What happened
The new-stock market kept its momentum this week. Gaokai Technology listed on the STAR Market on August 25 at 61.36 yuan per share and touched an intraday high of 262 yuan, putting a 500-share lot's floating profit at 100,320 yuan. That made it the ninth A-share new stock this year with per-lot gains exceeding 100,000 yuan, based on first-day intraday highs.
Next week (August 31 to September 4) brings three subscriptions: Baimaike on the Beijing Stock Exchange on Monday, Suiyuan Technology on the STAR Market on Wednesday, and Xinnuowei on the STAR Market on Thursday. Baimaike is a domestic absorbable knotless suture and peptide equipment maker, Suiyuan develops cloud AI chips, and Xinnuowei is an innovative drug company.
Why it matters
These three IPOs put two hot sectors in the spotlight: AI chips and biotech. Suiyuan Technology is growing revenue quickly but remains loss-making and gets most of its revenue from Tencent; Xinnuowei has no approved drugs yet and carries a large accumulated deficit. Investors are weighing fast growth against heavy risks.
The list of nine high-profit new stocks this year shows strong demand for new listings. Still, Baimaike's offer price implies a 14.99 times P/E ratio, below peers, while its gross margin and suture unit prices have been declining. Listing-day gains do not guarantee long-term fundamentals.
Key facts
Gaokai Technology's first-day intraday high yielded a 100,320 yuan floating profit per 500-share lot.
Baimaike's IPO price is 17.10 yuan per share, with a P/E of 14.99 times versus comparable companies' 37.16 times and industry average of 28.18 times.
Suiyuan Technology sold about 66,000 AI accelerator cards and modules in 2025, roughly 1.7% of China's market, while Nvidia had about 55%.
Xinnuowei's 2025 revenue was 935 million yuan, mainly from the Astellas licensing upfront payment, and it posted a 203 million yuan net profit after losses in 2023 and 2024.
What to watch next
Investors may watch whether Suiyuan Technology can narrow its losses and reduce Tencent concentration, given its projection of profitability by 2026 or 2027.
Xinnuowei faces scrutiny over its pipeline progress, including the NDA acceptance and Phase III trials, as well as how it funds R&D with a 1.449 billion yuan accumulated deficit.
Baimaike's pricing power in sutures and its gross margin trajectory will be worth tracking after recent declines in both.