[September 2 IPO Observation Morning Post] Today, Suiyuan Technology and Tengxin Precision purchased on the same day. This week, 4 subscriptions, 2 listings, and 3 listings.

★ Disclaimer: This article is an objective compilation of public information and does not constitute any investment advice or securities promotion.

1. Market review this week (8/31-9/6, week 36)

According to the Prospective Industry Research Institute, this week (8.31-9.6, week 36), the A-share new share market continued the three-line parallel pattern of "subscription-listing-meeting", and the volume was significantly higher than last week.

On the subscription side, Baimaike (8/31, Beijing Stock Exchange), Suiyuan Technology (9/2, Science and Technology Innovation Board), Tengxin Precision (9/2, Beijing Stock Exchange), and Sinuowei (9/3, Science and Technology Innovation Board) Four new shares have been issued one after another. Among them, the unprofitable AI chip company Suiyuan Technology has an issue price of 142.18 yuan/share, and is expected to raise a total of 6.119 billion yuan, making it the largest single issuance project in the month;

On the listing side, Baitley (301697, GEM) and Makuang (601123, Shanghai Main Board) were both listed on September 1, breaking the "zero listing" situation in the 35th week;

On the review side, the Beijing Stock Exchange will hold the 81st (9/3, Jiahong Xincai), the 82nd (9/4, Xinpa Intelligent), and the 83rd (9/4, Changde Xincai) review meetings. A total of 3 companies will attend the meeting. The meeting numbers are consecutive (81st, 82nd, and 83rd) and there is no 84th meeting scheduled for that week. The Shanghai and Shenzhen Stock Exchanges have no meeting arrangements for disclosure during that week.

In addition, Suxun Xincai will advance the registration process after the meeting on August 28. The two new shares of Baimaike and Dianke Siyi are expected to announce the issuance results and be listed one after another in early September after completing the payment.

2. Today's (Wednesday, September 2) announcement

According to observation by the Prospective Industry Research Institute, the focus of today's market is "two new shares are purchased on the same day". There are one new shares each on the Science and Technology Innovation Board and the Beijing Stock Exchange, and no new shares are listed on the same day.

First, Suiyuan Technology (688801) launched online and offline subscriptions on the Science and Technology Innovation Board, with an issue price of 142.18 yuan/share and an issue number of 43.035173 million shares (accounting for 10% of the total share capital after the issuance), the total amount of funds raised is expected to be approximately 6.119 billion yuan, and the net amount after deducting issuance expenses is approximately 5.81 billion yuan. The company is not yet profitable. This issuance is valued using a price-to-sales ratio, corresponding to the diluted static price-to-sales ratio in 2025. The price-to-sales ratio is 61.80 times, and the estimated market value at the time of listing is approximately 61.187 billion yuan based on the issue price. The sponsor (joint lead underwriter) is CITIC Securities, and Cathay Haitong and Guangfa Securities serve as joint lead underwriters. The online subscription code is 787801, and the subscription limit for a single account is 6,500 shares;

Second, Tengxin Precision (920298) launched online subscription on the Beijing Stock Exchange, with an issue price of 35.78 yuan/share (Direct pricing, no offline inquiry and placement), with an issue P/E ratio of 14.99 times, an initial issuance of 18 million shares (including 5.4 million shares for strategic placement and 12.6 million shares for online issuance), and an over-allotment option of 15%(2.7 million shares) of the initial issuance scale was granted to the lead underwriter Cathay Haitong. The company focuses on the R & D, design, manufacturing and sales of high value-added precision parts.

In addition, Baimaike (920268) will apply for a refund of online subscription funds today.

3. Forecast for this week (8/31-9/6, week 36)

According to statistics from the Prospective Industry Research Institute, the remaining trading days in the 36th week (August 31-September 6) are densely watched.

On the subscription side, Sinovy (688837) launched online and offline subscriptions on September 3 (Thursday) at a price of 27.60 yuan/share. This time, it plans to publicly issue 65.323352 million shares, accounting for 15% of the total issued share capital, and the payment date is September 7.

On the review side, the Beijing Stock Exchange will hold the 81st review meeting at 9:00 a.m. on September 3 to review Jiahong New Materials, the 82nd review meeting at 9:00 a.m. on September 4 to review Xinpa Intelligent, and the 83rd review meeting will review Changde New Materials; of which Xinpa Intelligent plans to raise 280.1088 million yuan, and the sponsor institution is Orient Securities, which is mainly engaged in wind power blade intelligent equipment and semiconductor sealing and testing equipment.

On the issuing side, Baimaike disclosed the announcement of the issuance results on September 3, and Suiyuan Technology is expected to announce the online winning results on September 4; Suxun Xincai will promote the submission of registration after the meeting on August 28. New shares such as Baimaike and Dianke Siyi that have completed their payment are expected to be listed one after another in early September.

4. Resumption yesterday (Tuesday, September 1)

2.1 Market Summary

According to observations by the Prospective Industry Research Institute, yesterday (September 1) the A-share IPO market was dominated by "simultaneous listing of two new shares + winning payment for one new share + pricing of one new share".

Betley (301697) landed on the GEM with an issue price of 12.10 yuan/share, issued 65.7 million shares, and raised net funds of 711 million yuan. The sponsor institution is Guoxin Securities;

Majang Shares (601123) landed on the main board of Shanghai Stock Exchange, with an issue price of 6.65 yuan/share, 123.5 million shares were issued, and a total amount of raised funds of 821.275 million yuan (net amount of 758.3973 million yuan). The issue P/E ratio was 13.81 times. The sponsor (lead underwriter) was CITIC Securities.

On the same day, Dianke Siyi (301689) announced the results of the online lottery. There were a total of 48,993 winning numbers issued online. The winning investors completed the payment on the same day; Baimaike (920268)'s online subscription funds entered the freezing day.

