[August 28 IPO Observation Morning Post] This week (8.24-8.30), 5 subscriptions and 1 company appeared, and the issuance pace slowed down significantly compared with last week

★ Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. Summary of the IPO market this week (8/24-8/30, week 35)

According to observation by the Prospective Industry Research Institute, the pace of issuance of new A-shares this week (August 24-August 30, week 35) has slowed down significantly compared with the 34th week (5 IPOs will attend and 5 will attend). This week is a relatively intensive week for new share issuance but sparse week. A total of 5 new shares will be purchased throughout the week. Only one company from Suxun Xincai will be listed on the IPO (Beijing Stock Exchange on August 28), and no new shares will be listed; at the same time, Suiyuan Technology (Science and Technology Innovation Board) launched a preliminary inquiry on August 28 and plans to purchase on September 2, becoming the focus of market attention next week.

Judging from the subscription time, the subscription of 5 new shares is concentrated on three trading days: 8/24, 8/26, and 8/28.

From the perspective of sectors, the 5 new shares purchased are distributed on the China Stock Exchange (2 companies), the Shanghai Stock Exchange (1 company), and the GEM (2 companies), with outstanding advanced manufacturing and hard technology attributes.

2. Review of the Previous Day (Thursday, August 27)

2.1 Market Summary

According to the Forward Industry Research Institute, the A-share IPO market yesterday (August 27) was mainly characterized by "issuance results finalized + winning numbers announced". The new shares of Hua Hui Intelligent (920289) listed on the North China Securities Exchange disclosed the issuance results announcement, with the final online winning rate at 0.0216% and the online subscription multiple reaching 4632.72 times, indicating a high enthusiasm for participating in the new share subscription; at the same time, the three new shares of Tianbo Intelligent, Luozhou Stock, and Jiefeng Power, which were jointly issued on August 26, announced the winning numbers and winning rates, and today (August 28) is the payment day.

In addition, Su Xun New Materials released the announcement of the listing committee review meeting (scheduled for the meeting on August 28), and Shuyuan Technology continued to advance the preliminary price inquiry preparation.

2.2 Key enterprise: Huahui Intelligent (920289)

1. Overview of corporate IPO

Huahui Intelligent (920289) launched the subscription of the Beijing Stock Exchange on Monday, August 24, 2026, and disclosed the issuance results on August 27. The company's offering price is 17.71 yuan/share, with an issue P/E ratio of 14.99 times. The initial issuance of 17.0002 million shares (including over-allotment options), and the online subscription limit is 722,500 shares. The original plan was to raise 459 million yuan, which was reduced by 25% to 344 million yuan against the background of declining capacity utilization, reflecting the cautious attitude of the review and issuing sides on the rationality of the offering.

2. Interpretation of the core data of the prospectus

[Main Business] According to the prospectus, the company is a high-tech enterprise specializing in the research and development, design, production and sales of smart equipment such as nano-sand mills and their key components. It deeply cultivated the mechanical sealing business in the early stage and moved downstream along the industrial chain to lithium batteries. The field of intelligent equipment has been extended and expanded. Currently, its main products include lithium battery intelligent equipment, CNC machine tool equipment, precision mechanical components, etc.

[Income Composition] According to the prospectus, more than 85% of the company's operating income during the reporting period came from lithium battery intelligent equipment products, and the rest of the income was contributed by CNC machine tool equipment, precision mechanical components and other businesses; the core product nano-sand mills have entered Hunan Yuneng, Wanrun Xinneng, Beterie, BYD and other lithium battery materials and battery companies supply chains.

[Production and Sales] According to the prospectus, the company adopts a production model of "determining production based on sales", and its products are mainly aimed at downstream lithium battery materials and battery manufacturing customers. Affected by fluctuations in downstream demand, the company's nano-sand mill capacity utilization rate has dropped from 115.09% in 2022 to 51.28% in the first three quarters of 2024. The capacity utilization rate of mechanical sealing products is also less than 60%, and the capacity utilization level shows a downward trend.

[Major Customers] According to the prospectus, the company relies heavily on the top five customers. The sales of the top five customers in each period from 2023 to 2025 accounted for 98.89%, 96.90% and 96.54% respectively; among them, Hunan Yuneng's sales accounted for 82.82%, and customer concentration is at a relatively high level.

[Fundraising Purpose] According to the prospectus, the company originally planned to raise funds of 459 million yuan, but then reduced the fundraising scale by 25% to 344 million yuan against the background of declining capacity utilization, and invested all of it in the "Dongguan city Huahui New Energy Intelligent Equipment R & D and Production Project." The project is divided into two sub-modules: production base construction (about 292 million yuan) and R & D center construction (about 53 million yuan). It aims to expand new products such as CNC machine tools based on the existing nano-sand mill business.

3. Today's market preview

3.1 Today's market overview

According to observations by the Prospective Industry Research Institute, today's A-share IPO market presents a four-line parallel of "subscription, meeting, inquiry, and payment".

