Shares of Century Digital stunned the market with a 742% surge on their Beijing Stock Exchange debut, only to slam into a 30% one-word limit-down just one session later, completing a dizzying round-trip from "windfall jackpot" to deep correction in just two days.
On September 22, Zhengzhou New Century Digital Technology Co., Ltd. (920229.BJ) listed on the Beijing Stock Exchange at an issue price of 15.67 yuan per share. The stock closed its first day at 132 yuan, a gain of 742.37%, with an intraday peak advance of as much as 857% and total market capitalization reaching 5.853 billion yuan. That evening, the company issued a risk alert announcement.
The following day, September 23, Century Digital opened locked at the 30% limit-down, closing at 92.40 yuan per share, with turnover of just 41.2307 million yuan for the full session.
In its risk warning released on the evening of September 22, the company noted that its static price-to-earnings ratio and price-to-book ratio stood at 109.34 times and 16.61 times, respectively. By comparison, the static P/E and P/B for the "C35 Special Equipment Manufacturing" industry, as published by China Securities Index Co., Ltd. that same day, were 45.57 times and 4.06 times. The company acknowledged that its valuation significantly exceeds the industry average, and that the sharp first-day rally, combined with high turnover, carries a substantial risk of a steep correction following the rapid advance. It attributed the initial surge to first-day liquidity conditions and market sentiment, urging investors to make rational decisions and invest with caution.
On the secondary market front, September 23 saw the stock pinned at the 30% limit-down from the opening bell, with extremely low turnover and heavy sell-side pressure concentrated at the limit-down price. Notably, on September 18, the Shanghai Stock Exchange had already imposed self-regulatory measures, including trading account suspensions, on certain investors found to have violated rules amid the volatile early-stage trading of newly listed Shengu Co., Ltd. Regulatory scrutiny of speculative trading in new listings is clearly intensifying.
Founded in September 2007 and headquartered in the Zhengzhou High-tech Zone, Century Digital is a national-level "Little Giant" specialized and innovative enterprise centered on digital inkjet printing technology, and a provincial manufacturing single-champion in Henan. The company primarily designs and manufactures digital inkjet textile printing machines, digital printers, corrugated color box digital printing equipment, along with related parts and consumables. Its products serve three main sectors: textile printing, advertising signage, and corrugated packaging. From 2022 to 2024, the company's micro-piezoelectric digital photo equipment held a 27% domestic market share, ranking first nationwide, while its digital thermal transfer textile printing machines captured approximately 25% of the domestic market.
The IPO proceeds are earmarked for two major projects, including a research, development, and production base for intelligent high-end digital printing equipment, with combined planned investment of 324 million yuan. In the first half of 2026, the company posted revenue of 372 million yuan, up 19.70% year-on-year, and net profit of 38.1034 million yuan, up 60.93%. For the full years 2023 through 2025, revenue came in at 571 million, 569 million, and 612 million yuan, respectively, with attributable net profits of 49.8781 million, 57.2966 million, and 53.5283 million yuan. Looking ahead, the company forecasts first-three-quarter 2026 revenue of 500 million to 570 million yuan, representing year-on-year growth of 11.11% to 26.67%.