In terms of issue pricing, Xinnuowei (688837), a new share of the Science and Technology Innovation Board, has determined that the issue price is 27.60 yuan/share and will be purchased on September 3.

On that day, there were no new shares subscription and no winning lot announcement arrangements in the entire market.

2.2 Key enterprise: Majang Co., Ltd.(601123)

Corporate IPO Overview

Makuang Stock (601123, Fujian Makeng Mining Co., Ltd.) will be listed on the main board of the Shanghai Stock Exchange on September 1, 2026 (Tuesday), with an issue price of 6.65 yuan/share and 123.5 million new shares issued (accounting for 10% of the total share capital after issuance, and the total share capital after issuance is 1,234,611,111 shares). The issue P/E ratio is 13.81 times, the issue P/B ratio is 1.83 times, the total amount of funds raised is 821.275 million yuan, and the net amount after deducting issuance expenses is 758.3973 million yuan. The sponsor institution (lead underwriter) is CITIC Securities, and all the funds raised are invested in the "Makeng Iron Mine Mining, Selection and Capacity Expansion Project". The company is registered in Longyan City, Fujian Province and has been engaged in the development and comprehensive utilization of iron ore resources for a long time. From 2023 to 2025, its operating income was 1,962.3108 million yuan, 2,050.0361 million yuan and 1,991.4163 million yuan respectively, and its net profit was 651.477 million yuan, 663.8313 million yuan and 601.7807 million yuan respectively; According to the prospectus, the company will rank 18th among the top 50 metallurgical and mining companies in China in 2025.

Interpretation of core data of the prospectus

[Main Business] According to the prospectus, the company is a company that has long been engaged in the development and comprehensive utilization of iron ore resources. It is mainly engaged in the mining, dressing and comprehensive utilization of iron ore and sales of iron concentrate and molybdenum concentrate, as well as the mining and sales of limestone. The main products are iron concentrate, molybdenum concentrate and limestone. The company's production and operation rely on the Makeng Iron Mine located in Longyan City, Fujian Province. As of the signing date of the prospectus, the company only owns this large mine and has no other mining resources. All iron concentrate products are produced from this mine; as of the end of 2025, the company's retained iron ore resource reserves are 325.2085 million tons. The company's main products are 65% grade pelletizing iron concentrate and molybdenum concentrate produced from associated molybdenum ore.

[Income Composition] According to the prospectus, the company's operating income from 2023 to 2025 was 1,962.3108 million yuan, 2,050.0361 million yuan and 1,991.4163 million yuan respectively, and the net profit was 651.477 million yuan, 663.8313 million yuan and 601.7807 million yuan respectively. The revenue scale remained at around 2 billion yuan, and the net profit was around 600 million yuan. The main business income is highly concentrated in a single product of iron concentrate: the sales revenue of iron concentrate in each period is approximately 1.801 billion yuan, 1.886 billion yuan and 1.792 billion yuan respectively, accounting for 93.71%, 93.75% and 91.46% of the main business income respectively. The rest comes from molybdenum concentrate, limestone and other products; the company has a high dependence on a single product.

From January to June 2026, the company achieved operating income of 1,112.0521 million yuan, an increase of 6.42% over the same period last year, and net profit of 419.0063 million yuan, an increase of 15.76% over the same period last year.

[Production and Sales] According to the prospectus, the company's raw ore production capacity in 2025 will be 5 million tons/year, and the annual iron concentrate output will be 2.2761 million tons and sales volume will be 2.2821 million tons. The sales areas are highly concentrated in Fujian Province: the company's sales revenue in Fujian Province from 2023 to 2025 was 1.790 billion yuan, 1.802 billion yuan and 1.748 billion yuan respectively, accounting for 93.15%, 89.57% and 89.23% of the current main business income respectively. The iron concentrate produced by the company is mainly sold to steel smelting enterprises, and its production and operation are greatly affected by fluctuations in the market price of iron concentrate.

[Major Customers] According to the prospectus, the company's customer concentration is relatively high. From 2023 to 2025, the sales revenue of the top five customers will be 1.917 billion yuan, 1.896 billion yuan and 1.644 billion yuan respectively, accounting for 97.68%, 92.50% and 82.53%, although it has declined year by year, it is still at a high level. The prospectus reminds that if the production and operation of some customers experience large fluctuations, or key customers themselves experience major adverse changes resulting in reduced purchases, and the company cannot find other alternative sales channels in the future, it will have an adverse impact on the company's operating results and financial condition.

[Fundraising Purpose] According to the prospectus, the company issued 123.5 million new shares this time, raising a total of 821.275 million yuan and a net amount of 758.3973 million yuan after deducting issuance expenses, all of which were used for the "Makeng Iron Mine Mining, Selection and Capacity Expansion Project"; The total investment of the project is 3,205.1083 million yuan, and the original plan was to use the raised funds of 1,000,000 yuan (subject to the issuance scale, the actual net raised funds are lower than the original plan, and the shortage will be solved by the company itself). The project is to expand the production scale within the scope of existing mining licenses. On the premise that the Kuangqu area remains unchanged, the maximum raw ore production scale will be increased from 5 million tons/year to 10 million tons/year, and an additional 5 million tons/year iron ore mining and processing capacity will be added.

★ Data sources and disclaimers ★

Disclaimer: This article is an objective compilation of public information and does not constitute any investment advice or securities recommendation

Data source: This article is based on public review developments of the Shanghai and Shenzhen Stock Exchanges, announcements of the China Securities Regulatory Commission, and public disclosure information such as prospectuses and issuance announcements of various companies. If there is any difference between the content of this article and the final official disclosure, the official announcement of the exchange and the issuer shall prevail.

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.

Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

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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