--- title: "Most Expensive IPO of the Year Lists: Precision Laser, Hidden Concerns Beneath the Spotlight" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43449257.md" description: "Lead: After becoming the 'most expensive new stock of the year', $Precilasers(688826.SH) Laser still faces a series of practical tests, including downstream demand fluctuations and competition from overseas giants. The most expensive new stock of this year has gone public. After market open, Pinzhun Laser will officially list on the STAR Market. As the 'first A-share precision laser company', Pinzhun Laser's IPO price reached 186.88 RMB per share, making it the most expensive new stock of the year. In comparison, Yushu, currently the most discussed stock on the STAR Market, had an IPO price of 150.8 RMB per share. Over the past three years..." datetime: "2026-08-18T04:51:50.000Z" locales: - [en](https://longbridge.com/en/topics/43449257.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43449257.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43449257.md) author: "[阿尔法工场](https://longbridge.com/en/profiles/5044766.md)" --- # Most Expensive IPO of the Year Lists: Precision Laser, Hidden Concerns Beneath the Spotlight Lead: After becoming the "most expensive new stock of the year," $Precilasers(688826.SH) Laser still faces a series of realistic challenges, including downstream demand fluctuations and competition from overseas giants. The most expensive new stock of this year has gone public. Following market open, Pinzhun Laser will officially list on the STAR Market. As the "first precise laser company on the A-share market," Pinzhun Laser's IPO price reached RMB 186.88 per share, making it the most expensive new stock of the year. By comparison, Unitree, currently the most discussed stock on the STAR Market, had an IPO price of RMB 150.8 per share. Over the past three years, the company's revenue CAGR was 68.2%, with gross margins stable above 67%. Its business focuses on the R&D, production, and sales of precise lasers, primarily targeting fields with grand prospects such as quantum technology. However, before reaching the future, Pinzhun Laser must still confront realistic tests such as downstream demand volatility and competition from global giants. **01 Why did Pinzhun Laser become the "most expensive new stock of the year"?** "Small yet beautiful" is a key reason for Pinzhun Laser's high valuation. "Small" refers to its small circulating float. For this IPO, Pinzhun Laser issued only 10 million new shares, one of the smallest issuance volumes among new stocks this year. Based on the issue price, the total funds raised are expected to be RMB 1.869 billion. Pinzhun Laser expects to use RMB 1.41 billion of the raised funds for investment projects; Data source: Prospectus The small cap not only pushed up the issue price but also increased post-listing stock price elasticity. Pinzhun Laser's unrestricted circulating shares amount to only 7.6178 million, representing 19.04% of total share capital, corresponding to a circulating market cap of approximately RMB 1.42 billion, which is relatively small even within the STAR Market. Simultaneously, this made the subscription threshold quite friendly. The online subscription limit was 2,000 shares, requiring only a Shanghai A-share market value of RMB 20,000 for maximum subscription. This allowed many retail investors to participate, resulting in a low winning rate of just 0.02%. The "beauty" of Pinzhun Laser lies in its impressive financial performance. Pinzhun Laser's core business is precise lasers, with key application scenarios in the quantum technology sector. In terms of performance, from 2023 to 2025, the company's revenues were RMB 148 million, RMB 292 million, and RMB 418 million respectively, achieving a three-year CAGR of 68.2%. During the same period, net profit attributable to shareholders grew from RMB 60.46 million to RMB 159 million, with profit growth largely matching revenue expansion. This growth strengthened the company's industry position. According to QY Research data, Pinzhun Laser held a 9.21% global market share in the quantum technology laser sector in 2024, and a 16.85% domestic market share. In this niche segment, Pinzhun Laser has already achieved a leading position among domestic players. Meanwhile, the company's gross margin has remained stable at a high level of 67% to 70%, indicating that Pinzhun Laser's growth is driven by genuine demand rather than price cuts for volume. Besides being "small yet beautiful," the valuation premium from scarcity is another important factor contributing to its status as the "most expensive new stock of the year." Investors seeking core hardware targets in the quantum technology track have almost no choice but Pinzhun Laser on the