IPO Digest — June 11, 2026: Jingo New Materials Surges 451% on BSE Debut, Guoyi Quantum Gets CSRC Nod

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.

June 11 IPO snapshot

Key figures across today's A-share and HKEX events

Jingo New Materials opening gain (BSE)

0+450.9%vs issue price (%)

Guoyi Quantum planned raise (STAR)

CN¥0.00+29.1%revenue CAGR 2023-25 (%)

SENASIC margin-financing oversubscription

0+18.4%issue price (HK$)

Liuliumei listing date

June 15+4310.0%public oversubscription (×)

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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.

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.

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