Core Viewpoint - The trading activity of Xin Heng Hui on June 20 shows a multi-directional capital game, with significant participation from various brokerage firms, indicating differing valuations among market participants [1][2]. Group 1: Buying Activity - Dongfang Caifu Securities' Lhasa branches were prominent in both buying and selling, with Lhasa Tuanjie Road Second Branch ranking first in buying with an investment of 26.53 million yuan, showing a 30.42% probability of stock price increase over the past three months [1]. - The total buying amount from five buying brokerage firms reached 97.44 million yuan, with three branches of Dongfang Caifu contributing 61.98 million yuan, accounting for 63.6% of the total buying [1]. Group 2: Selling Activity - The selling side showed clear differentiation, with Dongfang Caifu's branches selling simultaneously, while Zhongtai Securities' Shanghai Huayuan Shiqiao Road branch sold 5.54 million yuan unilaterally, and institutional seats net sold 5.48 million yuan, ranking fourth in selling [1]. - The total selling amount from five selling seats was 27.81 million yuan, with institutional selling accounting for 19.72% of the total [1].

东方财富证券股份有限公司拉萨东环路第二证券营业部、东方财富证券股份有限公司拉萨团结路第二证 券营业部、中泰证券股份有限公司上海花园石桥路证券营业部分别卖出592.08万元、570.55万元、 554.19万元。 买入金额最大的前5名营业部 买入额/万 卖出额/万 净额/万 东方财富证券股份有限公司拉萨团结路第二 证券营业部 2653.39 570.55 2082.84 东方财富证券股份有限公司拉萨东环路第二证券营业部 2260.20 592.08 1668.12 东方财富证券股份有限公司拉萨东环路第一证券营业部 1743.84 501.06 1242.78 东方财富 证券股份有限公司拉萨团结路第一证券营业部 1583.66 515.75 1067.91 方正证券股份有限公司北京阜外 大街证券营业部 1503.19 10.76 1492.43 卖出金额最大的前5名营业部 买入额/万 卖出额/万 净额/万 东方 财富证券股份有限公司拉萨东环路第二证券营业部 2260.20 592.08 1668.12 东方财富证券股份有限公司 拉萨团结路第二证券营业部 2653.39 570.55 2082.84 中泰证券股份有 ...

Core Viewpoint - The news highlights the unusual situation in the A-share market where the actual controller of Xinhenghui Electronics Co., Ltd. disclosed plans to reduce holdings to repay debts, raising concerns about corporate governance and financial stability [2][3]. Company Overview - Xinhenghui was established with the controlling shareholder being Henghui Electronics, originally controlled by Chen Tongsheng. After a debt crisis in 2017, the control shifted to Yu Renrong and Ren Zhijun through a restructuring process [3][4]. - Yu Renrong holds 31.94% of the shares, making him the largest shareholder, while Ren Zhijun holds 19.31%, serving as the chairman [4]. Financial Maneuvering - Ren Zhijun acquired control through a loan from Yu Renrong, with a current debt balance of 116 million yuan, due by January 25, 2029. The loan has an annual interest rate of 12% [6][7]. - Ren plans to use dividends from Xinhenghui's IPO to repay the loan and may transfer shares back to Yu Renrong to settle remaining debts, potentially altering their shareholding proportions [7]. Business Performance - The traditional smart card business has shown stable but limited growth, with sales revenues of 561.81 million yuan, 583.29 million yuan, and 562.29 million yuan for 2022, 2023, and 2024, respectively [8]. - The etched lead frame products, a newer segment, have seen increasing sales from 77.41 million yuan in 2022 to 193.80 million yuan in 2024, although production quality issues were previously encountered [8]. Market Competition - In the flexible lead frame market, Xinhenghui holds a 32.32% market share as of 2023, competing against major players like France's Linxens, which has a 63.23% share [9]. - Price competition has intensified due to aggressive pricing strategies from competitors, leading to a decline in market prices for flexible lead frames [9]. Raw Material Costs - The company faces rising costs for key raw materials, including cyanide potassium and gold wire, which accounted for 27.61%, 27.41%, and 23.84% of total procurement costs in the respective years [10]. - The average procurement prices for these precious metals have increased significantly, with year-on-year rises of 14.23% and 29.10% expected in 2023 and 2024 [10].

