Core Viewpoint - The article provides an overview of recent developments in the convertible bond market, including new issuances and important announcements regarding existing bonds [1][6]. Group 1: New Issuances - Jinlang will be available for subscription on October 17 [1]. - Super Electronics and Taikai Ying are also highlighted as new stock subscriptions on the Shanghai and Shenzhen exchanges and the Beijing Stock Exchange, respectively [1]. Group 2: Important Announcements - The announcement regarding the adjustment of Zhengchuan Convertible Bond was made on October 15, 2025 [1]. Group 3: Convertible Bond Data - A detailed table lists various convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [3][5]. - For example, the current price of Jiuzhou Convertible Bond 2 is 123.799, with a strong redemption price of 102.040, and a conversion value of 125.18 [3]. - The remaining scale of Changji Convertible Bond is 4.964 billion, with a conversion value of 126.41 [3].

Group 1 - The company, Taike Ying, is set to launch its public offering with an issuance price of 7.50 yuan and an issuance price-to-earnings ratio of 11.02 times [1][2] - The total number of shares to be issued is 44.25 million, with 39.825 million shares available for online subscription and a strategic placement of 4.425 million shares, accounting for 10% of the initial offering size [1][2] - The expected total fundraising amount is 332 million yuan, primarily allocated to projects for upgrading specialized tire products, establishing an innovation technology research center, and enhancing an intelligent management system [1][2] Group 2 - The company's main business involves the design, research and development, sales, and service of tires for mining and construction [2] - Financial projections indicate net profits of 108 million yuan, 138 million yuan, and 157 million yuan for the years 2022, 2023, and 2024, respectively, reflecting year-on-year growth rates of 81%, 27.31%, and 13.58% [2] - Key financial metrics for the company show total assets of 1.646 billion yuan, net assets of 693.37 million yuan, and operating income of 2.295 billion yuan for 2024 [3]

Group 1 - The article discusses the subscription details for the stock of Marco Polo (stock code: 001386), including the issuance price of 13.75 yuan and the maximum subscription limit of 32,000 shares [1] - The article provides the earnings ratios for the issuance and industry, which are 14.27 and 32.2 respectively, indicating the valuation metrics for potential investors [1] - It mentions the convertible bond of Funi Co., with a conversion price of 9.84 yuan and a bond rating of AA+, highlighting the investment quality of the bond [1]

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei LD Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on both glazed and unglazed tiles [2] - Projected revenues for 2022 to 2024 are 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company focused on original innovation, with a leading global rice recombinant protein expression system [3] - The company has developed a third-generation technology platform achieving 20-30g/kg expression levels of human albumin, with several products in various stages of clinical research [3][4] - Projected revenues for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display manufacturers [5][6] - Projected revenues for 2022 to 2024 are 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector [7] - Projected revenues for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, with several products in various stages of clinical trials [9] - The company has a core product, BEBT-908, that has been approved for market, while others are in different phases of clinical trials [9][10] - Projected net losses for 2022 to 2024 are 188 million, 173 million, and 56 million yuan respectively [10][11]

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei L&D Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on glazed and unglazed tiles [2] - For the fiscal years 2022 to 2024, Marco Polo's revenue is projected to be 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company that has developed a leading rice recombinant protein expression system [3] - The company has achieved a human albumin expression level of 20-30g/kg using its OryzHiExp third-generation technology platform [3] - Revenue projections for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3][4] - The raised funds will be allocated to the construction of an industrial base for recombinant human albumin and new drug development projects [4] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display panel manufacturers [6] - Revenue for 2022 to 2024 is expected to be 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] - The funds raised will be used for high-layer and HDI project investments and to repay bank loans [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and foreign invention patents in the 12-inch silicon wafer sector in mainland China [7] - Revenue projections for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] - The raised funds will be fully invested in the second phase of the Xi'an Yiswei silicon industry base project [8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, including cancer and autoimmune diseases [9] - The company has several products in various stages of clinical trials, with its core product BEBT-908 already approved for market [9][10] - Revenue projections for 2022 to 2024 indicate net losses of 188 million, 173 million, and 56 million yuan respectively [10] - The funds raised will be used for new drug development and the establishment of a research center and formulation industrialization base [11]

