In the past week, IPO activities in both domestic and overseas capital markets have been frequent, kicking off an active start to the year. Zhejiang Xinseng Technology Co., Ltd.'s IPO was postponed on the day of its review, marking the first deferred IPO project in the Shanghai, Shenzhen, and Beijing stock exchanges in 2026.
The Hong Kong IPO market has continued its active trend at the beginning of the year, with 20 companies submitting listing applications to the Hong Kong Stock Exchange in a short period. These companies span multiple high-growth sectors such as consumer retail, semiconductors, biomedicine, agriculture and animal husbandry, and logistics. The dual focus on advanced technology and essential consumer goods demonstrates Hong Kong's appeal to high-quality enterprises while reflecting capital markets' preference for leading firms in niche industries.
I. Companies that passed this week’s review
1. Suzhou Lianxun Instrument Co., Ltd.
On January 14, Lianxun Instruments successfully passed the review by the STAR Market Listing Committee of the Shanghai Stock Exchange, becoming the first company to pass in the STAR Market in 2026, and also the first company in China's semiconductor industry chain to pursue an A-share listing this year.
Lianxun Instruments, founded in 2017, specializes in the research, development, manufacturing, and sales of electronic measurement instruments and semiconductor testing equipment. As a leading domestic provider of high-end testing instrument devices, the company has long focused on delivering high-speed, high-precision, and high-efficiency core testing equipment for global high-speed communication and semiconductor fields.
From 2022 to 2024, the company's revenue increased from RMB 214 million to RMB 789 million, with an annual compound growth rate exceeding 90%. Net profit attributable to shareholders turned from losses to gains, reaching RMB 140 million in 2024. From January to September 2025, the company maintained robust growth, achieving revenue of RMB 806 million and net profit of RMB 96.643 million.
2. Mingguang Ruier Jingda Technology Co., Ltd.
On January 14, Ruier Jingda successfully passed its second attempt. The company's initial IPO application for the Beijing Stock Exchange was accepted on December 29, 2023, but later terminated due to the company's voluntary withdrawal of its application materials. Ruier Jingda is a high-tech enterprise providing longevity technology solutions and key refractory materials for blast furnace ironmaking systems. Its products are widely used by well-known domestic steel enterprises such as Baowu Group, Shougang Group, Ansteel Group, HBIS Group, and Shagang Group, and are also exported to countries and regions including Russia, South Korea, Vietnam, and Turkey.
In terms of financial performance, from 2022 to 2024, Lianxun Instruments’ revenue grew from RMB 214 million to RMB 789 million, with net profit increasing to RMB 140 million. From January to September 2025, the company achieved revenue of RMB 806 million and net profit of RMB 97.687 million. In this IPO, Lianxun Instruments plans to raise approximately RMB 1.711 billion.
3. Hangzhou Gaot Electronics Equipment Co., Ltd.
According to the Shenzhen Stock Exchange (SZSE) website, Gaot Electronics successfully passed the listing committee meeting on January 13 and is advancing toward an IPO on the SZSE ChiNext Board. Gaot Electronics is a national high-tech enterprise driven by technological innovation and a specialized and sophisticated 'little giant' enterprise. The company provides safe, reliable, efficient, stable, and more cost-effective new energy storage battery management system-related products for the new energy industry.
The sponsor institution for Gaot Electronics is CITIC Securities Co., Ltd., with Meng Xia and Pang Xue Mei as the sponsor representatives. Gaot Electronics plans to publicly issue no more than 120 million shares on the SZSE ChiNext Board, representing no more than 25% and no less than 10% of the total share capital after issuance. This issuance will consist entirely of new shares, with no public sale of existing shares by current shareholders. The company intends to raise RMB 850 million in funds for projects including the construction of an intelligent manufacturing center for energy storage battery management systems and the supplementation of working capital.
4. Tianhai Automotive Electronics Group Co., Ltd.
On January 16, Tianhai Electronics' IPO on the SZSE Main Board was approved at the listing committee meeting. Established in 2006, Tianhai Electronics is dedicated to providing automotive original equipment manufacturers (OEMs) with solutions for automotive transmission systems, connection systems, and intelligent controls. Its core business includes the research, development, production, and sales of automotive wiring harnesses, automotive connectors, and automotive electronic components, with its products primarily applied in the manufacturing of new energy vehicles and traditional fuel-powered vehicles.
From 2022 to the first half of 2025, Tianhai Electronics’ operating revenue reached RMB 6.557 billion, RMB 12.523 billion, RMB 11.549 billion, and RMB 8.215 billion respectively; its net profits were RMB 324 million, RMB 616 million, RMB 684 million, and RMB 410 million respectively.
