The momentum in China's A-share IPO market showed no signs of cooling over the past week, with all four newly listed stocks closing sharply higher on their debut. Chengdu Ultra Pure Applied Materials Co.,Ltd. led the pack with a staggering 641% first-day surge, translating to a paper profit of over 200,000 yuan per lot and cementing its status as the most lucrative new listing of the period.

The trend of hard-tech companies dominating the IPO pipeline is still in full swing. Over the past two weeks, sectors such as semiconductor materials and robotics have consistently delivered hefty premiums, amplifying overall returns for IPO subscribers.

Looking ahead, four new stocks are scheduled to open subscriptions in the coming week, with the focus shifting from hard-tech to iron ore resources and photovoltaic materials. Notably, PV silver paste maker Betterly is set to open its subscription on August 19, followed closely by iron ore mining firm Ma'anshan Mining. Whether the market will reward this pivot to mining and materials is the key question on investors' minds.

1. Last Week's Recap: Ultra Pure Applied Materials Leads at 641%, All Four New Stocks Close Higher

All four stocks that debuted last week closed in positive territory on their first day, though the divergence in gains was more pronounced than in previous weeks.

On August 11, Chengdu Ultra Pure Applied Materials Co.,Ltd. listed on the ChiNext board, specializing in ultra-pure semiconductor materials. Priced at 65.99 yuan per share, the stock rocketed 641.14% on day one, the highest gain of the week. Based on the ChiNext lot size of 500 shares, each lot yielded a paper profit of approximately 202,600 yuan. With a winning rate of just 0.01%, only a select few were able to secure a piece of this windfall.

On the same day, Guoyi Instruments made its debut on the STAR Market. The company focuses on quantum precision measurement instruments, including electron paramagnetic resonance spectrometers and scanning electron microscopes. Priced at 21.22 yuan per share, it gained 402.16% on its first day. With a STAR Market lot size of 500 shares, the single-lot profit came to roughly 42,700 yuan, underscoring the scarcity premium attached to high-end scientific instruments.

Also listing on August 11 was Jiakai Biotech on the Beijing Stock Exchange. At an issue price of 19.26 yuan per share, the stock rose 173.25% on day one. With a lot size of 100 shares on the BSE, each lot delivered a paper gain of approximately 3,334 yuan.

On August 12, Bluetooth chip leader Jieli Technology joined the BSE. Priced at 18.86 yuan per share with a price-to-earnings ratio of just 14.99 times—well below the industry average of 73.78 times—the stock climbed 197.79% on its debut.

Overall, last week's IPO returns continued to be dictated by sector and theme. Hard-tech names such as semiconductor materials and quantum instruments posted standout first-day gains, while BSE-listed stocks delivered more modest advances.

2. The "Shovel Seller" for PV Silver Paste Steps Up

On August 19, Betterly will open its subscription on the ChiNext board. This new listing operates not in front of the solar panel, but behind it, in the silver paste raw materials that form an invisible yet critical layer.

According to company data, Betterly is a national high-tech enterprise, and its subsidiary, Dongguan Betterly, has been recognized as a national-level "Little Giant" specializing in niche technologies. As a domestic producer in the electronic materials and new chemical materials sector, the company plans to publicly issue 65.7 million shares, representing 25.01% of the post-offering total share capital of 262.7 million shares. Pre-offering net assets per share stand at 4.27 yuan, with earnings per share of 0.59 yuan.

Guosen Securities serves as the sponsor. The issue P/E ratio of 68.33 times is on the higher end among recent IPOs.

Betterly operates three core business segments: conductive materials, silicone materials, and coating materials. Conductive materials are the dominant driver, contributing approximately 70% of main revenue in 2025, with PV silver powder as the flagship product. The company is one of the few domestic players covering the full value chain of supporting materials for photovoltaics, 3C electronics, and semiconductors. In 2025, its global market share for silver powder was approximately 4.40%, for HJT paste around 7%, and for conductive paste used in global PC keyboards, a commanding 46%.

Financially, between 2023 and 2025, revenue grew from 2.273 billion yuan to 3.646 billion yuan, but net profit attributable to shareholders only inched up from 86 million yuan to 116 million yuan. The comprehensive gross margin has long hovered around 10%, with the core silver powder product posting a gross margin of just 3.55% in 2025. Silver powder is essentially precious metal processing, where silver prices account for the bulk of costs; the company earns processing fees and price differentials, leaving limited profit elasticity.

The more pressing concerns lie in cash flow and customer concentration. From 2023 to 2025, net operating cash flow was -37.51 million yuan, -164 million yuan, and -403 million yuan respectively—negative for three consecutive years and worsening annually. Accounts receivable ballooned from 237 million yuan to 584 million yuan. Sales to the top five customers accounted for 68.86% of revenue, with the largest customer, Shanghai Silver Paste, alone representing 46.95%, signaling extreme concentration risk.

Additionally, the PV industry's "silver reduction" cost-cutting trend is gaining traction. If silver powder demand is eroded by alternatives like copper paste, Betterly's core business could face direct headwinds.

3. An Iron Ore Resource Stock Enters the Fray

On August 21, Ma'anshan Mining will open its subscription on the Shanghai Stock Exchange main board, with its core focus on domestic iron ore mining and processing.

According to company data, Ma'anshan Mining is one of China's larger iron ore extraction and processing enterprises and a key national production base for iron ore resources. The company specializes in the mining, processing, sales, and comprehensive utilization of iron ore, with iron concentrate as its primary product. It will issue 123.5 million shares, bringing the post-offering total share capital to approximately 1.235 billion shares. The issue P/E ratio is 35.82 times.

CITIC Securities serves as the sponsor. Pre-offering net assets per share are 3.36 yuan, with earnings per share of 0.54 yuan.

The company has demonstrated stable operations and solid earnings quality. From 2023 to 2025, it recorded revenues of 1.962 billion yuan, 2.05 billion yuan, and 1.991 billion yuan, with corresponding net profits attributable to shareholders of 651 million yuan, 664 million yuan, and 602 million yuan. Comprehensive gross margins have consistently remained above 50%, coming in at 58.21%, 55.88%, and 51.91% over the three years. However, the company faces cyclical pressures: while revenue has remained broadly stable over the past three years, net profit has declined modestly each year, with near-term growth constrained by iron ore prices.

As a cyclically sensitive iron ore asset, its first-day performance is likely to be tied to iron ore prices and overall sentiment in the resources sector. How the market reacts will be worth close observation.