In the final week before the holiday, three companies passed listing reviews on the Beijing Stock Exchange (BSE), maintaining momentum despite the approaching Spring Festival. In terms of new listings, a total of nine companies completed their market debuts, including three on A-shares and six on Hong Kong stocks. Technology-focused firms accounted for over 60% of the new listings, while the trend of dual A+H listings continued to gain traction, highlighting the capital market's increasing support for high-quality corporate financing.

Hong Kong stocks were the main source of new listing applications this week, while A-shares focused on advancing guidance filings for hard-tech sectors. Seven companies submitted listing applications in Hong Kong, comprising four for the main board and one for the GEM board, with two leading A-share companies initiating secondary listings under an A+H structure. These companies span multiple high-growth sectors, including metabolic disease medical care, precision manufacturing for display panels, bulk commodity supply chains, new energy storage, power transmission and distribution equipment, and clinical CRO services, showcasing the parallel progress of both segment leaders and growth-oriented enterprises.

**1. Companies Passing Review This Week** **1. Changzhou Longxin Intelligent Equipment Co., Ltd.** Longxin Intelligent, founded in 2001, is a nationally recognized "Little Giant" enterprise specializing in the production of material grinding equipment, drying equipment, and automated production lines. Its products are primarily used in industries such as lithium-ion battery materials and nanomaterials. The company listed on the New Third Board in August 2024, initiated guidance filing in November 2023, completed guidance in May 2025, and had its application for listing on the BSE accepted in June. After two rounds of inquiries, it proceeded to the review meeting.

From 2022 to the first half of 2025, Longxin Intelligent reported revenues of 336 million yuan, 582 million yuan, 604 million yuan, and 340 million yuan, respectively. Net profits for the same periods were 87 million yuan, 143 million yuan, 120 million yuan, and 64 million yuan. Unaudited data indicates that the company achieved revenue of approximately 634 million yuan in 2025, a 5% year-on-year increase, with a net profit attributable to the parent company, excluding non-recurring items, of 107 million yuan. For the first quarter of this year, the company expects revenue to increase significantly by 41% to 56% year-on-year, and net profit attributable to the parent company, excluding non-recurring items, to grow by 25% to 43%.

For its IPO, Longxin Intelligent plans to raise 458 million yuan. The funds will be used for the expansion project of intelligent micro-nano material production equipment and supporting automated production lines (allocated 343 million yuan), the construction project for large automated equipment (allocated 51 million yuan), and the research and development center construction project (allocated 65 million yuan).

**2. Henan Jiachen Intelligent Control Co., Ltd.** Jiachen Intelligent, also a nationally recognized "Little Giant" enterprise based in Zhengzhou, primarily produces motor drive control systems, integrated machine control systems, and telematics products and applications. Its current main downstream application is industrial vehicles, with gradual expansion into other engineering machinery scenarios such as excavators and aerial work platforms, as well as diversified fields including site vehicles and mobile robots. Its customers include major domestic and international industrial vehicle manufacturers such as Hangcha Group, Anhui Heli, Noblelift, Lonking, Liugong, BYD, XCMG, Kion, and Hyster.

During the listing committee meeting, the committee requested Jiachen Intelligent to outline the market space, competitive landscape, and its market position in industrial vehicle motor drive control systems. The company was also asked to explain its core competitiveness by combining factors such as the situation of major domestic competitors, the competitive advantages of its self-developed motor controllers, its customer composition, and the iteration of forklift models and its own products.

**3. Zhenhong Heavy Industry (Jiangsu) Co., Ltd.** Zhenhong Heavy Industry had previously planned to list on the ChiNext board. It is a high-tech enterprise focused on the research, development, production, and sale of forged wind power main shafts and other large metal forgings. Its products are widely used in wind power, chemical industry, machinery, shipbuilding, nuclear power, and other fields. The company has established stable cooperative relationships with core customers such as Envision Energy, Yunda Shares, and Shanghai Electric, with its partnership with Yunda Shares deepening continuously and its supply share increasing year by year.

Zhenhong Heavy Industry's sponsor is Guotai Haitong Securities Co., Ltd. As of the signing date of the prospectus, Zhao Zhenghong directly holds 59.19% of the company's shares and indirectly holds 0.13% through Jisheng New Energy, totaling a 59.31% stake. He serves as the company's chairman and is the controlling shareholder and actual controller.

From 2022 to 2024 and the first half of 2025, the company's operating revenues were 827.1791 million yuan, 1.0251882 billion yuan, 1.1361242 billion yuan, and 633.3521 million yuan, respectively. Net profits for the same periods were 62.8431 million yuan, 80.9434 million yuan, 103.5666 million yuan, and 59.2904 million yuan, respectively.

