Group 1 - The core viewpoint of the article is that Yushu Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 4.202 billion yuan [1] Group 2 - The IPO application has been accepted by the Shanghai Stock Exchange as of March 20, 2026 [1] - The lead underwriter for the IPO is CITIC Securities Co., Ltd. [3] - The accounting firm involved is Rongcheng Accounting Firm (Special General Partnership), with signed accountants including Wan Yunlong, Xu Yuan, and Lu Jinhai [3] - The legal advisory is provided by Beijing Deheng Law Firm, with signed lawyers including Shen Hongshan, Su Zhongzheng, Ma Haoran, and Yan Mingkang [3] - The evaluation agency is Zhongshui Zhiyuan Asset Appraisal Co., Ltd., with signed appraisers Xu Xiangyang and Zheng Jingjing [3]

Group 1 - The Shanghai Stock Exchange has requested Zhenbao Technology to clarify the accuracy and reasonableness of its R&D personnel recognition, considering the high turnover of R&D staff, the proportion of low-tenure employees, and the significant auxiliary R&D content [2] - Zhenbao Technology specializes in providing manufacturing equipment components and surface treatment solutions for the integrated circuit and display panel industries, with main products including silicon, quartz, silicon carbide, and alumina ceramic components, as well as surface treatment services like thermal spraying regeneration, anodizing, and precision cleaning [4] - The company reported revenues of 386 million yuan, 506 million yuan, 635 million yuan, and 366 million yuan for the years 2022 to 2025, with net profits of 81.55 million yuan, 109 million yuan, 152 million yuan, and 85.18 million yuan respectively [4] Group 2 - As of June 30, 2025, Zhenbao Technology's total assets amounted to 1.39 billion yuan, with equity attributable to shareholders of 1.07 billion yuan, and a debt-to-asset ratio of 18.44% [5] - The company's operating revenue for the first half of 2025 was 366.37 million yuan, with a net profit of 85.18 million yuan, and a basic earnings per share of 0.73 yuan [5] - R&D investment accounted for 7.23% of operating revenue in 2025, reflecting an increase from 4.59% in 2022 [5]

Core Viewpoint - Jiangsu Xinhua Semiconductor Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 1.32 billion yuan for various projects related to high-purity electronic-grade polysilicon production [3][5]. Company Overview - Xinhua Technology focuses on the research, production, and sales of electronic-grade polysilicon, which is a critical material in the semiconductor manufacturing industry [3]. - The company’s products are essential for the production of semiconductor silicon wafers and components, ultimately used in integrated circuit chips [3]. Financial Performance - Revenue projections for Xinhua Technology from 2022 to the first three quarters of 2025 are as follows: 1.274 billion yuan in 2022, 946 million yuan in 2023, 1.111 billion yuan in 2024, and 1.336 billion yuan in the first three quarters of 2025 [3]. - Net profit figures for the same period are projected to be: 149 million yuan in 2022, 45.54 million yuan in 2023, 68.62 million yuan in 2024, and 123 million yuan in the first three quarters of 2025 [3]. Asset and Equity Information - As of December 31, 2022, total assets were approximately 2.757 billion yuan, with equity attributable to shareholders at about 1.538 billion yuan [4]. - The company’s debt-to-equity ratio has improved from 40.90% in 2022 to 25.25% in 2025 [4]. IPO Fundraising and Project Allocation - The IPO aims to raise 1.32 billion yuan, which will be allocated to several projects, including: - 10,000 tons/year high-purity electronic-grade polysilicon industrial cluster project (total investment: 2.828 billion yuan) [5][7]. - 1,500 tons/year ultra-high-purity polysilicon project (total investment: 400 million yuan) [5][7]. - 1,500 tons/year zone melting polysilicon project (total investment: 508 million yuan) [5][7]. - High-purity silicon material R&D base project (total investment: 203.88 million yuan) [5][7]. - Working capital supplementation [5][7].

