A wave of activity has hit the A-share market for initial public offering (IPO) applications. Public information shows that in just four days, from December 25 to December 28, 2025, the Shanghai, Shenzhen, and Beijing Stock Exchanges, along with their various boards, collectively accepted 22 new listing applications. An analysis of the regional and intermediary distribution of these newly accepted projects reveals that companies from Guangdong and Jiangsu provinces form the absolute majority, while core intermediary services such as sponsorship, legal, and auditing continue to concentrate towards the top-tier firms in the market.

An overview of the acceptances shows 22 new additions over four days, with the ChiNext and Beijing Stock Exchange boards being the most active. This concentrated wave of acceptances covers the Main Board, ChiNext, STAR Market, and the Beijing Stock Exchange. Among them, the ChiNext and Beijing Stock Exchange emerged as the most active sectors, accepting 8 and 7 new companies respectively, together accounting for nearly 70% of the total. The STAR Market accepted 3 applications, while the Shanghai and Shenzhen Main Boards collectively accepted 4. This reflects the continued attractiveness of these specific boards for company filings, underpinned by policy guidance supporting "hard tech," innovative growth enterprises, and small and medium-sized businesses.

Geographically, the newly accepted companies are highly concentrated in China's core manufacturing corridor. Guangdong province leads the pack with 8 companies, followed closely by Jiangsu with 5. Together, these two economic powerhouses contributed approximately 60% of the new applications, highlighting their deep industrial foundations and strong capital market momentum. The remaining companies are distributed across eight other provinces and municipalities, including Anhui, Liaoning, Zhejiang, and Tianjin, with each region contributing one or two companies. According to the CSRC industry classification, the top three sectors are Computer, Communication, and Other Electronic Equipment Manufacturing (4 companies), Special Purpose Equipment Manufacturing (4 companies), and General Purpose Equipment Manufacturing (2 companies), with high-end manufacturing and information technology industries forming the absolute core of this batch of applicants.

The intermediary landscape demonstrates a clear concentration of business among leading firms. As the "guides" and "gatekeepers" for companies seeking access to the capital markets, the service patterns of intermediaries in this round of acceptances show a significant clustering effect towards the top players.

The sponsorship market exhibits a diversified competitive landscape. Shenwan Hongyuan Securities and Guotai Junan Securities each undertook the sponsorship work for 3 companies, tying for the top spot. CITIC Securities and China International Capital Corporation (CICC) each served 2 companies. The remaining projects were distributed among seven other brokerages, including Orient Securities and Huatai United Securities, indicating that while there are market leaders, a single monopoly has not yet formed.

The concentration in the legal services market is even more pronounced. Shanghai Jintiancheng Law Firm was the most prominent performer in this round, providing legal services for 6 companies, accounting for over a quarter of the total. Beijing Zhong Lun Law Firm served 4 companies, firmly occupying the second tier. These two firms together handled nearly half of all projects, underscoring their brand and scale advantages. Other renowned firms such as King & Wood Mallesons, JunHe, and Grandall also secured projects.

The competitive landscape for auditing firms is the clearest, showing a "two-strong" leading pattern. BDO China Shu Lun Pan CPAs undertook the audit work for 7 companies, while RSM China CPAs handled 6. Together, these two firms command close to 60% market share, establishing an absolute leading position. Baker Tilly China Certified Public Accountants ranked third with 3 projects.

First Company

Second Company

Third Company

Fourth Company

Fifth Company

Sixth Company

Seventh Company

Eighth Company

Ninth Company

Tenth Company

Eleventh Company

Twelfth Company

Thirteenth Company

Fourteenth Company

Fifteenth Company

Shengu Group is a strategic, pillar, and leading enterprise in China's general machinery industry, tasked with the mission of providing major technical equipment and complete solutions for the petroleum, chemical, power, natural gas, and new energy sectors. It is one of the few manufacturers in the world capable of independently designing and manufacturing large, complex compressors, high-end nuclear main pumps, and other major technical equipment. The company's core business layout comprises three segments: energy and chemical equipment manufacturing, industrial services, and strategic emerging industries. It extensively serves the petroleum, chemical, power, natural gas, and new energy fields, focusing on the R&D, design, manufacturing, sales, and full lifecycle services of major technical equipment products such as centrifugal compressors, reciprocating compressors, and nuclear pumps. The company's main products are centrifugal compressors, reciprocating compressors, and nuclear pumps. Among these, centrifugal compressors are primarily large heavy-duty models, reciprocating compressors are mainly process-type, and nuclear pumps consist mainly of nuclear main pumps, nuclear secondary, nuclear tertiary, and conventional island pumps.