Group 1 - New Henghui, established in 2017, is an integrated circuit company focusing on chip packaging materials, with its main business including smart card, etching lead frame, and IoT eSIM chip testing services [2] - The smart card business is the core revenue source for New Henghui, with sales revenue projected at 562 million yuan, 583 million yuan, and 562 million yuan from 2022 to 2024, accounting for 84.45%, 78.35%, and 69.28% of main business revenue respectively [2] - New Henghui's revenue for 2022 to 2024 is forecasted at 684 million yuan, 767 million yuan, and 842 million yuan, with a compound annual growth rate of 10.97% [2] Group 2 - Xintong Electronics is set to be listed on the Shenzhen Stock Exchange, with an issue price of 16.42 yuan per share and a total issuance of 39 million shares [4] - The company specializes in industrial IoT smart terminals and system solutions, focusing on operational maintenance for industries like electricity and telecommunications [4][7] - Financial data shows Xintong Electronics' revenue from 2022 to 2024 at 782 million yuan, 931 million yuan, and 1.005 billion yuan, with net profits of 117 million yuan, 124 million yuan, and 143 million yuan respectively [7]

Group 1: Company Overview - Xin Heng Hui Electronics Co., Ltd. (新恒汇) was listed on the Shenzhen Stock Exchange on June 20, 2023, with stock code 301678, and is located in Zibo High-tech Zone [1] - Established in December 2017, Xin Heng Hui specializes in integrated circuits, including lead frames, module packaging, wafer thinning, and testing [1] - The company reported revenues of 684 million yuan, 767 million yuan, and 842 million yuan for the years 2022 to 2024, with net profits of 110 million yuan, 152 million yuan, and 186 million yuan respectively [1] Group 2: Financial Performance - The initial public offering (IPO) involved the issuance of 59.89 million shares at a price of 12.80 yuan per share, with the opening price soaring to 50 yuan, marking a 290.63% increase [3] - As of 10:30 AM on the listing day, Xin Heng Hui's market capitalization exceeded 10 billion yuan, ranking fourth in Zibo's stock market [3] Group 3: Future Plans and Investments - The funds raised from the IPO will be allocated to the "High-Density QFN/DFN Packaging Material Industrialization Project" and the "R&D Center Expansion and Upgrade Project" [1] - Xin Heng Hui aims to enhance its core competitiveness and contribute to the development of the integrated circuit packaging materials sector, especially in the context of international competition and the need for supply chain security [2] Group 4: Industry Context - The successful listing of Xin Heng Hui marks an expansion of A-share listed companies in Zibo to 34, with the upcoming listing of Shandong Xintong Electronics (信通电子) expected to increase this number to 35 [4][5] - Shandong Xintong Electronics, also based in Zibo High-tech Zone, focuses on industrial IoT solutions and reported revenues of 781 million yuan, 931 million yuan, and 1.005 billion yuan for the years 2022 to 2024 [4]

