Core Insights - N Changjiang (920158) debuted on the Beijing Stock Exchange with a first-day increase of 254.03% after opening at a 294.00% rise [2][3] Company Overview - N Changjiang specializes in the design, research and development, manufacturing, and service of energy and chemical equipment, with applications in oil and gas engineering, refining, marine engineering, and clean energy sectors [2] Financial Performance - The company's net profits for 2022, 2023, and 2024 are projected to be 40.68 million yuan, 40.85 million yuan, and 49.16 million yuan respectively [3] - The public offering consisted of 30 million shares at an issuance price of 5.33 yuan, resulting in a price-to-earnings ratio of 14.99 [3] Issuance Details - The online issuance was initially set at 24 million shares but was expanded to 28.5 million shares due to an oversubscription mechanism, with a total of 4.5 million shares allocated to online investors [3] - The effective subscription amount reached 13,656,769.46 million shares, resulting in a subscription multiple of 4,791.85 times and an allocation ratio of 0.02% [3] Market Performance - The trading volume for N Changjiang on its first day was 25.803 million shares, with a total transaction value of 524 million yuan and a turnover rate of 67.65% [2]

Core Points - N Changjiang (920158) was listed on the Beijing Stock Exchange today, opening at 21.00 yuan, representing a 294.00% increase from its issue price [2] - The company specializes in the design, research and development, manufacturing, and service of energy and chemical equipment, with applications in oil and gas engineering, refining and chemical, marine engineering, and clean energy [2] - The company’s public offering consisted of 30 million shares at an issue price of 5.33 yuan, with an initial price-to-earnings ratio of 14.99 times [2] - The effective subscription amount for the online offering was 13,656,769.46 million shares, resulting in a subscription multiple of 4,791.85 times and an allocation ratio of 0.02% [2] Financial Performance - The company's net profits for the years 2022 to 2024 are projected to be 40.68 million yuan, 40.85 million yuan, and 49.16 million yuan, respectively [3]

IPO Review and Registration Progress - Two companies faced IPO review last week, with TaiKaiYing passing and HengKun New Materials' review being postponed [2] - TaiKaiYing focuses on the global mining and construction tire market, with approximately 70% of its sales coming from overseas [2] - HengKun New Materials reported a revenue of 548 million yuan in 2024, a year-on-year increase of 49.01% [3] Upcoming IPOs - This week, two companies, Changjiang Nengke and DeLiJia, are scheduled for IPO reviews, aiming to raise 10.07 billion yuan and 18.81 billion yuan respectively [4][6] - Changjiang Nengke's revenue for 2024 is projected at 314 million yuan, a decline of 9.77% year-on-year [4] - DeLiJia specializes in high-speed heavy-duty precision gear transmission products, with a revenue of 3.715 billion yuan in 2024 [5] New Stock Listings - Two new stocks, Shanda Electric and Jiyuan Group, were listed last week, with Shanda Electric's stock price increasing by 356% on its first day [8] - Shanda Electric reported revenues of 478 million yuan, 549 million yuan, and 658 million yuan from 2022 to 2024 [8] - Jiyuan Group's revenue for the same period was 947 million yuan, 892 million yuan, and 1 billion yuan [9] New Stock Subscription and Issuance - Three new stocks are available for subscription this week, including Tianfu Long and Youli Intelligent [10] - Tianfu Long's projected revenue for 2024 is 3.841 billion yuan, while Youli Intelligent expects a revenue of 462 million to 482 million yuan in the first half of 2025 [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes enhancing the investment value of listed companies and preventing financial fraud [13] - CSRC plans to strictly limit significant adverse impacts from industry competition on listed companies [14]