According to the current schedule, if there are no changes, there will be a total of 3 new shares for subscription this week (September 9th to 13th). Among them, there is 1 on the Growth Enterprise Market (GEM), 1 on the Science and Technology Innovation Board (STAR Market), and 1 on the Beijing Stock Exchange (BSE).

On September 13th, the STAR Market new share, Hehe Information, which starts the subscription, provides digital and intelligent products and services for global C-end users and diverse industry B-end customers. It is a rare enterprise in the industry that has a complete layout matrix in both C-end products and B-end services. In terms of C-end products, Hehe Information mainly offers APP products for global individual users, including 3 core products: CamScanner (an intelligent scanning and text recognition APP), Business Card Reader (an intelligent business card and contact management APP), and Qixinbao (a corporate business information inquiry APP). As of the end of 2023, the cumulative first-time downloads of the above 3 APPs in the global App Store and Google Play application markets exceeded 940 million.

This week, 3 shares are issued

As of the time of writing, 1 new share has disclosed the issue price for online subscription this week. The issue price of the BSE new share, Ruihua Technology, is 19 yuan, with an issue price-to-earnings (P/E) ratio of 13.54 times, and the industry's average dynamic P/E ratio in the most recent month is 25.81 times.

Established in 2006, Hehe Information, based on its independently developed intelligent text recognition and commercial big data core technologies, provides digital and intelligent products and services for global C-end users and multiple industry B-end customers.

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Hehe Information's C-end business mainly focuses on C-end APP products for global individual users, including 3 core products: CamScanner (an intelligent scanning and text recognition APP), Business Card Reader (an intelligent business card and contact management APP), and Qixinbao (a corporate business information inquiry APP); the company's B-end business provides services to corporate customers with intelligent text recognition and commercial big data at the core.

To date, Hehe Information's C-end products have covered hundreds of millions of users in more than 100 countries and regions around the world, and B-end services have covered corporate customers in nearly 30 industries. In terms of C-end products, as of the end of 2023, the cumulative first-time downloads of the 3 APPs, CamScanner, Business Card Reader, and Qixinbao, in the global App Store and Google Play application markets exceeded 940 million, with a total monthly active user count of nearly 150 million in December 2023 across various channels, of which the monthly active users on the APP channels exceeded 130 million, and the monthly active users on other channels such as mini-programs and Web ends totaled about 20 million.

In terms of performance, from 2022 to the first half of 2024, Hehe Information achieved revenues of 988 million yuan, 1.187 billion yuan, and 688 million yuan, with net profits of 284 million yuan, 323 million yuan, and 221 million yuan, respectively.

In this IPO, Hehe Information plans to raise 1.49 billion yuan, which will be used for the research and development upgrade projects of artificial intelligence C-end products and B-end services; commercial big data C-end products and B-end services research and development upgrade projects; artificial intelligence core technology research and development upgrade projects, and commercial big data core technology research and development and data platform construction projects.

On the same day, the new share of Wireless Media, which starts the subscription, is the main operator of the Hebei Radio and Television Station's control over the Hebei Province audio-visual new media market. Its main business covers IPTV, satellite TV services, value-added information services, etc. It is the only operator of the three-network convergence content integration and broadcasting control platform in Hebei Province and is also the vanguard of the "New Media + Technology" industry segment of the Hebei Radio and Television Station.In terms of performance, Wireless Media's revenue for the years 2021 to 2023 was 672 million yuan, 653 million yuan, and 646 million yuan, respectively; net profits were 356 million yuan, 291 million yuan, and 284 million yuan, respectively.

For this IPO, Wireless Media plans to raise 1.21 billion yuan, which will be used for the systematic transformation and upgrade project of the Hebei IPTV integrated broadcast and control platform, content copyright purchase project, and the intelligent super media business cloud platform project.

Last week, 4 companies withdrew their IPOs.

On September 5th, Bainuo Pharmaceutical withdrew its IPO application from the Growth Enterprise Market. As a result, a total of 4 companies withdrew their A-share IPO applications last week. Among them, there were 2 from the Growth Enterprise Market, 1 from the Science and Technology Innovation Board, and 1 from the Beijing Stock Exchange.

Looking back at the IPO review situation in 2024, the number of companies terminating their IPOs has shown a significant increase. Wind data shows that as of September 8th this year, there have been 363 IPO terminations at the Shanghai, Shenzhen, and Beijing stock exchanges, with the main reason being the withdrawal of materials.

This year, the regulatory authorities have once again strengthened the full-chain supervision of companies planning to go public. Against this backdrop, the number of IPO withdrawals has increased significantly. On September 6th, the China Securities Regulatory Commission (CSRC) issued the "Regulatory Provisions on the Supervision of Shareholding by Former Staff of the CSRC System in Companies Planning to Go Public (Trial)" (hereinafter referred to as the "Regulations on Former Staff Supervision"), which puts forward further regulatory requirements for former staff of the CSRC system to hold shares in companies planning to go public. The new regulations will officially come into effect on October 8th. The "Regulations on Former Staff Supervision" consists of 12 articles, making specific provisions on the circumstances of improper shareholding by former staff, the requirements for intermediary institutions to conduct due diligence, the arrangement of work processes, the scope of regulation for former staff, and the definition of the shareholding prohibition period.

Based on the "Guidance on the Application of Regulatory Rules - Issue No. 2" (hereinafter referred to as "Guidance No. 2"), the new regulations propose stricter supervisory requirements in three aspects. First, it extends the shareholding prohibition period for former staff. On the basis of further extending the shareholding prohibition period for former staff, it emphasizes the requirements for those who have held positions in the issuance supervision positions within 5 years before leaving and those who are related to the commission-managed cadres before leaving. Second, it expands the scope of strict supervision over former staff. The scope of due diligence by intermediary institutions is expanded from the former staff themselves to include their parents, spouses, children, and their spouses. Third, it raises higher requirements for the due diligence conducted by intermediary institutions. The intermediary institutions are required to conduct due diligence and express clear opinions on the investment background, price fairness, source of funds, and the authenticity of the exit of related personnel. The CSRC will review and re-examine the relevant work.

New stock calendar for September 10th:

Ruihua Technology (920099) mainly provides integrated technical solutions based on chemical process package technology for petroleum and chemical enterprises. Since its establishment, the company has been focusing on the research, development, and implementation of comprehensive solutions for styrene package technical services, expandable polystyrene package technical services, methanol to propylene and butadiene cracking device package technical services, n-butane to maleic anhydride joint device package technical services, diethylbenzene dehydrogenation to divinylbenzene package technical services, and styrene-epichlorohydrin co-production package technical services.September 13th

Wireless Media (301551), as the builder and operator of the Hebei Province IPTV integrated broadcasting and control sub-platform, integrates a wealth of audio-visual resources from the central IPTV integrated broadcasting and control head platform, Hebei Province's city and county radio and television stations, and domestic audio and video content providers. After reviewing, encoding, and packaging the audio-visual content, it is transmitted through the dedicated network of telecommunications operators to provide TV terminal households with new media audio-visual services such as channel live broadcasting, film and television on-demand, as well as music, games, and online education.

Hehe Information (688615)'s C-end business mainly focuses on C-end APP products for global individual users, including three core products: Scan King (an intelligent scanning and text recognition APP), Business Card King (an intelligent business card and contact management APP), and Qixinbao (a corporate business information inquiry APP).