"High School Sign-up Rate" new stocks are coming! Five new stocks available for subscription next week. Shenghe Jingwei ranks second in total shares issued this year.

Attention A-share IPO applicants!

Based on the current issuance schedule, five new shares will be available for subscription next week.

On April 7, you can apply for the Beijing Stock Exchange new shares of Hengdao Technology and the Shanghai Stock Exchange main board new shares of Aitech; on April 8, you can apply for the Shenzhen Stock Exchange ChiNext new shares of Shangshui Intelligent; on April 9, you can apply for the Shanghai Stock Exchange STAR Market new shares of Shenghe Jingwei; on April 10, you can apply for the Shenzhen Stock Exchange main board new shares of Funen Shares.

As of April 5, the total number of shares to be issued in this round by Shenghe Jingwei ranks second among new shares on both the Shanghai and Shenzhen markets since 2026, so investors applying for Shenghe Jingwei have a relatively higher winning probability.

Hengdao Technology’s customers include BYD, Gree Electric

Hengdao Technology’s application code is 920177, the issue price is 21.80 yuan per share, the issue P/E ratio is 14.99x, and the reference industry P/E ratio is 41.56x.

In this offering, Hengdao Technology will issue a total of 13.08 million shares, of which 11.77 million shares are allocated for public issuance. For investors participating in the online subscription of Hengdao Technology, the maximum number of shares you can apply for is 588.6k shares.

Hengdao Technology has been recognized as a national-level “Little Giant” enterprise specializing in niche areas, focusing on the R&D, design, production, and sales of hot runner systems for injection-molding molds and related components. As its main product, the hot runner system is the core heating component system for injection-molding hot runner molds.

The hot runner system is a key core heating component system installed in injection-molding hot runner molds, assembled with precision components such as distribution plates, nozzles, and heaters, together with driving components and a temperature-control system. At present, hot runner manufacturers in China are mainly foreign brands; Chinese companies include Hengdao Technology, Macsddeffu, Hotes and others.

At present, Hengdao Technology’s hot runner system products are mainly used in the automotive sector, covering components such as car headlights and interior/exterior parts; a small portion is used in fields such as 3C consumer electronics and home appliances. Its customers include BYD, Jiali Shares, Xingyu Shares, HaitaiKe, and Gree Electric, among other companies.

Source: Hengdao Technology prospectus

From 2023 to 2025, Hengdao Technology’s operating revenue was 168 million yuan, 234 million yuan, and 297 million yuan, respectively, while the net profit attributable to the parent company was 48.6611 million yuan, 68.8718 million yuan, and 79.2064 million yuan, respectively.

Source: Hengdao Technology prospectus

The prospectus shows that Hengdao Technology expects operating revenue in the first quarter of 2026 to be between 79 million yuan and 82 million yuan, representing growth of 26.25% to 31.04%; net profit attributable to the parent company is expected to be between 17 million yuan and 18 million yuan, representing growth of 4.40% to 10.55%.

Source: Hengdao Technology prospectus

Aitech is deeply bound to Chery

Aitech’s application code is 732293, the issue price is 33.49 yuan per share, the issue P/E ratio is 29.71x, and the reference industry P/E ratio is 63.04x.

In this offering, Aitech will issue a total of 44.77 million shares, of which 14.33 million shares are allocated for public issuance. For investors participating in the online subscription of Aitech, the maximum number of shares you can apply for is 14k shares; applying at the maximum level requires allocating Shanghai market value of 140k yuan.

Aitech is a provider of automotive electronics intelligent solutions. It mainly engages in the R&D, production, and sales of automotive electronics products across four functional domains: the body domain, intelligent cockpit domain, power domain, and intelligent driving domain. It also provides automotive electronics EMS (electronic manufacturing services) and technical development services.

Source: Aitech letter of intent for IPO

According to statistics from the Gaogong Intelligent Automotive Research Institute, in 2024 Aitech’s market share in China (excluding imports and exports) for front-install standard configuration of body (domain) controllers (including regional controllers) for passenger vehicles under independent brands was 25.50%, ranking first for three consecutive years and breaking the long-term monopoly of international automotive electronics manufacturers.

At present, Aitech’s customers cover complete vehicle manufacturers such as Chery, Changan, Great Wall, SAIC, Geely, BAIC, Dongfeng, Ideal, XPeng, Leapmotor, and others, and its products indirectly support complete vehicle manufacturers such as Volvo and Audi.

The letter of intent for IPO shows that Aitech’s shareholders include companies under Chery, and in recent years its largest customer has been Chery. Associated sales revenue has at one point accounted for more than 50% of operating revenue.

From 2022 to 2024 and the first half of 2025, Aitech’s operating revenue was 588.6k yuan, 14k yuan, 140k yuan, and 2.17B yuan respectively, while net profit attributable to the parent company was 91.7034 million yuan, 191 million yuan, 212 million yuan, and 92.4609 million yuan, respectively.

The letter of intent for IPO shows that, after review by the auditing institution, Aitech’s operating revenue for the full year of 2025 was 3B yuan, up 4.11% year over year; net profit attributable to the parent company was 246 million yuan, up 15.88% year over year.

Shangshui Intelligent focuses on fields such as manufacturing lithium battery cathode foil

Shangshui Intelligent’s application code is 301513. The issue price and issue P/E ratio have not yet been disclosed, and the reference industry P/E ratio is 41.56x.

In this offering, Shangshui Intelligent will issue a total of 25 million shares, of which 6 million shares are allocated for public issuance. For investors participating in the online subscription of Shangshui Intelligent, the maximum number of shares you can apply for is 6k shares; applying at the maximum level requires allocating Shenzhen market value of 60k yuan.

