Reprinted from: Caixin
《Science and Technology Board Daily》June 1 (Reporter Wang Chufan) - Last week (May 25 to May 31), nine STAR market IPO companies had new progress in their review status.
Among them, four companies - Haihe Pharmaceutical, Maikekang, Sipasi, and Yushu Technology - had their STAR market IPO applications accepted; four companies - Gaokai Technology, Zhuzhou Keneng, Yunshenchu, and Weina Star - entered the inquiry stage; and Changxin Technology submitted for registration.
Haihe Pharmaceutical and others' STAR market IPOs accepted
Last week, the STAR market IPO applications of Haihe Pharmaceutical, Maikekang, Sipasi, and Yushu Technology were successively accepted.
Among them, on the evening of May 28, the Shanghai Stock Exchange (SSE) website showed that Haihe Pharmaceutical's STAR market IPO application was accepted, with Guojin Securities as the sponsor. The company is a high-tech enterprise focused on the discovery, development, production, and commercialization of innovative drugs to meet unmet clinical needs.
Currently, the company has three products listed domestically and internationally: Glumetinib tablets, Paclitaxel oral solution, and Mesylate Risolisib tablets, with multiple products in the research stage. Among them, Glumetinib tablets were approved for marketing in China in 2023, becoming the first domestically approved first-line drug for non-small cell lung cancer with MET ex14 skipping mutation; in 2024, the drug was approved for marketing in Japan, becoming the first innovative drug independently filed and successfully approved by a Chinese本土enterprise in Japan.
Its financial data shows that at the end of each reporting period from 2023 to 2025, Haihe Pharmaceutical achieved operating revenue of 33.8316 million yuan, 414 million yuan, and 389 million yuan, respectively; net profits were -537 million yuan, -244 million yuan, and -267 million yuan, respectively. The company chose to apply under the second set of STAR market listing standards, i.e., "expected market value not less than 1.5 billion yuan, latest annual operating revenue not less than 200 million yuan, and cumulative R&D investment in the latest three years not less than 15% of cumulative operating revenue in the same period."
For this IPO, Haihe Pharmaceutical plans to publicly issue no more than 267 million shares and raise 2.9 billion yuan, of which 2.3 billion yuan will be used for new drug R&D projects and 600 million yuan for replenishing working capital.
On May 27, the SSE website showed that Maikekang's STAR market IPO application was accepted. Founded in 2016, the company is an international biomedical enterprise focused on the R&D, production, and commercialization of innovative vaccines, mainly engaged in the development of novel influenza vaccines, novel rabies vaccines, novel rotavirus vaccines, and novel herpes zoster vaccines for the elderly.
Its financial data shows that at the end of each reporting period from 2023 to 2025, Maikekang achieved operating revenue of 13.6225 million yuan, 23.9666 million yuan, and 22.3481 million yuan, respectively; net profit attributable to parent was -256 million yuan, -342 million yuan, and -502 million yuan, with cumulative losses of about 1.1 billion yuan over three years. The company applied for listing under the fifth set of STAR market standards.
For this IPO, Maikekang plans to issue no less than 12.9 million shares and raise 2.929 billion yuan. As a company focused on innovative vaccines, the proceeds will mainly be used to advance the R&D and industrialization of core pipeline products.
Additionally, the Shanghai Stock Exchange's Listing Review Committee will hold the 31st review meeting of 2026 on June 1, 2026, to review Yushu Technology Co., Ltd. (initial public offering). The SSE accepted Yushu Technology's STAR market IPO application on March 20, 2026, with a planned fundraising of 4.202 billion yuan.
Gaokai Technology responds to first round of inquiries
Last week, Gaokai Technology disclosed its first-round inquiry response for its STAR market IPO.
Its prospectus shows that at the end of each reporting period from 2023 to 2025, Gaokai Technology achieved revenue of 226 million yuan, 423 million yuan, and 511 million yuan, respectively; net profit attributable to parent was 26.4915 million yuan, 99.7604 million yuan, and 133 million yuan. During the reporting period, its comprehensive gross margin was 51.14%, 54.34%, and 58.54%, respectively. This is the company's second attempt at a STAR market listing; in 2021, it voluntarily withdrew after four rounds of inquiries.
According to the company, its flow control products have entered the domestic advanced process equipment supply chain and established a continuous iteration mechanism to adapt to the update needs of semiconductor equipment. Its dispensing series products have a cyclical development characteristic concentrated in the 3C electronics field, with technology extending to automotive electronics and semiconductor packaging.
Regarding technological advancement, Gaokai Technology stated in its response that for precision coating series products, the company independently developed precision coating related technologies, achieved significant breakthroughs in the power battery field, and pioneered the introduction of industry-leading two-component coating processes into the photovoltaic field. Related products solved the industry challenge of abrasive fillers causing traditional flowmeter wear, meeting the stringent requirements of power battery and photovoltaic module production lines for high precision and high consistency coating. Currently, the company's products have achieved stable mass production delivery to leading companies in the new energy field such as CATL, BYD, and JinkoSolar, effectively replacing imported equipment.
Changxin Technology's STAR market IPO has submitted for registration
On the evening of May 27, the SSE website showed that Changxin Technology's STAR market IPO review status changed to "submitted for registration." It is worth noting that the company entered the registration process on the same day its IPO application passed the review committee meeting. From its acceptance on December 30, 2025, to the review meeting, it took 148 days, making it the first accepted project and the first to pass the review under the STAR market's IPO pre-review mechanism.
Founded in 2016, Changxin Technology is a leading DRAM integrated R&D and manufacturing company in China in terms of scale, technology, and industrial layout. The company has adopted a "skip-generation R&D" strategy, completing the mass production of process technology platforms from the first to the fourth generation, with products covering DDR4, LPDDR4X to DDR5, LPDDR5/5X, etc. Its core technology products and processes have reached international advanced levels.
The company operates three 12-inch DRAM wafer fabs in Hefei and Beijing. According to Omdia data, by capacity and shipment volume, it has become the No. 1 DRAM manufacturer in China and the fourth globally. As of the end of 2025, the company had 6,259 R&D personnel, 3,165 domestic invention patents, and 3,043 foreign patents.
Its financial data shows that at the end of each reporting period from 2023 to 2025, the company achieved operating revenue of 9.087 billion yuan, 24.178 billion yuan, and 61.799 billion yuan, respectively, with a compound annual growth rate of 160.78%; net profit attributable to parent was -16.34 billion yuan, -7.145 billion yuan, and 1.875 billion yuan, achieving annual profitability for the first time in 2025.
In the first quarter of 2026, the company's performance experienced explosive growth, with operating revenue of 50.8 billion yuan, a year-on-year increase of 719.13%; net profit attributable to parent of 24.762 billion yuan, a year-on-year increase of 1688.30%. The first-quarter profit already exceeded the cumulative losses from previous years. The company expects that in the first half of 2026, it will achieve operating revenue of 110 billion to 120 billion yuan, a year-on-year increase of 612.53% to 677.31%; net profit attributable to parent of 50 billion to 57 billion yuan, a year-on-year increase of 2244.03% to 2544.19%.
It should be noted that the company also warned in its prospectus that DRAM is a cyclical industry with severe price fluctuations. The substantial performance growth in the first quarter was based on the continuous price increase of products over the past year or more.
(Science and Technology Board Daily reporter Wang Chufan)