Group 1: Core Team Composition - The core intermediary team for Sci-Tech Innovation Board (STAR Market) IPO includes sponsors (brokerage firms), accounting firms, law firms, and asset appraisal agencies [3][10] Group 2: Responsibilities and Key Points of Each Intermediary (1) Sponsoring Institutions (Brokerage Firms) - Lead coordination and take on the role of "first responsible person" [3] - Conduct due diligence to ensure the company meets STAR Market's "hard technology" attributes and registration system requirements [3] - Submit listing application documents and issue sponsorship letters [3] - Guide companies in improving governance structures and operational norms [3] - Ensure the prospectus highlights "hard technology" features [3] - Respond to inquiries from the exchange regarding technical authenticity and risk disclosures [3] - Responsible for underwriting and co-investing with their own funds [3] (2) Accounting Firms - Responsible for financial auditing and compliance verification [5] - Conduct audits of the company's financial statements for the last three years and one period, issuing unqualified audit reports [8] - Provide special opinions on R&D expenditures and revenue recognition [8] - Ensure independence in auditing to avoid conflicts of interest [8] (3) Law Firms - Responsible for legal compliance and risk assessment [5] - Conduct legal due diligence on the company and its major stakeholders [8] - Issue legal opinions on whether the company meets listing conditions [8] - Guide companies in resolving legal issues [8] (4) Asset Appraisal Agencies - Evaluate the fairness of asset values [7] - Provide assessment reports for asset acquisitions, restructurings, or intangible asset pricing [8] Group 3: Intermediary Team Collaboration - Establish communication mechanisms to ensure consistency in financial data, legal facts, and business information [8] - Jointly develop rectification plans for issues identified in the company [8] - Stay updated on the latest regulatory developments from exchanges and the China Securities Regulatory Commission [9] Group 4: Regulatory Requirements for Intermediaries - Responsibilities of the intermediary team revolve around "position verification, financial authenticity, legal compliance, and information disclosure" [10] - The sponsoring institution plays a leading role, while accounting and law firms manage financial and legal risks [10] - It is crucial for companies to select experienced intermediaries familiar with STAR Market rules to enhance the likelihood of successful listings [10]

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. is advancing its IPO process on the Sci-Tech Innovation Board, focusing on manufacturing equipment and surface treatment solutions for the integrated circuit and display panel industries [1] Group 1: IPO Details - The company aims to raise approximately 1.398 billion yuan through its IPO, which will be allocated to various projects including semiconductor precision components production base, R&D center construction, and working capital supplementation [1] - The IPO was accepted on June 26, 2025, and entered the inquiry phase on July 16 of the same year [1] Group 2: Inquiry Response - In the second round of inquiry, the company faced questions regarding its operating performance, R&D expenses, costs, and gross profit margin [1]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. is on the verge of an IPO on the Sci-Tech Innovation Board, leveraging its advanced packaging technologies to achieve significant financial growth, but it faces structural risks including high customer concentration, sustainability of R&D investments, and investor protection challenges as a red-chip enterprise [2][3][4]. Customer Concentration Risks - The company has a high and increasing customer concentration, with the top five customers accounting for 72.83% of sales in 2022, rising to 90.87% by mid-2025 [4][16]. - The reliance on the largest customer has escalated from 40.56% in 2022 to 74.4% in mid-2025, indicating that over 70% of revenue and most profits are tied to a single client [4][16]. - This extreme dependency poses multiple risks, including operational stability, limited bargaining power, and financial health concerns due to low accounts receivable turnover [17][18]. R&D Investment and Sustainability Challenges - Despite rapid revenue growth, the company's R&D expenditure as a percentage of revenue has decreased from 15.72% in 2022 to 11.11% by mid-2025, raising concerns about the sustainability of its technological leadership [20]. - The number of R&D personnel has also declined, from 734 in 2023 to 663 in mid-2025, further questioning the company's core competitiveness [20][21]. - The company faces intense competition from global giants like TSMC and Intel, which invest significantly more in R&D, potentially jeopardizing Shenghe Jingwei's technological advantages [21]. Investor Protection Issues - As a red-chip enterprise registered in the Cayman Islands, Shenghe Jingwei faces inherent challenges in investor protection due to differences in legal frameworks compared to domestic companies [22][23]. - The complex corporate structure, involving multiple legal entities, complicates the realization of investor rights, such as dividends and participation in major decisions, increasing potential difficulties in exercising rights [23][24]. - The differences in shareholder rights and legal processes may hinder the ability of small investors to effectively monitor and protect their interests [22][23].

