Reported by NUPIAO News
The year’s priciest new stock, Shanghai Pinzhun Laser (688826.SH), is set to debut on the STAR Market on August 18. Its IPO price is set at 186.88 yuan per share, meaning a single 500-share lot will cost a hefty 93,440 yuan — a record-high subscription threshold for A-share new listings in 2026. The offering carries a price-to-earnings ratio of 49.42 times, still below the industry’s average static P/E of 68.04 times.
This round sees a total of 10 million new shares issued, bringing the post-offering total share capital to 40 million shares. The company is raising 1.869 billion yuan in gross proceeds, with net proceeds of 1.725 billion yuan after deducting various issuance expenses.
Pinzhun Laser stated in its announcement that the raised funds will be channeled into three major projects: precision laser industrialization, a Wuhan R&D center, and a headquarters R&D base, alongside working capital replenishment. The goal is to scale up production while doubling down on R&D iteration to solidify its market share.
The company completed its online and offline subscription on August 7. Online valid subscription accounts surpassed 8.1 million, with valid subscription shares approaching 160 billion. The initial valid subscription multiple hit an eye-popping 6,644.98 times. Pinzhun Laser and its sponsor, CSC Financial, activated a two-way clawback mechanism, shifting 10% of public shares from offline to online allocation. After the adjustment, the online final allotment stood at 3.2115 million shares, offline at 4.902 million shares, and the final online lottery rate was a razor-thin 0.02%, with 6,423 winning numbers drawn.
Worth noting: after the T+2 payment deadline on August 11, online investors gave up on 10,846 shares, corresponding to a forfeited amount of 2.0269 million yuan. Among 290 offline institutions and 11,415 placement targets, only Guohai Securities’ proprietary account failed to pay in full, abandoning 445 shares. Total abandoned shares across the board reached 11,291, accounting for just 0.11% of the entire offering.
The initial strategic placement was 2 million shares, which after clawback adjustments settled at 1.8865 million shares, representing 18.86% of the total offering and worth 353 million yuan. These strategic investors fall into three buckets: first, the sponsor’s affiliate CSC Financial Investment, allocated 321,100 shares with a 24-month lock-up; second, the employee stock ownership plan “Win-Win No. 95,” allocated 548,700 shares with a 36-month lock-up — 23 core staff including the chairman and R&D director all participated, pouring in over 100 million yuan combined; third, ten leading industry investors from the semiconductor and laser supply chain, including BOE, AMEC, Biwin Storage, and Lead Intelligent, each receiving between 80,000 and 160,000 shares with a 12-month lock-up.
Public records show Pinzhun Laser was founded in November 2017. The actual controller and chairman, Zhang Lei, holds a PhD from the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences, and the core team comprises 18 PhDs. The company completed its shareholding reform at the end of 2024, focusing on the precision laser track. Its core technology diverges from overseas players like Toptica and Coherent, adopting a “seed source + fiber amplification + nonlinear frequency conversion” architecture that delivers narrow linewidth, low-noise laser output across the full 177nm to 5000nm spectrum.
According to QY Research data and calculations, in 2024 Pinzhun Laser held a 9.21% share of the global quantum technology laser market and 16.85% of China’s quantum tech laser market. That same year, its semiconductor business revenue hit 75 million yuan, capturing a 1.98% domestic market share. The prospectus shows its client roster spans Harvard, MIT, Tsinghua, the Chinese Academy of Sciences, as well as industry players like QuantumCTek and AMEC.
The company’s shareholding structure is highly concentrated. Zhang Lei directly holds 54.71% and indirectly controls another 7.33% through the employee stock platform Shanghai Guangtuan, giving him 62.04% total voting power. Core R&D PhDs including Fu Xiaohu and Pan Weiwei rank among the top five individual shareholders. Combined with national-level industry funds like Huiguang Rixin and SDIC Venture, the shareholder base balances founding team, industrial capital, and state-backed venture investment.
According to the prospectus, from 2023 to 2025, Pinzhun Laser’s revenue came in at 148 million, 292 million, and 418 million yuan respectively, a three-year compound growth rate of 68.20%. Non-GAAP net profit attributable to parent rose from 57.8031 million to 111 million, then 151 million yuan, with profit growth tracking revenue expansion. Gross margins held steady in the 67% to 70% range, underpinned by high technical barriers and limited competition in this niche. Single-frequency infrared and visible light lasers form the revenue backbone, together accounting for over 68% of total revenue.
In Q1 2026, the company sustained its high-growth momentum, posting revenue of 101 million yuan, up 55.21% year-over-year, and non-GAAP net profit of 28.0578 million yuan, up over 50%. Pinzhun Laser projects H1 revenue of 230 to 260 million yuan, with net profit between 90 and 105 million yuan.
QY Research’s report shows the global scientific research laser market was approximately 2.147 billion USD in 2024 and is projected to hit 3.331 billion USD by 2030. In China, the 2024 market stood at 482 million USD, roughly 22.5% of the global total, and is expected to reach 810 million USD by 2030. The industry is clearly in a rapid expansion cycle.
Despite the promising outlook, Pinzhun Laser has candidly flagged its risks in the prospectus.
For one, if the company fails to keep pace with cutting-edge precision laser technology trends and continue achieving breakthroughs, it could face declining market competitiveness. Additionally, there’s the risk of core technology leakage through talent attrition or external theft, which could partially or completely erode its technological edge.
Moreover, both the precision laser industry and its downstream applications are technology-intensive, demanding sustained high R&D investment. During the reporting period, the company’s R&D spending was 22 million, 42 million, and 61 million yuan, representing 14.98%, 14.29%, and 14.60% of revenue respectively. If key technology breakthroughs stall, the company faces the risk of R&D investments not yielding expected returns.
Some analysts believe Pinzhun Laser is riding two national strategic tracks — quantum and semiconductors. However, the near-50x issue P/E has already priced in two to three years of industry prosperity. Post-listing volatility is expected to be significantly higher than typical manufacturing IPOs. In the near term, trading upside looks limited; long-term value hinges on production capacity release from the raised funds and how quickly overseas market expansion progresses.