Core Viewpoint - The article discusses the upcoming IPOs in the A-share market, highlighting five companies that will be available for subscription this week, emphasizing their business focus and financial performance. Group 1: Upcoming IPOs - This week (October 13-17), there will be five new stocks available for subscription in the A-share market, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with an IPO price of 13.75 CNY per share and a subscription limit of 32,000 shares per account [1][2] - He Yuan Bio is an innovative biopharmaceutical company with a subscription limit of 14,000 shares per account, focusing on recombinant human albumin production [3][4] - Chao Ying Electronics specializes in automotive electronic PCBs, with a subscription limit of 12,500 shares per account [5][7] - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, with a subscription limit of 53,500 shares per account [8][9] - Biobetter focuses on innovative drug development for major diseases, with a subscription limit of 14,000 shares per account [10][12] Group 2: Financial Performance - Marco Polo's projected revenues for 2022-2024 are 8.661 billion CNY, 8.925 billion CNY, and 7.324 billion CNY, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [2] - He Yuan Bio's projected revenues for 2022-2024 are 0.13 billion CNY, 0.24 billion CNY, and 0.25 billion CNY, with net losses of 1.44 billion CNY, 1.87 billion CNY, and 1.51 billion CNY [3][4] - Chao Ying Electronics' projected revenues for 2022-2024 are 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [6][7] - Xi'an Yicai's projected revenues for 2022-2024 are 1.055 billion CNY, 1.474 billion CNY, and 2.121 billion CNY, with net losses of 0.412 billion CNY, 0.578 billion CNY, and 0.738 billion CNY [8][9] - Biobetter's projected net losses for 2022-2024 are 0.188 billion CNY, 0.173 billion CNY, and 0.056 billion CNY [10][11]

Group 1: New IPOs and Market Overview - This week (October 13 to 17), there are 5 new stocks available for subscription, including 1 from the Shanghai Main Board, 1 from the Shenzhen Main Board, and 3 from the Sci-Tech Innovation Board [1][2] - Xi'an Yicai ranks second in total shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, indicating a potentially high probability of winning the subscription [1] - Marco Polo, a new stock on the Shenzhen Main Board, has an issue price of 13.75 yuan and a price-to-earnings ratio of 14.27, compared to the industry average of 28.02 [2] Group 2: Company Profiles and Financials - He Yuan Bio, launching on October 14, focuses on plant-based recombinant protein technology and has 8 products in development or on the market. Its core product, HY1001, is the first recombinant human albumin drug approved in China, addressing a market size of approximately 30% of human serum albumin [1][3] - Marco Polo is the largest manufacturer and seller of building ceramics in China, with a total fundraising amount of 1.643 billion yuan from its IPO [2] - Xi'an Yicai, a leading supplier of 12-inch silicon wafers, aims to raise 4.9 billion yuan through its IPO [4] - Biotech company Bibet focuses on innovative drug development for major diseases and plans to raise 2.005 billion yuan in its IPO [4] Group 3: Upcoming IPO Meetings - Three companies are scheduled for IPO meetings this week: Youxun Co. and Angrui Micro on the Sci-Tech Innovation Board, and Tian Su Measurement on the Growth Enterprise Market [5][6] - Youxun Co. specializes in optical communication chips and aims to raise 809 million yuan [6] - Angrui Micro focuses on RF and analog integrated circuit design, with a planned fundraising of 2.067 billion yuan [6] - Tian Su Measurement provides third-party measurement and testing services, targeting a fundraising of 424 million yuan [6]

Summary of Upcoming IPOs - Next week, there will be 5 new stock subscriptions, including 2 from the main board and 3 from the Sci-Tech Innovation Board [1] - Each trading day next week will feature one new stock subscription, with higher subscription rates expected for Marco Polo and Xi'an Yicai due to their larger issuance volumes [1] Company Profiles Marco Polo - Marco Polo is a leading company in the domestic building ceramics industry, with an issuance price of 13.75 CNY per share and a price-to-earnings ratio of 14.27, compared to the industry average of 32.2 [2][3] - The company plans to issue 11,949,200 shares, with a maximum subscription limit of 32,000 shares, requiring a market value of 320,000 CNY in the Shenzhen market [2] - Revenue projections for Marco Polo are 8.661 billion CNY in 2022, 8.925 billion CNY in 2023, and 7.324 billion CNY in 2024, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [3] He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company focused on plant-derived recombinant protein expression technology [4][5] - The company plans to issue 8,945,140 shares, with a maximum subscription limit of 14,000 shares, requiring a market value of 140,000 CNY in the Shanghai market [5] - He Yuan Bio's innovative drug, recombinant human albumin injection (rice), was approved for market in July [5] Chao Ying Electronics - Chao Ying Electronics is a core supplier of automotive electronic PCBs, ranking among the top ten globally and top five in China [7][8] - The company plans to issue 52,500,000 shares, with a maximum subscription limit of 12,500 shares, requiring a market value of 125,000 CNY in the Shanghai market [8] - Revenue projections for Chao Ying Electronics are 3.514 billion CNY in 2022, 3.656 billion CNY in 2023, and 4.124 billion CNY in 2024, with net profits of 141 million CNY, 266 million CNY, and 276 million CNY respectively [8] Xi'an Yicai - Xi'an Yicai is a leading domestic semiconductor materials company, with the second-largest issuance volume among new stocks this year [9][10] - The company plans to issue 53,780,000 shares, with a maximum subscription limit of 53,500 shares, requiring a market value of 535,000 CNY in the Shanghai market [10] - Xi'an Yicai is the largest supplier of 12-inch silicon wafers to major domestic logic wafer foundries and has a significant market presence [11] Biobetter - Biobetter focuses on the independent research and development of innovative drugs, particularly in oncology and autoimmune diseases [12][13] - The company plans to issue 90,000,000 shares, with a maximum subscription limit of 14,000 shares, requiring a market value of 140,000 CNY in the Shanghai market [13] - Biobetter's core product, BEBT-908, has been approved for market, while other products are still in development [13]