Core Viewpoint - The article emphasizes the importance of the controlling shareholder's compliance, stability of ownership, and its impact on the issuer during the IPO process on the Sci-Tech Innovation Board Group 1: Control Stability - The Sci-Tech Innovation Board requires issuers to have stable control to ensure operational continuity and protect investor rights [3] - Controlling shareholders must ensure clear and legitimate ownership structures to avoid affecting the issuer's ownership stability [3] - The actual controller must be clearly identified based on ownership structure, board seats, voting rights arrangements, and management decisions [3] Group 2: Compliance and Legal Issues - The compliance of the controlling shareholder directly affects the issuer's eligibility for listing [3] - The controlling shareholder must not have any major legal violations in the past three years, as this could pose a direct obstacle to listing [5] - Historical share transfers must comply with internal decision-making processes and relevant regulations [3][5] Group 3: Share Lock-up and Reduction Restrictions - Controlling shareholders must adhere to strict share lock-up rules to stabilize market expectations [4] - The basic lock-up period for shares held by controlling shareholders is 36 months post-listing [4] - Any reduction in shareholding must be pre-announced 15 trading days in advance and is limited to a maximum of 2% of total share capital per year [4] Group 4: Support and Independence of the Issuer - Controlling shareholders must avoid excessive interference in the issuer's operations while ensuring legitimate support [4] - The issuer must maintain independence in market operations, free from forced procurement or sales by the controlling shareholder [5] - The issuer must have independent financial management, including separate bank accounts and tax obligations [5] Group 5: Authenticity of Shareholder Contributions - Contributions from controlling shareholders must be genuine and legal, avoiding any hidden interests or profit transfers [4][5] - Non-monetary contributions must have clear ownership and be free from any encumbrances [5] - The evaluation of contributions must follow compliant procedures, such as verification reports [5]

Core Viewpoint - The article outlines the comprehensive process of the IPO on the Sci-Tech Innovation Board (科创板), detailing the strict adherence to regulations set by the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE) throughout the entire IPO cycle [1]. Pre-IPO Preparation Phase - Companies must conduct self-assessments and strategic decisions, requiring collaboration with four core intermediaries [3] - Initial due diligence and issue rectification are essential steps before moving forward [3]. Counseling and Filing Phase - After signing a counseling agreement with the sponsor, companies must submit counseling materials to the local CSRC, initiating a counseling period typically lasting at least three months [3]. - The counseling process includes training on listing rules, corporate governance, and information disclosure requirements [5]. Application and Acceptance Phase - Companies must prepare application materials in accordance with the Sci-Tech Board's focus on "hard technology" across six key sectors [4]. - The selection of intermediary institutions is crucial, including sponsors, accounting firms, law firms, and asset appraisal agencies [4]. SSE Review Phase - The SSE employs an "inquiry-based review" process, involving multiple rounds of inquiries to uncover risks, requiring truthful responses from companies and intermediaries [6]. CSRC Registration Phase - Following SSE approval, application materials are submitted to the CSRC for registration review [9]. - The CSRC focuses on compliance with legal requirements and the accuracy of information disclosure during its review [12]. Issuance and Listing Phase - After receiving registration approval, companies conduct pre-roadshows and determine the issuance price range through market-based inquiries [15]. - The distribution of shares includes a minimum of 70% allocated to qualified institutional investors and a maximum of 30% to public investors [15]. Post-Listing Continuous Supervision Phase - Companies must adhere to ongoing regulatory requirements, including regular disclosures and maintaining corporate governance standards [14]. - The Sci-Tech Board has a stricter delisting system, with conditions triggering delisting procedures [15].