**2. New Listings** New A-share listings were characterized by a concentrated debut, with all three companies listing on February 10th, covering the STAR Market, the Shanghai Main Board, and the BSE. Diankelantian (688818) on the STAR Market, a leading domestic aerospace power supply provider supporting spacecraft like the Shenzhou missions and space stations, held a market share of over 50% in 2024. Its raised funds will be directed towards the industrialization project for aerospace power supplies. Linping Development (603284) on the Shanghai Main Board focuses on the packaging paper sector, emphasizing capacity upgrades and environmental transformation. Aide Technology (920180) on the BSE specializes in orthopedic medical devices, with products covering mainstream clinical needs.

The performance of new Hong Kong stock listings was mixed this week, with six companies listing in batches, including three with dual A+H listings, highlighting the enthusiasm of mainland leading companies for financing in Hong Kong. Lanki Technology (06809.HK, A-share: 688008), which listed on February 9th and raised over 7 billion HKD, was a "hot issue" with its public offering oversubscribed by 707.3 times. As a global leader in memory interface chips, its listing further enhances the layout of the semiconductor industry chain in the Hong Kong market.

The technology sector was a core highlight of this week's IPOs. Besides Lanki Technology, AXERA (00600.HK), which listed on February 10th, is the global leader in shipment volume of mid-to-high-end visual edge AI inference chips. Its raised funds will accelerate the R&D of edge computing AI chips, aligning with the global trend of AI computing power shifting to the edge. Additionally, companies like HAIZHI TECH GP (02706.HK) and Lead Intelligent Equipment (02496.HK, A-share: 300450) focused on data intelligence and high-end equipment, respectively, further enriching the ecosystem of the Hong Kong stock technology sector.

**3. Application Dynamics** On February 9th, four main board companies collectively submitted listing applications, forming the core of this week's Hong Kong application activity: Tangji Medical focuses on minimally invasive interventional treatments for metabolic diseases, building advantages in its niche through differentiated technology. Jointly sponsored by ICBC International and Caitong International, this application aims to raise capital for advancing the clinical implementation and commercialization of its core products.

Vitality Technology focuses on the R&D and manufacturing of precision structural components for display panels, serving downstream areas like consumer electronics and automotive displays. With CICC and Deutsche Bank as joint sponsors, it seeks to broaden financing channels and strengthen its capacity layout. Thermal Union Group, a bulk commodity supply chain service provider leveraging its mature supply chain system and resource integration capabilities, is solely sponsored by CICC and plans to use the listing to further完善 its global supply chain network. Weiheng Intelligent, deeply engaged in new energy storage system integration, aligns with global new energy industry trends. Jointly sponsored by Huatai International and CMBI, it will focus raised funds on storage technology upgrades and project expansion.

On February 10th, Hexia Technology applied for listing on the Hong Kong GEM board, becoming the only GEM applicant this week. As a leading automotive testing solution provider in Zhejiang Province, the company specializes in testing services for complete vehicles and components. Backed by its professional technical capabilities and extensive industry experience, and exclusively sponsored by Jinlian Capital, this GEM application aims to leverage capital to expand business scale and enhance industry competitiveness.

On February 11th, two leading A-share companies simultaneously initiated the process for secondary A+H listings, further strengthening the Hong Kong application lineup: Sieyuan Electric, a global leader in power transmission and distribution equipment, has deepened its focus in this field since its A-share listing. Solely sponsored by CITIC Securities for its Hong Kong application, it plans to use the dual A+H capital platform to widen international financing channels and accelerate its global layout. Jingxin Pharmaceutical, focused on chemical preparations and traditional Chinese medicine, possesses a comprehensive R&D, production, and sales system. Also choosing CITIC Securities as its exclusive sponsor for its Hong Kong listing push, it aims to further expand its presence in domestic and international pharmaceutical markets and strengthen its R&D capabilities.

Regarding A-shares, while there were no new IPO applications this week, guidance filing work progressed orderly. Multiple companies officially commenced IPO preparations, all concentrating on hard-tech sectors like semiconductors and superconducting magnets, underscoring the capital market's emphasis on supporting core technological assets. Among them, on February 9th, Nanfei Microelectronics and Microstep Information signed guidance agreements with China Securities and Guolian Minsheng, respectively, to initiate IPO guidance. Both companies are deeply involved in semiconductor-related fields and plan to use listing for technological upgrades and capacity expansion. On February 11th, Xi'an Juneng Superconducting Magnets and Nanjing Hongtai Semiconductor simultaneously started guidance filing; the former focuses on R&D and manufacturing of superconducting magnets, while the latter concentrates on semiconductor-related products, both targeting opportunities in the high-end manufacturing market. On February 12th, Huazhuo Jingke, a supplier of core components for lithography machines, resumed its IPO guidance, with China Merchants Securities acting as the guidance institution. As a key enterprise in China's core lithography machine component sector, its resumption of IPO guidance has attracted significant market attention and is expected to further improve the capital market layout of the domestic semiconductor equipment industry chain.