Sixteenth Company

Dandong Oriental Measurement & Control Technology Co., Ltd. is a high-tech enterprise that provides intelligent online detection and analysis equipment, intelligent control systems, intelligent equipment, and related intelligent services for global non-ferrous metal mines, ferrous metal mines, coal mines, cement, metallurgy, wind power, petrochemicals, and their upstream and downstream enterprises. The company has deep expertise in the R&D and manufacturing of key technologies for smart mines, boasting a comprehensive product portfolio and advanced core technologies. It is committed to continuously improving the utilization rate of China's strategic mineral resources and ensuring their security. As the world's largest producer and consumer of mineral resources, China's resources are characterized by many associated and paragenetic deposits, many low-grade ores, and great potential for comprehensive utilization, with tight supply and high external dependence for some high-grade concentrates. The state has classified over thirty minerals, including iron, copper, aluminum, gold, lithium, and potash, as strategic mineral resources. In recent years, China has持续推进 strategic actions for prospecting breakthroughs and continuously intensified efforts in technological攻关 for mineral resource mining, beneficiation, and smelting. The need for accurate online detection of multi-element content runs through the entire process of strategic mineral resource extraction, processing, and utilization, becoming a key core technology for efficient resource use. Responding to national strategy, the company has developed a series of advanced detection and analysis instruments, equipment, and intelligent control systems, achieving domestic leading and internationally advanced levels in multiple technical aspects of smart mines. The company comprehensively utilizes advanced technologies like high-end detection and analysis to carry out intelligent transformation and upgrades across the entire mining and beneficiation production process. This improves the intrinsic safety level of mines, enables the application of green and low-carbon advanced technologies in the mining sector, aids in enhancing China's strategic mineral resource extraction capability, increases the utilization rate of marginal grade resources, boosts available resource reserves, and promotes the continuous improvement of China's comprehensive strategic mineral resource utilization rate. The "Suggestions for the 15th Five-Year Plan"指出 to "strengthen national security capabilities in key areas, consolidate the foundational guarantee for national security, ensure energy and resource security, and strengthen the exploration, development, and reserve of strategic mineral resources." Aligning with national strategy, the company has undertaken 16 national-level projects. The company's overall smart mine solution was included in the first batch of advanced applicable technologies list by the Ministry of Industry and Information Technology in 2025. Leveraging its outstanding technological innovation capability, the company has overcome several "bottleneck" technologies in key areas. It is the only domestic enterprise that has mastered neutron activation online detection and analysis technology and achieved scaled industrialization, realizing the domestic substitution of high-end element online detection and analysis equipment. Thirty-two of the company's technologies or products related to multi-element online detection and overall smart mine solutions have been appraised by institutions like the China Nonferrous Metals Industry Association as reaching industry-leading levels. The company has deep technical积累 and a serialized product layout in areas including neutron activation online detection and analysis technology, X-ray fluorescence analysis technology, X-ray analysis imaging technology, and gamma-ray analysis technology. It is a National Enterprise Technology Center, a National High-Tech Enterprise, a National-level "Little Giant" SME specializing in specific niches, a National Intellectual Property Demonstration Enterprise, a co-construction unit of the National Mine Safety Technology Innovation Center, and the first winning bidder for the National Mine Mining and Beneficiation Smart Factory System Solution Supplier. The company is a key encouraged and supported entity under various national industrial policies. As of the signing date of this prospectus, the company holds 203 patent rights, including 49 invention patents. It has a postdoctoral workstation, and its technical team includes 3 experts enjoying special government allowances from the State Council, 19 senior engineers, and 78 associate senior engineers. The company insists on independent R&D and has developed its market based on core advantages such as product diversity, stability, and high performance, earning a good market reputation. It has established stable business relationships with numerous central state-owned enterprises, other state-owned enterprises, and large private enterprises. Its main clients include over 100 domestic central SOEs, other SOEs, and large private enterprises. During the reporting period, the company undertook several major landmark projects in the industry. Additionally, the company actively implements the "Belt and Road" initiative and deeply explores overseas markets. Its products have been successfully applied in over 30 countries. In 2025, the company's intelligent online detection and analysis equipment was applied at the world's largest copper mine, and it undertook the smart mine construction project for the world's largest undeveloped high-grade iron ore deposit, competing directly with enterprises from developed countries in Europe and America. The company's main products include intelligent online detection and analysis equipment, intelligent control systems, intelligent equipment, and professional technical services for intelligent manufacturing provided to customers. During the reporting period, the composition of the company's main business revenue was as follows.

Seventeenth Company

Eighteenth Company

The issuer is a smart vision product manufacturer, IoT operation service provider, and IoT technology solution provider. With core technologies in visual imaging and analysis, wireless transmission, IoT platform technology, and AI vision application models, it independently researches, develops, produces, and sells smart hardware products, and provides operational services using its IoT cloud platform, building an integrated "Hardware + Platform + Service" model. During the reporting period, the company's main business was prominent. In 2024, the sales volume of smart hardware products exceeded 11 million units, an increase of approximately 32% compared to 2023. Its main business revenue grew rapidly, with operating revenue of 483.8146 million yuan, 644.9838 million yuan, and 779.6917 million yuan in 2022, 2023, and 2024 respectively, representing a compound annual growth rate of 26.95%. The global smart camera market is valued at hundreds of billions and features diverse scenarios and personalized demand. To adapt to market trends, the company has evolved from providing hardware products to terminal brand owners to offering integrated overall solutions encompassing hardware product technology solutions, IoT cloud platform deployment, and end-user operation. It has cumulatively cooperated with over 200 terminal brand owners, achieving significant results and continuously strengthening its competitive advantage in the market.

Nineteenth Company

Twentieth Company

Twenty-first Company

Twenty-second Company