[September 3 IPO Observation Morning Post] Today, CIGNA subscribed, Jintai listed, Jiahong New Materials held this week, only 4 subscribed, 3 listed, and 3 held (week 36)

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

1. Summary of this week (4 subscriptions, 3 listings, and 3 listings)

According to the Prospective Industry Research Institute, this week (8.31-9.6, week 36), the A-share new stock market showed a three-line parallel pattern of "subscription-listing-meeting", and the three lines are in the middle of this week (September 2 to September 4) highly overlapping, making it the week with the most intensive issuance rhythm in recent months.

There are a total of 4 new shares on the subscription end. Baimaike (8/31, Beijing Stock Exchange), Suiyuan Technology (9/2, Science and Technology Innovation Board) and Tengxin Precision (9/2, Beijing Stock Exchange) have completed the subscription. Sinuowei (9/3, Science and Technology Innovation Board) is held today;

There are 3 companies listed on the market. Baitley (301697, GEM) and Makuang (601123, Shanghai Main Board) were listed on September 1, and Jintai (920071, Beijing Stock Exchange) was listed today;

On the review side, the Beijing Stock Exchange will hold the 81st (9/3, Jiahong Xincai), the 82nd (9/4, Xinpa Intelligent), and the 83rd (9/4, Changde Xincai) review meetings. A total of 3 companies will attend the meeting. The meeting numbers are consecutive (81st, 82nd, and 83rd) and there is no 84th meeting scheduled for that week. The Shanghai and Shenzhen Stock Exchanges have no meeting arrangements for disclosure during that week.

Judging from the financing scale, the fundraising scale of the four new shares this week varied significantly.

Based on the respective initial issuance sizes and issuance prices, the total amount of funds raised is expected to be approximately 8.87 billion yuan (of which Tengxin Precision does not consider the over-allotment option), of which Suiyuan Technology alone will reach 6.119 billion yuan, accounting for nearly 70%. It is an unprofitable cloud AI chip company, and this issuance is valued using a price-to-sales ratio; Sinuowei ranks second with 1.803 billion yuan; Tengxin Precision and Baimaike have 644 million yuan and 306 million yuan respectively. The three new shares on the listing end raised a total of approximately 1.91 billion yuan (net of Betley is 711 million yuan, net of Ma Mining shares is approximately 758 million yuan, and total of Jintai shares is approximately 437 million yuan), covering the GEM, the Shanghai Stock Exchange Main Board, and the three sectors of the China Stock Exchange. The industry distribution is new materials, iron ore mining, and sponge titanium, all of which are manufacturing and resource enterprises. The three companies at the meeting plan to raise a total of about 820 million yuan, which is generally small.

Judging from the release rhythm, this week presents two characteristics:

First, September 3 is the "Three-Line Intersection Day". On that day, new share subscription (Sinovy), new share listing (Jintai shares) and listing committee review (Jiahong Xincai) will be held simultaneously. This is the only three-line simultaneous action this week. date;

Second, on September 4, the Beijing Stock Exchange will hold two review meetings, the 82nd (9:00 a.m.) and the 83rd (14:00 p.m.), on the same day, which is the only arrangement of "two sessions a day" this week.

In addition, Suxun Xincai promoted the submission for registration after the meeting on August 28. Zuxing Xincai was approved by the China Securities Regulatory Commission for public issuance and registration by the Beijing Stock Exchange on August 22. Two new shares of Baimaike and Dianke Siyi are expected to be listed one after another in early September.

Two, Today's Preview (Thursday, September 3)

According to the Forward-looking Industry Research Institute, today is the only trading day of the 36th week with the "application, listing, and board meeting" three lines intersecting, with all four arrangements implemented simultaneously.

Firstly, Xinonwei (688837) initiated online and offline applications for subscription on the Science and Technology Innovation Board. The company's issue price is 27.60 yuan per share, with an issue price-to-earnings ratio of 59.34 times, higher than the industry's price-to-earnings ratio of 28.24 times; it plans to publicly issue 65,323,352 shares, accounting for 15% of the total issued shares after the issue, with an issue size of about 18.03 billion yuan. The online subscription code is 787837, with a single account subscription limit of 10,000 shares, and the payment date is September 7. The company (Suzhou Xinonwei Pharmaceutical Technology Co., Ltd.) focuses on the research and development of innovative drugs in the fields of anti-tumor and anti-infection, and has built a "1+3+N" pipeline team (1 NDA application, 3 clinical phase III). As the second new stock on the Science and Technology Innovation Board this week, its price-to-earnings ratio forms a contrast with the price-to-sales ratio adopted by Siyuan Technology, reflecting the differences in issue pricing methods between unprofitable and profitable innovative drug companies.