Core Viewpoint - Xin Heng Hui Electronics Co., Ltd. has officially listed on the Shenzhen Stock Exchange, marking a new chapter in its development as a comprehensive integrated circuit enterprise focused on chip packaging materials and related services [1][5]. Group 1: Company Overview - Xin Heng Hui specializes in the research, production, sales, and packaging testing services of chip packaging materials, with a strong focus on smart card business, etched lead frame business, and IoT eSIM chip packaging services [1]. - The company has been recognized as a national high-tech enterprise, a "little giant" enterprise in specialized and innovative sectors, a single champion enterprise in Shandong Province, and a gazelle enterprise in Shandong Province [1]. Group 2: Leadership Statements - The Vice Mayor of Zibo, Hu Xiaohong, expressed hopes that Xin Heng Hui will leverage its listing to enhance technological innovation and market expansion, ultimately delivering excellent performance to investors and society [1]. - Sun Bin, Vice President of Founder Securities, emphasized that the listing will enhance the company's core competitiveness and management level, ensuring stable and healthy development in the capital market [2]. - Chairman Ren Zhijun stated that Xin Heng Hui aims to become a leading enterprise in the international integrated circuit packaging materials sector, highlighting the importance of talent acquisition and R&D investment for achieving this goal [3]. Group 3: Market Context - Ren Zhijun noted that the integrated circuit sector is a critical battleground in the US-China technology competition, presenting unprecedented opportunities and challenges [4]. - The need for supply chain security in the integrated circuit packaging materials sector necessitates rapid self-sufficiency and localization, creating significant growth potential for Xin Heng Hui [4]. Group 4: Financial Highlights - Xin Heng Hui's initial public offering involved the issuance of 59.888867 million new shares at a price of 12.80 yuan per share, with the opening price on the first day reaching 50 yuan per share, reflecting a substantial increase of 290.63% [5].

Core Viewpoint - New Henghui, a provider of chip packaging materials and testing services, successfully listed on the Growth Enterprise Market, with its stock price surging by 290.62% at opening and currently standing at a 247.11% increase from the issue price [2] Company Overview - New Henghui integrates research, production, sales of chip packaging materials, and packaging testing services, focusing on smart card business, etching lead frame business, and IoT eSIM chip testing services [2] - The smart card business is the company's traditional core, contributing significantly to revenue and profit through the development and sales of flexible lead frame products [2] Business Partnerships - The company has established long-term partnerships with several well-known security chip design manufacturers and domestic and international smart card manufacturers, with applications in communications, finance, transportation, and identity recognition [2] New Business Growth - Significant investments in the etching lead frame and IoT eSIM chip testing sectors have led to the successful development of core technologies, resulting in batch production and sales [3] - Sales revenue from these new businesses for the reporting periods were 110.65 million, 97.83 million, 156.94 million, and 115.00 million yuan, accounting for 20.81%, 14.70%, 21.08%, and 28.71% of main business income respectively [3] Patent Holdings - As of June 30, 2024, the company holds 59 authorized patents, including 32 invention patents [4] Shareholder Structure - The major shareholders are Yu Renrong and Ren Zhijun, holding 31.94% and 19.31% of shares respectively, with Yu also serving as a director [4] Notable Individual - Yu Renrong is also the actual controller of Weir Shares and was ranked first in the Chinese chip industry billionaire list in 2022 with a net worth of 95 billion yuan [5]

Company Overview - N Xin Heng Hui was listed today with an opening price of 50.00 yuan, representing an increase of 290.63% from the issue price [2] - The company's main businesses include smart card operations, etched lead frame operations, and IoT eSIM chip testing services [2] IPO Details - The total number of shares issued was 59.8889 million, with 23.9555 million shares available for online subscription [2] - The issue price was set at 12.80 yuan per share, with an issue price-to-earnings ratio of 17.76 times, compared to the industry average of 37.99 times [2] - The number of effective online subscription accounts reached 11.6973 million, resulting in a final winning rate of 0.0209420064% [2] - The total funds raised from the IPO amounted to 767 million yuan, primarily allocated to high-density QFN/DFN packaging material industrialization projects and the expansion and upgrading of the R&D center [2] Recent IPO Performance - Recent IPOs have shown significant first-day performance, with N Xin Heng Hui leading with a 290.63% increase [2] - Other notable IPOs include N Hua Zhi Jie with a 206.84% increase and Ying Shi Chuang Xin with a 285.02% increase [2][3]

