[September 1 IPO Observation Morning Post] Today, Batelli and Makuang shares were listed this week, with 4 subscriptions, 2 listings, and 3 listings

★ Disclaimer: This article is an objective compilation of public information and does not constitute any investment advice or securities promotion.

1. Market review this week (8/31-9/6, week 36)

According to observations by the Prospective Industry Research Institute, in the 36th week of 2026 (August 31-September 6), the A-share new share market presents a three-line parallel pattern of "subscription-listing-meeting".

On the subscription side, two new shares of Baimaike (8/31, Beijing Stock Exchange) and Suiyuan Technology (9/2, Science and Technology Innovation Board) were issued one after another. Among them, Suiyuan Technology, an unprofitable AI chip company, plans to raise about 6 billion yuan. Key issuance projects within the month;

On the listing side, Baitley (301697, GEM) and Makuang (601123, Shanghai Main Board) were both listed on September 1, breaking the "zero listing" situation in the 35th week;

On the review side, the Beijing Stock Exchange will hold the 81st (9/3, Jiahong Xincai), 82nd (9/4, Xinpa Intelligent), and 83rd (9/4, Changde Xincai) listing committee review meeting, and the Shanghai and Shenzhen Stock Exchanges have no scheduled disclosure at the meeting during that week.

In addition, Suxun Xincai is expected to advance the submission for registration after the meeting on August 28. New shares such as Baimaike and Dianke Siyi are expected to be listed one after another in early September after completing payment.

2. Resumption yesterday (Monday, August 31)

2.1 Market Summary

According to the Prospective Industry Research Institute, yesterday (August 31), the A-share IPO market was dominated by "new share subscriptions on the Beijing Stock Exchange + disclosure of the GEM winning rate".

Baimaike (920268) launched the subscription on the Beijing Stock Exchange yesterday. The issue price is 17.10 yuan/share, the issue P/E ratio is 14.99 times, and the public offering of 13.55 million shares. The subscription limit is 474,200 shares. The top subscription requires a market value of 8.1088 million yuan. The sponsor institution (lead underwriter) is Great Wall Securities Co., Ltd.;

On the same day, GEM new shares Dianke Siyi (301689) disclosed the online subscription status and the announcement of the winning rate. The final winning rate of online issuance was 0.0181348368%. The number of valid subscription households for online pricing issuance was 15.2283 million, the number of valid subscription shares was 135.080 billion shares, and the total number of allocation numbers was 270 million. The payment date is scheduled for September 1.

No new shares were listed in the entire market on that day, and no winning numbers were announced.

2.2 Key enterprise: Baimaike (920268)

Corporate IPO Overview

Baimaike (920268) will launch its subscription on the Beijing Stock Exchange on Monday, August 31, 2026, with an issue price of 17.10 yuan/share, an issue P/E ratio of 14.99 times, and a public offering of 13.55 million shares (Without considering the over-allotment option), the subscription limit is 474,200 shares, and the market value for the top subscription is 8.1088 million yuan. The sponsor institution (lead underwriter) is Great Wall Securities Co., Ltd.; the company plans to raise 306 million yuan, all of which will be invested in the "Hainan Baimaike Advanced Medical Device Project".

The company's predecessor, Jianke, was established in June 2007 and changed into a joint-stock company in June 2022. Its registered place is located in Ding 'an County, Hainan Province. It is a national-level specialized and innovative "little giant" enterprise and high-tech enterprise; the operating income from 2023 to 2025 is 174 million yuan, 185 million yuan and 215 million yuan respectively.

Interpretation of core data of the prospectus

[Main Business] According to the prospectus, the company is a high-tech enterprise specializing in the research and development, production and sales of surgical medical devices and peptide pharmaceutical equipment represented by surgical sutures. It is a national-level specialized and innovative "Little Giant" enterprise; its main products include surgical instruments such as surgical sutures, interventional embolization materials, and hemostatic materials, as well as polypeptide pharmaceutical equipment products such as polypeptide synthesizers and polypeptide lyzers. The company's core product "Fengchuangling" absorbable surgical suture (suture diameter 0.2-0.61 mm) uses a 360-degree spiral barb cutting process. It is used for surgical suture without tying, and it is completely degraded and absorbed in the body in about 180-220 days; The company has obtained the first domestic registration certificate for absorbable knot-free surgical suture products.

[Income Composition] According to the prospectus, the company's main business income mainly comes from the surgical suture series products. 2023-2025 In 2001, the sales revenue of surgical suture series products accounted for 79.34%, 84.80% and 80.23% of the main business income respectively, of which the sales revenue of absorbable surgical sutures accounted for 79.24%, 84.75% and 77.59% respectively. It is the company's main source of income and profit; During the same period, the main business income of the pharmaceutical equipment segment was 33.3856 million yuan, 23.5601 million yuan and 30.2906 million yuan respectively, accounting for 19.29%, 12.83% and 14.18% of the main business income respectively. The company has a certain dependence on a single product.