First, the GEM new stock Dianke Siyi (301689) launched subscription, which is the most watched target today;

The second is the review of the Beijing Stock Exchange's Suxun New Materials Listing Committee (the first meeting), which is the only company participating in the IPO this week;

Third, Science and Technology Innovation Board Suiyuan Technology launched a preliminary inquiry to pave the way for the purchase on September 2;

Fourth, Tianbo Intelligence, Luozhou Shares and Jiefeng Power, which were issued jointly by the three cities on August 26, is the payment date today.

3.2 Today's focus: Overview of the IPO of Dianke Siyi (301689)

Diankesi (Sikesi Technology) is a company in the field of electronic measurement instruments. Its products cover complete machines, test systems and entire components, mainly serving downstream such as communications, semiconductors, and aerospace. The company launched the GEM subscription on August 28, with an issue price of 16.00 yuan/share, an issue P/E ratio of 44.81 times, a public offering of 102 million shares, and plans to raise approximately 1.5 billion yuan.

3.3 Interpretation of core data in the prospectus of Diankesi (301689)

[Main Business] According to the prospectus, the company is a high-tech enterprise specializing in the research and development, manufacturing and sales of electronic measuring instruments. It is the enterprise with the most complete product categories and the widest spectrum coverage in the domestic electronic measuring instrument industry. It is also currently the only electronic measuring instrument company in China that can comprehensively benchmark international leading companies in the fields of microwave/millimeter wave, optoelectronic, communications and basic measuring instruments; its main products include complete machines, test systems and complete components.

[Income Composition] According to the prospectus, the company's main business income can be divided into three categories: complete machine, test system and complete component by product. In 2025, the complete machine business achieved revenue of 1.337 billion yuan, accounting for 56.23% of the total revenue, the test system business achieved revenue of 881 million yuan, accounting for 37.03%, the entire component business achieved revenue of 145 million yuan, accounting for 6.08%, and other businesses achieved revenue of 15.8859 million yuan, accounting for 0.67%; the company's overall operating income in 2025 will be 2.398 billion yuan.

[Production and Sales] According to the prospectus, the raw materials required for the company's main products mainly include components, integrated circuits, modules for system integration, metal and non-metallic materials, mechanical structural parts, etc.; the company has batch assembly and integrated testing capabilities, adopting a production organization method based on sales, and product sales are mainly based on direct sales. Customers cover downstream fields such as military industry, scientific research institutes, communications and electronic information.

[Main Customers] According to the prospectus, the company's customers are mainly military industry groups, scientific research institutes, communications and electronic information industry customers. The top five customers include the actual controller, China Electronics Technology Group Co., Ltd. and its subsidiaries, which are related to the company's daily business. The amount and proportion of related party transactions are relatively high; as of April 29, 2026, China Electronics Group directly holds 50.54% of the company's shares and is the controlling shareholder and actual controller.

[Fundraising Purpose] According to the prospectus, the company plans to invest a total of 1.5 billion yuan in four major directions after deducting issuance expenses: of which 546 million yuan is planned to be invested in the "High-end Electronic Measuring Instrument Production Line Transformation and Expansion Project". After completion, it will add an annual production capacity of 10,670 units of signal generation, vector network analysis, spectral analysis, oscilloscopes and other products; The "New Generation Mobile Communications Test R & D and Industrialization Construction Project" is planned to invest 48 million yuan and will be implemented by the subsidiary Siyi Technology (Anhui). It will form 1,000 mobile communication test instruments, 14,100 optical fiber communication test instruments, and 2,400 programmable DC power supplies. Annual production capacity; the "Technology Innovation Center Construction Project" is planned to invest 365 million yuan; another 542 million yuan is planned to supplement working capital.

5. Key follow-up agenda

After this week, the market focus will turn to early September: Suiyuan Technology, an unprofitable AI chip company on the Science and Technology Innovation Board, plans to subscribe on September 2 (it plans to raise approximately 6 billion yuan), which is a major project within the month; Suxun Xincai will enter the registration process if it is later; Dianke Siyi, Huahui Intelligent, etc., which subscribed for new shares this week, are expected to announce the winning results and go public in early September.

★ Data sources and disclaimers ★

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

Data sources: Beijing Stock Exchange/Shanghai Stock Exchange/Shenzhen Stock Exchange announcements, China Securities Regulatory Commission, prospectus and issuance announcement and other public channels.

Report produced by: Prospective Industry Research Institute.

★ About the Prospective Industry Research Institute ★

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT.

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If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

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Prospective Industry Research Institute is a leader in industrial consulting in China, specializing in providing solutions in industrial planning, industrial declaration, industrial upgrading and transformation, industrial park planning, feasibility reports and other fields to sweep away attention. Related reading RELEVANT [Announcement of IPO this week] Only one IPO will be held on the Beijing Stock Exchange this week (Suxun Xincai, 8-28) All five companies in the previous period will be held

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