Secondly, Jintai Stock (920071) listed on the North China Stock Exchange. The company (Chaoyang Jinda Titanium Industry Co., Ltd.) was established in 2006 and is mainly engaged in the research, production, and sales of sponge titanium products. This time, the issue price is 9.72 yuan per share, and 45 million new shares are publicly issued, with a total fundraising amount of about 4.37 billion yuan, and a net amount of about 4.04 billion yuan after deducting the issue expenses, mainly invested in a 20,000-ton high-end aerospace sponge titanium full-process project. This stock is the only listed target today and the third new stock listed this week; before this, the stocks listed this week, Beteli and Maming Stock, came from the GEM and Shanghai Stock Exchange Main Board, respectively. The listing of Jintai Stock covers all three sectors with new stock listings this week.

Thirdly, Jiahong New Materials passed the review of the 81st review meeting of the North China Stock Exchange Listing Committee at 9:00 a.m. today, making it the first company to be reviewed this week, and the review results are subject to the exchange's announcement. It is worth noting that the company passed the review of the Shenzhen Stock Exchange GEM Listing Committee in April 2023 and actively withdrew the listing application after more than a year of waiting, and this time it is once again striving for listing through the North China Stock Exchange; the company's IPO was accepted on December 15, 2025, and entered the inquiry stage on January 12, 2026, and this time it plans to raise about 2.53 billion yuan. In addition, the North China Stock Exchange new stock Baymaike (920268) disclosed the online issue results announcement today, Tengxin Precision (920298) announced the winning results and payment, and the issue process of the two new stocks listed on the North China Stock Exchange will be implemented simultaneously.

3. This week's forecast (remaining two trading days)

According to statistics from the Prospective Industry Research Institute, the core highlights of the remaining two trading days in the 36th week (August 31-September 6) are focused on September 4 (Friday), which is the "two meetings a day"+ The superimposed day of "winning payment" is the day with the most concentrated review and issuance fund arrangements this week.

On the review side, the Beijing Stock Exchange will hold the 82nd review meeting in 2026 at 9:00 a.m. on September 4 to review Sinpa Intelligent (proposed to raise 280.1088 million yuan, sponsored by Orient Securities, which is mainly engaged in wind power blade intelligent equipment and semiconductor sealing and testing equipment), and the 83rd review meeting will be held at 14:00 p.m. to review Changde New Materials (planned to raise approximately 290 million yuan, mainly engaged in comprehensive utilization of resources and new green materials). Together with today's 81st meeting, the Beijing Stock Exchange held a total of three review meetings and reviewed three companies this week, and two of them were concentrated on the same day, which is rare in the review rhythm of the Beijing Stock Exchange in recent months; At the same time, the three participating companies have all reduced their fundraising plans (Jiahong New Materials 'fundraising scale has shrunk by about 40% compared with the previous period, Changde New Materials has been reduced from 500 million yuan to about 290 million yuan, and Xinpa Intelligent has been reduced from about 330 million yuan before the meeting. The amount disclosed before the meeting was reduced to 280.1088 million yuan) reflects the prudent orientation of the issuing and reviewing sides on the rationality of fundraising and is worthy of continuous observation.

On the issuing side, Suiyuan Technology (688801) applied for the winning bid payment on September 4 (71,090 yuan is required for the first bid for 500 shares), and Cigna will pay on September 7 (next Monday); Baimaike and Dianke Siyi are expected to announce their listing dates and be listed in early September after completing the payment. On the registration side, Suxun Xincai promoted the submission of registration after the meeting on August 28. Zuxing Xincai was approved by the China Securities Regulatory Commission for public issuance and registration by the Beijing Stock Exchange on August 22, and will enter the issuance process in the future.

4. Yesterday's resumption (Wednesday, September 2)

4.1 Market Summary

According to observations by the Prospective Industry Research Institute, yesterday (September 2) the A-share IPO market was dominated by "two new shares subscribed on the same day", and at the same time, one new share disclosed its listing announcement.

