NEEQ Moves 12 Companies Into Innovation Tier, Bringing 2026 Total to 223

The National Equities Exchange and Quotations (NEEQ) announced that 12 NEEQ-listed companies, including Gudeng Machinery (874851. NQ) and Yunshang Technology (874795. NQ), were transferred into the innovation tier on September 17, 2026. As of that date, the NEEQ had 5,786 listed companies, comprising 3,501 in the base tier and 2,285 in the innovation tier. The NEEQ arranges six tier adjustments each year, and this was the fourth in 2026. Including this batch, 223 listed companies have been moved into the innovation tier during 2026.

Besides Gudeng Machinery and Yunshang Technology, the 12 companies in this batch also include Mulei Laser (875125. NQ), Meitong Fragrance (874907. NQ), Boceda (874955. NQ), Heyuan Fuma (430482. NQ), Aofei Energy (874921. NQ), Weier Technology (874995. NQ), Bondi Intelligent (875132. NQ), Sinovision (875199. NQ), Zhonglu Jiaoke (875206. NQ) and Tianshenghua (875238. NQ). Heyuan Fuma has been listed on the NEEQ since early 2014, the longest among the group. Gudeng Machinery and Yunshang Technology were listed in July and August 2025, respectively, while the other nine were all newly listed in 2026.

The 12 companies' 2026 interim reports show that all achieved first-half revenue growth, with nine reporting revenue above RMB 100 million. Meitong Fragrance recorded first-half revenue of RMB 472 million, up 14.06% year on year, the largest among the 12. Heyuan Fuma, Gudeng Machinery, Mulei Laser and several others each reported first-half revenue above RMB 200 million. On net profit, Heyuan Fuma posted first-half net profit attributable to shareholders of RMB 89.7131 million, up 1,582.2% year on year, while Mulei Laser and Zhonglu Jiaoke each reported attributable net profit above RMB 40 million. Sinovision, Tianshenghua and Yunshang Technology reported first-half attributable net losses of RMB 19.356 million, RMB 19.7726 million and RMB 4.2469 million, respectively, all narrower than a year earlier.

Their 2025 annual reports show that the 12 newly promoted companies had average 2025 revenue of RMB 668 million and average attributable net profit of RMB 61.9727 million. By industry, the newly promoted companies are mainly manufacturers, spanning electrical machinery and equipment, special-purpose equipment, auto parts, and electronics and communications. Among companies promoted this year, 113 are national-level specialized and innovative "little giant" enterprises, accounting for more than half. The newly promoted companies spent an average of RMB 28.5573 million on research and development in 2025.

Under the 2026 tier-adjustment schedule, the NEEQ published its first innovation-tier promotion decision in mid-April 2026, moving 29 listed companies into the tier. It completed the second and third adjustments in May and June, with 129 and 53 companies entering the innovation tier, respectively.

The innovation tier is an important source of candidates for initial public offerings on the Beijing Stock Exchange. Under Beijing Stock Exchange listing rules, an issuer must be an NEEQ innovation-tier company and have been listed for at least 12 consecutive months, among other requirements, to apply for a Beijing Stock Exchange listing. Several companies in this batch have already begun listing tutoring for a Beijing Stock Exchange listing, including Mulei Laser, Meitong Fragrance, Boceda, Sinovision and Zhonglu Jiaoke. Some had previously applied to list on the STAR Market or other boards.

Sinovision began filing for Beijing Stock Exchange IPO tutoring in early August 2026. In late March 2023, the Shanghai Stock Exchange accepted its STAR Market listing application, with Guojin Securities as sponsor. The company planned to issue 31.1466 million shares and raise RMB 600 million. After one round of inquiries, it withdrew its materials in June 2024 and the Shanghai Stock Exchange terminated the review. In early August 2026, Sinovision signed a listing tutoring agreement with Guojin Securities and completed tutoring registration with the Beijing branch of the China Securities Regulatory Commission.

Zhonglu Jiaoke had applied to list on the Shanghai Stock Exchange main board. The company planned to issue no more than 20 million shares and raise RMB 430 million.

The company disclosed attributable net profit of RMB 16.1427 million and RMB 49.281 million for 2024 and 2025, respectively, with weighted average return on equity of 4.43% and 11.79%. Its 2026 interim report shows first-half revenue of RMB 258 million and attributable net profit of RMB 50 million, up 9.21% and 215.33% year on year, respectively.