On December 23, investors can subscribe for Hengdong Optical (920045.BJ) on the Beijing Stock Exchange, while three other new stocks debut—Shenzhen Tiansu Calibration And Testing Co.,Ltd. (301449.SZ) and Rnbc New Energy Co.,Ltd. (301667.SZ) on the ChiNext board, and Jiangsu Xihua New Energy Technology Co., Ltd. (603248.SH) on the Shanghai main board.

**One IPO Subscription** Hengdong Optical, founded in September 2011, is a high-tech enterprise specializing in R&D, manufacturing, and sales of passive optical components for optical communications. According to its prospectus, the company is a national high-tech firm and has undertaken key provincial and municipal projects, including research on 400G ultra-high-density passive multi-core photon connection components and multi-channel high-speed silicon photonic chips.

As of June 30, 2025, Hengdong Optical and its subsidiaries held 111 domestic patents (17 inventions, 94 utility models) and one international patent. The company has won the CIOE Technological Innovation Award, established a Guangdong provincial engineering research center for multi-channel high-speed silicon photonic chips, and been recognized as a Guangdong "Specialized, Refined, Distinctive, and Innovative" SME, a national "Little Giant" enterprise, and a Shenzhen "Gazelle Enterprise."

Its optical components are primarily exported to markets like the U.S. and Europe, with long-term partnerships with global leaders such as AFL, Coherent, Jabil, and CloudLight. Its products are used by AT&T, Verizon, Google, Amazon, Microsoft, Oracle, Tencent, IBM, Cadence, and Nvidia.

However, Hengdong Optical warned in its prospectus about internal control and management risks. From 2022 to 2024, its total assets and revenue grew at compound annual rates of 61.34% and 66.33%, respectively. If management fails to adapt to rapid expansion, operational efficiency and profitability could decline.

**Three New Listings** **Shenzhen Tiansu Calibration And Testing Co.,Ltd.** (301449.SZ), founded in 2009, is a nationwide independent third-party metrology and testing service provider, offering calibration, inspection, and certification across 1,417 capabilities in fields like biopharma, automotive, and energy. Since 2018, it has expanded into battery testing, with 84 testing capabilities and over 2,000 channels for cell, module, and pack tests. Clients include CALB, GAC Aion, and XPeng.

Despite high gross margins (52.67% in 2022 to 51.56% in H1 2025), Tiansu faces pricing pressure as competition intensifies in the testing industry. Average certificate fees fell from ¥142.01 in 2022 to ¥119.43 in H1 2025.

**Jiangsu Xihua New Energy Technology Co., Ltd.** (603248.SH) specializes in R&D and manufacturing of high-end equipment components, mainly for wind turbine gearboxes and injection molding machines. It is a key supplier to global leader NGC Group, with 48.91% of 2022 revenue from this client. While customer concentration improved in 2025 (43.17% from NGC), reliance on major clients remains a risk.

**Rnbc New Energy Co.,Ltd.** (301667.SZ), established in 2007, focuses on thermal management products for EV batteries, fuel vehicles, and energy storage. An early partner of CATL, it holds a 12.16% market share in battery cooling plates. However, CATL accounted for 53.73% of 2022 revenue (44.39% in Q1 2025), posing dependency risks.

*(Disclaimer: This content is for reference only and does not constitute investment advice.)*