Core Viewpoint - This week, five companies are making progress in their IPO applications for the Sci-Tech Innovation Board, with two companies, Taijin New Energy and Lianxun Instruments, having their registrations effective, while three others, Zhaoxin Integrated, Shenghe Jingwei, and Zhongtu Technology, are under inquiry [2][15]. Group 1: Taijin New Energy - Taijin New Energy's IPO registration has officially become effective, marking it as the first company accepted by the Shanghai Stock Exchange since the release of the new "National Nine Articles" [4][17]. - The company, established through the transformation of scientific research achievements from the Northwest Nonferrous Metal Research Institute, focuses on high-end intelligent electro-copper foil equipment and titanium electrode materials [6][19]. - Financial data shows that from 2021 to the first three quarters of 2025, Taijin New Energy achieved revenues of 1.004 billion, 1.669 billion, 2.194 billion, and 1.713 billion yuan, with net profits of 98.29 million, 155 million, 195 million, and 141 million yuan respectively [6][19]. - The company expects to achieve a revenue of 2.377 billion yuan in 2025, with a year-on-year growth of 8.34% [6][19]. - The initial fundraising target was 1.5 billion yuan, later adjusted to 990 million yuan for projects related to high-end intelligent equipment for green electrolysis [7][20]. Group 2: Lianxun Instruments - Lianxun Instruments' IPO application was registered effective on January 29, 2026, making it the first company to pass the review for the Sci-Tech Innovation Board in 2026 [7][20]. - The company specializes in high-end testing instruments for high-speed communication and semiconductor sectors, providing various core testing equipment [9][21]. - From 2022 to 2024, Lianxun Instruments' revenue grew from 214 million to 789 million yuan, with a compound annual growth rate of 91.79% [10][21]. - The company plans to raise 1.711 billion yuan for the development and industrialization of next-generation optical communication testing equipment and other projects [10][21]. Group 3: Zhaoxin Integrated - Zhaoxin Integrated's IPO status was updated to "under inquiry" on January 28, 2026, being the third unprofitable company accepted for the Sci-Tech Innovation Board in 2025 [12][22]. - Established in 2013, Zhaoxin Integrated focuses on the research and design of general-purpose processors and system platform chips, aiming to provide comprehensive computing solutions [24][22]. - Financial data indicates that from 2022 to the first half of 2025, the company reported revenues of 340 million, 555 million, 889 million, and 341 million yuan, with net losses of 727 million, 676 million, 951 million, and 427 million yuan respectively [24][22]. Group 4: Shenghe Jingwei - Shenghe Jingwei's IPO was accepted on October 30, 2025, and it is one of the first companies in mainland China to achieve mass production of 12-inch high-density bump manufacturing [13][26]. - The company reported revenues of 1.632 billion, 3.038 billion, and 4.705 billion yuan from 2022 to 2024, with a compound annual growth rate of 69.77% [14][26]. - Shenghe Jingwei plans to raise 4.8 billion yuan for investments in advanced packaging projects to expand its production capacity [14][26]. Group 5: Zhongtu Technology - Zhongtu Technology's IPO was accepted on December 31, 2025, and it is making a second attempt after withdrawing its first application in 2022 [15][27]. - The company is a major manufacturer of patterned substrate materials, with products widely used in Mini/MicroLED and automotive lighting applications [15][27]. - Zhongtu Technology aims to raise approximately 1.05 billion yuan for projects related to the industrialization of patterned substrates and semiconductor substrate material research [15][27].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the registration application for Suzhou Lianxun Instrument Co., Ltd. to conduct its initial public offering (IPO) on the Sci-Tech Innovation Board, with the approval valid for 12 months from the date of registration [1]. Company Overview - Suzhou Lianxun Instrument is a high-end testing instrument equipment company, primarily engaged in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. IPO Details - The company’s IPO application was accepted on August 15, 2025, entered the inquiry stage on August 28 of the same year, and was approved on January 14 of the current year, with registration submitted on January 16 [1]. - Lianxun Instrument aims to raise approximately 1.711 billion yuan through this IPO [1].