5. Shenyang Scientific Instruments Co., Ltd., Chinese Academy of Sciences
On January 16, the Beijing Stock Exchange (BSE) website showed that Zhongkeyi’s IPO was approved during the day's meeting. Zhongkeyi, established in 2001, is a leading provider of core components for semiconductor manufacturing equipment and vacuum science instruments in China. Its main business involves the research, development, production, and sales of dry vacuum pumps and vacuum science instruments, along with related technical services.
In 2022, 2023, 2024, and the first half of 2025, Zhongkeyi’s operating revenue reached RMB 698 million, RMB 852 million, RMB 1.082 billion, and RMB 574 million respectively; its net profits were RMB 498 million, RMB 600 million, RMB 193 million, and RMB 138 million respectively.
II. Newly Listed Companies
From January 12 to 16, the Hong Kong stock market welcomed the concentrated listing of five enterprises, covering diversified sectors such as semiconductors, cold chain logistics, and civil engineering. On January 12, OmniVision Group (00501.HK), the world’s third-largest digital image sensor supplier, was listed on the main board, becoming the first “A+H” enterprise of the year. With an issue price of HKD 104.8, its closing price on the first day surged by 16.22% to HKD 121.8, bringing its total market capitalization to HKD 150 billion, raising HKD 4.8 billion before the greenshoe option. As the global leader in automotive CIS, the company received 8,898 times oversubscription, with 10 cornerstone investors collectively subscribing for HKD 2.174 billion. The funds raised will be directed toward R&D and global expansion. In the first three quarters of 2025, revenue increased by 15.2% year-over-year, supporting a rise in valuation.
On January 13, three enterprises were simultaneously listed, with significant contrasts in performance. GigaDevice Semiconductor (06690.HK), a leader in memory chips, was listed on the main board under the “A+H” framework. With an issue price of HKD 162, its closing price on the first day surged by 38.27% to HKD 224, achieving a total market capitalization of HKD 163.74 billion. The over 1,000-fold subscription highlighted market recognition of hard-tech stocks. Red Star Cold Chain (01641.HK), a leading cold chain provider in central China, closed up 0.33% on its debut day, with a P/E ratio of 13.04 times. It raised HKD 252 million for warehouse expansion, steadily leveraging regional resource advantages.
BBSB INTL (08610.HK), a Malaysian civil engineering firm, became the highlight of the day. Its listing on the Growth Enterprise Market garnered 10,745.13 times oversubscription, setting the second-highest record in Hong Kong stock history. After opening with a 400% surge, it fluctuated and eventually closed up 11.67% at HKD 0.67. The modest fundraising scale of HKD 75 million underscored retail investor speculation.
This week's IPOs collectively raised over HKD 10 billion, with hard-tech enterprises continuing to attract strong support, while small-cap stocks experienced significant volatility.
III. Application Dynamics
Among companies filing prospectuses this week, the hard-tech sector stood out. On January 12, Weizhao Semiconductor, a power semiconductor company, and Bokai Electronics, a supplier of computing server power solutions, filed for listings on the main board. They respectively focus on power management chip R&D and computing power supply, strategically targeting core segments of AI and new energy industry chains.
On January 13, Jiehua Technology, an analog integrated circuit design company employing a virtual IDM model, filed for a main board listing. Specializing in power management and signal chain chips, it aligns with the trend of domestic substitution. On January 14, Juhe Materials, the global leader in photovoltaic conductive paste, initiated an “A+H” structure, planning to raise funds for constructing photomask production facilities and enhancing semiconductor material R&D to fill domestic technological gaps. Its 2024 revenue reached CNY 12.39 billion, maintaining the top global market share.
The biomedicine and consumer sectors also showcased notable highlights. On January 14, Yino Micro Medicine, a developer of oncolytic immunotherapy, filed for a secondary listing. Backed by institutional investors such as Hillhouse Capital, its core product is in Phase II clinical trials but has yet to achieve commercialization. With less than CNY 70 million in cash reserves and a high debt-to-asset ratio, the company faces dual pressures in R&D and commercialization.
In the consumer space, community fresh produce leader Qian Mama, hot pot ingredient supplier Yuanji Foods, and craft beer company Jin Xing Beer all filed for listings, seeking capital to expand their markets. Qian Mama relies on its “daily clearance” model for community retail, while Yuanji Foods focuses on lower-tier markets, potentially accelerating nationwide expansion via the Hong Kong stock platform.
Notably, enterprises endorsed by tech giants attracted market attention. Sunmi Technology, a leader in Android-based commercial IoT solutions, filed on January 13. Its shareholders include Ant Group, Meituan, and Xiaomi. The proceeds will fund BIoT hardware and software R&D and global expansion, building commercial ecosystem barriers through shareholder resources. Additionally, Haida International under Haida Group, cold chain service provider Shanghai Shengsheng, and industrial robot manufacturer Yifei Technology joined the filing queue, further broadening sector coverage. (Produced by Siwei Finance) ■
