据京沪深交易所披露，上周(10月27日-10月31日)3家企业上会，新增1家新受理企业；3家提交IPO注册 申请，2家IPO注册获通过，2家IPO终止；4只新股上市。 与此同时，本周(11月3日-11月7日)5家公司上会迎考，3只新股安排申购，1只新股上市。 一、IPO审核与注册进展 审3过3，泰金新能二次上会"过关" 上周，3家IPO首发上会获通过。其中，红板科技拟登陆沪市主板，泰金新能、江天科技分别拟在科创 板、北交所上市。 红板科技专注于印制电路板的研发、生产和销售，产品定位于中高端应用市场，广泛应用于消费电子、 汽车电子、高端显示、通讯电子等领域。据Canalys统计，2024年全球手机出货量为12.23亿台，全球前 十大智能手机品牌出货量约占94%，合计约11.50亿台。红板科技2024年为全球前十大手机品牌提供手 机HDI主板1.54亿件，据此测算，公司手机HDI主板供货量约占全球前十大手机品牌出货量的13%。 审议会议现场，上市委主要关注公司在所属行业的市场地位。要求红板科技结合行业竞争格局、公司产 品结构、市场地位业务规模、主要业务技术和研发成果、同行业可比公司等情况说明公司是否具有行业 代表 ...

Group 1: Recent IPO Approvals - Three companies were approved for IPOs this week by the Shanghai Stock Exchange and the Beijing Stock Exchange, including one from each of the main board, Sci-Tech Innovation Board, and Beijing Stock Exchange [2] - Xi'an Taijin New Energy successfully passed its second attempt for a Sci-Tech Innovation Board IPO after being postponed in August, aiming to raise over 2 billion yuan [2] - Hongban Technology achieved a record for the fastest IPO approval on the main board, taking only 125 days from application to approval, with a planned fundraising of over 2 billion yuan [2] Group 2: Company Financials - Taijin New Energy's projected revenues for 2022, 2023, and 2024 are 1.005 billion yuan, 1.669 billion yuan, and 2.194 billion yuan, respectively, with net profits of 87.64 million yuan, 138 million yuan, and 183 million yuan [3] - Hongban Technology's revenues for 2022, 2023, and the first half of 2024 are 2.205 billion yuan, 2.340 billion yuan, and 1.710 billion yuan, with net profits of 141 million yuan, 105 million yuan, and 240 million yuan [4] - Jiangtian Technology's revenue figures for 2022, 2023, and the first half of 2025 are 384 million yuan, 508 million yuan, and 304 million yuan, with net profits of 74.45 million yuan, 96.46 million yuan, and 57.24 million yuan [5] Group 3: New Listings - Dipo Technology was listed on the Hong Kong Stock Exchange on October 28, with a first-day increase of 150.56%, reaching a market capitalization of over 21.8 billion HKD [6] - He Yuan Bio was listed on the Sci-Tech Innovation Board on October 28, achieving a first-day increase of 213% and a market capitalization exceeding 32.5 billion yuan [7] - Guangzhou Bibet Pharmaceutical was listed on the Sci-Tech Innovation Board on October 28, with a closing price increase of 74.41% from its issue price, resulting in a market capitalization of 13.956 billion yuan [8] Group 4: Upcoming IPOs - Jinlong New Materials is preparing for an A-share IPO, focusing on military-civilian integration products [9] - Saikesaisi has submitted an application for IPO guidance, having faced previous warnings from the Shenzhen Stock Exchange regarding compliance issues [10] - Guodian Co. is seeking to list on the Beijing Stock Exchange, reporting revenue growth but declining net profits [11] - Oushangyuan is preparing for an IPO on the ChiNext board, specializing in organic acid production technology [12] - Xinghe Power has submitted an IPO guidance application, with a valuation of 9.2 billion yuan as of April 2024 [12]

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 65th company to pass this year [1]. Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products. It is a leading provider of high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions [2]. - The company's products are applied in various sectors, including large computers, 5G high-frequency communications, consumer electronics, new energy vehicles, green environmental protection, aluminum foil formation, hydrometallurgy, hydrogen energy, and aerospace military [2]. - As of the signing date of the prospectus, the controlling shareholder is the Northwest Nonferrous Metal Research Institute, holding 22.83% of the company's total share capital, with actual control over 42.83% of the shares [2]. IPO Details - Taijin New Energy plans to list on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, intending to publicly issue no more than 40 million shares of ordinary shares, aiming to raise approximately 989.95 million yuan for various projects [2][3]. - The total investment for the projects is estimated at 1.4938757 billion yuan, with the funds allocated as follows: - High-end intelligent electrolysis equipment industrialization project: 769.1328 million yuan [3]. - High-performance composite coating titanium electrode materials industrialization project: 482.3755 million yuan [3]. - Corporate research and development center construction project: 250.1774 million yuan [3]. Regulatory Scrutiny - During the listing committee meeting, questions were raised regarding the future performance risks associated with lithium battery copper foil and electronic circuit copper foil equipment orders, as well as the prudence of profit forecasts and the sufficiency of risk disclosures [4].

