IPO Digest — June 11, 2026: Jingo New Materials Surges 451% on BSE Debut, Guoyi Quantum Gets CSRC Nod
One A-share debut today: Jingo New Materials (920083·BSE) opened +451% above its RMB 9.65 issue price. Guoyi Quantum received CSRC registration approval for a RMB 1.17B STAR Market IPO. BSE held listing-committee hearings for Weiyifa and Shiji Digital (outcomes pending). On HKEX, SENASIC subscription closes June 12 with 647× margin oversubscription ahead of a June 17 debut; Liuliumei (06658) clears settlement systems for a June 15 listing; and Anhui Huachuang New Materials filed a new prospectus.
June 11, 2026 — Jingo New Materials Surges 451% on BSE Debut; CSRC Clears Guoyi Quantum for STAR Market
Today's pipeline spans one clean A-share debut with a blistering first-day pop, a CSRC registration approval that puts a quantum-instrument maker one step from listing, two BSE listing-committee reviews, a fresh HKEX prospectus filing, and active bookbuilding for two Hong Kong deals scheduled to trade next week.
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A-share: new listings
Jingo New Materials (金戈新材, 920083·BSE) — listed June 11
Exchange/board: Beijing Stock Exchange (BSE)
Issue price: RMB 9.65 per share
Opening price on debut: RMB 53.16 (+450.88% vs. issue price)1
Market cap at open: ~RMB 4.75 billion
Sector: Functional materials (thermal, flame-retardant, wave-absorbing powder)
Jingo New Materials (Guangdong) makes high-performance functional powder fillers — primarily thermally conductive, flame-retardant, and microwave-absorbing grades — that downstream customers compound into polymer systems for NEV battery packs, consumer electronics, 5G base stations, and solar-storage inverters.2 Products have entered the supply chains of Henkel, BASF, and Dow alongside domestic adhesive makers Huitian (300041) and Silicone Bond (300019). The company first applied to BSE in June 2025 and took 346 days from receipt to listing.1
Net profit was RMB 57.5 million in 2025 on modest scale; the 4,918× public-subscription oversubscription ratio and 0.02% allotment rate in the book kept float extremely tight, which drove the opening-day move.1
Watchpoints: The opening-day gain is a BSE supply/demand squeeze rather than a valuation signal — issue P/E was capped at 14.99×, the BSE ceiling. Real performance to watch is revenue trajectory as AI-server thermal management creates new demand for thermally conductive fillers, and whether concentrated customer mix (top-5 clients ~23% of revenue) remains stable.
A-share: CSRC registration approvals
Guoyi Quantum Technology (国仪量子, STAR Market) — registration approved June 11
Exchange/board: SSE STAR Market (Science and Technology Innovation Board)
Planned raise: RMB 1.169 billion3
CSRC approval date: June 11, 2026
Listing committee approval date: May 11, 2026
Guoyi Quantum (合肥), spun out of USTC, develops high-end scientific instruments across four product lines: electron paramagnetic resonance (EPR) spectrometers, electron microscopes, quantum sensing/microscopy, and downhole measurement tools. In the EPR segment it claims >80% domestic share and 25% global share (second only to Bruker); its quantum diamond single-spin spectrometer holds 97% domestic share and 55% global share.3
Revenue grew from RMB 400M (2023) → RMB 501M (2024) → RMB 666M (2025), a three-year CAGR of 29.1%. The company is still loss-making — 2025 adjusted net loss narrowed to RMB 18.9M — but management guided for break-even no later than full-year 2026.
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Watchpoints: CSRC registration approval is the penultimate step; pricing and listing date will follow. The company's electron-microscope segment (~60%+ of revenue) is the profit engine today, while quantum-specific products remain early-stage. Whether the "quantum" premium holds at pricing is the immediate question for investors.
A-share: BSE listing-committee reviews (June 11)
Two companies faced BSE listing-committee hearings on June 11. Formal approval notices had not been published as of the time of this digest; both outcomes are marked as pending.4
| Company | Meeting no. | Board | Planned raise | Underwriter | Key risk flag |
|---|---|---|---|---|---|
| Weiyifa (威易发, Wuxi) | BSE 56th, 09:00 | BSE | RMB 172M | Kaiyuan Securities | 3× auditor changes in 3 years; 85 accounting restatements; 7× cost discrepancy in capex disclosure5 |
| Shiji Digital (世纪数码, Zhengzhou) | BSE 57th, 14:00 | BSE | RMB 268M | Orient Securities | 99%+ core parts sourced from single supplier (Epson); expansion plan exceeds 2025 full-year industry capacity6 |
Weiyifa makes metal sealing rings for turbochargers; 2025 revenue was RMB 150M, gross margin 69% — roughly 20 percentage points above industry peers, which regulators have flagged for explanation. Three auditor switches between 2021 and 2023, accompanied by 85 line-item restatements (including revenue reductions in two consecutive years), drew extensive media scrutiny. A capex figure of RMB 42M in the prospectus vs. RMB 350M in local land-bureau filings was noted as a key question at today's hearing.
Shiji Digital makes digital-inkjet printing equipment (textile, advertising, corrugated packaging). Its 27% domestic share in UV-flatbed printers puts it at No. 1 by the China Commercial Advertising Association, and H1 2026 revenue guidance of RMB 340–380M implies 9–22% growth. The sticking point: the planned capacity-expansion adds 10,000 machines annually, against an estimated 7,700 units of total new-machine installations across the whole Chinese market in 2025.
