IPO Digest — June 10, 2026: Nexchip Starts HK Roadshow, Two A-Share Reviews Cleared

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

June 10 pipeline snapshot

Key figures from today's A-share and HKEX IPO pipeline

A-share committee approvals (today)

HKEX hearings confirmed passed (June 8)

Total IPOs approved in China YTD (SSE+SZSE+BSE)

SENASIC target raise (HK$B, listing June 17)

Nexchip 2025 revenue (RMB B)

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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.

Nexchip wafer shipment trend chart showing growth in 12-inch equivalent wafer output 2023–2025 — Nexchip (688249-SH) — annual wafer shipment volume by product type, 2023–2025. 5

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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):

Zhenbaokejie / 臻宝科技 (688797): STAR Market; etching consumables for IC and display panel manufacturing; targeted raise ~RMB 930M 9
HKC / 惠科股份 (001399): SZSE Main Board; LCD panel manufacturer; one of 2026's largest A-share offerings by share count 10