A-share market currently. This "no other options" scarcity supports market acceptance of its high pricing, a logic that has been repeatedly validated on the STAR Market this year. Notably, Pinzhun Laser's issue P/E ratio was 49.42x, lower than the industry average (68.04x). This largely implies that the company's high gross margin has not yet been fully "price in". **02 The road to the stars is fraught with thorns** Quantum technology is often endowed with imagination akin to "the stars and the sea." Whether it is quantum computing, quantum precision measurement, or quantum communication, every direction points toward disruptive technological revolution. Lasers are indispensable core hardware for these frontier technologies. However, stripping away the conceptual halo, the quantum information laser track where Pinzhun Laser operates remains a niche market dominated by scientific research procurement. Data from QY Research shows that the global scientific research laser market size was approximately $2.147 billion in 2024, expected to reach $3.331 billion by 2030, with a CAGR of less than 8%. An 8% growth rate might seem respectable in manufacturing, but it clearly cannot support overly ambitious expectations. The reason for the limited market size is direct: quantum computing and quantum precision measurement are currently mainly confined to laboratory stages, and true industrial applications are still far off. Pinzhun Laser's customer list is impressive, covering top Western quantum research institutions such as Harvard University, University of Colorado, California Institute of Technology, and ETH Zurich. While this customer list indirectly validates the company's technical strength, institutional demand is significantly influenced by the cycle of research funding allocation. Orders surge when funding is ample, but demand contracts immediately when funding tightens, posing a challenge for all scientific instrument manufacturers. Pinzhun Laser also acknowledged in its prospectus that if downstream market demand declines or competitors increase significantly in specific downstream application segments, the company may face risks of declining gross margins and operating performance. Competition from overseas giants is another pressure point. The high-end narrow-linewidth precise laser market has long been dominated by foreign manufacturers, with Germany's Toptica and the US's Coherent being traditional leaders in this field. Pinzhun Laser's technical route features its own characteristics, adopting a "seed source + fiber amplification + nonlinear frequency conversion + frequency stabilization" architecture, distinct from traditional solutions offered by overseas vendors. It can achieve full-bandwidth narrow-linewidth, low-noise laser output from 177nm to 5000nm. While this route offers advantages in cost and bandwidth coverage, it still needs time to catch up in brand recognition. A greater variable lies in the uncertainty of quantum computing's industrialization pace. The industry generally believes that commercial applications of general-purpose quantum computers are still at least a decade away. Until then, the primary customers for quantum technology lasers remain research institutions, with a clear market ceiling. If the industrialization process of quantum computing lags behind expectations, Pinzhun Laser's growth story will need to find new support. The semiconductor business is hoped to serve as a second growth curve. Pinzhun Laser's products have entered semiconductor areas such as wafer manufacturing, wafer metrology, and wafer dicing. From 2023 to 2025, revenue in this sector grew from RMB 25.15 million to RMB 104 million. The semiconductor equipment market is much larger than the scientific research laser market. If Pinzhun Laser can make headway in the semiconductor sector, it would significantly raise the company's business ceiling. However, competition in the semiconductor market is equally fierce. International giants like Coherent and II-VI have deep layouts in the semiconductor laser field. For Pinzhun Laser to increase its market share from 1.98%, the difficulty will not be small. R&D is another test for Pinzhun Laser. During the reporting period, R&D expenses were RMB 22.12 million, RMB 41.71 million, and RMB 61 million, accounting for 14% to 15% of revenue. While this proportion is not low, the absolute amount is vastly different from the hundreds of millions of USD invested in R&D by overseas giants. It is evident that between the "stars and the sea" prospect and actual revenue, there is still a long industrialization path to traverse. For Pinzhun Laser, doing well in the present makes it more likely to reach the shore of the future. ### Related Stocks - [688826.CN](https://longbridge.com/en/quote/688826.CN.md)