As multiple new stocks are still opening for subscription, today three new stocks have closed their offerings, among which HaiGuangXinZheng (1191) has seen the most enthusiastic subscription response. According to market news, HaiGuangXinZheng recorded HKD 103 billion in margin subscriptions, with a public offering fundraising amount of HKD 153 million, oversubscribed by 672 times.

The optoelectronic interconnection product provider HaiGuangXinZheng plans to issue 13.432 million H shares, with 10% for public offering in Hong Kong, at an offering price of HKD 114 per share, raising HKD 1.53 billion. Each lot consists of 50 shares, with an entry fee of HKD 5,757.5. Huatai International is the sole sponsor. According to Frost & Sullivan data, in terms of revenue, HaiGuangXinZheng ranks 17th among global optical module suppliers in 2025, with a global market share of 0.8%. Based on AI optical module revenue in 2025, it ranks 8th among Chinese optical module suppliers globally, with a global market share of 1.6%.

Last year, HaiGuangXinZheng's revenue was RMB 1.22 billion, an annual increase of 41.7%, with a loss of RMB 100 million for the year, an increase of 459.6%. The shareholder lineup includes Alibaba (9988), Xiaomi (1810), and Zhongtian Technology. Data shows that HaiGuangXinZheng introduced JSC International Investment Fund SPC (for and on behalf of Jingxin SP), Shuangying Technology, Kingsoft Cloud Network, UBS AM Singapore, Perseverance Asset Management, and E Fund as cornerstone investors, with a subscription amount of RMB 760 million.

Additionally, the other two new stocks, LiBangYiYao (9637) and BaiGeZaiXian (2672), recorded margin subscriptions of RMB 51.8 billion and RMB 3.5 billion, respectively, oversubscribed by 404 times and 51 times. LiBangYiYao plans to issue 56.755 million H shares, with no reallocation mechanism, 10% for public offering in Hong Kong; the offering price is RMB 22.6 per share, raising RMB 1.28 billion. Each lot consists of 100 shares, with an entry fee of RMB 2,282.8. Jefferies, Bank of America Securities, and Huatai International are the joint sponsors.

Last year, LiBangYiYao's revenue was RMB 30.556 million, an annual increase of 368.3%, mainly benefiting from the steady growth of "MeiXinLuo" sales revenue. The loss for the year was RMB 750 million, an increase of 124.3%. Data shows that LiBangYiYao introduced Singapore GIC, Loomis Sayles, RTW Fund, Symbiosis, Tencent (700), Cormorant, DAMSIMF, Guangfa Fund, Huatai-PineBridge, E Fund, and LVC as cornerstone investors, with a subscription amount of USD 81.5 million.

BaiGeZaiXian plans to issue 33.344 million H shares, with 10% for public offering in Hong Kong, with an offering price ranging from RMB 15.6 to RMB 20.28, raising up to RMB 680 million. Each lot consists of 200 shares, with an entry fee of RMB 4,096.9. Minyin Capital and Bank of China International are the joint sponsors BAIGE DIGITAL's revenue last year was 1.23 billion yuan (RMB, the same below), an increase of 34.2% year-on-year, with a loss of 46.669 million yuan during the year, an increase of 68.4%. Data shows that BAIGE DIGITAL introduced GLY New Mobility and Xiamen Hengxing Group President Ke Jiaqi as cornerstone investors, with a total subscription amount of 20 million yuan. (Reporter Lin Defen)