Subscription is booming! The leading company in the electronic circuit Copper-based New Materials field, Jiangnan New Materials, is about to go public.

On March 14, Gelonghui reported that Jiangnan New Materials (603124.SH), a leading company in the field of Copper-based New Materials in the electronic circuit industry, released the announcement of its Initial Public Offering (IPO) and results of listing on the Main Board. The issuing price is RMB 10.54 per share, with a total of 36.4363 million shares issued. Large enterprises such as Shenzhen Kinwong Electronic and Avary Holding, which have strategic cooperation relationships or long-term cooperation visions with Jiangnan New Materials, participated in the strategic allocation. All investors involved in the strategic allocation have paid their subscription funds on time, with a total allocation of 7.210625 million shares, accounting for approximately 19.79% of the total number of shares issued, with a lock-up period of 12 months. In addition, online investors subscribed for 23.220775 million shares, with a subscription rate as high as 99.45%, amounting to approximately RMB 2.44747 billion; 0.129225 million shares were abandoned, which were fully underwritten by the sponsor (lead underwriter), CITIC SEC. Offline investors subscribed for 5.875675 million shares, with no abandoned subscriptions, achieving a 100% subscription rate, amounting to approximately RMB 61.929615 million. The offline issuance adopted a proportional lock-up method, where 90% of the shares allocated to offline placement objects will have no lock-up period and 10% will be subject to a lock-up period of 6 months from the date of the issuer's IPO and listing. Jiangnan New Materials is located in Jiangxi, the famous "Copper Capital of the World" in Yingtan, and is a national-level Specialized, Special and New "Little Giant" enterprise focusing on the research, production, and sales of Copper-based New Materials for electronic circuits, having established long-term strategic cooperation relationships with global leading PCB companies. Data shows that as of the end of June 2024, among the top 30 PCB companies in China, 28 are customers of Jiangnan New Materials; the cooperation ratio among the top 100 companies reaches 83%, covering international leading enterprises such as Avary Holding and Shennan Circuits. The high recognition from the market has formed a unique ecological barrier for Jiangnan New Materials' customers. As an important participant in China's high-end manufacturing sector, the listing of Jiangnan New Materials is not only a milestone event for its own development but also a typical example of China's materials industry breaking through "bottleneck" technologies and achieving value chain upgrades.