Donovan Jones is an IPO research specialist with 15 years of experience identifying opportunities for high quality IPOs.He also leads the investing group IPO Edge, which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates. Learn moreAnaly ...

Core Viewpoint - The article suggests that the current market is at the beginning of a bull market, with expectations to surpass the previous high of 6124 points in the coming years, driven by supply-side changes, low interest rates, and policy catalysts [3][12]. Group 1: Market Conditions - The supply-side factors indicate the end of the real estate cycle, which is expected to positively impact the market [3][12]. - Demand-side factors include bank interest rates remaining low at around 1% for the next three to five years, which could stimulate investment [3][12]. - Policy catalysts such as increased dividend payouts from state-owned enterprises are anticipated to further support market growth [3][12]. Group 2: Investor Behavior - There is a concern that without proper education, investors may mistakenly believe they are highly skilled, leading to potential market pitfalls [2]. - The article highlights the cyclical nature of the market, where investors may experience repeated patterns of sharp declines followed by recoveries, which can mislead them about the risks involved [5][10]. - The sentiment among investors is mixed, with some expressing caution and waiting for market corrections before making significant investments [9][13]. Group 3: Market Dynamics - The influx of trillions in new capital into the market suggests that some investors may have insider knowledge of upcoming market targets, prompting early investments [7]. - The article notes that the upcoming annual reports in April will serve as a critical threshold for assessing market performance and investor sentiment [8]. - There is a recognition that the market can behave unpredictably, with past performance not necessarily indicating future results, emphasizing the inherent uncertainty in investing [8][10].

Core Insights - Hong Kong Stock Exchange (HKEX) regained the top position globally in IPO fundraising in 2025, completing 119 listings with a total fundraising amount of HKD 285.8 billion [1] Group 1: Factors Driving IPO Success - The resurgence of Hong Kong's IPO market is attributed to multiple factors, including strong capital market performance, increased attractiveness of Chinese assets, and rising international allocation demand [1] - Mainland enterprises played a crucial role, with 111 companies successfully listing in Hong Kong, raising a total of HKD 228.6 billion, accounting for 94% of new listings and 88% of total fundraising [2] - Improved market liquidity, enhanced domestic asset attractiveness, and a favorable policy environment contributed to the IPO boom, as noted by UBS executives [2] Group 2: International Investor Engagement - Increased attention from international investors significantly impacted the IPO landscape, with many re-entering as cornerstone investors and forming teams to study Chinese market opportunities [3] - Hong Kong's unique capital market positioning, backed by China and its connectivity mechanisms, serves as a vital gateway for international capital entering China and for domestic companies connecting with global investors [3] Group 3: Outlook for 2026 - The momentum in the Hong Kong IPO market is expected to continue into 2026, with 11 companies already listed in early January 2026, raising HKD 33.1 billion [4] - HKEX aims to leverage its advantages, such as the unique connectivity with mainland markets and a diverse, liquid market, to attract more listings and meet global investor needs [4] - The IPO market in 2026 is anticipated to exhibit characteristics of globalization, diversification, and high-quality reforms, driven by the rapid development of Chinese enterprises and global investor demand [5] Group 4: Market Trends and Innovations - Globalization of Chinese enterprises is evolving from product export to comprehensive brand and capital structure strategies, which will drive IPOs and cross-border mergers [5] - The Hong Kong market is witnessing a diversification of industries, including new consumption, AI technology, and healthcare, along with a mix of established and emerging companies seeking listings [5] - Innovations in financing, such as convertible bonds, are expected to become more flexible, while the focus on fundamental company performance and governance is leading to lower IPO failure rates [5]

