This week's new stock subscriptions welcome partners of renowned automakers including BYD Company Limited, Li Auto, and Great Wall Motors. Based on Wind data and public information, there is 1 new stock scheduled for subscription this week (August 18-22): Shanghai Balans Automotive Testing Equipment Co., Ltd. (Balans, 920112).

Balans is a high-tech enterprise focused on the research, development, production, and sales of automotive maintenance, testing, and servicing equipment. Domestic clients include well-known automotive manufacturers such as BYD Company Limited, Li Auto, and Great Wall Motors (including their 4S dealerships), large chain automotive maintenance shops like Tuhu Car Care, Tmall Car Care, and JD Car Care, as well as renowned oil companies including PetroChina, Mobil, and Shell.

Last week, 2 new stocks achieved an average first-day gain of 324.82%. Among them, Guangdong Construction Technology surged 418.45% on its debut, generating approximately 13,700 yuan profit per lot. Additionally, Beijing Stock Exchange (BSE) new stocks have shown strong performance year-to-date. Wind data shows that as of August 17, 9 BSE new stocks have been listed this year with an average first-day gain of 326.11%.

**I. This Week's New Stock Subscriptions**

According to the schedule, BSE new stock Balans (920112) will open for subscription on Tuesday (August 19). According to research reports, Balans is a high-tech enterprise specializing in automotive maintenance, testing, and servicing equipment. The company's main products include tire changers, wheel balancers, vehicle lifts, refrigerant recovery and charging machines, pneumatic oil extractors, and other automotive care equipment.

Domestic clients include well-known automotive manufacturers such as BYD Company Limited, Li Auto, and Great Wall Motors (including their 4S dealerships), large chain automotive maintenance shops including Tuhu Car Care, Tmall Car Care, and JD Car Care, as well as renowned oil companies including PetroChina, Mobil, and Shell. Internationally, the company's products are exported to over 100 countries and regions across Europe, South America, North America, Africa, and other parts of Asia, accumulating rich and high-quality customer resources.

In terms of financial performance, Balans achieved total operating revenues of 643 million yuan, 794 million yuan, and 1.057 billion yuan for 2022-2024 respectively, with net profits attributable to shareholders of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively, showing upward trends in both revenue and net profit over the past three years. The company's comprehensive gross margins were 23.62%, 27.04%, and 28.55% respectively, maintaining overall growth momentum.

Balans projects operating revenue of 513-530 million yuan for the first half of 2025, representing year-over-year growth of 0.36%-3.68%. Net profit attributable to shareholders is expected to reach 70.50-74.00 million yuan, up 1.65%-6.70% year-over-year.

**II. This Week's New Stock Listings**

According to the schedule, Shenyang Hongyuan Electromagnetic Wire Co., Ltd. (Hongyuan Shares, 920018) will be listed on Wednesday (August 20). According to research reports, Hongyuan Shares is primarily engaged in the research, development, production, and sales of electromagnetic wire. Products mainly include transposed conductors, paper-covered wires, enameled wires, enameled paper-covered wires, and composite conductors, currently applied mainly in high-voltage, large-capacity power transformers, converter transformers, and reactors.

After over twenty years of development, the company has become a mature manufacturer of electromagnetic wire products for high-voltage, ultra-high-voltage, and extra-high-voltage transformers with established R&D and production capabilities. It is a national "Manufacturing Single Champion Enterprise" and a national "Green Factory" high-tech enterprise.

Performance-wise, Hongyuan Shares achieved operating revenue of 2.072 billion yuan in 2024, up 42% year-over-year. Net profit for 2024 was 102 million yuan, up 58% year-over-year. The company projects 2025 operating revenue of approximately 2.47-2.73 billion yuan, representing year-over-year growth of about 19.18%-31.73%, with net profit attributable to shareholders of approximately 114-132 million yuan, up about 12.54%-30.30% year-over-year.

Since 2015, Hongyuan Shares has won 12 bids for ultra-high-voltage direct current transmission projects (±800kV). Research indicates that Hongyuan Shares' products are applied across various fields of China's power system including ultra-high-voltage, extra-high-voltage, high-voltage, and distribution networks. With growing demand for power transformers in downstream sectors, market demand for the company's products continues to expand annually.

Last week, 2 new stocks were listed: Guangdong Provincial Academy of Building Research Group Co., Ltd. (Guangdong Construction Technology, 301632) and Zhejiang Zhigao Machinery Co., Ltd. (Zhigao Machinery, 920101).

