Core Insights - The Beijing Stock Exchange (BSE) has experienced a strong start in 2026, with a rapid pace of IPO approvals and listings, marking a significant expansion in high-quality companies [1] - As of January 30, 2026, the BSE has listed five new companies, bringing the total number of listed companies to 292, with a total market capitalization nearing 1 trillion yuan [1] Company Performance - **Kema Materials**: Listed on January 16, 2026, with a strong debut, seeing its stock price rise by 371.27% to close at 54.95 yuan per share, after peaking at a 585% increase [2] - **Aishalon**: Focused on medical health products, Aishalon's stock rose by 175.59% on its first day of trading, closing at 44.04 yuan per share [4] - **Guoliang New Materials**: Listed on January 22, 2026, with a stock price increase of 160.78%, closing at 28.06 yuan per share [6] - **Nongda Technology**: Officially listed on January 28, 2026, with a closing price of 52.89 yuan per share, reflecting a 111.56% increase from its opening price [7] - **Meidele**: Listed on January 30, 2026, with a significant opening price of 135 yuan per share, marking a 222.35% increase at the start of trading [7] Market Activity - The enthusiasm for new stock offerings has surged, with the total frozen funds for the five new IPOs exceeding 8 billion yuan each, and Meidele alone reaching approximately 1.06 trillion yuan, a record high for the BSE [9] - The average amount of funds frozen for new stock subscriptions has risen to 910 billion yuan, indicating strong investor interest [9] Roadshow Focus - All five newly listed companies conducted their online roadshows through a platform called "Panorama," emphasizing the importance of effective communication with investors [10]

Core Insights - The Beijing Stock Exchange (BSE) is becoming a significant platform for innovative small and medium-sized enterprises, with 290 listed companies and a total market capitalization nearing 1 trillion yuan as of January 23, 2026 [1] - The IPO review process on the BSE is maintaining a high frequency, with expectations for continued rapid issuance of new listings due to ongoing market reforms [1] Group 1: Recent Listings - Three companies have recently gone public on the BSE: Kema Materials, Aisheren, and Guoliang New Materials, all of which have shown strong stock performance post-listing [1][2] - Kema Materials, listed on January 16, 2026, saw its stock price surge by 585% at one point, closing at 54.95 yuan per share, a 371.27% increase from its issue price [1] - Aisheren, which focuses on medical health products, listed on January 21, 2026, and its stock rose by 175.59% to close at 44.04 yuan per share [2] - Guoliang New Materials, listed on January 22, 2026, experienced a stock price increase of 160.78%, closing at 28.06 yuan per share [2] Group 2: Investor Participation - Investor enthusiasm for new stock offerings is high, with over 800 billion yuan in frozen funds for the three new listings, resulting in low allocation rates of 0.02% to 0.03% [3] - Kema Materials attracted 855.77 billion yuan in frozen funds with a subscription rate of 0.026%, while Aisheren had 878.92 billion yuan with a rate of 0.028%, and Guoliang New Materials saw 828.08 billion yuan with a rate of 0.021% [3] - The upcoming IPOs of Nongda Technology and Medela are expected to draw even more investment, with Nongda Technology's recent offering resulting in 9.29 billion yuan in frozen funds and a subscription multiple of 2582.89 times [3] Group 3: Regulatory Environment - The frequency of IPO review meetings on the BSE has significantly increased since Q4 2025, focusing on nurturing specialized and innovative technology enterprises [3] - In the week of January 19-23, 2026, the BSE's listing committee held three review meetings, successfully approving three companies: Bairuiji, Mifutech, and Toptech [3] - The enhanced review efficiency and improved market ecosystem position the BSE as a key channel for innovative enterprises to connect with capital markets [3]

Core Viewpoint - The A-share market will have two new stocks available for subscription next week, including Aisheren and Hengyun Chang, with Hengyun Chang being a leading supplier of core components for semiconductor equipment [1][2] Group 1: Aisheren - Aisheren's issue price is set at 15.98 yuan per share, focusing on the medical health sector, particularly in disposable medical consumables for rehabilitation and medical protection [1] - Aisheren is the largest manufacturer of medical care pads in China and a leading exporter of medical dressings [1] - The company expects to achieve total revenue of 691.64 million yuan and a net profit of 80.71 million yuan in 2024, with projected revenue growth of 28.65% to 35.89% in 2025 [1] Group 2: Hengyun Chang - Hengyun Chang is recognized for its plasma radio frequency power systems, which are considered a critical component in the semiconductor equipment supply chain, facing high technical barriers and requiring significant R&D investment [2] - The company has successfully launched three product series, breaking the long-standing monopoly of two major American companies, MKS and AE, in the domestic market [2] - From 2022 to 2024, Hengyun Chang's revenue is projected to grow from 158 million yuan to 541 million yuan, with net profit increasing from 20 million yuan to 129 million yuan, indicating strong growth potential [2] - The company plans to raise 1.469 billion yuan for projects aimed at expanding production capacity, enhancing R&D, and improving customer support services [1][2]