IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange under the newly activated third listing standard for the ChiNext board, which aims to support high-growth innovative enterprises [1][4]. Group 1: Company Overview - Dapu Micro primarily engages in the research and sales of enterprise-level solid-state drives (SSDs) and has developed its own main control chips and firmware algorithms [2]. - The company reported revenues of 5.57 billion in 2022, 5.19 billion in 2023, and an expected 9.62 billion in 2024, with net losses of -5.34 billion, -6.17 billion, and -1.91 billion respectively [3]. - Dapu Micro's R&D expenses over the past three years totaled 7.37 billion, accounting for 36.15% of its cumulative revenue, and it holds 156 invention patents as of the end of 2024 [3]. Group 2: Industry Context - The third listing standard for unprofitable companies was officially implemented in February 2023, allowing innovative firms that do not meet traditional profit-oriented criteria to access the capital market [4][6]. - The ChiNext board has been a significant platform for technology innovation, with 1,382 listed companies and a total market capitalization of 135,651.26 billion as of June 27, 2025 [8]. - The recent activation of the third listing standard is expected to shift the valuation logic in China's capital market from profit-oriented to growth-oriented, fostering a new path for unprofitable innovative enterprises [6][8].

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange, marking a significant step in the implementation of the new listing standards for unprofitable companies on the ChiNext board [1][2]. Group 1: Company Overview - Dapu Micro specializes in the research and sales of enterprise-level solid-state drives (SSDs) and has developed its own main control chips and firmware algorithms, with over 70% of its products featuring self-developed chips [2][3]. - The company reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022 to 2024, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan respectively. It anticipates an 88.73% year-on-year revenue growth in 2024 and aims to achieve profitability by 2026 [2][3]. Group 2: Market Context - Dapu Micro ranks fourth in the domestic enterprise SSD market with a market share of 6.4%. The IPO aims to raise 1.878 billion yuan for the development of next-generation main control chips and enterprise-level SSD projects [3]. - The demand for domestic enterprise SSDs is increasing due to the need for self-controlled digital information infrastructure, as China is the second-largest market for enterprise SSDs, yet foreign companies dominate the market [3]. Group 3: Regulatory Environment - The acceptance of Dapu Micro's IPO application aligns with the recent introduction of a third set of listing standards by the China Securities Regulatory Commission to support high-quality unprofitable innovative companies [2][4]. - The Shenzhen Stock Exchange has established standards and regulatory arrangements for unprofitable innovative companies, aiming to enhance the support for technology-driven enterprises [4][5].

Core Viewpoint - The acceptance of Shenzhen Dapu Microelectronics Co., Ltd.'s IPO application marks the first instance of an unprofitable company being allowed to list on the ChiNext board, reflecting a new standard aimed at supporting innovative enterprises with high growth potential [4][6]. Group 1: Company Overview - Dapu Microelectronics is primarily engaged in the research and sales of enterprise-level solid-state drives (SSDs), with over 70% of its products utilizing self-developed main control chips [4]. - The company reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan during the same period [4]. - Dapu Microelectronics anticipates an 88.73% year-on-year growth in its main business revenue for 2024 and expects to achieve profitability by 2026 [4]. Group 2: Market Context - The company is ranked fourth in the domestic enterprise-level SSD market, holding a market share of 6.4% according to IDC data [4]. - The global demand for digital information infrastructure components has increased, emphasizing the need for domestic production capabilities in the SSD sector [5][6]. - The Chinese market is the second largest for enterprise-level SSDs, yet foreign manufacturers currently dominate the market share [5][6]. Group 3: Regulatory Environment - The China Securities Regulatory Commission (CSRC) announced the implementation of a third set of standards for the ChiNext board, facilitating the listing of unprofitable innovative companies [4][8]. - The Shenzhen Stock Exchange has established standards and regulatory arrangements for unprofitable innovative enterprises, allowing for a more inclusive approach to financing [8]. - The acceptance of Dapu Microelectronics' IPO application is seen as a response to market demands and aims to enhance support for technology innovation enterprises [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially launched a third set of standards for the ChiNext board to support high-quality, unprofitable innovative companies in going public [1][3]. Group 1: ChiNext Board Developments - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange [2]. - The Shenzhen Stock Exchange emphasizes the implementation of various listing standards to provide more inclusivity for both profitable and unprofitable enterprises, thereby supporting high-quality innovative companies in expanding their financing channels [3][4]. Group 2: Market Context and Trends - The increasing complexity of international geopolitics and the rise of innovative enterprises with key technologies in China highlight the importance of the capital market in driving industrial upgrades and technological innovation [5]. - As of now, the ChiNext board has 1,382 listed companies with a total market capitalization exceeding 13 trillion yuan, with nearly 90% being high-tech enterprises and about 70% being strategic emerging enterprises [5]. - The ChiNext board has seen a significant increase in revenue and market capitalization for many companies post-listing, with nearly half of them doubling their revenue and market value [5]. Group 3: Dapu Microelectronics Case Study - Dapu Microelectronics focuses on the research and sales of enterprise-level solid-state drives (SSDs) and has a self-developed main control chip with over 70% of its shipments using this technology [11][12]. - The company has invested 736 million yuan in R&D over the past three years, accounting for 36.15% of its total revenue, and holds 156 invention patents [14]. - Dapu Microelectronics aims to raise 1.878 billion yuan through its IPO to fund the development of next-generation main control chips and SSD production testing bases [14]. Group 4: Regulatory and Market Implications - The introduction of listing standards for unprofitable innovative companies is seen as a timely response to market demands and aims to enhance the capital market's support for technological innovation [8][15]. - The Shenzhen Stock Exchange is also working on further reforms to support the issuance of technology innovation bonds and to attract long-term capital into the market [9]. - The regulatory framework will ensure strict adherence to listing standards to prevent "pseudo-innovation" and maintain market integrity [17][18].