Core Insights - The number of IPO applications received in June reached a record high for the year, with 150 companies applying, driven by periodic financial data updates and an improving regulatory framework under the registration system [1][2][3] Group 1: IPO Application Trends - A total of 177 companies' IPO applications were accepted in the first half of the year, a significant increase from 29 in the same period last year, with June alone accounting for over 85% of the total [2][4] - The last few days of June saw a surge in applications, with 41 new IPOs accepted on June 30, including 32 by the Beijing Stock Exchange [2][7] - The increase in IPO applications is linked to the financial reporting cycle, as companies must submit applications within six months of their financial report's validity [3][4] Group 2: Industry Distribution and Market Sentiment - Manufacturing companies dominate the IPO applications, particularly in sectors like computer, communication, and electronic equipment manufacturing [4] - The number of IPO withdrawals has decreased significantly, with only 66 withdrawals reported by June 30, compared to last year's higher figures, indicating improved market confidence among quality companies [4][6] Group 3: Support for Unprofitable Companies - The acceptance of IPO applications from unprofitable companies has increased, with four such companies applying in June, primarily in the semiconductor sector [5][6] - Notable examples include DaPuWei, which reported projected revenues of approximately 5.57 billion yuan in 2022 but incurred losses, and Zhaoxin Integrated, which focuses on high-end processors [5] Group 4: Future Outlook - The A-share market is expected to see a steady increase in IPO numbers in 2025, particularly from companies in key manufacturing and strategic emerging industries like semiconductors and new energy [8]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, indicating a significant step towards raising capital for its operations in high-end general-purpose processors and supporting chip development [2]. Financial Performance - Revenue projections for Zhaoxin Integrated from 2022 to 2024 are as follows: 340 million yuan, 555 million yuan, and 889 million yuan respectively [2]. - Net profit (attributable to the parent company) for the same period is projected to be -727 million yuan, -676 million yuan, and -951 million yuan respectively [2]. - The total assets of the company as of December 31, 2024, are projected to be approximately 5.54 billion yuan, with total liabilities leading to a debt ratio of 36.04% [3]. Market Position - Zhaoxin Integrated has established a leading market position in the domestic desktop PC market, with its CPUs being the most widely used in products from major manufacturers such as Lenovo and Unisoc [2]. - According to the Hurun Research Institute, Zhaoxin Integrated is valued at 18.5 billion yuan, ranking it among the global unicorns [4]. Corporate Governance - The board of directors consists of nine members, with Ye Jun serving as the chairman [6]. - The company’s actual controller is the Shanghai State-owned Assets Supervision and Administration Commission, which oversees state-owned assets in Shanghai [4]. Management Team - Du Mengmeng serves as the board secretary, bringing experience from legal and investment banking backgrounds [7].

Group 1 - Two companies received IPO acceptance on June 18, including Shanghai Superconductor on the Sci-Tech Innovation Board and Longyuan Co., Ltd. on the Beijing Stock Exchange [1] - As of June 18, a total of 49 IPO projects have been accepted across the Shanghai, Shenzhen, and Beijing exchanges, with Shanghai accepting 13, Beijing 29, and Shenzhen 7 [2] Group 2: Shanghai Superconductor Technology Co., Ltd. - The company focuses on the research, production, and sales of high-temperature superconducting materials, which have applications in controlled nuclear fusion, superconducting power, and advanced medical fields [3] - The company has no controlling shareholder, with the largest shareholder holding 18.15% of the shares, and no single shareholder has decisive voting power [4] - Revenue for 2022, 2023, and 2024 was reported as 35.78 million, 83.34 million, and 239.53 million yuan respectively, with net profit figures showing a transition from losses to profitability by 2024 [5][6] - The company plans to raise 1.2 billion yuan through its IPO for the production of second-generation high-temperature superconducting materials [11] Group 3: Longyuan Co., Ltd. - Longyuan specializes in the research, production, and sales of precision aluminum alloy die-casting parts, primarily for the automotive industry [13] - The company is controlled by a couple, with the husband holding 55.89% of the shares, leading to a combined control of 98.53% of the voting rights [15] - Revenue figures for 2022, 2023, and 2024 were 519.33 million, 699.40 million, and 868.89 million yuan respectively, with net profits showing consistent growth [16][17] - The company aims to raise 610 million yuan through its IPO for projects related to new energy systems and R&D center construction [21] Group 4: Springlight Technology Group Co., Ltd. - The company focuses on the research, production, and sales of soft magnetic ferrite powder and related products [23] - The controlling shareholder holds 34.04% of the shares, with additional indirect control through other entities [24] - Revenue for 2022, 2023, and 2024 was reported as 1.015 billion, 929.60 million, and 1.077 billion yuan respectively, with net profits increasing over the years [25][26] - The company plans to raise 750 million yuan through its IPO for projects related to smart power magnetic materials and R&D center upgrades [30] Group 5: Other Companies - Various companies including Huada Tong, Aikem New Materials, and Guli Fa have also received IPO acceptance, focusing on sectors such as petrochemical recycling, rubber additives, and electrical equipment [32][40][50] - Each company has outlined their business focus, shareholder structure, financial performance, and planned fundraising amounts for their respective IPOs [41][42][51]

