The new share market has remained active this week. On Tuesday (August 25), Gaoke Technology made its debut on the STAR Market with an issue price of 61.36 yuan per share. The stock peaked at 262 yuan per share during intraday trading on its first day, translating to a floating profit of 100,320 yuan per lot (500 shares).

With this, the number of "big profit lottery" IPOs this year—where per-lot gains (calculated based on the highest intraday price on listing day) exceeded 100,000 yuan—has reached nine. They are Pinzhun Laser (556,600 yuan), Yushu Technology (474,600 yuan), Lianxun Instruments (389,000 yuan), Changjin Photonics (324,000 yuan), Zhenbao Technology (272,200 yuan), Superpure Materials (244,400 yuan), Torrence (120,900 yuan), Dapu Micro (104,500 yuan), and Gaoke Technology (100,300 yuan).

According to the issuance schedule, three new shares will be available for subscription next week (August 31 to September 4). On Monday (August 31), investors can subscribe to Baimaike on the Beijing Stock Exchange. On Wednesday (September 2), Suiyuan Technology will open for subscription on the STAR Market. On Thursday (September 3), Xinnuowei will also be available on the STAR Market.

Where to Begin: Baimaike Leads Domestic Absorbable Knotless Sutures

Baimaike is a pioneer in the domestic absorbable knotless suture sector. Its Beijing Stock Exchange IPO is priced at 17.10 yuan per share, with one lot (100 shares) requiring a payment of 1,710 yuan. The subscription code is 920268, and the online subscription cap is 474,200 shares. The company is issuing 13.55 million shares in total.

The issuance announcement shows that the price-to-earnings ratio corresponding to the issue price is 14.99 times (calculated by dividing 2025 non-GAAP net profit attributable to shareholders by total shares post-issuance), which is lower than the average static P/E ratio of 37.16 times for comparable listed companies in the same industry and below the 28.18 times average static P/E ratio for the same sector over the past month as published by the China Securities Index Company. However, there remains a risk that the stock price could decline, potentially causing losses for investors.

Public information indicates that Baimaike is a high-tech enterprise specializing in the R&D, production, and sales of surgical medical devices, primarily surgical sutures, as well as peptide pharmaceutical equipment. Its main products include surgical sutures, interventional embolization materials, hemostatic materials, and peptide synthesis and cleavage instruments. In the surgical medical device field, the company obtained the first domestic registration certificate for absorbable knotless surgical sutures, breaking the multi-year monopoly of foreign brands in this segment.

According to Frost & Sullivan data, in 2024, imported manufacturers such as Johnson & Johnson, Shunke, and Medtronic accounted for nearly 80% of China's knotless suture market. Among domestic players, Baimaike held the highest share at 8.9%, with other major competitors including Jianshi Medical and Pulimeng.

In the peptide pharmaceutical equipment sector, Baimaike's subsidiary, Hainan Jianbang, has developed fully automated large-scale peptide synthesizers, enabling China's transition from laboratory research to industrial-scale production of peptide drugs. Key clients include major pharmaceutical firms such as Nuotai Biotech, WuXi AppTec, and Hengrui Medicine. Per Frost & Sullivan, the market size for core peptide pharmaceutical equipment (synthesizers and cleavage instruments) in China was approximately 200 million yuan in 2024, with Xishi Bio holding around 51.1%, Dongfulong at about 17.9%, and Baimaike's subsidiary Hainan Jianbang capturing roughly 9.6%.

Financially, Baimaike reported revenues of 174 million yuan, 185 million yuan, and 215 million yuan for 2023, 2024, and 2025, respectively, with net profits attributable to shareholders of 70.18 million yuan, 69.19 million yuan, and 70.81 million yuan. Notably, the company's gross margins during the reporting period were 75.88%, 78.80%, and 74.41%, showing a declining trend. Additionally, the average selling price of its absorbable surgical sutures has decreased from 99.44 yuan per unit to 93.60 yuan, and further to 82.31 yuan over the same periods.

Key Investment Points: Suiyuan Technology is a Leader in Domestic Cloud AI Chips

Suiyuan Technology is one of the leading companies in the domestic cloud AI chip sector, with an online subscription code of 787801. The company plans to publicly issue 43.0352 million new shares, accounting for 10.00% of total shares post-issuance.

Founded in 2018, Suiyuan Technology focuses on the R&D, design, and sales of cloud AI chips. It has independently developed four generations of architectures and five cloud AI chip models, building a comprehensive product ecosystem covering AI chips, AI accelerator cards and modules, intelligent computing systems and clusters, and AI computing and programming software platforms.

According to IDC data and the issuer's sales figures, China's total AI accelerator card shipments in 2025 were approximately 4 million units, with Nvidia holding about a 55% market share with roughly 2.2 million units shipped. That year, Suiyuan Technology sold 66,000 AI accelerator cards and modules, capturing an approximate 1.7% share of the Chinese AI accelerator card market, ranking among the top domestic AI chip companies.

In terms of performance, Suiyuan Technology's revenue grew rapidly from 301 million yuan in 2023 to 722 million yuan in 2024, and further to 990 million yuan in 2025. However, due to substantial R&D investments in cloud AI chips, the company's non-GAAP net losses attributable to shareholders were -1.567 billion yuan, -1.503 billion yuan, and -1.197 billion yuan for the same periods, and it has yet to achieve profitability. The company projects it could reach consolidated profitability by 2026 or 2027. Notably, the proportion of revenue from related party Tencent has increased annually, reaching 83.79% in 2025, indicating high customer concentration.

Xinnuowei: An Innovative Drug Company with a Well-Structured Pipeline

Xinnuowei is an innovative drug company focused on addressing significant unmet clinical needs globally and translating innovation into clinical value. The company plans to publicly issue 65.3234 million new shares, representing 15.00% of total shares post-issuance.

Established in 2017, Xinnuowei has developed a "1+3+N" pipeline structure, comprising one NDA accepted, three phase III clinical trials, and several early-stage programs. Its pipeline spans major disease areas including oncology and anti-infectives.

According to the prospectus, as of April 30, 2026, the company ranks fourth among STAR Market biopharmaceutical companies in terms of Breakthrough Therapy Designations granted by China's CDE. Furthermore, based on statistics from Yaozhi Consulting, it is also among the top Chinese pharmaceutical companies for FDA Fast Track designations in the United States.

Financially, Xinnuowei recorded revenues of 0 yuan, 0 yuan, and 935 million yuan for 2023, 2024, and 2025, respectively. The 2025 revenue primarily came from the upfront payment (130 million USD) from a licensing collaboration with Astellas for XNW27011. Net profits attributable to shareholders were -427 million yuan, -386 million yuan, and 203 million yuan during the same periods. However, the company has no drugs approved for marketing yet and has not achieved sustained profitability. As of the end of 2025, its accumulated losses stood at 1.449 billion yuan, and it expects to maintain significant R&D expenditures in the coming years.