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, indicating a significant step towards its public listing [1] Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolytic complete equipment, titanium electrodes, and metal glass sealing products [1] - The company aims to raise approximately 990 million yuan through this IPO [1] Timeline - The IPO application for Taijin New Energy was accepted on June 20, 2024, marking the beginning of its journey towards becoming a publicly traded company [1]

Core Insights - Five companies are set to present their IPO applications, with Redboard Technology seeking to raise the most funds at 2.057 billion yuan [1] Group 1: Upcoming IPOs - Redboard Technology plans to list on the Shanghai Main Board, aiming to raise 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards [1][2] - Zhixin Co. intends to list on the Shanghai Main Board, with a fundraising target of 1.329 billion yuan [1][3] - Taijin New Energy is targeting the Sci-Tech Innovation Board, with a proposed fundraising of 990 million yuan [1][4] - Qilong Ocean and Jiangtian Technology are both set to list on the Beijing Stock Exchange, with fundraising targets of 382 million yuan and 531 million yuan respectively [1][5] Group 2: Company Profiles - Redboard Technology specializes in the research, production, and sales of printed circuit boards [2] - Zhixin Co. focuses on the development, processing, production, and sales of automotive stamping parts and related molds [3] - Taijin New Energy is dedicated to the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products [4] - Jiangtian Technology is involved in the research, production, and sales of label printing products, providing integrated solutions for customers [5] - Qilong Ocean specializes in the research, production, and sales of marine drilling riser pipes and underwater oil and gas equipment testing services [5]

Core Viewpoint - The company, Xi'an Taijin New Energy Technology Co., Ltd. (Taijin New Energy), is preparing for its IPO, having received the "Opinion Implementation Letter" from the Sci-Tech Innovation Board, but faces scrutiny regarding its future operational stability and potential revenue decline [2][6]. Company Background - Taijin New Energy originated from the Northwest Nonferrous Metal Research Institute, a state-owned research institution established in 1965, with the actual controller being the Shaanxi Provincial Finance Department [2]. - The company was restructured from Taijin Limited, which was founded in November 2000, with initial shareholding by the Northwest Institute and its employee stockholding committee [3][4]. Shareholding Structure - As of the latest data, the employee stockholding committee represents 951 employees holding 58% of the company’s shares, with no disputes over share ownership [4][5]. - The largest shareholder is the Northwest Institute, holding 22.83% of Taijin New Energy, followed by Western Materials at 20% [5]. Financial Performance - Taijin New Energy has shown significant revenue growth, with projected revenues increasing from 919 million yuan in 2022 to 2.13 billion yuan in 2024, and 1.15 billion yuan in the first half of 2023 [6][8]. - The company specializes in high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products, with a notable increase in revenue contribution from electrolysis equipment [6][7]. Regulatory Scrutiny - The company has faced multiple inquiries from regulators regarding its revenue recognition policies and business stability, particularly in light of its rapid revenue growth [6][8]. - The Sci-Tech Innovation Board has requested further evidence to substantiate claims of no significant risk of revenue decline [6]. Fundraising Adjustments - Taijin New Energy has reduced its IPO fundraising target from 1.5 billion yuan to 990 million yuan, a decrease of 34%, which has raised market concerns [8]. - The company has scaled back funding for its projects, particularly those aimed at expanding production capacity, in response to regulatory inquiries [8]. Market Outlook - The company anticipates a recovery in the lithium copper foil industry, projecting a market size of 29 billion yuan by 2028, which underscores the need for expanded operational capacity and innovation [9].

