Group 1: IPO Approval and Fundraising - The Shanghai Stock Exchange and Beijing Stock Exchange approved the IPO applications of Hengyun Chang and Nongda Technology, with a total fundraising target of 1.882 billion yuan [1] - Hengyun Chang reduced its fundraising target from 1.55 billion yuan to 1.469 billion yuan, while Nongda Technology decreased its target from 552 million yuan to 413 million yuan [2][4] Group 2: Company Profiles - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, and sales of plasma RF power systems and related technologies [5][8] - The company has achieved significant milestones, including being the first domestic manufacturer to deliver plasma RF power systems supporting advanced semiconductor processes, with a market share leading among domestic competitors [8][9] - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates, holding a strong market position in the industry [17][18] Group 3: Financial Performance - Hengyun Chang reported revenues of 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan from 2022 to the first half of 2025, with net profits of 19.61 million yuan, 68.53 million yuan, 129 million yuan, and 64.76 million yuan respectively [11] - Nongda Technology's revenues for the same period were 2.676 billion yuan, 2.637 billion yuan, 2.363 billion yuan, and 1.495 billion yuan, with net profits of 101.16 million yuan, 101.22 million yuan, 145.28 million yuan, and 125.65 million yuan [20][21] Group 4: Fund Utilization Plans - Hengyun Chang plans to use the raised funds for projects including the industrialization of semiconductor RF power systems, a smart production base for core components, and a research and innovation center [13] - Nongda Technology intends to allocate its funds towards the production of high tower compound fertilizers, a biological fertilizer production line, and a low-carbon biological research center [22]

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. is set to hold its initial public offering (IPO) meeting on November 14, 2023, marking it as the first company to undergo a public offering review after passing the on-site inspection by the China Securities Association [1] Group 1: Company Overview - Hengyunchang is a leading domestic supplier of core components for semiconductor equipment, primarily engaged in the research, production, sales, and technical services of plasma radio frequency power systems [2][4] - The company has developed a third-generation plasma radio frequency power system that supports 7 to 14 nanometer processes, achieving international advanced levels and filling a domestic gap [2][3] Group 2: Market Position - Hengyunchang has broken the long-standing monopoly of overseas giants in the domestic plasma radio frequency power system market and is now competing on the same stage with them, continuously expanding its market share [4] - According to Frost & Sullivan, the market size for plasma radio frequency power systems in China's semiconductor industry is projected to reach 6.56 billion yuan in 2024, with Hengyunchang holding the leading market share among domestic manufacturers [4] Group 3: Product Development and Technology - The company has established a comprehensive technical system over more than a decade of continuous research and innovation, focusing on faster, more precise, and more stable applications of plasma radio frequency power systems [5] - Hengyunchang has developed a total of 97 authorized invention patents corresponding to its core technologies, all of which are independently developed [5]