Zhenbao Technology's IPO on the Sci-Tech Innovation Board has been approved

Beijing Business Daily (Reporter Ma Huanhua, Li Jiaxue) reported that on the evening of March 5th, the Shanghai Stock Exchange official website announced that Chongqing Zhenbao Technology Co., Ltd. (hereinafter referred to as “Zhenbao Technology”) was approved for its Sci-Tech Innovation Board IPO on the same day.

Zhenbao Technology specializes in providing manufacturing equipment components and surface treatment solutions for vacuum chambers involved in process reactions for clients in the integrated circuit and display panel industries. The company’s IPO was accepted on June 26, 2025, and entered the inquiry stage on July 16 of the same year. For this listing attempt, Zhenbao Technology plans to raise approximately 1.198 billion yuan.

At the listing committee meeting, the committee requested Zhenbao Technology to clarify whether the recognition of R&D personnel is accurate and reasonable, considering the high turnover of R&D staff during the reporting period, the high proportion of employees with low working years, and the significant amount of auxiliary R&D work. They also asked about the contribution of newly recruited R&D personnel to core technological achievements and the impact on the company’s ongoing R&D and innovation.

Additionally, the committee required Zhenbao Technology to explain the reasons and rationality behind the differences in sales models in the silicon component sector of semiconductor equipment compared to industry peers, and the potential impact on the company’s performance if peer companies shift to a direct supporting model in the future. They also asked the company to analyze the competitiveness in the silicon component market, compare the sales prices of similar products with industry peers, and explain the high gross profit margin of silicon components compared to industry peers, as well as the sustainability of these high margins.