This week's new stock subscription calendar features another domestic AI chip manufacturer. Based on data from Wind and public information, a total of four new stocks are scheduled for subscription this week (August 31 to September 4): Hainan Baimaike Medical Technology Co., Ltd. (referred to as "Baimaike", 920268), Shanghai Enflame Technology Co., Ltd. (referred to as "Enflame Technology", 688801), and Suzhou Xinnuowei Pharmaceutical Co., Ltd. (referred to as "Xinnuowei", 688837).
Founded in March 2018 and headquartered in Shanghai, Enflame Technology is a leading player in China's cloud-based AI chip sector, aiming to become a "leading enterprise in general-purpose artificial intelligence infrastructure." Over nearly eight years since its inception, the company has independently developed and iterated four generations of architectures and five cloud-based AI chips, building a complete product ecosystem that includes AI chips, AI accelerator cards and modules, intelligent computing systems and clusters, as well as AI computing and programming software platforms.
In December last year, two of the "Four GPU Dragons" — Moore Threads and MetaX — were listed on the STAR Market. In January 2026, Biren Technology made its debut on the Hong Kong Stock Exchange. With Enflame Technology now opening its subscription, all "Four GPU Dragons" are set to converge in the capital markets.
New Stock Subscriptions This Week
Looking at the schedule, Baimaike (920268) opened its subscription on Monday (August 31), while Enflame Technology (688801) and Xinnuowei (688837) will be available on Wednesday (September 2) and Thursday (September 3), respectively.
According to a research report from Kaiyuan Securities, Baimaike is a national-level "little giant" enterprise specializing in surgical sutures, focusing on surgical medical devices and peptide pharmaceutical equipment. In 2025, it recorded a net profit attributable to shareholders of 70.81 million yuan. Surgical sutures are its main revenue driver, generating 171 million yuan in 2025, accounting for 80% of total revenue with a gross margin of 83%; peptide pharmaceutical equipment brought in 30.29 million yuan, representing 14% of revenue with a gross margin of 20%. Financially, the company achieved revenue of 215 million yuan in 2025, with a compound annual growth rate (CAGR) of 33% from 2022 to 2025; net profit attributable to shareholders stood at 70.81 million yuan, up 2.3% year-on-year, with a gross margin of 74% and a net margin of 33%, both higher than the comparable company averages of 58.02% and 21.02%, respectively. Medical devices are sold through a distribution model, with the top five customers accounting for 28.22% of total revenue in 2025; peptide equipment is sold directly, serving leading pharmaceutical companies such as Novamab and Hengrui Medicine. The company's products are gradually being included in provincial volume-based procurement programs, with medical device procurement revenue accounting for 38.86% in 2025.
According to its prospectus, Enflame Technology was established in March 2018 and is headquartered in Shanghai. The company is one of China's leading cloud-based AI chip companies, with a vision to become a "leader in general-purpose artificial intelligence infrastructure." Over nearly eight years, it has developed four generations of architectures and five cloud-based AI chips, building a comprehensive product system that includes AI chips, AI accelerator cards and modules, intelligent computing systems and clusters, and AI computing and programming software platforms. More than 80% of Enflame Technology's revenue from AI accelerator cards and modules comes from inference products, whereas domestic comparable companies derive over 50% of such revenue from training or training-inference integrated products (mainly used for client inference scenarios). This product mix difference results in Enflame Technology's AI accelerator cards and modules having lower unit prices and gross margins compared to those of domestic peers. In terms of performance, the prospectus shows that from 2023 to 2025, Enflame Technology's revenue was 301.2 million yuan, 722 million yuan, and 990 million yuan, respectively, while net losses after deducting non-recurring items were 1.567 billion yuan, 1.503 billion yuan, and 1.197 billion yuan.
According to Wind data, Xinnuowei is an innovative drug company focused on addressing significant unmet clinical needs globally, with a disease-oriented approach dedicated to translating innovation into clinical value and providing patients with best-in-class treatments. The company has built a two-tier pipeline structure of "1 (NDA) + 3 (Phase III) + N" and has initially achieved a self-sustaining R&D model through global business development (BD) licensing or transfers. In line with the internationalization trend of China's innovative drugs, the company has established an efficient, sustainable, and globally competitive R&D system. Its pipeline's clinical value and technological innovation have been recognized by multinational and well-known listed pharmaceutical companies through BD transactions, enabling a new development model of funding R&D through global BD licensing or transfers.
New Stock Listings This Week
According to the schedule, two new stocks are set to list this week: Beiteli (301697) and Makuang Mining (601123), both debuting on Tuesday.
Wind data shows that Beiteli is a customer-oriented, innovation-driven new materials company. Its main business involves the R&D, production, and sale of electronic materials and new chemical materials, with products spanning conductive materials, silicone materials, and coating materials. These products are widely used in photovoltaics, 3C electronics, silicone deep processing, electronic packaging, healthcare, and new energy vehicles.
Wind data also indicates that Makuang Mining is a company long engaged in the development and comprehensive utilization of iron ore resources, primarily involved in mining and beneficiation of iron ore, comprehensive utilization, and the sale of iron concentrate and molybdenum concentrate, along with limestone extraction and sales. The mining area is mainly rich in iron ore, with associated trace amounts of molybdenum. Its main products are pellet feed iron concentrate with TFe65% and molybdenum concentrate with Mo40%. The company holds the mining rights to the nationally renowned Makeng Iron Mine and is the largest iron ore mining and processing enterprise in Fujian Province, serving as an important iron ore production base along China's southeastern coast. Its iron concentrate is primarily supplied to large steel enterprises in Fujian and neighboring provinces.