In terms of the Science and Technology Innovation Board, Suiyuan Technology (688801) launched online and offline subscriptions, with an issue price of 142.18 yuan/share and an issue number of 43.035173 million shares (accounting for 10% of the total share capital after issuance, and the total share capital after issuance is approximately 430 million shares). The total amount of funds raised is estimated to be approximately 6.119 billion yuan, and the net amount after deducting issuance expenses is approximately 5.81 billion yuan; This issuance adopts a combination of strategic placement, offline issuance and online issuance. The initial strategic placement is 8.607,034 million shares, the initial offline issuance is 27.542,639 million shares, and the initial online issuance is 6.8855 million shares. The subscription limit for a single account is 6,500 shares, and the first batch (500 shares) requires a payment of 71,090 yuan. The company is not yet profitable, and this issuance is valued using the price-to-sales ratio. Corresponding to the diluted static price-to-sales ratio of 61.80 times in 2025.

Regarding the Beijing Stock Exchange, Tengxin Precision (920298) simultaneously launched online subscription, with an issue price of 35.78 yuan/share and an issue price-to-earnings ratio of 14.99 times. It initially issued 18 million shares (including 5.4 million strategic placement and 12.6 million online issuance), with a subscription limit of 765,000 shares.

In addition, Baimaike (920268) handled a refund of online subscription funds on the same day, and Jintai (920071) disclosed its listing announcement and confirmed that it would be listed on September 3. There were no new shares listed on that day and no meeting was arranged.

4.2 Key enterprise: Suiyuan Technology (688801)

Corporate IPO Overview

Suiyuan Technology (688801, Shanghai Suiyuan Technology Co., Ltd.) launched online and offline subscriptions on the Science and Technology Innovation Board of the Shanghai Stock Exchange on September 2, 2026 (Wednesday), with an issue price of 142.18 yuan/share and an issue number of 43.035173 million shares (accounting for 10% of the total share capital after the issuance, and the total share capital after the issuance is approximately 430 million shares). The total amount of funds raised is estimated to be approximately 6.119 billion yuan, and the net amount after deducting issuance expenses is approximately 5.81 billion yuan. The sponsor (joint lead underwriter) is CITIC Securities, Cathay Pacific Haitong and Guangfa Securities serve as joint lead underwriters. The company was founded in March 2018 and focuses on the research and development, design and sales of cloud AI chips and related products. It has independently developed and iterated four-generation architecture and five cloud AI chips; this issuance uses a price-to-sales ratio valuation, corresponding to 2025 The diluted static price-to-sales ratio is 61.80 times, and the estimated market value at the time of listing based on the issue price is approximately 61.187 billion yuan. The company is not yet profitable, and the winning payment date is September 4.

Interpretation of core data of the prospectus

[Main Business] According to the prospectus, the company's main business is the research and development, design and sales of cloud AI chips and related products. It is one of the leading companies in the field of cloud AI chips in my country. Since its establishment in March 2018, the company has independently developed and iterated four-generation architecture and five cloud AI chips, and built a complete product covering AI chips, AI accelerator cards and modules, smart computing systems and clusters, and AI computing and programming software platforms. System, product types include AI accelerator cards and modules, smart computing systems and clusters, AI computing and programming software platforms. The company's business scope covers the research and development and sales of integrated circuits and computer hardware, and the development, design and sales of computer software.

[Income Composition] According to the prospectus, more than 96% of the company's operating income in each period of the reporting period came from its main business, and other business income mainly came from the resale of a small amount of raw materials and equipment leasing. The company's operating income increased from 301.1874 million yuan in 2023 to 990.16 million yuan in 2025, with a compound growth rate of 81.32% during the period; of which, the operating income in 2023, 2024 and 2025 was 301 million yuan, 722 million yuan and 990 million yuan respectively. From the perspective of product structure, AI accelerator cards and modules, smart computing systems and cluster businesses constitute the company's main sources of revenue. Among them, AI accelerator cards and module products are mainly sold to head Internet customers. In 2025, the proportion of main business revenue of such products has exceeded 85%; more than 99% of the company's main business income comes from mainland China.

