (603092.SH) - Delijia specializes in the R&D, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [2][7] - The IPO price is 46.68 CNY per share, with an institutional offering price of 47.68 CNY, and a market capitalization of 16.8 billion CNY [5] - The company has a projected market share of 10.36% globally and 16.22% in China for wind power transmission equipment by 2024, ranking third globally and second in China [7] - Delijia's revenue from onshore wind power is expected to be 36.25 billion CNY in 2024, accounting for 98.57% of its total revenue [7] Zhongcheng Consulting (920003.BJ) - Zhongcheng Consulting focuses on engineering consulting services and has ranked among the top five in Jiangsu Province for engineering cost consulting revenue from 2021 to 2024 [8][11] - The IPO price is 14.27 CNY per share, with a market capitalization of 1.4 billion CNY [11] - The company plans to invest 1.23 billion CNY in building an engineering consulting service network and 0.77 billion CNY in R&D and information technology [11] Taikaiying (920020.BJ) - Taikaiying is the first company in the mining and construction tire segment to be listed on the Beijing Stock Exchange, recognized as the "first tire stock" on the exchange [15][19] - The IPO price is 7.50 CNY per share, with a market capitalization of 750 million CNY [18] - The company holds the number one market share in the domestic market for large-tonnage crane tires [19] Xi'an Yicai (688783.SH) - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity [21][22] - The IPO price is 8.62 CNY per share, with a market capitalization of 34.81 billion CNY [21] - The company has a projected capacity of 120,000 wafers per month by 2026, which will meet 40% of the demand in mainland China [22] Heyuan Bio (688765.SH) - Heyuan Bio focuses on the research and development of plant-derived recombinant protein expression technology and has developed several pharmaceutical products [33][38] - The IPO price is 29.06 CNY per share, with a market capitalization of 10.39 billion CNY [35] - The company plans to invest 19.09 billion CNY in the construction of a plant for recombinant human serum albumin and 7.94 billion CNY in new drug development [37]

Core Viewpoint - Xi'an Yicai (688783.SH) has successfully completed its public offering, raising a total of 4.636 billion yuan, which will be fully allocated to the second phase of its silicon industry base project [1][3]. Group 1: Company Overview - Xi'an Yicai is a leading player in the 12-inch silicon wafer sector in China, marking its entry into the capital market as the first unprofitable company approved under the "Science and Technology Innovation Board Eight Articles" [3]. - The company focuses on the research, production, and sales of 12-inch silicon wafers, with a projected monthly shipment and production capacity of approximately 6% and 7% of the global market share by 2024 [3]. Group 2: Market Position and Supply Chain - In the domestic market, Xi'an Yicai has become a primary supplier for major wafer foundries and storage IDM manufacturers, ranking as the largest or second-largest supplier of 12-inch silicon wafers [5]. - The company has established a strong presence in the international market, serving major global foundries and maintaining a stable export revenue share of around 30% from 2022 to the first half of 2025 [5]. Group 3: Financial Performance - The company's revenue is projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a compound annual growth rate of 41.83% [6]. - In the first half of 2025, Xi'an Yicai achieved a revenue of 1.302 billion yuan, marking a year-on-year increase of 45.99%, the best semi-annual performance since its establishment [6]. - The shipment volume is expected to surge from 2.3462 million pieces in 2022 to 6.2546 million pieces in 2024, with a compound growth rate of 63% [6]. Group 4: Future Capacity and Industry Impact - The funds raised from the IPO will be used to ensure the construction of the second factory, which, upon reaching full capacity, will enable a combined output of 1.2 million pieces per month, addressing 37% of the domestic demand for 12-inch wafers by 2026 [6]. - This expansion is anticipated to significantly alleviate the supply-demand imbalance in the domestic 12-inch silicon wafer market and enhance the competitiveness of the domestic electronic-grade silicon wafer industry [6].

西安奕材公告称，公司发行的股票将于2025年10月28日在科创板上市，股票代码688783。本次发行股票 数量5.38亿股，发行后总股本40.38亿股。截至公告披露日，公司尚未盈利，自上市之日起将纳入科创成 长层。上市初期流通股数量为1.65亿股，占比4.08%，存在流动性不足风险。本次发行价格8.62元/股， 对应2024年摊薄后市销率为16.41倍，低于A股可比公司，但仍有股价下跌风险。此外，科创板股票上市 首日即可作为融资融券标的，有价格波动等风险。 ...

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].