The IPO boom is coming! Several more LED company IPOs have been accepted

In late June, the capital market of the lighting and display industry ushered in a wave of intensive explosion. In addition to Aolei Technology, Chiptronics and Huike Co., Ltd. reported a few days ago, four more companies have refreshed their IPO progress bars in just a few days - three have been accepted and one has started subscription.

The IPO of Yufu Lighting was accepted by the Beijing Stock Exchange

On June 25, the official website of the Beijing Stock Exchange showed that the IPO of Yufu Lighting was accepted.

Founded in 2004, Yufu Lighting is a national-level specialized and new "little giant" enterprise focusing on the R&D, production and sales of industrial lighting, commercial lighting and special lighting LED products. The company mainly uses the ODM model to provide customers with one-stop LED lighting solutions from concept to design and development to production. The main sales areas cover North America, Europe, Oceania and other overseas developed countries and regions.

The prospectus shows that from 2023 to 2025, the company's operating income will be 491 million yuan, 524 million yuan and 498 million yuan respectively, with the main business income accounting for more than 96%. Among them, industrial lighting is the core business, with revenue of 319 million yuan in 2025, accounting for 65.53% of total revenue; commercial lighting and special lighting revenue accounted for 22.58% and 11.88% respectively. The net profits realized were 79.6931 million yuan, 91.1430 million yuan and 76.7579 million yuan respectively.

The company's business is mainly oriented to overseas markets. In 2025, overseas revenue will account for 92.51%, and sales revenue from the top five customers will account for 69.70%. Major customers include Home Depot, Schrader, OEM INTERNATIONAL, etc. With strict quality control management, Yufu lighting products have passed certifications in global mainstream markets such as North America, Europe, and Oceania.

According to the prospectus, the company plans to raise 443 million yuan, which will be mainly used for the expansion and technological transformation of the Shenzhen production base, the construction of the Shenzhen R&D center and the construction of the Vietnam production base to further enhance the R&D and manufacturing capabilities of high-power industrial lighting products.

In terms of controlling shareholders and actual controllers, as of the signing date of this prospectus, Lu Qun directly holds 28.35 million shares of the company, accounting for 94.50% of the company's total shares, and indirectly controls 4.50% of the company's voting rights through the shareholding platform Baishi Investment, making him the company's controlling shareholder. The company's joint actual controllers are Lu Qun and WU MEIJUAN, who are husband and wife. Lu Qun serves as the chairman and general manager of Yufu Lighting, and WU MEIJUAN serves as the director of Yufu Lighting.

Zhiyan Technology’s GEM IPO application was accepted

Recently, according to the official website of the Shenzhen Stock Exchange, Shenzhen Zhiyan Technology Co., Ltd.’s GEM IPO application was officially accepted, and the sponsor is CICC.

The prospectus shows that Zhiyan Technology was established in 2017. Its controlling shareholder and CEO Wu Wenlong is one of the founders of Anker Innovation and the former CTO of Anker Innovation. Since its establishment, Zhiyan Technology has built a product matrix consisting of intelligent ambient lighting and smart small home appliances around the smart home ecology, and has developed into a leading enterprise in intelligent ambient lighting. Relying on the two major brands "Govee" and "GoveeLife", Zhiyan Technology has deeply deployed in the global market and has high brand awareness and reputation in major overseas developed or regional markets such as North America and Europe.

Among them, "Govee", as a leading brand in the intelligent atmosphere lighting industry, mainly focuses on intelligent atmosphere lighting, covering outdoor, home, entertainment, festivals and other scenes. Its products integrate atmosphere creation into daily life scenes through continuous colored light technology innovation, rich multi-form innovation and equipped with personalized and intelligent linkage functions.

Source: Zhiyan Technology official website

In recent years, Zhiyan Technology’s performance has shown steady growth. From 2023 to 2025, Zhiyan Technology's operating income was 2.653 billion yuan, 3.902 billion yuan, and 4.705 billion yuan respectively; the net profit attributable to the parent company was 144 million yuan, 180 million yuan, and 299 million yuan respectively. From the perspective of product structure, intelligent ambient lighting is the core revenue source of Zhiyan Technology, contributing approximately 4.162 billion yuan in revenue in 2025, accounting for 88.46%.

In terms of sales channels, Zhiyan Technology has built a sales model based on "online B2C + offline direct sales". Among them, online B2C sales are its main sales channels, and the Amazon platform is the main one. In addition, Zhiyan Technology is also trying to diversify risks and build independent websites and APPs for sales. At the same time, it is increasing its efforts to develop offline channels and expanding its sales through offline channels by entering world-renowned supermarkets such as Walmart, Costco, Lowe's, Target, and Best Buy.

It is worth mentioning that Zhiyan Technology’s operating income mainly comes from North America, Europe and other overseas regions. In 2025, its North American market revenue will account for 83.20%, and European market revenue will account for 15.56%. In addition, Zhiyan Technology will also start to develop domestic market business starting in 2025.