HKEX: active subscriptions
SENASIC / 琻捷电子 (06675) — subscription closing June 12, listing June 17
Issue price: HK$18.36 per share (200 shares per lot)
Gross proceeds: ~HK$981M
Subscription period: June 9–12, 2026
Expected listing: June 17, 2026 on HKEX Main Board
By 16:00 on June 11, margin-financing subscriptions had reached ~HK$63.6 billion against the ~HK$98M public-offering tranche, implying 647× oversubscription in margin financing alone.7 The company develops automotive wireless-sensing SoC chips (wBMS for battery management, TPMS) and is ranked globally third and first in China by 2025 revenue in the segment, according to Frost & Sullivan. Nine cornerstone investors including Sunwoda (300207), Baolong Automotive, and Thalassa Capital have committed ~HK$280M. Revenue more than doubled from RMB 223M (2023) to RMB 478M (2025); gross margin expanded from 16.6% to 28.0%.
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HKEX: upcoming listing
Liuliumei / 溜溜梅 (06658) — listing June 15
HKEX confirmed on June 11 that Liuliumei (06658) has been admitted into the Central Clearing System, with trading to commence on its listing date.8 The fruit-snack brand raised HK$500M at HK$43.58 per share; public oversubscription reached 4,310× by the close of its book on June 10. Pre-IPO shareholders Fanchang Revitalization (Wuhu city government vehicle) and Focus Media subscribed HK$148M combined.
Founder couple has taken a HK$67.3M dividend ahead of listing, with ~80% going to family members.9 This is the company's fourth IPO attempt since 2019 (two prior HK filings lapsed), and it carries a put-option obligation to early investors.
HKEX: new prospectus filings
Anhui Huachuang New Materials (安徽华创新材料) — filed June 11
Anhui Huachuang New Materials filed an application proof with HKEX on June 11, with CITIC Securities as sole sponsor.10 The company operates copper-based and specialty materials production bases in Tongling (Anhui) and Yulin (Guangxi). A prior A-share IPO attempt was withdrawn due to below-threshold financials and industry overcapacity concerns. Further prospectus details are not yet disclosed.
Greybo Intelligent Power (格雷博智能动力) — prospectus filed June 7
Though filed on June 7, Greybo's HKEX prospectus attracted detailed market coverage on June 11.11 Greybo makes integrated NEV powertrain-domain systems and 800V high-voltage DC supply units; revenue grew 11.5× from RMB 314M (2023) to RMB 3.63B (2025). The company carried a cumulative three-year net loss of ~RMB 900M, though 2025 adjusted net profit turned positive at RMB 36.5M. CITIC Securities is sole sponsor.
Watchpoint: 87.2% of 2025 revenue came from the Geely ecosystem. The company's "AI computing infrastructure power" and "embodied intelligence" narratives produced zero revenue in 2025.
Pipeline update
| Company | Status | Exchange | Next step |
|---|---|---|---|
| SENASIC / 琻捷电子 (06675) | Subscription closing June 12 | HKEX Main Board | Listing June 17 |
| Liuliumei / 溜溜梅 (06658) | Cleared for settlement | HKEX Main Board | Trading June 15 |
| Guoyi Quantum / 国仪量子 | CSRC registration approved June 11 | STAR Market | Pricing TBD |
| Nexchip / 晶合集成 (688249) | Pre-marketing in progress | HKEX Main Board (A+H) | Offer terms pending |
| KeTuo / 科拓股份 | Post-hearing | HKEX Main Board | Offer terms pending |
| SEER / 仙工智能 | Post-hearing (18C) | HKEX Main Board | Offer terms pending |
| Suiyuan Technology / 燧原科技 | SSE review scheduled June 15 | STAR Market | Committee vote June 15 |
| Yuexin Semiconductor / 粤芯半导体 | SZSE review scheduled June 15 | ChiNext | Committee vote June 15 |
| Weiyifa / 威易发 | BSE committee reviewed today | BSE | Result pending |
| Shiji Digital / 世纪数码 | BSE committee reviewed today | BSE | Result pending |
References
- 1N金戈上市首日开盘上涨450.88%163.com
- 2金戈新材6月11日北交所上市 功能性材料领域再添新军baijiahao.baidu.com
- 3国仪量子科创板IPO获证监会同意注册批复finance.sina.cn
- 4本周6家IPO上会 募资规模47.96亿元caifuhao.eastmoney.com
- 5威易发：增收不增利、数据打架、供应商零社保finance.sina.com.cn
- 6扩产1万台却远超全行业7700台，世纪数码过会与上市前景finance.ifeng.com
- 7琻捷电子SENASIC(06675)，即将停止招股，孖展超购已超647倍finance.sina.cn
- 8香港联交所：溜溜梅(06658)已获接纳在中央结算系统163.com
- 9溜溜梅上市前突击分红6730万元，创始人夫妇拿走约5300万元baijiahao.baidu.com
- 10安徽华创新材料向港交所提交上市申请163.com
- 11格雷博冲刺港股：近九成营收靠吉利，AI算力与机器人收入为零baijiahao.baidu.com
A-Share & HK IPO Daily Digest
Tracks each business day's IPO pipeline across A-share (Shanghai / Shenzhen / Beijing exchanges) and Hong Kong markets, aggregating all newly listed, approved, and filed companies into one structured digest with key metrics and analyst-style watchpoints per entry.
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