Core Viewpoint - The A-share IPO market has undergone significant changes since the "827 New Policy" in 2023, leading to a sharp reduction in the number of companies queuing for IPOs, with only a few "hardcore" companies successfully navigating the process [1] Industry Overview - In 2025, the laser industry saw no companies complete IPOs on the A-share market, with only Lepu Technology and Pinzhun Laser receiving acceptance for IPOs on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] - The strict review process and volatile market environment have led many companies, especially smaller ones not meeting the high standards of the main board and Sci-Tech Innovation Board, to shift their listing strategies towards the Beijing Stock Exchange, which caters to "specialized, refined, and innovative" small and medium-sized enterprises [1] Company Developments - On January 9, 2026, Huari Laser, a member of the Yangtze River Delta G60 Laser Alliance, signed a listing guidance agreement with CITIC Securities and submitted its listing guidance filing to the Hubei Regulatory Bureau [1] - On December 8, 2025, Jiatai Laser signed a listing guidance agreement with Guolian Minsheng Securities and submitted its guidance filing to the Zhejiang Securities Regulatory Bureau [1] - On September 3, 2025, Senfeng Laser signed a listing guidance agreement with Minsheng Securities and submitted its listing guidance filing to the Shandong Securities Regulatory Bureau, planning to raise 352 million yuan [2] - On November 11, 2025, Yunling Optoelectronics submitted its listing guidance filing to the Hubei Securities Regulatory Bureau, with Shengan Securities as its guidance institution [2] Financial Performance - Jiatai Laser achieved approximately 697 million yuan in revenue for the first three quarters of 2025, a year-on-year increase of about 14.53%, with operating cash flow significantly improving to approximately 125 million yuan [4] - Senfeng Laser reported over 1.3 billion yuan in revenue for 2023, but its net profit for the first three quarters of 2025 decreased by 21.88% year-on-year, with an expected decline of 12.61% to 1.84% for the full year [4][6] - Huari Laser reported a revenue of 129.8 million yuan for the first half of 2025, a year-on-year increase of 17.82%, with a net profit of 21.57 million yuan, up 28.27% [6] - Yunling Optoelectronics experienced a significant revenue increase of 78.17% year-on-year, reaching 194 million yuan for the first three quarters of 2025, and turned a profit of approximately 25.97 million yuan [10]

往 期 回 顾 | 01 | ｜ | 上下游并进！国轩高科四大项目落地 | | --- | --- | --- | | 02 | ｜ | 破17万！碳酸锂连续两日涨停 | | 03 | ｜ | 六氟/三元/钴酸锂/石墨等将取消出口退税 | | 04 | ｜ 2026（第二届）起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会4月深圳 举办！ | | 值得指出的是，这是珠海赛纬二次闯关创业板。 珠海赛纬成立于 2007 年，是国内锂电领域较早从事电解液材料开发的企业之一。 起点研究院SPIR统计2025年1-9月出货量TOP10企业中， 珠海赛纬排名第五。 | 2025中国锂电池电解液 | 出货量TOP10 | | | --- | --- | --- | | 三天候 | 天赐材料 | 1 | | 2 | | | | 3 | | | | 永太科技 | | | | 珠海赛结 | 5 | | | 昆仑新材 | 6 | | | 7 | | | | 法恩莱特 | -2 01 | 12 2017 | | 石大胜华 | 9 | | | 喜锂能 | 10 | | 本次 IPO ，珠海赛纬原拟募集资金 10 亿元，分别用于淮南 ...