Supplementary disclosure: From January to June 2026, the company achieved operating income of 1.120 billion yuan, a year-on-year increase of 279.08%; the company expects operating income in the first three quarters of 2026 to be 2.3 billion yuan to 3 billion yuan, a year-on-year increase of 325.78% to 455.36%. The above results are expected to be preliminary calculations made by the company based on orders on hand and operating conditions. They are not audited and do not constitute a profit forecast.

[Production and Sales] According to the prospectus, in terms of sales model, more than 98% of the company's main business income in each period of the reporting period came from the direct sales model. Only two customers were in the distribution model, the amount was small, and the income was confirmed based on the acceptance of end customers. Revenue; the company adopts the AVAP model to sell some customers, that is, sells products to the server manufacturer designated by the customer at the price negotiated with the end customer. In terms of revenue seasonality, the company's revenue in the fourth quarter accounted for a relatively high proportion during the reporting period, mainly due to the fact that Internet manufacturers usually expand their servers at the end of the year and smart computing center projects are often delivered and accepted in the fourth quarter. In terms of products and sales, the year-on-year growth in AI accelerator card and module revenue in 2024 is mainly due to the increase in average unit price driven by product iteration (The revenue of the year mainly came from the mass production and launch of the third-generation AI accelerator card.) The revenue growth in 2025 is mainly due to the continued increase in volume and further increase in sales volume of the third-generation AI accelerator card in the Internet customer AI business scenario; smart computing systems and cluster business In 2025, revenue declined year-on-year, mainly due to the company's focus on resources to prioritize meeting the procurement needs of top Internet customers.

[Major Customers] According to the prospectus, the company has a high concentration of customers. From 2023 to 2025, the sales amount to the top five customers accounted for 96.50%, 92.60% and 96.89% of the current operating income respectively; Among them, the sales amount to Tencent Technology (Shenzhen) Co., Ltd.(including direct sales and AVAP model sales) accounted for 33.34%, 37.77% and 83.79% of operating income respectively, showing an increasing trend year by year. Tencent Technology and its related parties hold 20.26% of the company's shares. Tencent Technology (Shenzhen) Co., Ltd. is a related party of the company, and relevant transactions constitute connected transactions.

[Fundraising Purpose] According to the prospectus, the company plans to raise 6 billion yuan in this initial public offering, all of which will be invested in three projects: 1.503 billion yuan will be used for product development and industrialization projects based on the fifth-generation AI chip series, and 1.197 billion yuan will be used for R & D and industrialization projects based on the sixth-generation AI chip series, 3.3 billion yuan will be used for advanced artificial intelligence software and hardware collaborative innovation projects, and no other fundraising sub-projects. Based on the issuance price of 142.18 yuan/share, the total amount of funds raised is expected to be approximately 6.119 billion yuan, and the net amount after deducting issuance expenses is approximately 5.81 billion yuan.

★ 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.

Forward-looking Economist

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 [September 1 IPO Observation Morning Post] Today, Betley and Makuang shares were listed this week, only 4 subscriptions, 2 listings, and 3 listings (week 36)

[August 28 IPO Observation Morning Post] This week (8.24-8.30), 5 subscriptions and 1 company appeared, and the issuance pace slowed down significantly compared with last week

[September 2 IPO Observation Morning Post] Today, Suiyuan Technology and Tengxin Precision purchased on the same day. This week, 4 subscriptions, 2 listings, and 3 listings (week 36)

[Announcement of this week's IPO meeting] Companies attending the Beijing Stock Exchange: Jiahong New Materials (9/3), Xinpa Intelligent (9/4), Changde New Materials (9/4)(Week 36)

Analysis of the development status of tourist attractions in Guangdong Province in 2026 The number of scenic spots at 2A and above has reached 733 [Photos]

[August 31 IPO Observation] Week 36 (forecast) Suiyuan Technology Subscription, Week 35 (resumption) Jiahong/Changde Conference, 5 subscriptions, Suxun New Materials Conference

This article explores Aromatherapy, fragrance, perfume, essential oil, non-fire aroma, aroma candle, rattan aroma, home aroma, natural aroma, diffuser, sharing the latest industry insights and offering practical references for enthusiasts.

Source: 前瞻产业研究院 (https://www.qianzhan.com/)

This article is reproduced from the original source for information sharing only. If it infringes any copyright, please contact us and we will remove it promptly.

© 2026 CeresMall | www.CeresMall.com