Precision Laser Leader Pinzhen Laser to List on Sci-Tech Innovation Board

On August 16, Pinzhen Laser (频准激光) announced in its initial public offering (IPO) prospectus on the Sci-Tech Innovation Board (STAR Market) that its shares will begin trading on the Shanghai Stock Exchange's STAR Market on August 18. The company is issuing 10 million new shares, bringing its total share capital to 40 million shares. Of these, the newly listed shares that are initially tradable on the market amount to 7,617,762 shares, representing 19.04% of the total post-issuance share capital.

Pinzhen Laser is a leading enterprise in precision laser technology. Its IPO price of 186.88 yuan per share makes it the most expensive new stock listing on A-shares so far this year. Investors winning one subscription unit (a "lot") must pay 93,400 yuan. The company's IPO price-to-earnings (P/E) ratio is 49.42 times, compared to the industry average P/E ratio of 68.04 times, indicating a discount relative to the sector.

The company is issuing 10 million new shares, with an online subscription limit of 2,000 shares per investor. The maximum subscription requires only a Shanghai market account value of 20,000 yuan. In its IPO results announcement released on the evening of August 12, Pinzhen Laser confirmed that the subscription payment process for both online and offline investors was completed on August 11 (T+2 day). Online investors subscribed for 3,200,700 shares, while 10,846 shares were forfeited. Offline investors subscribed for 4,901,600 shares, with 445 shares forfeited.

All forfeited shares, totaling 11,291 shares, were underwritten by China Securities Co., Ltd. (CSC), which assumed the responsibility. The underwriting amount was 2.11 million yuan, representing 0.14% of the shares issued after deducting the final strategic placement portion, and 0.11% of the total shares issued.

Technology and Customer Base in Quantum and Semiconductor Sectors

Pinzhen Laser's core business involves the research, development, production, and sale of precision lasers. The company has developed a new precision laser technology roadmap, offering products with precise control over wavelength, linewidth, noise, power, and pulse. These lasers serve cutting-edge fields such as quantum computing, quantum precision measurement, semiconductor manufacturing (including wafer fabrication, inspection, and stealth dicing), and frontier scientific research like laser interference lithography and laser remote sensing.

In the quantum technology sector, the company's products are used by prestigious institutions and companies, including the Chinese Academy of Sciences, Tsinghua University, Harvard University, the University of Colorado Boulder, the Massachusetts Institute of Technology, and quantum technology firms such as Guodun Quantum, Huayi Quantum, and Guoyi Quantum. In the semiconductor field, its customers include domestic semiconductor equipment manufacturers like Zhong'an Semiconductor and Angkun Vision.

Financial Performance and Growth Outlook

Financially, Pinzhen Laser reported robust revenue growth in recent years. For the fiscal years 2023, 2024, and 2025, the company's revenue was 148 million yuan, 292 million yuan, and 418 million yuan, respectively. Net profit for the same periods was 60 million yuan, 116 million yuan, and 159 million yuan.

Looking ahead, for the first half of 2026, the company expects revenue to grow by 27.58% to 44.22% year-over-year, and net profit to increase by 26.93% to 48.08% compared to the same period last year.

This article is compiled from the WeChat public account "China Securities Journal" (中国证券报).