Group 1: Company Developments - Aomeisen's stock debuted with a significant increase of 337.70%, opening at 36.11 yuan and reaching a high of 39.89 yuan before closing at a 349.82% gain at 37.11 yuan, with a trading volume of 18.08 million shares and a turnover of 668 million yuan [1] - Nant Technology has successfully registered, focusing on precision mechanical components, with a market share of 13.28% in the compressor parts sector, collaborating with major companies like Midea and Gree in 2024 [3] - Seven companies have successfully registered, including Nant Technology, while two others, including Hengtong Light, have submitted registration [3][4] Group 2: Market Overview - The Shanghai Composite Index fell by 0.94%, the Shenzhen Component Index decreased by 2.7%, and the ChiNext Index dropped by 4.55%, with a total market turnover of 2.52 trillion yuan, down by 137.58 billion yuan from the previous trading day [3] - There are no new REIT listings or approvals, but two REITs, Zhonghai Commercial REIT and Shenruan REIT, are set for subscription on October 13 [5]

Core Viewpoint - The IPO of Xuan Zhu Bio-B (02575.HK), a subsidiary of Sihuan Pharmaceutical, is a significant step in the company's innovative research and development strategy, attracting market attention amid a favorable environment for the pharmaceutical/biotech sector [1] Business Positioning and Pipeline Layout - Xuan Zhu Bio focuses on innovation-driven drug development and commercialization, targeting areas such as digestive system diseases, oncology, and NASH (non-alcoholic steatohepatitis) [2] - The company has over ten drug assets at various stages, including three products with NDA approval, one project in NDA registration, one in Phase III clinical trials, and several in Phase I or with IND approval [2] - Core products include: - KBP-3571: An innovative proton pump inhibitor for digestive diseases, already commercialized - XZP-3287: A CDK4/6 inhibitor for breast cancer (HR+/HER2−), NDA approved - XZP-3621: An ALK inhibitor for non-small cell lung cancer (NSCLC), NDA approved [2] Financial Status and Operating Conditions - In 2022, the company had negligible revenue, with revenue starting to appear in 2023 at approximately several tens of millions of RMB, and a slight increase expected in 2024, but still not profitable [3] - The company is experiencing significant losses, with high R&D expenditures contributing to the losses, and cash flow issues evident with a negative operating cash flow of -95.76 million RMB as of June 2025 and only about 8.558 million RMB in cash [3] IPO Highlights and Fundraising Arrangements - Key IPO details include: - Offering price: HKD 11.60 per share - Total shares offered: 67.33 million H-shares - Public offering ratio: 10% (approximately 6.73 million shares) - Total fundraising amount: approximately HKD 781 million - Market capitalization post-listing: approximately HKD 6.008 billion [5][6] Valuation Levels and Comparative Perspectives - The IPO pricing corresponds to a total market capitalization of approximately HKD 6.008 billion, indicating a potentially aggressive valuation in the current high-risk/high-expectation environment for new drugs [6][7] Industry Trends - The pharmaceutical sector is increasingly driven by themes and expectations, with new stocks often experiencing significant speculative trading on their debut [8] Competitive Landscape and Barriers - The innovative drug development process is characterized by high risks, long cycles, and high costs, with a high failure rate; delays or failures in pipeline projects can lead to significant expectation risks [9] Summary of Risks - The company is currently unprofitable, and its future profitability remains uncertain, which is critical for market valuation acceptance [10] - The company faces cash flow risks due to weak cash reserves and negative operating cash flow, which could hinder operational progress if financing becomes difficult [12] - There are risks associated with pipeline advancement, clinical trials, and regulatory approvals, as many projects are still in early to mid-stages [12] - The company operates in a highly policy-dependent environment, where changes in healthcare negotiations and pricing policies could impact profit margins [13]