Today's New Share Offerings: ShiYa Technology, Hongming Electronics, YueLong Technology

Vision Technology Co., Ltd.

Sponsor (Joint Lead Underwriter): Guotai Haitong Securities Co., Ltd.

Joint Lead Underwriter: China International Capital Corporation Limited

Issuance Overview:

Company Profile:

The company is a leading global provider of micro display solutions, with core products being silicon-based OLED micro displays. It offers value-added services including strategic product development, optical systems, and XR integrated solutions.

As of the signing date of the prospectus, Shanghai Jishan directly holds 140,523,136 shares, accounting for 15.61% of the company’s total share capital. Combined with the setup of special voting rights, Shanghai Jishan has 54.35% of voting rights through direct shareholding, which can significantly influence shareholder resolutions and makes it the controlling shareholder of the company.

The executive partners of Xiamen Shengshan, Shanghai Kaishan, Xiamen Jishan, Hefei Xinlanhe, Hefei Xinchunhe, Hefei Xinqinhe, Hefei Xihanhe, Hefei Xinwohe, and Hefei Xinpeihe are all controlled by Shanghai Yishan, an entity controlled by the controlling shareholder Shanghai Jishan, acting as the company’s concerted action person. As of the signing date of the prospectus, the concerted action persons of the controlling shareholder hold a total of 123,725,921 shares, representing 13.75% of the company’s total share capital.

The actual controller of the company is Gu Tie. Gu Tie owns 100% of the controlling shareholder Shanghai Jishan and, through Shanghai Jishan and its controlling entities, controls a total of 29.36% of the company’s shares. Considering the setup of special voting rights, before this issuance, Gu Tie controls 61.79% of voting rights via Shanghai Jishan, making him the company’s actual controller.

Vision Technology disclosed in its IPO prospectus on March 6, 2026, that the company plans to raise approximately RMB 2,014.5725 million to fund the expansion of its ultra-high-resolution silicon-based OLED micro display production line and the construction of its R&D center.

According to the IPO announcement on March 13, 2026, with an issuance price of RMB 22.68 per share and a new share issuance of 100 million shares, if successful, the company is expected to raise a total of RMB 2,268 million. After deducting approximately RMB 153.2685 million (excluding VAT) in issuance costs, the net proceeds are expected to be about RMB 2,114.7315 million.

Chengdu Hongming Electronics Co., Ltd.

Sponsor (Lead Underwriter): Shenwan Hongyuan Securities Underwriting and Sponsoring Co., Ltd.

Issuance Overview:

Company Profile:

The company mainly engages in the R&D, production, and sales of new electronic components centered on resistor-capacitor (RC) components, dedicated to providing high-performance, high-reliability electronic components. It also involves precision small components, mainly used in tablets, laptops, consumer electronics, new energy batteries, and automotive electronic structural parts.

As of the signing date of the prospectus, Sichuan Investment Trust holds 56.50% of the company’s shares, making it the controlling shareholder; Sichuan Energy Development Group holds 100% of Sichuan Investment Trust, indirectly controlling the company.

The company’s actual controller is the State-owned Assets Supervision and Administration Commission of Sichuan Province. It holds 50.054% of Sichuan Energy Development Group’s shares. Additionally, the State-owned Assets Supervision and Administration Commission of Sichuan Province holds 90% of Sichuan Development, which in turn holds 45.333% of Sichuan Energy Development Group. The State-owned Assets Supervision and Administration Commission of Sichuan Province directly or indirectly controls 95.387% of Sichuan Energy Development Group.

Hongming Electronics disclosed in its IPO prospectus on March 5, 2026, that it plans to raise approximately RMB 1,950.7118 million to fund projects including high-energy storage pulse capacitor industrialization, new electronic components and integrated circuit production (Phase I/II), precision small component capacity enhancement, key technology R&D for high-reliability RC components, key technology R&D for electronic materials and components, 3C precision small components, new energy batteries and automotive electronic structural parts R&D, digitalization capacity enhancement, and working capital supplementation.

The IPO announcement on March 13, 2026, states that with an issuance price of RMB 69.66 per share and a total of 21.16782 million shares issued, the total funds raised are expected to be about RMB 2,116.7821 million. After deducting estimated issuance costs of RMB 79.1474 million (excluding VAT), the net proceeds are approximately RMB 2,037.6347 million.

Shandong Yuelong Rubber & Plastic Technology Co., Ltd.

Sponsor (Lead Underwriter): Zhongtai Securities Co., Ltd.

Issuance Overview:

Company Profile:

The company mainly engages in the R&D, production, and sales of flexible fluid transfer pipelines, including marine engineering flexible pipelines, onshore oil and gas flexible pipelines, and industrial rubber hoses.

As of the signing date of the prospectus, Xu Jincheng directly holds 35,118,777 shares, accounting for 57.57% of the company’s total share capital. Through Yantai Baicheng, he indirectly controls 9,895,000 shares, representing 16.22%. Xu Jincheng controls a total of 73.79% of the company and serves as chairman, having significant influence over operations, making him the controlling shareholder and actual controller.

Yuelong Technology disclosed in its prospectus on March 12, 2026, that it plans to raise RMB 289 million to fund new offshore oil and gas rubber hose production projects, intelligent upgrade of rubber hose production facilities, high-end hose R&D center, and marketing network construction.

The IPO announcement on March 12, 2026, states that if successful, the total funds raised will be about RMB 308.7845 million. After deducting issuance costs of RMB 31.2062 million (excluding VAT), the net proceeds are estimated at RMB 277.5783 million.