[Production and Sales] According to the prospectus, the company's medical device products are mainly based on a distribution model. From 2023 to 2025, the revenue generated by the distribution model accounted for 80.71%, 87.17% and 85.82% of the main business income respectively. The number of dealers is large and widely distributed in regions; the distribution and distribution model is adopted in provinces that have implemented the "two-ticket system" policy. Under the traditional dealer model, dealers are divided into agreement dealers and buyers and sellers. In terms of market coverage, the company's surgical suture products have been sold to nearly 3,000 hospitals in 31 provinces, autonomous regions and municipalities directly under the Central Government in China, including nearly 800 hospitals above tertiary level, and the "2023 China Hospital Comprehensive Ranking" covers 36 hospitals.

[Major Customers] According to the prospectus, the total sales of the company's top five customers accounted for 34.87%, 28.46% and 28.22% of operating income respectively, and customer concentration showed a downward trend; the largest customer in 2023 will be Jiangsu Nuotai Aosanuo Biopharmaceutical Co., Ltd., which purchased polypeptide pharmaceutical equipment from the company, with a purchase amount of 16.9443 million yuan, accounting for 9.74%. There is no relationship between the two parties. In the field of peptide pharmaceutical equipment, Hainan Jianbang, a subsidiary of the company, developed a fully automatic large-scale peptide synthesis instrument with independent intellectual property rights in 2009. Its main customers include Nuotai Biotech, WuXi AppTec, Hengrui Pharmaceutical, Qilu Pharmaceutical and other large pharmaceutical companies.

[Fundraising Purpose] According to the prospectus, the company plans to publicly issue no more than 13.55 million shares to unspecified qualified investors, and plans to raise 306 million yuan, all of which will be used for the "Hainan Baimaike Advanced Medical Device Project"; After the project is completed and fully reached production capacity, it will add 3.25 million new Fengchuang Ling production capacity, 250,000 antibacterial fishbone thread production capacity, and 500,000 antibacterial barbed thread production capacity. At the same time, new absorbable surgical sealing medical glue, skin wound adhesives and other product production capacity will be added.

3. Today's (Tuesday, September 1) announcement

According to observation by the Prospective Industry Research Institute, the focus of today's market is "two new shares are listed + payment from the winning bid of the electronic science company", and there are no new shares purchased.

First, Betley (301697) officially landed on the GEM, with an issue price of 12.10 yuan/share, 65.7 million shares issued, and net funds raised of 711 million yuan. The issue P/E ratio is 27.39 times. The sponsor institution is Guoxin Securities;

Second, Makuang Shares (601123) landed on the main board of Shanghai Stock Exchange, with an issue price of 6.65 yuan/share, 123.5 million shares were issued, and net funds raised were approximately 758 million yuan;

Third, Dianke Siyi (301689) announced the online winning results and fulfilled its payment obligation (T+2 day payment).

4. Forecast for this week (8/31-9/6, week 36)

According to the Prospective Industry Research Institute, the remaining trading days of the 36th week (August 31-September 6) are densely watched:

On September 2, Suiyuan Technology (688801) launched online and offline subscriptions on the Science and Technology Innovation Board. The company plans to issue 43.035,173 million shares, accounting for 10% of the total share capital after issuance, and plans to raise approximately 6 billion yuan. It is not yet profitable;

On September 3 and September 4, the Beijing Stock Exchange held the 81st (Jiahong Xincai) and 83rd (Changde Xincai) Listing Committee review meetings respectively;

Suxun Xincai is expected to promote the submission of registration after the meeting on August 28;

New shares that have completed their payment are expected to announce the winning results and be listed in early September.

★ Data sources and disclaimers ★

Disclaimer: This article is an objective compilation of public information and does not constitute any investment advice or securities recommendation

Data source: This article is based on public review developments of the Shanghai and Shenzhen Stock Exchanges, announcements of the China Securities Regulatory Commission, and public disclosure information such as prospectuses and issuance announcements of various companies. If there is any difference between the content of this article and the final official disclosure, the official announcement of the exchange and the issuer shall prevail.

Report produced by: Prospective Industry Research Institute

★ About the Prospective Industry Research Institute ★

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT.

Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

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Prospective Industry Research Institute is a leader in industrial consulting in China, specializing in providing solutions in industrial planning, industrial declaration, industrial upgrading and transformation, industrial park planning, feasibility reports and other fields to sweep away attention. Related reading RELEVANT [August 31 IPO Observation] Week 36 (preview) Suiyuan Technology subscription, Jiahong/Changde conference Week 35 (resumption) 5 subscriptions, Suxun New Materials conference

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