Investors participating in A-share new stock subscriptions should mark their calendars. Based on the current issuance schedule, three new stocks will be available for subscription next week. On September 14, investors can subscribe to the Beijing Stock Exchange-listed Kaida Heavy Industry; on September 16, the Shenzhen ChiNext-listed Hongfucheng; and on September 18, the Shenzhen Main Board-listed LYGEND RESOURCE.

Among all new stocks listed on the Shanghai and Shenzhen markets since the start of 2026, LYGEND RESOURCE ranks ninth in terms of total shares issued. This implies that investors subscribing to LYGEND RESOURCE will have a relatively higher chance of winning an allocation.

Kaida Heavy Industry: Market Leader in Hot-Rolled Section Steel Rolls

Kaida Heavy Industry's subscription code is 920025, with an issue price of RMB 4.26 per share and a price-to-earnings ratio of 13.76 times, compared to the industry average P/E of 45.86 times. The company is offering a total of 60 million shares, with 42 million shares available for online subscription. The maximum subscription quantity for online investors is 2.55 million shares.

Kaida Heavy Industry focuses on the research, development, production, and sale of rolls and roll rings, which are critical components in steel rolling processes. The company's solutions address technical challenges in steel rolling, enhancing both quality and production efficiency. As an indispensable core tool in the steel rolling process, rolls are often referred to as the "mother of steel," serving as the primary working components and consumable tools installed on rolling mills to achieve continuous plastic deformation of steel. The company provides highly customized solutions for rolls and roll rings required across various rolling stages—including hot-rolled section steel, bar and wire rod, and plate and strip production lines—and has been recognized as a national-level specialized and innovative "Little Giant" enterprise.

Kaida Heavy Industry's clientele includes domestic steel producers such as Baowu Group, Jinxi Steel, Shandong Iron and Steel, Angang Group, Baotou Steel, Yongyang Special Steel, Anshan Zizhu, and Luoyuan Mingguang，as well as international steel enterprises including ArcelorMittal, EVRAZ, JSW, British Steel, and POSCO Holdings.

From 2023 to 2025, Kaida Heavy Industry reported revenues of RMB 452 million, RMB 460 million, and RMB 477 million, respectively, with net profits attributable to shareholders of RMB 65.32 million, RMB 62.74 million, and RMB 70.85 million. The company projects its full-year 2026 revenue to reach RMB 507 million, representing a year-on-year increase of 6.35%, and net profit attributable to shareholders of RMB 73.37 million, up 3.56% year-on-year.

Hongfucheng: Leader in AI Thermal Management Materials

Hongfucheng's subscription code is 301716. Its issue price and P/E ratio have yet to be disclosed, with the industry reference P/E at 73.89 times. The company is offering a total of 18.73 million shares, with 3.93 million shares allocated for online subscription. Online investors can subscribe up to 3,500 shares, with a full subscription requiring a Shenzhen market cap of RMB 35,000.

Hongfucheng specializes in the research, development, and industrialization of advanced electronic functional materials and components, including thermal management, electromagnetic shielding, and wave-absorbing materials. Its products are applied in data centers (AI high-power chips, optical modules), smart vehicles, 5G communications, and consumer electronics. Thermal interface materials are typically placed between heat-generating components like chips and heat sinks to enhance thermal conductivity. Electromagnetic shielding and wave-absorbing materials belong to the field of electromagnetic compatibility, functioning by reflecting, absorbing, or dissipating electromagnetic waves to reduce interference.

Hongfucheng's independently developed graphene thermal pads and metal-carbon composite materials have entered the thermal interface material supply chains of major global AI chip companies, with bulk shipments underway. Its clients include major technology firms such as Wistron and Hon Hai Precision Industry.

Between 2023 and 2025, Hongfucheng recorded revenues of RMB 260 million, RMB 330 million, and RMB 707 million, respectively, with net profits attributable to shareholders of RMB 34.97 million, RMB 71.47 million, and RMB 269 million. According to its prospectus, benefiting from the sustained high prosperity of the AI industry in 2026, the company expects its revenue for the first three quarters of 2026 to be between RMB 640 million and RMB 680 million, up 31.13% to 39.33% year-on-year, with net profit attributable to shareholders ranging from RMB 245 million to RMB 268 million, representing a growth of 28.67% to 40.74%.

LYGEND RESOURCE: A Dedicated Player Across the Nickel Value Chain

LYGEND RESOURCE's subscription code is 001246. Its issue price and P/E ratio have not yet been announced, with the industry reference P/E at 26.34 times. The company is issuing a total of 173 million shares, with 51.87 million shares available for online subscription. Investors can subscribe up to 51,500 shares online, requiring a Shenzhen market cap of RMB 515,000 for the maximum allocation.

LYGEND RESOURCE is a globally leading nickel industry chain enterprise, with its core business covering upstream nickel resource procurement, nickel product trading, and the production and sale of nickel products. By extending downstream in the nickel industry, the company has become the first domestic service provider to expand its product service system from nickel product trading to nickel product manufacturing, focusing exclusively on the complete nickel value chain. According to CIC Consulting's report, in 2024, LYGEND RESOURCE was China's largest nickel ore supplier, holding a market share of approximately 35.8%, and ranked first globally in nickel product trading volume, equivalent to 10.4% of global market demand for nickel products.

In the nickel-cobalt compound segment, LYGEND RESOURCE's customers are primarily well-known domestic manufacturers of ternary battery materials for new energy vehicles. In the laterite nickel ore and ferronickel product sectors, its clients include stainless steel producers as well as large commodity trading companies with strong credit profiles.

From 2023 to 2025, LYGEND RESOURCE posted revenues of RMB 21.286 billion, RMB 29.846 billion, and RMB 40.255 billion, respectively, with net profits attributable to shareholders of RMB 1.05 billion, RMB 1.768 billion, and RMB 2.862 billion. The prospectus indicates that, supported by a rebound in nickel prices, the gradual release of new smelting capacity, and sustained expansion in downstream market demand, the company expects its revenue for the first three quarters of 2026 to be between RMB 38 billion and RMB 42 billion, up 27.93% to 41.40% year-on-year, with net profit attributable to shareholders ranging from RMB 3.15 billion to RMB 3.25 billion, reflecting a growth of 54.00% to 58.89%.