Core Viewpoint - The article discusses the recent IPOs of three companies: Xintong Electronics, Huazhi Jie, and Xinhenghui, highlighting their business models, funding plans, and market positions. Group 1: Xintong Electronics - Xintong Electronics is a provider of industrial IoT smart terminals and system solutions, focusing on power and communication sectors, and has been recognized as a national-level "little giant" enterprise [2] - The company plans to raise funds for projects including a transmission line inspection and big data analysis platform (2.094 billion), maintenance base construction (0.527 billion), R&D center (0.528 billion), and working capital (1.600 billion) [4][5] - In 2024, the main revenue sources are projected to be from transmission line inspection systems (6.51 billion, 64.88%), substation auxiliary control systems (1.53 billion, 15.24%), and mobile smart terminals (1.02 billion, 10.17%) [5] - Xintong has established long-term partnerships with major clients like State Grid and Southern Power Grid, with nearly 50% of its revenue coming from State Grid in 2024 [5] Group 2: Huazhi Jie - Huazhi Jie operates in the smart control industry, supplying key components for power tools and consumer electronics, including smart switches and brushless motors [7] - The company plans to use raised funds primarily for the production of 86.5 million smart components (4.26 billion, 87.66%) and for working capital (0.60 billion, 12.34%) [11] - Approximately 40% of Huazhi Jie's revenue comes from domestic sales, while 60% is from international markets, with significant partnerships with well-known companies [12] Group 3: Xinhenghui - Xinhenghui is an integrated circuit company focusing on chip packaging materials, with major business areas including smart card and etching lead frame businesses [12] - The company plans to allocate funds for high-density QFN/DFN packaging material projects (4.56 billion, 87.92%) and R&D center upgrades (0.63 billion, 12.08%) [13] - Xinhenghui has established long-term relationships with major security chip design firms and is a significant supplier in the smart card module market, holding a market share of 20.71% in 2022 [14]

Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that Xinhenghui Electronics Co., Ltd. has met all necessary legal requirements for its initial public offering (IPO) and listing on the ChiNext board, including internal approvals and regulatory compliance [1][4][9]. Group 1: Approval and Authorization - The company held its annual general meeting on April 29, 2022, where it approved the proposal for the IPO, with the resolution valid for 12 months until April 28, 2023, and subsequently extended to April 28, 2026 [4][5]. - The Shenzhen Stock Exchange's Listing Review Committee approved the company's IPO application on March 22, 2023 [5]. - The China Securities Regulatory Commission (CSRC) granted approval for the IPO registration on March 18, 2025, valid for 12 months [5]. - The Shenzhen Stock Exchange issued a notice on June 18, 2025, allowing the company's shares to be listed on the ChiNext board under the stock code "301678" [5]. Group 2: Company Qualifications - The company holds a valid business license issued by the Zibo Administrative Approval Service Bureau, confirming its legal existence and operational status [6]. - Xinhenghui Electronics was established as a joint-stock company through a restructuring process in November 2020 and has been operating for over three years [6]. Group 3: Substantive Conditions for IPO - The IPO has received the necessary approval from the CSRC, meeting the requirements set forth in the Securities Law and the ChiNext Listing Rules [6][9]. - The company's total share capital before the IPO was RMB 179.666 million, which increased to RMB 239.555467 million post-IPO, exceeding the minimum requirement of RMB 30 million [7]. - The company issued 59.888867 million shares in the IPO, representing over 25% of the total shares post-IPO [7]. - The company reported net profits for the years 2023 and 2024, meeting the requirement of positive net profits for the last two years and a cumulative net profit of no less than RMB 50 million [8]. - The company's directors, supervisors, and senior management have made commitments regarding the accuracy and completeness of the IPO application documents [8]. Group 4: Sponsorship and Commitments - The company has appointed Founder Securities as the sponsor for the IPO, which is registered with the CSRC and has membership with the Shenzhen Stock Exchange [9]. - The company and its major stakeholders have made public commitments regarding the IPO, including measures for accountability in case of non-compliance [9].