In this IPO, Zhiyan Technology plans to raise 1.214 billion yuan, which will be mainly invested in four major projects: the construction of a production base for intelligent ambient lighting products, the construction of a production base for intelligent small household appliances, the construction of a R&D center, and the construction of brand promotion. Zhiyan Technology pointed out that the investment project aims to improve the level of intelligent manufacturing and expand production capacity to cope with the upgrading of industry technology and meet the diverse needs of customers.

Kangmet opens subscription

On June 29, Kangmet officially opened subscription, with an issue price of 8.14 yuan per share, a subscription limit of 954,400 shares, and an issue price-to-earnings ratio of 14.98 times. It plans to be listed on the Beijing Stock Exchange, and the sponsor is GF Securities.

Kangmeite is mainly engaged in the research, development, production and sales of new polymer materials such as electronic packaging materials and high-performance modified plastics. Among them, electronic packaging materials are mainly electronic adhesives for LED chip packaging, which are widely used in new displays, semiconductor lighting, semiconductor device packaging, aerospace and other fields. At present, the company has achieved comprehensive coverage of LED chip packaging forms such as SMD, POB, COB, CSP and MIP, with hundreds of electronic packaging material models.

In terms of Mini LED packaging materials, Kangmet has successfully launched a variety of Mini LED silicone packaging products with good process operability, high thixotropy, and excellent aging resistance, becoming one of the domestic manufacturers to achieve mass production of Mini LED silicone packaging gel. Regarding Micro LED packaging, the company has cooperated with a number of Micro LED manufacturers to develop adhesive materials required for chip bonding and protection, chip packaging and other aspects.

Commet's customer base has covered the world's top LED packaging manufacturers such as Osram, Everlight Electronics, Dominant, Seoul Semiconductor, and Lumileds, as well as domestic leading enterprises Hongli Zhihui, Nationstar Optoelectronics, Ruifeng Optoelectronics, Mulinsen, Jufei Optoelectronics, Sanan Optoelectronics, Shanxi Hi-Tech, etc., and has successfully entered the supply chain of terminal manufacturers such as TCL Technology, Hisense, BOE, Xiaomi, BYD, and Skyworth.

From 2023 to 2025, Kangmet achieved operating income of 384 million yuan, 423 million yuan and 469 million yuan respectively; net profits attributable to the parent company were 45.1351 million yuan, 62.7007 million yuan and 85.3272 million yuan respectively, with performance maintaining steady growth.

According to the prospectus, the funds raised from Kangmeite’s public issuance of shares are planned to be used for semiconductor packaging material industrialization projects and supplementary working capital. Among them, the semiconductor packaging materials industrialization project plans to build a silicone packaging material production line with an annual output of 1,000 tons, and the planned investment amount of raised funds is 155 million yuan.

China Conductor Optoelectronics Science and Technology Innovation Board IPO was accepted

Recently, the official website of the Shanghai Stock Exchange showed that the IPO review status of China Optoelectronics Science and Technology Innovation Board has been updated to accepted.

Founded in 2006, Zhonggui Optoelectronics is a domestic professional enterprise for flat panel display panels and semiconductor wafer inspection equipment founded by a team of returnee experts. It is mainly engaged in the research, development, production and sales of flat panel display front-end inspection equipment and semiconductor wafer front-end inspection equipment.

In this IPO, China Conductor Optoelectronics plans to raise 1.8 billion yuan. Among them, 1.08 billion yuan was invested in the new project of Wuhan Production R&D Center, 350 million yuan was used in the expansion of Zhaoqing Production R&D Center, and the remaining 370 million yuan was used to supplement the company's working capital.

After the project is completed, the company will expand the production capacity of Micro-LED inspection equipment, 3D packaging measurement equipment, and patternless wafer defect inspection equipment, and continue to expand semiconductor inspection product categories.

Specifically, its prospectus shows that in the field of flat panel display quality testing equipment, the company's main products include front-end AOI testing equipment, macro and micro inspection composite machines, automatic line width measurement equipment and macro measurement composite machines. The products cover the complete sequence from G2 to the highest G11 generation flat panel display, with detection sensitivity reaching sub-micron level, and are widely used in the production lines of first-line customers in industries such as BOE, CSOT, Tianma Microelectronics, HCFC, and Visionox.

According to the company’s official platform, the NanoPro-150C 8-inch SiC nanoscale wafer defect detection equipment independently developed by China Optoelectronics has successfully developed two domestic 8-inch silicon carbide manufacturing companies and reached formal equipment purchase orders. The relevant person in charge of China Conductor Optoelectronics said that 8-inch SiC is the core track of the company's third-generation semiconductor strategy. This time it has opened up two new customers at once, marking the large-scale horizontal implementation of China Conductor Optoelectronics' domestic SiC high-precision testing equipment.

According to its prospectus, at the end of each period from 2023 to 2025, China Conductor Optoelectronics achieved revenue of 73.7881 million yuan, 291 million yuan, and 446 million yuan respectively. The compound growth rate of operating income in the past three years reached 145.99%; the net profit attributable to the parent company was -10.2955 million yuan, 39.8894 million yuan, and 91.0195 million yuan respectively, with rapid growth.