Pinzhun Laser's STAR IPO at RMB180 Plus; Zhanxin Listing on ChiNext
Two new share listings hit Chinese markets today: Pinzhun Laser launched its STAR Market subscription at over RMB 180 per share, while Zhanxin debuted on ChiNext. Pinzhun, a laser maker for quantum and semiconductor sectors, posted 2025 net profit of RMB 159 million. Zhanxin, a military-grade analog chip supplier, reported 2025 revenue of RMB 639 million and net profit of RMB 228 million, forecasting a mixed first half of 2026.
Two new share offerings are scheduled for today: one subscription on the STAR Market and one listing on the ChiNext board. Pinzhun Laser launched its IPO subscription with an issue price above RMB 180 per share. The company, a national high-tech enterprise and a key "little giant" firm under China's specialization program, develops laser products primarily for quantum computing, quantum precision measurement, and semiconductor applications. Its core technical team is led by 16 PhDs and possesses full-chain R&D and production capabilities at the laser component, module, and system levels. From 2023 to 2025, the company reported revenue of RMB 148 million, RMB 292 million, and RMB 418 million, respectively, with net profit attributable to shareholders of RMB 60 million, RMB 116 million, and RMB 159 million.
Zhanxin, a national-level "little giant" specializing in high-reliability analog chips and micro-module products, focuses on R&D, testing, and sales of power management chips used in defense electronics. The company has integrated capabilities in chip design, packaging design, and test screening, employing three-dimensional stacked micro-module packaging technology. It has supplied more than 1,600 military customers. From 2023 to 2025, Zhanxin generated revenue of RMB 466 million, RMB 413 million, and RMB 639 million, with attributable net profit of RMB 179 million, RMB 95 million, and RMB 228 million. For the first half of 2026, the company forecasts revenue of RMB 317 million to RMB 347 million, representing year-on-year growth of -6.79% to 2.09%, and net profit of RMB 127 million to RMB 143 million, up 1.85% to 15.22% year on year.