Last week, two new stocks were listed. On August 28, Huada Haitian (920288) debuted on the Beijing Stock Exchange at an issue price of 12.57 yuan per share, closing its first day at 28.51 yuan per share, up 126.81%. Based on the closing price, investors who won a lot of 100 shares would have gained 1,594 yuan. On August 25, Gaokai Technology (688835) listed on the STAR Market at an issue price of 61.36 yuan per share, closing its first day at 235 yuan per share, up 282.99%. Based on the closing price, investors who subscribed would have earned 86,800 yuan per lot.
IPO Approvals Last Week
In terms of review committee approvals, the Beijing Stock Exchange convened its latest listing review committee meeting last week. Among the candidates, Jiangsu Suxun New Materials Technology Co., Ltd. (referred to as "Suxun New Materials"), which plans to list on the BSE, successfully passed its review.
This week, the Beijing Stock Exchange will continue its hearings. On September 3, the BSE will review the initial public offering of Wuhu Jiahong New Materials Co., Ltd. (referred to as "Jiahong New Materials"). Since its establishment, the company has been dedicated to the R&D, production, and sale of electric heat tracing products. Its main offerings include electric heat tracing products (self-regulating heating cables, constant power heating cables), temperature controllers, accessories, and electric heat tracing system engineering, which are widely used in industrial fields such as oil and gas, chemicals, power and energy, marine shipping, and biopharmaceuticals, as well as in civil and commercial applications like insulation, anti-freezing, snow melting, and heating.
On September 4, the BSE will review the IPO of Shanghai Xinpa Intelligent Technology Co., Ltd. (referred to as "Xinpa Intelligent"). The company is an industrial intelligent equipment developer backed by an intelligent technology R&D platform, focusing on the R&D, design, manufacturing, sales, and services of industrial intelligent equipment with independent intellectual property rights. Its products are mainly applied in the wind power and semiconductor industries.
Also on September 4, the BSE will review the IPO of Changde New Materials Technology Co., Ltd. (referred to as "Changde Technology"). Since its establishment, the company has been dedicated to the green and low-carbon industry, focusing on two major business segments: resource comprehensive utilization and new materials.
Latest Hong Kong Stock Market Updates
On the Hong Kong front, Wind data shows one new stock subscription scheduled this week (August 31 to September 4). MEDCAPTAIN (02041.HK) will accept subscriptions from Monday to Wednesday this week.
Last week, companies including Shanghai Juxing Media Co., Ltd. and Zhuoli International Holdings Co., Ltd. submitted their initial listing applications to the Hong Kong Stock Exchange. Several other companies, including Weimou Biotechnology (Zhejiang) Co., Ltd., Shenzhen Capchem Technology Co., Ltd., and Dizal (Jiangsu) Pharmaceutical Co., Ltd., updated their prospectuses. Applications from Pinnacle Marine Holdings Ltd, Shandong Hanfang Pharmaceutical Co., Ltd., and Shanghai Huayi Technology (Group) Co., Ltd. lapsed. Meanwhile, Xinghuan Information Technology (Shanghai) Co., Ltd. and UDI Robotics (Wuxi) Co., Ltd. passed their hearings.
Major Investment and Financing Events
1. On August 28, Songying Technology announced that it had completed multiple rounds of Series A and A1 financing totaling several hundred million yuan, led by CICC Capital and Wuhan Hongshan Capital, with participation from well-known financial and industrial investors including Shangrong Capital, Aosheng Technology, Gaoxin Capital, Shanghai Angel Association, Fengyuzhu, and Qiaobei Capital. Existing shareholder Zhongxin Fund continued to increase its investment.
2. On August 27, Xijian Technology announced that it had completed three consecutive financing rounds, accumulating nearly 500 million yuan. Investors included government industry funds such as Xuhui Capital, leading financial institutions like Huaying Capital and Sequoia Capital China, as well as Yingnuo Fund and Shui Mu Tsinghua.
3. On August 27, Yanwei Semiconductor announced the completion of its Series B financing, totaling nearly 1.5 billion yuan. This round included strategic investments from industry players such as CETC Industry Fund, CRRC Capital, and BOE, alongside financial investors including CICC Capital, Voyant Capital, Huatai Zijin, Bohua Industrial Investment, CMB AIC, BOC AIC, Houji Capital, Hardcore Nut Capital, Gaoxin Capital, Shanxi Innovation Investment, and Gaoliang Capital. Existing shareholders including Xigaotou, Hushan Capital, Xinke Capital, Dianshi Capital, TEDA Technology Investment, Linxin Investment, Xinshang Capital, and Xianghe Capital also increased their stakes.
4. On August 27, Lingchu Intelligent completed a new financing round exceeding 100 million USD. The round brought together Tuopu Group, Ruicheng Fund under Chery Holdings, Lens Technology, 37 Interactive Entertainment, Wuhu Investment and Holding Group, and Fosun RZ Capital, with existing shareholder Zhuhai Science and Technology Industry Group continuing to invest substantially.
5. On August 26, Saike Power completed a financing round of several hundred million yuan. This round was led by existing shareholder Saike Investment and CICC Capital, with participation from Zhongguancun Qihang, Dingfeng Kechuang, Zhongguancun Rainforest, Linjie Venture Capital, Yibin Talent Fund, and Yibin Zhengchuang.