Core Viewpoint - Four companies are set to present their IPO applications, with Redboard Technology seeking the highest fundraising amount of 2.057 billion yuan [1] Group 1: Upcoming IPOs - Redboard Technology plans to list on the Shanghai Main Board, aiming to raise 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards [1][2] - Taijin New Energy is targeting the Sci-Tech Innovation Board with a fundraising goal of 990 million yuan, focusing on high-end green electrolysis equipment and titanium electrodes [1][3] - Jiangtian Technology and Qilong Ocean are both applying for listings on the Beijing Stock Exchange, with Jiangtian seeking to raise 531 million yuan and Qilong aiming for 382 million yuan [1][4] Group 2: Company Profiles - Redboard Technology specializes in the research, production, and sales of printed circuit boards [2] - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis equipment and related products [3] - Jiangtian Technology is involved in the development and production of label printing products, offering integrated solutions for customers [4] - Qilong Ocean is engaged in the research, production, and sales of marine drilling riser pipes and underwater oil and gas equipment testing services [4]

IPO Review and Registration Progress - Four companies passed the IPO review last week, including Jianxin Superconductor, Muxi Co., Shuangxin Environmental Protection, and Aishalen [3][4] - Jianxin Superconductor focuses on the R&D, production, and sales of core components for MRI equipment, with projected revenues of 359 million, 451 million, and 425 million yuan from 2022 to 2024 [3] - Muxi Co. specializes in high-performance GPU chips and plans to raise 3.904 billion yuan through its IPO [3][4] - Shuangxin Environmental Protection reported a revenue decline of 25.25% and 7.85% for 2023 and 2024, respectively, due to industry downturns [4][5] - Aishalen, primarily engaged in OEM for medical care pads, expects revenues of 692 million yuan in 2024 [5] Upcoming IPOs - Three companies are set to undergo IPO reviews this week, including Jiangtian Technology, Taijin New Energy, and Hongban Technology [6] - Jiangtian Technology, which focuses on label printing, reported revenue growth from 384 million yuan in 2022 to 538 million yuan in 2024 [6] - Taijin New Energy, involved in high-end green electrolytic equipment, expects revenues to grow from 1.005 billion yuan in 2022 to 2.194 billion yuan in 2024 [7] - Hongban Technology, specializing in printed circuit boards, achieved a revenue increase of 43.48% year-on-year for the first three quarters of 2025 [8] New Stock Listings and Subscriptions - Four new stocks are scheduled to be listed this week, including Heyuan Bio, Taikang Ying, Xi'an Yicai, and Bibete [12] - Heyuan Bio is a biopharmaceutical company with eight drugs in the pipeline, while Taikang Ying focuses on mining and construction tires [12] - Xi'an Yicai, specializing in 12-inch silicon wafers, reported a revenue of 1.933 billion yuan for the first three quarters of 2025 [13] - Bibete, a biopharmaceutical firm, has no revenue but has one innovative drug approved for market [13] Recent IPO Approvals - Two companies, Angrui Micro and Yuxun Co., received IPO registration approvals, both from the "hard technology" sector [11] - Angrui Micro specializes in RF front-end chips, while Yuxun Co. focuses on optical communication front-end transceiver chips [11] Financial Performance Highlights - Jianxin Superconductor's net profits are projected to grow from 35 million yuan in 2022 to 56 million yuan in 2024 [3] - Shuangxin Environmental Protection anticipates a net profit of 52.5 million yuan in 2025, a slight increase from previous years [4] - Hongban Technology's net profit surged by 306.91% year-on-year for the first three quarters of 2025 [8] - Taijin New Energy's new signed orders for electrolytic equipment dropped significantly, raising concerns about future performance [7]

Core Viewpoint - This week (October 27 - October 31), three companies are scheduled for initial public offering (IPO) meetings according to the announcements from the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange [1] Group 1: Companies and Their IPO Plans - Redboard Technology plans to list on the Shanghai Main Board, with an expected fundraising amount of 2.057 billion yuan, primarily for a project to produce 1.2 million square meters of high-precision circuit boards [2][3] - Taijin New Energy aims for an IPO on the Sci-Tech Innovation Board, seeking to raise 990 million yuan for high-end green electrolysis equipment and titanium electrode projects [2][4] - Jiangtian Technology is set to list on the Beijing Stock Exchange, with a planned fundraising of 531 million yuan, focusing on label printing products and integrated solutions [2][5] Group 2: Regional Distribution - Among the three companies scheduled for IPO meetings this week, one company each is from Jiangxi Province, Shaanxi Province, and Jiangsu Province [2]

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. is set to undergo a second review for its IPO on the Sci-Tech Innovation Board on October 31, aiming to raise approximately 990 million yuan [1] Company Overview - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis complete equipment, titanium electrodes, and metal glass sealing products [1] - The company’s IPO was accepted in June 2024 [1]