Core Viewpoint - The article highlights the upcoming subscription opportunities for three new stocks in the A-share market, emphasizing the high subscription probability for investors in South Network Digital due to its significant issuance volume [2][3]. Group 1: North Mine Testing - North Mine Testing is a national-level specialized "little giant" enterprise in the field of non-ferrous metal inspection and testing [4]. - The company plans to issue 28.32 million shares at an issuance price of 6.70 yuan per share, with a price-to-earnings ratio of 14.9 times, compared to the industry average of 38.77 times [5][6]. - The global inspection and testing market has grown from €107.7 billion in 2012 to €278.5 billion in 2023, with a compound annual growth rate (CAGR) of 9.02%. The Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.6 billion yuan in 2024, with a CAGR of approximately 11.34% [6]. - North Mine Testing's revenue for 2022 to 2025 is projected to be 91.74 million yuan, 110 million yuan, 148 million yuan, and 85.94 million yuan, respectively, with net profits of 33.15 million yuan, 41.66 million yuan, 50.63 million yuan, and 36.43 million yuan [7][9]. Group 2: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer fabrication, focusing on the development and production of photoresist materials and precursors [11]. - The company plans to issue 67.4 million shares, with the issuance price and price-to-earnings ratio yet to be disclosed, but the industry average is 60.46 times [11]. - Revenue for Hengkun New Materials from 2022 to 2025 is expected to be 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, with net profits of 91.04 million yuan, 81.53 million yuan, 94.30 million yuan, and 30.74 million yuan [12]. - The company anticipates its revenue for the first three quarters of 2025 to be between 440 million and 500 million yuan, with a year-on-year growth rate of 12.48% to 27.82% [14]. Group 3: South Network Digital - South Network Digital is a key player in the digital grid construction for the Southern Power Grid, focusing on digitalization in the power energy sector [17]. - The company plans to issue 477 million shares, with the issuance price and price-to-earnings ratio not yet disclosed, but the industry average is 71.09 times [18]. - The digital energy market in China is projected to reach 315 billion yuan in 2024, growing by 14.55%, and is expected to increase to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [19]. - South Network Digital's revenue for 2022 to 2025 is projected to be 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan, with net profits of 509 million yuan, 368 million yuan, 562 million yuan, and 6.97 million yuan [19][20].

Core Viewpoint - The temporary suspension of the IPO review for companies does not indicate a complete halt on their path to listing, as it allows time for clarification of issues that may affect the listing process [1][9]. Company Summary - Xiamen Youxun Chip Co., Ltd. (Youxun Co.) has had its IPO review on the Sci-Tech Innovation Board temporarily suspended as of September 19, 2023. The company specializes in optoelectronic chips and was established in February 2003 [3]. - Youxun Co. submitted its IPO application in June 2023 and has quickly progressed through two rounds of inquiries within three months [3]. - Key concerns raised by the exchange include risks related to declining gross margins, sustainability of operating performance, changes in control by the actual controller, and accounting treatment of share-based payments during the reporting period [3][6]. Accounting Treatment Issues - A significant issue involves the accounting treatment of share-based payments related to a transfer of shares from an employee to one of the actual controllers, which was not accounted for as a share-based payment [4][5]. - The company claims that the transferred shares will be granted back to eligible incentive recipients within three years, and thus, according to relevant regulations, do not require accounting treatment as share-based payments [5]. - Youxun Co. estimated a share-based payment expense of 102,900 yuan, asserting that it has a minimal impact on operating performance during the reporting period [6]. Financial Projections - For the first half of 2025, Youxun Co. projects revenue of 238 million yuan, representing a year-on-year growth of 20.19%, with a net profit attributable to shareholders of 41.69 million yuan [6]. - The company aims to raise 889 million yuan through its IPO to fund projects related to next-generation access networks, high-speed data center chips, and other advanced chip developments [6]. Industry Context - In 2023, three companies, including Youxun Co., have experienced temporary suspensions in their IPO reviews on the Sci-Tech Innovation Board [7]. - Other companies facing similar situations include Hengkun New Materials and Taijin New Energy, both of which have also had their IPO applications temporarily suspended due to various concerns [7][10].