IPO Digest — June 10, 2026: Nexchip Starts HK Roadshow, Two A-Share Reviews Cleared
No new listings today on HKEX or A-share exchanges. Key events: Hongfucheng New Materials (SZSE ChiNext, RMB 1.22B) and Tianjin Fujida Bicycle (SSE Main Board, RMB 773M) cleared their listing committees; Nexchip (688249-SH, A+H) passed its HKEX hearing and commenced pre-marketing for a USD 500–700M raise; KeTuo smart parking also passed HKEX hearing; and Liuliumei (06658) closes its retail subscription today ahead of a June 15 debut.
June 10 at a glance
No new shares debuted on HKEX or the A-share exchanges today. The day's activity was concentrated in the review and subscription pipeline: two A-share companies cleared their listing committees (one on June 9, one on June 8), two additional HKEX hearing approvals were publicly reported, and one HKEX subscription window closes tonight.
| Market | Event | Company | Status |
|---|---|---|---|
| SZSE ChiNext | Committee review, June 9 | Hongfucheng New Materials (鸿富诚) | Approved |
| SSE Main Board | Committee review, June 8 | Tianjin Fujida Bicycle (天津富士达) | Approved |
| HKEX Main Board | Listing hearing, June 8 | Nexchip / 晶合集成 (688249-SH) A+H | Passed |
| HKEX Main Board | Listing hearing, June 8 | KeTuo / 科拓股份 | Passed |
| HKEX Main Board | Subscription closes June 10 | Liuliumei / 溜溜梅 (06658) | Listing June 15 |
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A-share approvals
Hongfucheng New Materials (鸿富诚) — SZSE ChiNext, reviewed June 9
Shenzhen Hongfucheng New Materials Co. cleared the SZSE Listing Committee's 31st review of 2026 on June 9, making it the 85th company to pass a listing review in China this year (32 on SSE/SZSE combined, 53 on BSE). 1
Business: thermal interface materials, electromagnetic shielding, and wave-absorbing materials for electronics — a sector that has drawn renewed attention as AI inference hardware places heavier demands on thermal management. The company holds national-level "Little Giant" specialty manufacturer status.
Financials: plans to issue up to 18.73 million shares and raise RMB 1.22 billion, allocated to three main uses: an advanced electronic functional materials production base (RMB 340M), an R&D center (RMB 230M), and a sales/headquarters facility, plus working-capital replenishment.
Ownership: founders Sun Aixiang and Zhao Jianping (Sun's brother-in-law) together control 67.86% of voting rights under a concert-party agreement signed in July 2021.
Sponsor: Huayuan Securities — this is Huayuan's first IPO approval of 2026.
Watchpoints: The committee asked the company to explain whether revenue growth is sustainable given customer concentration and a rising share of overseas sales. The company also drew pre-hearing scrutiny over a small-scale supplier operating from the same registered address as a subsidiary — a related-party concern flagged by financial media. 2
Tianjin Fujida Bicycle Industry (天津富士达) — SSE Main Board, reviewed June 8
Tianjin Fujida Bicycle Industry Co. passed the SSE Listing Committee on June 8 and will list on the SSE Main Board. 3
Business: bicycles, e-assist bicycles, and shared bikes. The company is described in its prospectus as the world's largest bicycle OEM by production volume, with annual revenue exceeding RMB 5 billion. Major customers include global brands that rely on Fujida's contract manufacturing capacity.
Fundraising: plans to raise RMB 773 million across three projects — high-end and e-assist bicycle intelligent manufacturing, R&D innovation, and proprietary-brand development. 4
Watchpoints: The OEM-heavy model drew multiple rounds of regulator questioning before the hearing. The planned proprietary-brand push is early-stage and will take time to generate a meaningful revenue contribution. Sponsor: China Tai Securities.
HKEX listing hearings passed
Nexchip / Jinghe Integrated Circuit (晶合集成, 688249-SH) — A+H, hearing June 8
Nexchip cleared its HKEX listing hearing on June 8 and has already begun Hong Kong pre-marketing. The company is listed on the STAR Market (688249.SH) with an A-share market cap of roughly RMB 76.5 billion as of June 8. Sole sponsor: CICC. 5
Business: 12-inch pure-play wafer foundry focused on DDIC, CIS, PMIC, Logic IC, and MCU chipsets. Ranked #1 globally in DDIC foundry revenue in 2025 (23.3% share); ranked 9th globally and 3rd in mainland China by overall foundry revenue.