Shangshui Intelligent has been assessed and rated as a national-level “Little Giant” enterprise specializing in niche areas. It specializes in the R&D, design, production, and sales of intelligent equipment with integrated process capabilities. Currently, it mainly serves the fields of manufacturing lithium battery cathode foil and preparing new materials.

Shangshui Intelligent’s customers in the lithium battery cathode foil manufacturing field include BYD, EVE Energy, CATL, CNYT, Ruipu Lanjun, Xinwangda, and Envision Power, among others. In the new material preparation field, customers include Beteri, Enjie Shares, Wanhua Chemical, Huahai Chengke, Tricircle Group, and others.

According to statistics from Gaogong Industrial Research, in 2024, Shangshui Intelligent’s cyclic high-efficiency pulping system had a domestic market share of 60%, ranking first; the lithium battery pulping system had a domestic market share of 12.77%, ranking third.

From 2022 to 2024 and the first half of 2025, Shangshui Intelligent’s operating revenue was 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan respectively, while net profit attributable to the parent company was 97.7215 million yuan, 234 million yuan, 153 million yuan, and 93.7062 million yuan, respectively.

The letter of intent for IPO shows that, after review by the auditing institution, Shangshui Intelligent’s operating revenue for the full year of 2025 was 810 million yuan, up 27.19% year over year; net profit attributable to the parent company was 161 million yuan, up 5.31% year over year.

Shenghe Jingwei is a global leading integrated circuit packaging and testing company

Shenghe Jingwei’s application code is 787820. The issue price and issue P/E ratio have not yet been disclosed, and the reference industry P/E ratio is 62.61x.

In this offering, Shenghe Jingwei will issue a total of 255 million shares, with 35.77 million shares allocated for public issuance online. For investors participating in the online subscription of Shenghe Jingwei, the maximum number of shares you can apply for is 355k shares; applying at the maximum level requires allocating Shanghai market value of 3.47B yuan.

Shenghe Jingwei is an integrated circuit packaging and testing enterprise with a relatively large revenue scale and fast growth on a global basis. According to Gartner statistics, in 2024 Shenghe Jingwei ranked as the world’s top 10 packaging and testing enterprise and the fourth largest in Mainland China. From 2022 to 2024, its compound annual growth rate of operating revenue ranked first among the world’s top 10 enterprises.

Shenghe Jingwei started with advanced 12-inch middle-section silicon wafer processing, and further provides end-to-end advanced packaging and testing services such as wafer-level packaging and multi-chip integrated packaging with die chips, aiming to support all kinds of high-performance chips, especially graphic processing units, central processing units, and artificial intelligence chips.

In recent years, high-performance computing applications such as artificial intelligence, data centers, cloud computing, and autonomous driving have entered a historic period of explosive growth opportunities globally, and have gradually become a key growth driver and profit driver for the advanced packaging and testing industry.

A complete end-to-end advanced packaging and testing industrial chain includes middle-section silicon wafer processing and downstream advanced packaging. Among these, middle-section silicon wafer processing is a key link that connects the upstream and downstream stages in the integrated circuit manufacturing industrial chain, including bump manufacturing and wafer testing.

From 2022 to 2024 and the first half of 2025, Shenghe Jingwei’s operating revenue was 1.52B yuan, 3.61B yuan, 6k yuan, and 60k yuan respectively, while net profit attributable to the parent company was -329 million yuan, 34.1306 million yuan, 214 million yuan, and 35.5k yuan, respectively.

Source: Shenghe Jingwei IPO letter of intent

The letter of intent for IPO shows that, after review by the auditing institution, Shenghe Jingwei benefits from factors including rapid growth in market demand in the industry it operates in and continuous optimization of its product structure. In 2025, its operating revenue was 355k yuan, up 38.59% year over year; net profit attributable to the parent company was 923 million yuan, up 331.80% year over year.

Funen Shares is an eco-friendly fabric supplier focused on sustainability

Funen Shares’ application code is 001312. The issue price and issue P/E ratio have not yet been disclosed, and the reference industry P/E ratio is 27.63x.

In this offering, Funen Shares will issue a total of 58.33 million shares, with 23.33 million shares allocated for online public issuance. For investors participating in the online subscription of Funen Shares, the maximum number of shares you can apply for is 230k shares; applying at the maximum level requires allocating Shenzhen market value of 230,000 yuan.

Funen Shares is a global eco-friendly fabric supplier with sustainability as its core. Its main business is the R&D, production, and sales of eco-friendly fabrics, and it has become a leading domestic enterprise in recycled fabrics for apparel.

At present, Funen Shares’ important brand-customer clients include H&M, Uniqlo, GU, ZARA, Taipingniao, Lilang, and others. Among them, Funen Shares is, respectively, the largest supplier of H&M’s recycled polyester-cotton blended fabrics and Uniqlo’s recycled polyester-cotton blended fabrics, and the largest supplier of GU’s recycled fabrics.

From 2022 to 2024 and the first half of 2025, Funen Shares’ operating revenue was 1.63B yuan, 3.04B yuan, 4.71B yuan, and 938 million yuan respectively, while net profit attributable to the parent company was 277 million yuan, 229 million yuan, 275 million yuan, and 105 million yuan, respectively.

The letter of intent for IPO shows that, after review by the auditing institution, Funen Shares’ operating revenue for the full year of 2025 was 3.18B yuan, down 5.10% year over year; net profit attributable to the parent company was 230 million yuan, down 16.19% year over year.

Source: Funen Shares IPO letter of intent

(Source: China Fund News)