Four IPOs This Week Target Niche Leaders; CXMT Debuts Monday with RMB 29.5B, Year's Largest A-Share Listing
Four companies will launch IPOs this week, all targeting niche market leaders, while CXMT (ChangXin Memory Technologies) begins trading Monday, raising RMB 29.5 billion, the largest A-share IPO this year. The week also features two other listings and continued review meetings at the Shenzhen and Beijing stock exchanges. Financial results for the four IPO applicants show varied performance from 2023 to 2025, with one reporting net losses throughout the period.
This week, four new stocks are scheduled for subscription: Zhanxin Co. , Senhe High-Tech, Ultra-Pure Materials, and Guoyi Co. Zhanxin and Senhe will open subscription on July 27, while Ultra-Pure and Guoyi will follow on July 31.
Zhanxin is one of China's domestic suppliers of high-reliability analog chips, covering chip design, packaging design, and testing and screening. Its products are used in military electronics, with customers spanning major military industry groups and research institutes. From 2023 to 2025, the company reported revenue of RMB 466 million, RMB 413 million, and RMB 639 million, respectively, with net profit attributable to parent of RMB 179 million, RMB 95 million, and RMB 228 million.
Senhe High-Tech focuses on the R&D, production, and sales of environmentally friendly precious metal beneficiation reagents, with core products used in the leaching and extraction of gold, silver, and other precious metals. From 2023 to 2025, total revenue was RMB 346 million, RMB 623 million, and RMB 840 million, with attributable net profit of RMB 56.0693 million, RMB 150 million, and RMB 272 million.
Ultra-Pure Materials specializes in special coating processes and related technologies and materials, providing precision components and services for chip manufacturing, precision optics, and other fields. From 2023 to 2025, revenue was RMB 169 million, RMB 257 million, and RMB 496 million, with attributable net profit of RMB 65 million, RMB 83 million, and RMB 185 million.
Guoyi focuses on high-end scientific instruments, covering microscopic analysis and quantum sensing, offering full-stack solutions from core components to complete equipment. From 2023 to 2025, revenue was RMB 400 million, RMB 501 million, and RMB 666 million, with attributable net losses of RMB 140 million, RMB 74.0802 million, and RMB 5.7972 million.
Two stocks will debut this week: CXMT and Vickey Technology, both listing on July 27. CXMT is a leading domestic DRAM manufacturer. In the first quarter of this year, CXMT achieved revenue of RMB 50.8 billion, up 719.13% year-on-year; net profit of RMB 33.012 billion, up 1268.45%; and net profit attributable to parent of RMB 24.762 billion, up 1688.30%. The company's main business is highly concentrated in DRAM products, with full-series production of DDR4, DDR5, LPDDR4X, and LPDDR5/5X DRAM.
Vickey Technology focuses on R&D and production of cosmetic raw materials, with core business covering peptide raw materials and plant extracts, widely used in functional skincare products.
Last week, three new stocks listed. On July 21, Trinomab listed on the STAR Market of the Shanghai Stock Exchange at an issue price of RMB 14.46 per share, closing at RMB 45.10 on the first day. On July 22, Qiaoluming listed on the Beijing Stock Exchange at RMB 14.36 per share, closing at RMB 18.81. On July 24, Changying Hard Alloy listed on the Beijing Stock Exchange at RMB 18.89 per share, closing at RMB 56.03.
Last week, the Shenzhen and Beijing stock exchanges held new listing review committee meetings. Yuejiang Technology, planned for ChiNext, and Huanneng Turbine, Xuyang New Materials, and Fangyi Friction, planned for the Beijing Stock Exchange, all passed their reviews. This week, both exchanges will continue hearings. On July 31, the Shenzhen exchange will review Lieqi Intelligent's ChiNext IPO, a company focused on R&D, production, and sales of intelligent production equipment for optical communications, semiconductors, and automotive automation. On the same day, the Beijing exchange will review Tianyuan Heavy Industry's IPO, which engages in R&D, design, manufacturing, and services for bridge load-bearing products.
In Hong Kong, one new stock is scheduled for subscription this week. Zhongji Innolight will open subscription on July 27 and list on July 30. Last week, Guangxi Baifei Dairy filed its initial Hong Kong IPO prospectus. Nasen Intelligent Technology, Allianz International Holdings, and Zhenqu Technology updated their Hong Kong prospectuses. Shanghai Junyi Industrial Automation, Zhejiang Jiazhi Technology, and Dizal Pharma saw their Hong Kong applications lapse.
In financing, on July 24, Guibu Microelectronics completed a strategic financing of over RMB 100 million, with joint investment from Will Semiconductor, Bosch Ventures, Jiangbei Science and Technology Investment Group, Lanpu Capital, and Jingxiang Capital. On July 23, Yuanchuan Micro completed a Pre-A round of several hundred million RMB, led by IDG Capital, with participation from Futeng Capital, Jiukun Venture Capital, Shangqi Capital, Shunxi Fund, and Xuhui Science and Technology Investment. On July 23, Sheshu Technology completed a B round of over RMB 100 million, bringing cumulative financing to over RMB 300 million, with investors including Shenzhen Industrial Investment, Hedinggong, and existing shareholder Yonghua Investment. On July 23, PrimalVerse (Yuanhao Power) completed a seed round of several hundred million RMB, with participation from Legend Star, Ginkgo Valley Capital, Qifu Capital, and Zhuoyuan Asia, along with strategic investment from Jingfeng Medical.
On July 22, Qingpu Biotech completed a Series C equity financing of approximately RMB 600 million, co-led by Jiangsu High-Tech Investment, Yifeng Capital, Sunshine Ronghui Capital, and Yuanhe Holdings, with follow-on investment from Guangyao Capital, Jiangsu Agricultural Reclamation Biotechnology Fund, CSC Financial Capital, Tailong Investment, Guangdong Traditional Chinese Medicine Big Health Fund, Guoxin Hongsheng, Guangzhou Industrial Investment Capital, Hunan Caixin Industrial Fund, BOC Capital, and Guoju Venture Capital, plus additional investment from existing shareholders Nanjing Innovation Investment Group and Shengjing Jiacheng.