Core Insights - Since the release of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board," four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor industry [3][5][6]. Group 1: IPO Applications - Four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor sector [3][5]. - The companies include Zhaoxin Integrated Circuit Co., Ltd., Shanghai Super Silicon Semiconductor Co., Ltd., and others, with Zhaoxin seeking to raise 4.169 billion yuan [8][28]. Group 2: Financial Performance - Zhaoxin reported revenues of 340 million yuan, 555 million yuan, and 889 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 726.61 million yuan, 675.58 million yuan, and 951.39 million yuan during the same period [11]. - Shanghai Super Silicon achieved revenues of 921.09 million yuan, 927.80 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024, with net losses of 860.12 million yuan, 1.041 billion yuan, and 1.299 billion yuan [31]. Group 3: Funding and Investment Plans - Zhaoxin plans to use the proceeds from its IPO for projects including the development of next-generation server processors and desktop processors, with a total investment of approximately 458.20 million yuan [12]. - Shanghai Super Silicon aims to raise 4.965 billion yuan for expanding production capacity and R&D projects related to semiconductor silicon wafers [35]. Group 4: Regulatory Environment - The "Eight Measures" aim to support high-quality unprofitable tech companies with key core technologies and significant market potential to list on the Sci-Tech Innovation Board, enhancing the inclusiveness of the system [5][6]. - The China Securities Regulatory Commission (CSRC) plans to introduce further reforms, including a new growth tier on the Sci-Tech Innovation Board and the reintroduction of listing standards for unprofitable companies [6].

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has submitted its application for listing on the Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan [1] Financial Performance - The company reported revenues of 340 million yuan, 555 million yuan, and 889 million yuan for the years 2022, 2023, and 2024, respectively [1] - Net profits for the same years were -727 million yuan, -677 million yuan, and -951 million yuan, indicating ongoing losses [1] - The basic and diluted earnings per share are projected to be -0.09 yuan, -0.20 yuan, and -0.55 yuan for 2022, 2023, and 2024, respectively [1] - The weighted average return on equity is expected to be -24.01%, -15.91%, and -23.78% for the years 2022, 2023, and 2024 [1] - The net cash flow from operating activities is forecasted to be -658 million yuan, -487 million yuan, and -1.093 billion yuan for 2022, 2023, and 2024 [1]

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan [1] Company Overview - Zhaoxin Integrated focuses on the research, design, and sales of high-end general-purpose processors and supporting chips, mastering core technologies in processor microarchitecture and implementation [1] - The company is a leading domestic CPU design enterprise compatible with x86 instruction sets, targeting multiple fields including desktop PCs, servers, workstations, and embedded systems [1] Industry Competition - The global x86 architecture processors, primarily dominated by Intel and AMD, maintain a significant market share in desktop PCs and servers, creating a duopoly competition [1] - Domestic CPU manufacturers include Zhaoxin, Hygon, Loongson, Huawei HiSilicon, and Phytium, each adopting different technical routes based on product positioning and technology sources [2] Ecosystem Development - Zhaoxin collaborates closely with domestic industry chain partners to enhance and prosper its independent ecosystem, supporting various domestic commercial and open-source operating systems [2] - The company has formed over 200,000 software and hardware adaptation and optimization projects with more than 3,000 partners [2] Fundraising and Investment Plans - The company plans to invest the raised funds in several projects, including: - New generation server processor project: 10.1238 billion yuan - New generation desktop processor project: 10.8624 billion yuan - Advanced process processor R&D project: 11.4299 billion yuan - R&D center project: 13.4043 billion yuan - Total investment across all projects amounts to 45.8205 billion yuan, with 41.6859 billion yuan allocated from the IPO proceeds [2] Financial Performance - Projected revenues for 2022, 2023, and 2024 are approximately 340 million yuan, 555 million yuan, and 889 million yuan, respectively [2] - The company reported net losses of approximately 727 million yuan, 676 million yuan, and 951 million yuan for the same years [2] - Key financial metrics for 2024 include total assets of 5.5399 billion yuan, total liabilities of 2.000 billion yuan, and a debt-to-asset ratio of 36.04% [3]