Zhenbao Technology listed on the STAR Market: share price surged 12-fold on debut, market cap hits RMB 90 billion

On June 24, Chongqing Zhenbao Technology Co., Ltd. (hereinafter referred to as 'Zhenbao Technology', SH:688797), a semiconductor equipment components company, $Chongqing Genori Technology (688797.SH)$ ) on the STAR Market of the Shanghai Stock Exchange.

In this listing, Zhenbao Technology set its offering price at RMB 44.56 per share, issued 38.8226 million shares, raised approximately RMB 1.73 billion in gross proceeds, and net proceeds of approximately RMB 1.605 billion.

On its listing day, Zhenbao Technology opened at RMB 448.0 per share, more than 9 times its IPO price. The stock reached an intraday high of RMB 589.0 and closed at RMB 585.0, representing a staggering gain of 1,212.84% over the offering price, with a total market capitalization exceeding RMB 90 billion.

According to information from Tianyancha App, Zhenbao Technology was founded in February 2016, originally named Chongqing Zhenbao Industrial Co., Ltd. The company currently has a registered capital of approximately RMB 116 million, with Wang Bing as its legal representative. Major shareholders include Wang Bing and Chongqing Zhenxin Enterprise Management Partnership (Limited Partnership), among others.

According to its prospectus, Zhenbao Technology specializes in providing components used in the vacuum chambers of manufacturing equipment for the integrated circuit and display panel industries, along with surface treatment solutions for these components. Its main products include silicon, quartz, silicon carbide, and alumina ceramic parts, as well as surface treatment services such as plasma spray regeneration, anodizing, and precision cleaning.

Zhenbao Technology’s components and surface treatment services are primarily applied in semiconductor manufacturing equipment used in plasma etching and thin-film deposition processes within the integrated circuit industry, as well as in panel manufacturing equipment used in plasma etching, thin-film deposition, and evaporation processes within the display panel industry.

In 2023, 2024, and 2025, Zhenbao Technology reported revenues of approximately RMB 506 million, RMB 635 million, and RMB 868 million, respectively, with net profits of RMB 109 million, RMB 152 million, and RMB 226 million, respectively. Its net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was approximately RMB 105 million, RMB 145 million, and RMB 221 million, respectively.

In the first quarter of 2026, Zhenbao Technology continued its strong growth trajectory, achieving revenue of RMB 223 million, up 34.93% year-over-year; net profit of RMB 51.0255 million, up 72.38% year-over-year; and net profit excluding non-recurring items of RMB 48.1879 million, up 53.22% year-over-year.

According to Bedu Business & Bedu Finance, Zhenbao Technology also disclosed in its prospectus a preliminary earnings forecast for the first half of 2026. The company expects revenue between RMB 472 million and RMB 492 million, representing year-over-year growth of 28.83% to 34.29%; and net profit between RMB 105 million and RMB 115 million, up 23.26% to 35.00% year-over-year.

According to Frost & Sullivan data, in 2024, among domestic semiconductor equipment component suppliers directly serving wafer fabs, Zhenbao Technology ranked first in China in market share for both silicon and quartz components, with respective market shares of 4.5% and 8.8%.

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