Core Viewpoint - The company Lao Xiang Ji is making its third attempt to list on the Hong Kong Stock Exchange after multiple failed attempts, reflecting its strong desire to go public despite facing significant challenges and setbacks [1][3]. Group 1: IPO Attempts - Lao Xiang Ji submitted its latest IPO application to the Hong Kong Stock Exchange on January 8, marking its fifth attempt in four years [1]. - Previous attempts included two failed submissions in 2025 and two attempts to list on the A-share market in 2022 and 2023 [1][3]. - The company's valuation has significantly decreased from a peak of 180 billion to 90 billion, indicating a "halving" of its value [3]. Group 2: Compliance and Operational Issues - The company has faced numerous compliance issues, with the regulatory body issuing 45 feedback comments on its prospectus, highlighting concerns over bribery risks, food safety, and employee social insurance contributions [4][5]. - Lao Xiang Ji has reported a total shortfall of over 100 million in social insurance and housing fund contributions from 2022 to 2025 [5]. - Food safety incidents have also been a concern, with 13 administrative penalties issued for various violations affecting approximately 676 customers [8][9]. Group 3: Financial Performance - For the first eight months of 2025, the company's revenue grew by 10.90% to 4.578 billion, and net profit increased by 12.05% to 372 million [9]. - The company operates 1,658 stores, including 925 direct-operated and 733 franchised, with a notable shift from direct-operated to franchised stores [9][10]. - Despite a lower gross margin compared to competitors, the company has seen an increase in gross margin from 20.3% in 2022 to 24.6% in 2025 [10]. Group 4: Market Position and Growth Potential - Lao Xiang Ji holds a 0.9% market share in the Chinese fast food sector, ranking first in the Chinese fast food market and eighth overall in the fast food industry [13]. - The company is expanding its infrastructure, including central kitchens and regional distribution centers, to support its growth strategy [13][14]. - The increasing share of raw materials and consumables in revenue has put pressure on the company's debt structure, although recent improvements have been noted [14]. Group 5: Future Outlook - The company is leveraging digital systems for operational efficiency, with over 23.7 million registered members and advanced supply chain management [14][15]. - The market sentiment appears to be improving, which may positively influence the company's upcoming IPO prospects [15].

Core Insights - Qian Dama International Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, aiming to lead the community fresh food market valued at 1.7 trillion yuan [1] - The company has maintained its position as the top community fresh food chain in China for five consecutive years, with a projected GMV of 14.8 billion yuan in 2024 [1][2] - Qian Dama's product range includes animal protein, vegetables, fruits, and refrigerated processed foods, with plans to expand to 2,938 stores by September 2025 [1] Industry Overview - The community fresh food market in China is expected to reach 1.7 trillion yuan in 2024, with a compound annual growth rate of 15.5% over the next five years [2] - Qian Dama's operational model combines quality and cost-effectiveness, leading to simultaneous growth in scale and profitability [2] Financial Performance - Qian Dama's adjusted net profits for 2023 and 2024 are projected to be 116 million yuan and 193 million yuan, respectively, with a further increase to 215 million yuan in the first three quarters of 2025 [3] - The company reported a net profit margin of 2.6% in 2025, indicating a consistent improvement in profitability and operational quality [3] Strategic Initiatives - The IPO proceeds will be used for optimizing store networks, developing high-margin private brands, upgrading cold chain logistics, and enhancing digital capabilities [4] - Qian Dama plans to deepen its store network in core regions while expanding into lower-tier cities and counties, supported by franchise expansion and strategic acquisitions [4] - The company aims to enhance its supply chain capabilities and online channels, including live e-commerce, to build a comprehensive retail network [4]

Core Viewpoint - The article discusses the upcoming IPO of Zhongke Instrument Co., Ltd. (中科仪), a subsidiary of the Chinese Academy of Sciences, highlighting its growth in revenue and the slight decline in gross margin, along with its plans for fundraising to enhance production capacity and R&D in the semiconductor equipment sector [1][2][7]. Company Overview - Zhongke Instrument, established in 2001, specializes in providing core components for semiconductor manufacturing equipment and vacuum scientific instruments. It is fully controlled by the China Academy of Sciences Holdings Co., Ltd. [5]. - The company is recognized as the largest domestic manufacturer of dry vacuum pumps in the integrated circuit sector, breaking the long-standing monopoly of European and Japanese firms [6]. Financial Performance - Revenue for Zhongke Instrument during the reporting period (2022-2025) was as follows: 6.98 billion, 8.52 billion, 10.82 billion, and 5.74 billion, indicating a consistent growth trend. Net profits were 4.98 billion, 6 billion, 1.93 billion, and 1.38 billion respectively [9]. - In the first nine months of 2025, the company achieved a revenue of 8.45 billion, a year-on-year increase of 21.93%, and a net profit of 5.49 billion, up 359.07% [9]. Dividend Distribution - Zhongke Instrument has distributed a total of 2.405 billion in cash dividends over the reporting period, with significant distributions occurring in May and September of 2023 and May of 2024 [9]. Gross Margin Analysis - The gross margin for Zhongke Instrument during the reporting period was 28.66%, 33.02%, 29.44%, and 28.15%, showing a slight downward trend. The company attributed this fluctuation to market competition and a decrease in sales prices for some products [10][11]. IPO Fundraising Plans - The company plans to raise 825 million through its IPO, with allocations of approximately 231 million for dry vacuum pump industrialization, 474 million for high-end semiconductor equipment expansion and R&D, and 121 million for the development of new generation dry vacuum pumps [7].

