"High subscription rate" new shares are here again!

【Introduction】Next week, three new stocks are available for subscription, with Hongban Technology’s total issued shares reaching 100 million.

China Fund Reporter Wen Yan

Attention, A-share IPO investors!

According to the current issuance schedule, three new stocks will be available for subscription next week.

Specifically, on March 23rd, you can subscribe to the Beijing Stock Exchange new stock Longyuan Shares; on March 27th, you can subscribe to the Shanghai Stock Exchange main board new stock Hongban New Materials and the Shenzhen Stock Exchange ChiNext new stock Sanrui Intelligent.

Since 2026, among the new stocks listed on the Shanghai and Shenzhen markets, Hongban Technology ranks fourth in total issued shares. This means that investors participating in the Hongban Technology IPO have a higher chance of winning the bid.

Longyuan Shares is a national-level specialized and innovative “Little Giant” enterprise.

Longyuan Shares’ subscription code is 920055, with an issue price of 24.70 yuan per share, an issuance P/E ratio of 14.99 times, and a reference industry P/E ratio of 29.78 times.

The total shares issued by Longyuan Shares this time are 17 million, with 15.3 million shares available for online subscription. Investors can subscribe up to 765,000 shares online.

Longyuan Shares specializes in the research, production, and sales of aluminum alloy precision castings, forming a product system centered on automotive aluminum alloy precision castings. It has been recognized as a national-level specialized and innovative “Little Giant” enterprise.

Its products are mainly used in key areas such as automotive engine systems, new energy vehicle three-electric systems, steering systems, and thermal management systems. Aluminum alloy casting products used in automobiles include OBC boxes (including integrated power supply boxes), EPS motor housings, and turbocharger backplates.

Source: Longyuan Shares Prospectus

Currently, Longyuan Shares has a customer base comprising “globally renowned auto parts suppliers + vehicle manufacturers,” including BorgWarner, Taiwan Quanyuan Group, Fute Technology, KESIDA, Flex, Leapmotor, Great Wall Motors, and others. Its products are used by many well-known global car brands.

From 2022 to the first half of 2025, Longyuan Shares’ operating revenues were 519 million yuan, 699 million yuan, 869 million yuan, and 475 million yuan, respectively, with net profits attributable to shareholders of 101 million yuan, 126 million yuan, 128 million yuan, and 65.16 million yuan.

Source: Longyuan Shares Prospectus

The prospectus shows that, after review by an auditing agency, Longyuan Shares’ full-year revenue for 2025 is 1.026 billion yuan, an 18.05% increase year-over-year; net profit attributable to shareholders is 143 million yuan, an 11.33% increase.

Source: Longyuan Shares Prospectus

Hongban Technology’s clients include BYD, OPPO, vivo

Hongban Technology’s subscription code is 732459. The issue price and P/E ratio have not yet been disclosed; the industry reference P/E ratio is 64.73 times.

The total shares issued this time are 100 million, with 21 million shares available for online subscription. Investors can subscribe up to 21,000 shares online, with a maximum of 210,000 yuan in Shanghai market value required for full subscription.

Hongban Technology focuses on the research, production, and sales of printed circuit boards (PCBs). Its products target the mid-to-high-end application market, and it is one of the industry leaders in high-density interconnect (HDI) boards, capable of mass production of any interconnect HDI boards and IC substrates (used directly to mount chips).

Its products are mainly used in consumer electronics, automotive electronics, high-end displays, and communications electronics. Clients include OPPO, vivo, Honor, Transsion, Motorola, Goertek, Huaqin Technology, Wingtech Technology (defense), Longqi Technology, Sunwoda, Desay Battery, BYD, Zhaochi, Zemax, Intel, Quectel, Guanghetong, Foxconn, and others.

In the 24th (2024) China PCB Industry Top 100 Companies ranking published by the China Electronic Circuit Industry Association, Hongban New Materials ranks 35th; in Prismark’s 2024 global top 100 PCB companies list, it ranks 58th.

From 2023 to 2025, Hongban Technology’s revenues are projected to be 2.34 billion yuan, 2.702 billion yuan, and 3.677 billion yuan, with net profits of 105 million yuan, 214 million yuan, and 540 million yuan, respectively.

The prospectus indicates that Hongban Technology expects its first-quarter 2026 revenue to be between 900 million and 950 million yuan, a year-over-year increase of 16.08% to 22.53%; net profit attributable to shareholders is expected to be between 120 million and 125 million yuan, up 10.85% to 15.47%.

Sanrui Intelligent is a manufacturer of drone and robot power systems.

Sanrui Intelligent’s subscription code is 301696. The issue price and P/E ratio have not yet been disclosed; the industry reference P/E ratio is 29.28 times.

The total shares issued are 40.01 million, with 6.4 million shares available for online subscription. Investors can subscribe up to 6,000 shares online, with a required Shanghai market value of 60,000 yuan for maximum subscription.

Sanrui Intelligent is a leading industry manufacturer of drone and robot power systems, mainly engaged in R&D, production, and sales of electric propulsion systems for drones and robots, and actively developing eVTOL (electric vertical takeoff and landing) aircraft power systems.

Based on 2024 sales, Sanrui Intelligent holds a 7.1% share of the global civil drone electric power system market (excluding batteries), ranking second after DJI.

In the field of robot power systems, Sanrui Intelligent focuses on robot joints, with products applicable to humanoid robots, exoskeletons, wearable devices, and quadruped robots.

From 2022 to 2024 and the first half of 2025, its revenues were 362 million yuan, 534 million yuan, 831 million yuan, and 436 million yuan, respectively, with net profits attributable to shareholders of 113 million yuan, 172 million yuan, 333 million yuan, and 160 million yuan.

The prospectus shows that benefiting from strong market demand in the drone and robotics industries, Sanrui Intelligent’s audited full-year revenue for 2025 is expected to be 1.075 billion yuan, a 29.25% increase; net profit attributable to shareholders is expected to be 421 million yuan, up 26.73%.