Three new shares are available for subscription, coming from the popular tracks of AI chips and innovative drugs. There have been 9 highly lucrative new share lots so far this year, and the profit of each single lot exceeds 100,000 yuan.

Last week, the market for new shares remained hot.

On Tuesday (August 25), Gaokai Technology was listed on the Sci-Tech Innovation Board at an issue price of 61.36 yuan per share. On its first trading day, the stock price hit an intraday high of 262 yuan per share, marking a floating profit of 100,320 yuan for one lot of 500 shares.

So far, there have been 9 "high-yield new share" issues on the A-share market this year that generated a profit of over 100,000 yuan per single lot (calculated based on the intraday highest price on the first listing day), namely Pinzhun Laser (556,600 yuan), Unitree Robotics (474,600 yuan), Lianxu Instruments (389,000 yuan), Changjin Photonics (324,000 yuan), Zhenbao Technology (272,200 yuan), High Purity Applied Materials (244,400 yuan), Tuolunsi (120,900 yuan), Dapuweite (104,500 yuan) and Gaokai Technology (100,300 yuan).

According to the issuance schedule, 3 new shares are open for subscription this week (August 31 to September 4). On Monday (August 31), investors can subscribe for Baimaik, a new share listed on the Beijing Stock Exchange; on Wednesday (September 2), they can subscribe for Enflame Technology, a new share on the Sci-Tech Innovation Board; on Thursday (September 3), they can subscribe for Sinovium, a new share on the Sci-Tech Innovation Board.

Baimaik: Leading Domestic Player of Absorbable Knot-free Sutures

Baimaik is a pioneer in the domestic field of absorbable knot-free sutures. The IPO issue price on the Beijing Stock Exchange this time is 17.10 yuan per share, and 1,710 yuan is required to pay for one lot of 100 shares. The subscription code for Baimaik is 920268, and the upper limit for online public offering subscription is 474,200 shares. The total number of shares to be issued to the public by Baimaik this time is 13.55 million shares.

The issuance announcement shows that the price-to-earnings ratio corresponding to this issue price is 14.99 times (the earnings per share is calculated by dividing the deducted non-recurring net profit attributable to shareholders of the parent company in 2025 by the total share capital after this issuance), which is lower than the average static price-to-earnings ratio of 37.16 times of comparable listed companies in the same industry in the same period, and lower than the latest one-month average static price-to-earnings ratio of 28.18 times in the same industry released by China Securities Index Co., Ltd. However, there still exists the risk that the future drop of the issuer's stock price will cause losses to investors.

Public information shows that Baimaik is a high-tech enterprise specializing in the R&D, production and sales of surgical medical devices represented by surgical sutures and peptide pharmaceutical equipment and other products. Its main products include surgical instruments such as surgical sutures, interventional embolization materials and hemostatic materials, as well as peptide pharmaceutical equipment such as peptide synthesizers and peptide cleavers.

In the field of surgical medical devices, the company obtained the first domestic registration certificate for absorbable knot-free surgical suture products, breaking the years-long monopoly of foreign brands in this field.

According to statistics from Frost & Sullivan, in 2024, in China's knot-free suture market, the market share of imported manufacturers such as Johnson & Johnson, Shuke and Medtronic accounted for nearly 80%; among domestic manufacturers, Baimaik had the highest market share of 8.9%, and other major manufacturers include Well Healthcare, Primed and so on.

In the field of peptide pharmaceutical equipment, the fully-automatic large-scale peptide synthesizer developed by Hainan Jianbang, a subsidiary of Baimaik, has realized the transformation of China's peptide drugs from laboratory research to large-scale industrial production. The main customers of the company's peptide pharmaceutical equipment cover large pharmaceutical enterprises such as Nuotai Biotech, WuXi AppTec and Hengrui Medicine.

According to statistics from Frost & Sullivan, in 2024, the market size of core peptide pharmaceutical equipment (peptide synthesizers and cleavers) in China was about 200 million yuan. Among them, the market share of Xisi Biotech was about 51.1%, the market share of Dongfulong was about 17.9%, and the market share of Hainan Jianbang, a subsidiary of Baimaik, was about 9.6%.