Core Viewpoint - Gaote Electronics is focused on the research and production of Battery Management Systems (BMS) and is currently applying for an IPO to raise 850 million yuan, primarily for the development of energy storage BMS and the construction of an intelligent manufacturing center [1]. Group 1: Financial and Operational Highlights - The company plans to invest 800 million yuan in a project to utilize a 7,258.85 m² idle factory in Hangzhou for the production of BMS products, aiming for an annual production capacity of 3 million units [4]. - The core fundraising project, "Intelligent Manufacturing Center for Energy Storage BMS," has a total investment of 674.1383 million yuan, with 600 million yuan expected to be raised from the IPO [4]. - The company reported fixed asset disposal income of 17.0029 million yuan and intangible asset disposal income of 5.3722 million yuan in 2022, totaling 22.375 million yuan [2]. Group 2: Production Capacity and Performance - The production capacity for energy storage BMS and power battery BMS was reported at 135.87 thousand units in 2024 and 78.93 thousand units in the first half of 2025, significantly lower than the designed capacity of 3 million units [5][7]. - The actual production output has shown a discrepancy with the designed capacity, raising concerns about operational efficiency [5]. - The production capacity utilization rate for 2024 was reported at 100.06%, indicating that the company is operating at its designed capacity but still falling short of production targets [7].

Core Viewpoint - Xinxing Technology Co., Ltd. is set to undergo its initial public offering (IPO) review on January 16, 2026, by the Beijing Stock Exchange, highlighting its growth potential in the computer embroidery machine industry [1]. Company Overview - Xinxing Technology specializes in the research, production, and sales of computer embroidery machines, recognized as a leading enterprise in China’s embroidery machine sector with a strong brand history and core technology [3]. - The company is classified as a "little giant" enterprise by the Ministry of Industry and Information Technology, indicating its specialized and innovative capabilities [3]. - The company is family-controlled, with Xinxing Holdings owning 47.62% of the shares, and the actual controllers, Wang Haijiang and Yao Xiaoyan, holding a combined 99.05% voting rights [3]. Financial Performance - The company has shown significant revenue growth, with main business revenues of 570.20 million yuan, 666.22 million yuan, 992.11 million yuan, and 636.57 million yuan over the reporting periods [5]. - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 50.16 million yuan, 51.80 million yuan, 117.53 million yuan, and 86.43 million yuan, indicating a positive growth trend [5]. Financial Metrics - Total assets increased from 618.49 million yuan in 2022 to 1.20 billion yuan by June 30, 2025 [6]. - The company’s equity attributable to shareholders rose from 302.14 million yuan in 2022 to 514.39 million yuan in 2025 [6]. - The debt-to-asset ratio for the parent company was 55.06% as of June 30, 2025, showing a slight increase from previous years [6]. IPO Fund Utilization - The company plans to raise 449.53 million yuan through the IPO, with significant allocations for projects such as the construction of 11,000 embroidery machine frames and 330,000 sets of machine parts [9][10]. - The necessity of certain projects, particularly the 5,000 million yuan for working capital, has been questioned due to the company's existing cash reserves and previous dividend distributions totaling 73.50 million yuan over three years [11]. Operational Concerns - The company faces internal control risks due to low ownership stakes in its subsidiaries, which could lead to management issues [7]. - The company’s workforce has a low educational background, with 91.06% of employees holding a diploma or lower, raising concerns about the company’s long-term development potential [15].