On August 12, Guangdong Construction Technology officially listed on the Shenzhen Stock Exchange with an offering price of 6.56 yuan per share. The stock closed at 34.01 yuan per share on its first trading day, representing a 418.45% gain. Based on the closing price, investors who won one lot earned a floating profit of 13,700 yuan.

On August 14, Zhigao Machinery officially listed on the Beijing Stock Exchange with an offering price of 17.41 yuan per share. The stock closed at 57.66 yuan per share on its first trading day, up 231.19%. Based on the closing price, investors who won one lot earned a floating profit of 20,100 yuan.

**III. Last Week's A-Share IPO Review Committee Results**

Regarding review committee approvals, both the Shanghai Stock Exchange and Beijing Stock Exchange held listing review committee meetings last week. Zhejiang Kema Friction Materials Co., Ltd. (Kema Materials) and Harbin Shimada Dapeng Industrial Co., Ltd. (Dapeng Industrial), both seeking BSE IPOs, as well as Xi'an Eswin Materials Technology Co., Ltd. (Xi'an Eswin Materials), seeking a STAR Market IPO, all successfully passed their reviews.

This week, the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange have not scheduled new listing review committee meetings.

**IV. Hong Kong Stock Market Updates**

Wind data shows that Hong Kong-listed TYM Advanced Materials (02631.HK) will open for subscription on Tuesday and list on Wednesday this week (August 18-22).

Last week, 5 companies submitted prospectuses in Hong Kong. Among them, Hunan Junxin Environmental Protection Co., Ltd., Wolong Electric Drive Group Co., Ltd., and Shenzhen Creality 3D Technology Co., Ltd. submitted for the first time. Leshu Comfort Limited and Flashback Technology Limited updated their prospectuses. Applications from Seyond Holdings Ltd., Qunhe Technology Co., Ltd., and Unistrut Building Systems (Shanghai) Co., Ltd. lapsed. Jiaxin International Resources Investment Limited and AUX Electric Co., Ltd. passed their hearings.

**V. Investment and Financing Highlights**

1. August 11: ShiningSoul's parent company Shanghai Zhenyouqu Culture Technology Co., Ltd. officially announced completion of a several hundred million yuan Series A funding round. The round was led by GL Ventures, with participation from Banyan Capital and Cathay Innovation, and Guangyuan Capital serving as exclusive financial advisor.

2. August 11: Space Transportation completed a 430 million yuan Series C+ funding round with participation from Cinda Capital, USTC Capital, CaiTong Capital, Hanjiang Capital, Yangtze River Capital, Naais, and Jigang.

3. August 12: Beijing Zhiran Medical Technology Co., Ltd. announced completion of over 300 million yuan Series A funding. The round was co-led by NSSF Zhongguancun Independent Innovation Special Fund (managed by Legend Capital), Legend Capital, and IDG Capital, with continued major investment from existing investor Genesis Capital, and participation from China Life Capital, Beijing Medical and Health Industry Investment Fund, Lenovo Capital, and existing investors Meituan Dianping and Baidu Ventures.

4. August 12: Domestic filter R&D and production company NewSound Semiconductor completed a 288 million yuan Series B+ funding round led by Hongtai Fund, with participation from Hongsheng Capital, Tenghua Investment, Zhongshan Financial Holdings, Hefei Construction Investment Group, and Binhu Financial Investment Group.

5. August 12: Anhui Lingdong General Robotics Technology Co., Ltd. announced completion of several hundred million yuan angel round funding. The round was strategically led by Yuanhe Puhua, with continued strategic investment from iFlytek Venture Capital and participation from leading market-oriented and local state-owned institutions including Advantage Capital, InCorp Investment, Tianzhi Investment, and Hefei High Investment.

6. August 13: Zhejiang Haichang Biopharmaceutical Technology Co., Ltd. announced completion of Series C funding. The round totaled nearly 500 million yuan and was led by SDIC (Guangdong) Technology Achievement Transformation Venture Capital Fund, with participation from Jianyuan Shunda (Hangzhou) Equity Investment Fund, Dongguan Songshan Lake Science City Equity Investment Fund, Zhejiang Province "4+1" Biopharmaceutical and High-end Equipment Industry Fund, and Sinovac Biotech Co., Ltd.

7. August 13: Lianguang Yuanhe completed a 400 million yuan Series A funding round. The round was led by existing angel investor Shanghai Lianhe Investment, with participation from Fuhua Technology, Gaoyuan Capital and other local state-owned funds, with continued investment from founding shareholder Gaowei Technology and existing shareholders Guanghehao and Weber Investment.

8. August 15: Ronghe Yuanchu completed over 100 million yuan Series B strategic funding from CIMC Capital, Yongkang Industrial Investment, and Yuanxin Capital.