In terms of performance, in 2023, 2024 and 2025, Baimaik's operating revenue reached 174 million yuan, 185 million yuan and 215 million yuan respectively, and the net profit attributable to shareholders of the parent company reached 70.1816 million yuan, 69.1944 million yuan and 70.8087 million yuan respectively.

It is worth noting that the company's comprehensive gross profit margins during the reporting period were 75.88%, 78.80% and 74.41% respectively, showing a downward trend; meanwhile, the unit sales price of the company's absorbable surgical sutures also showed a downward trend, reaching 99.44 yuan per piece, 93.60 yuan per piece and 82.31 yuan per piece respectively.

Enflame Technology: Leading Domestic Cloud AI Chip Enterprise

Enflame Technology is one of the leading enterprises in the domestic cloud AI chip field, with the online subscription code 787801. Enflame Technology plans to issue 43.0352 million new shares to the public this time, accounting for 10.00% of the total share capital after issuance.

Public information shows that Enflame Technology was founded in 2018, focusing on the R&D, design and sales of cloud AI chips. The company has independently developed and iterated 5 cloud AI chips of 4 generations of architectures, and built a complete product system covering AI chips, AI acceleration cards and modules, intelligent computing systems and clusters, as well as AI computing and programming software platforms.

According to IDC data and the issuer's sales volume, the total shipment volume of China's AI acceleration cards in 2025 was about 4 million, of which NVIDIA took up about 55% of the market share with a shipment volume of about 2.2 million. The company's sales volume of AI acceleration cards and modules reached 66,000 in that year, corresponding to a market share of about 1.7% in China's AI acceleration card market, ranking among the top among other domestic AI chip manufacturers.

In terms of performance, from 2023 to 2025, Enflame Technology's operating revenue reached 301 million yuan, 722 million yuan and 990 million yuan respectively, showing a rapid growth trend. However, due to factors such as huge R&D investment in cloud AI chips, the company's deducted non-recurring net profit attributable to shareholders of the parent company in the same period was -1.567 billion yuan, -1.503 billion yuan and -1.197 billion yuan respectively, and has not yet achieved profitability. The company expects to achieve consolidated statement profitability in 2026 or 2027.

It is worth noting that the proportion of sales revenue from the related party Tencent increased year by year during the reporting period, reaching 83.79% in 2025, with a high customer concentration.

Sinovium: An Innovative Drug Company with Well-Developed Pipeline Hierarchy

Sinovium is an innovative drug company focusing on major unmet clinical needs worldwide, committed to translating innovation into clinical value.

Sinovium plans to issue 65.3234 million new shares to the public this time, accounting for 15.00% of the total share capital after issuance.

Public information shows that Sinovium was founded in 2017, and has formed a "1+3+N" innovative drug pipeline hierarchy (1 NDA accepted, 3 in phase III clinical trials, N early-stage pipelines). The company's R&D pipelines cover multiple major disease fields such as anti-tumor and anti-infection.

The prospectus shows that as of April 30, 2026, in terms of obtaining the Breakthrough Therapy Designation from China's CDE (Center for Drug Evaluation of the National Medical Products Administration), the company ranks fourth among biomedical enterprises on the Sci-Tech Innovation Board; in terms of obtaining the Fast Track Designation from the U.S. FDA (U.S. Food and Drug Administration), according to statistics from Yaozhi Consulting, the company also ranks among the top among Chinese pharmaceutical enterprises.

In terms of performance, in 2023, 2024 and 2025, Sinovium's operating revenue was 0 yuan, 0 yuan and 935 million yuan respectively. The revenue in 2025 mainly came from the upfront payment (130 million US dollars) from the licensing cooperation reached with Astellas for XNW27011, and the net profit attributable to shareholders of the parent company in the same period was -427 million yuan, -386 million yuan and 203 million yuan respectively.

However, the company has no drugs approved for marketing yet, and has not achieved sustained profitability during the reporting period. As of the end of 2025, the company's accumulated unrecovered losses amounted to 1.449 billion yuan, and it is expected that large-scale R&D investment will still be required in the next few years.

The views in this article are for reference only and do not constitute investment advice. Investment involves risks, and caution is advised when entering the market.

This article is from the WeChat official account "China News Finance" (ID: jwview), written by Luo Kun, edited by Dong Wenbo, chief editors in charge: Xue Yufei and Chang Tao, authorized for release by 36Kr.