Scale: 2025 revenue RMB 10.39 billion (+13.9% YoY); net profit RMB 466 million (-3.3%); gross margin ~22.7%. Total wafer shipments reached 1.625 million 12-inch equivalents in 2025.
H-share raise: IFR pre-roadshow guidance put expected proceeds at USD 500–700 million. Offer terms not yet announced.
Key shareholders pre-IPO: Hefei state-owned assets (合肥建投 + 合肥芯屏) 39.71%; Force Precision Investment (力晶创投) 13.07%; Huaqin Technology 6.0%.
Watchpoints: Gross margin declined from 25.2% (2024) to 22.7% (2025) as pricing pressure on mature nodes continued. Long-term debt stands at RMB 17.52 billion. The H-share proceeds are expected to fund further capacity expansion.
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KeTuo / 科拓股份 — HKEX Main Board, hearing June 8
KeTuo Group passed its HKEX listing hearing on June 8. Joint sponsors: CICC and CMB International. 6
Business: smart parking systems, management services, and lot operations. The company claims #2 in China's smart parking space operations market by 2024 revenue (3.3% share). In 2025 it served 30,644 parking lots, up from 26,616 in 2024, across commercial complexes, offices, residential developments, hospitals, and schools.
Financials (2025): revenue RMB 831 million (+3.9% YoY); net profit RMB 94 million (+8% YoY); gross margin 46.4%. Software/hardware systems account for over half of revenue; management services and lot operations make up the remainder.
Investor base: Tencent holds 8.46% via affiliates; New Oriental founder Yu Minhong and ex-Huatai Securities chair Sheng Xitai together hold 3.72% via Hongtai Zhiying; PE firm Falcon Investment holds 4.20%.
Watchpoints: Revenue growth was 3.9% in 2025 — slow relative to the company's proposed listing valuation. KeTuo has a history of unsuccessful A-share attempts (withdrew a ChiNext application in 2017; rejected by SZSE in 2021). The HKEX listing represents a third path to public markets. Offer terms not yet disclosed.
Subscription activity
Liuliumei (溜溜梅, 06658.HK) — subscription closes today, listing June 15
Liuliumei, China's leading plum-based fruit snack brand, closes its Hong Kong retail subscription today. 7
- Offer price: HK$43.58 per share; board lot 100 shares; entry fee ~HK$4,402
- Gross proceeds: ~HK$500 million (11.46 million H shares, with a 15% greenshoe)
- Post-issue market cap: HK$3.435 billion
- Oversubscription: margin subscription (孖展) exceeded 195× at mid-window; cornerstone investors include Wuhu state-owned investment and Focus Media founder Jiang Nanchun
- Listing date: June 15 on HKEX Main Board
- Sponsors: CITIC Securities and Guoyuan Capital (joint)
Pipeline watch
SENASIC / 琻捷电子 (06675.HK): subscription window open June 9–12; pricing and allocation results expected June 12; listing confirmed for June 17 on HKEX Main Board. Offer price HK$18.36; gross proceeds ~HK$9.8 billion. Business: automotive wireless sensing SoC chips. CICC co-sponsor. 8
A-share listing committee reviews on June 15:
- Suiyuan Technology (燧原科技): SSE 37th meeting; STAR Market; targeting RMB 6 billion; cloud AI training/inference chips; currently loss-making
- Yuexin Semiconductor (粤芯半导体): SZSE 34th meeting; ChiNext; targeting RMB 7.5 billion; 12-inch analog specialty wafer foundry
Upcoming A-share subscriptions this week (June 12):
References
- 1Hongfucheng passes SZSE review — Sina Finance
finance.sina.com.cn
- 2Hongfucheng supply chain scrutiny — Caifuhao/EastMoney
caifuhao.eastmoney.com
- 3Fujida IPO passes SSE — ipo123.com
ipo123.com.cn
- 4Fujida IPO analysis — TMTPost
tmtpost.com
- 5Nexchip passes HKEX hearing — EastMoney
caifuhao.eastmoney.com
- 6KeTuo passes HKEX hearing — EastMoney
caifuhao.eastmoney.com
- 7Liuliumei IPO details — uSmart
usmart.hk
- 8SENASIC IPO subscription details — Coinlive
coinlive.com
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