Ultra-Pure Micro Surges 641% on Debut, Single Lot Profit Exceeds 200K Yuan
Nashnova编辑部
Semiconductor materials maker Chaochun Yingcai surged 641% on its ChiNext debut, delivering ~RMB 200,000 per winning lot — but the lottery hit rate was just 0.01%; next week's IPO pipeline shifts from hard-tech to solar paste and iron ore, and the premium logic may not carry over.
Which new listings soared the most this week?
Chaochun Yingcai (超纯应材) listed on ChiNext on August 11 at an issue price of RMB 65.99. It surged 641.14% on day one, yielding roughly RMB 202,600 per 500-share lot.
Guoyi Quantum (国仪量子), a maker of high-end scientific instruments such as electron paramagnetic resonance spectrometers and scanning electron microscopes, debuted on the STAR Market the same day — up 402.16%, with a per-lot gain of about RMB 42,700.
BSE-listed Jiakai Bio (珈凯生物) rose 173.25% on day one, yielding ~RMB 3,334 per lot. Jieli Tech (杰理科技), a Bluetooth chip firm, listed on the BSE on August 12 — up 197.79%, priced at a P/E of 14.99×, far below the sector average of 73.78×.
What does the wide spread in gains tell us?
All four IPOs rose on day one, but the gap was stark: semiconductor materials and quantum instruments — hard-tech names — led by a wide margin; BSE listings gained more modestly.
This means → the market is paying a far higher first-day premium for perceived tech intensity. "How cutting-edge is it?" remains the dominant pricing variable in A-share IPOs right now.
Yet Chaochun Yingcai's lottery hit rate was just 0.01%. In plain terms = only one in every 10,000 applicants won a lot — the vast majority of investors watched from the sidelines.
What is on the IPO calendar next week?
Betely (贝特利) opens for ChiNext subscription on August 19. Its core product is photovoltaic silver powder; 2025 global market share ~4.40% in silver powder, ~7% in HJT paste — a conductive material used in heterojunction solar cells — and ~46% in conductive paste for PC keyboards. Issue P/E: 68.33×. Sponsor: Guosen Securities.
Ma Mining (马矿股份) opens for SSE main-board subscription on August 21. It mines and processes iron ore. Offering size: 123.5 million shares; issue P/E: 35.82×. Sponsor: CITIC Securities.
This means → the IPO pipeline shifts from hard-tech to solar materials and mineral resources. First-day performance will hinge more on commodity prices and sector sentiment.
What are the financial red flags at Betely?
Revenue grew from RMB 2.27 billion to RMB 3.65 billion between 2023 and 2025, yet net profit only rose from RMB 86 million to RMB 116 million — revenue up ~60%, profit up just ~35%.
Silver powder — the core product — had a 2025 gross margin of only 3.55%; the blended gross margin sits at roughly 10%. In plain terms = for every RMB 1 of silver powder sold, barely four fen stays as gross profit. The business model is closer to logistics than to manufacturing.
Operating cash flow was negative for three straight years (-RMB 37.5m, -164m, -403m). Receivables ballooned from RMB 237m to RMB 584m. The top five customers account for 68.86% of sales, with the largest — Shanghai Yinjiang — at 46.95% alone. This reflects heavy customer concentration and a widening gap between booked revenue and collected cash.
How does Ma Mining's profile compare?
Revenue held steady at RMB 19–20 billion across 2023–2025. Net profit came in at RMB 651m, 664m, and 602m respectively, with a blended gross margin above 50% throughout.
This means → Ma Mining's profitability is far stronger than Betely's, but net profit has been drifting lower — short-term growth is capped by iron-ore prices.
This reflects the classic resource-company profile: high margins, but the ceiling is set by commodity prices. The investor's real question is not whether the company can execute — it is where iron-ore prices are headed.
Will the high-premium logic carry over?
Last week's outsized hard-tech IPO gains were driven by scarcity + tech premium. Next week's listings — Betely and Ma Mining — sit in traditional materials and resources, where the market's imagination runs shorter.
In plain terms = the pipeline goes from "the stuff that makes chips" to "mining ore and milling silver powder." The IPO thesis has changed; expecting another multi-bagger debut is not realistic.
Betely also faces the longer-term risk of the solar industry's "de-silverization" push — replacing silver paste with copper-based alternatives to cut costs. If that trend accelerates, demand for silver powder itself could erode.
Content is for reference only, not financial advice.