Source: Laserfair.com  16^th Sep 2025

According to incomplete statistics, as of now, more than 10 enterprises in the laser industry chain are intensively advancing their IPO processes, covering segmented fields such as special optical fibers, semiconductor equipment, and laser radars. The planned total fundraising amount is expected to exceed 10 billion yuan.

Among these enterprises in the IPO queue, there are not only emerging forces like Changjin Photonics and Hitronics that are striving for listing on the Science and Technology Innovation Board (STAR Market), but also industry leaders such as Han's CNC and Hesai that are advancing the "A+H" dual-platform layout. On the National Equities Exchange and Quotations (NEEQ), specialized, sophisticated, distinctive, and innovative enterprises including Huaray and Senfeng Laser have been listed; while in the IPO tutoring phase, enterprises such as Maxphotonics and Dogain Optoelectronic Technology are gathering momentum for action during the tutoring period.

Ranging from Changjin Photonics (accepted for listing on the STAR Market) to Han's CNC and Hesai(in the queue for Hong Kong Stock Exchange listing), and on to NEEQ-listed Huaray Laser and Senfeng Laser, enterprises in the laser industry chain have formed a multi-tiered, multi-segment "listing cohort" as their listing echelon.

This current wave of IPOs among laser manufacturers not only reflects the dual impetus from the industry’s technological iteration and market demand expansion, but also highlights capital’s strategic layout in the core links of the laser industry chain.

There is no doubt that the capitalization wave of the laser industry will bring new development momentum to the sector, while also driving the reshaping of the industry’s competitive landscape.

Pursuing Main Board Listing: Upstream Industry Chain Enterprises Accelerate Their "Breakthrough"

Recently, upstream enterprises in the laser industry chain have significantly accelerated their Main Board IPO processes.

On August 29, 2025, the Shanghai Stock Exchange (SSE) officially accepted the IPO application of Wuhan Changjin Photonics Technology Co., Ltd. for listing on the STAR Market. As a leading enterprise in China's special optical fiber sector, Changjin Photonics has broken the US technological blockade in the field of high-performance special optical fibers by virtue of its core products such as rare earth-doped optical fibers. Its products are widely used in optical fiber lasers, optical communications, national defense and military industries, among other fields, with customers covering leading enterprises including Raycus Laser and JPT. The company has achieved mass production of high-power optical fibers above 6kW, and its performance indicators have reached the international advanced level, making it a key force in domestic substitution.

In the same period, Fujian Hitronics Co., Ltd. also plans to raise 760 million yuan on the STAR Market, with the funds earmarked for the construction of industrial parks and R&D centers. Hitronics focuses on laser optical components and modules, covering three major business segments: lidar, industrial lasers, and optical communications. Financial reports show that it achieved a net profit of 122 million yuan in 2023, maintaining a notable compound annual growth rate (CAGR) over the past three years. In the optical communications field, the company’s L-band erbium-doped optical fibers have supported the commercialization of 400G transmission networks, providing underlying support for computing infrastructure construction.

Additionally, Chengdu Lastop Technology Co., Ltd. has completed the acceptance phase of A-share IPO tutoring, and its IPO application will soon be on the agenda. Lastop Technology specializes in the R&D and manufacturing of laser equipment for semiconductor wafer manufacturing, packaging and testing, and holds more than 50 independent intellectual property rights. Its business covers the development of optoelectronic/microelectronic materials, devices, and complete machine products.

By pursuing Main Board IPOs, these enterprises are expected to accelerate breakthroughs and industrialization of core technologies in the upstream of the laser industry chain. This will provide higher-quality laser core components for downstream applications and further optimize the layout of China’s laser industry chain.

Hong Kong Stock Market Boom: Leading LiDAR Giants Race to "List in Hong Kong"

The Hong Kong stock market has emerged as a new option for laser enterprises to expand their financing channels, with three leading Chinese LiDAR (Light Detection and Ranging) companies expected to gather in the Hong Kong bourse.

On August 26, 2025, Hesai Technology, a global LiDAR leader, completed filing with the China Securities Regulatory Commission (CSRC). The company plans to issue no more than 51,236,200 overseas-listed ordinary shares for listing on the Main Board of the Hong Kong Stock Exchange (HKEX). Founded in 2014, Hesai Technology listed on NASDAQ in 2023. In Q2 2025, it achieved revenue of 706 million yuan (a year-on-year increase of 54%) and a net profit of 44.1 million yuan, turning a profit year-on-year from a loss.

In Q2 2025, Hesai Technology’s total LiDAR deliveries reached 352,000 units, a year-on-year surge of 306.9%. As of June 30, the company had established mass production designation partnerships with 24 domestic and foreign automakers, and secured designations for 20 new vehicle models from 9 additional leading automakers, with the mass production cycle extending to 2026.

According to the latest news, Seyond, another LiDAR enterprise, has also updated its prospectus to advance its De-SPAC listing process on HKEX. This marks Seyond’s third attempt at an IPO: it previously planned to list on NASDAQ in 2023 without success, and its HKEX listing application lapsed after submission on February 12 this year before it re-applied.

Notably, RoboSense, another leading LiDAR enterprise, has already listed on HKEX in January 2024, becoming the first LiDAR stock on the Hong Kong Stock Exchange. In H1 2025, RoboSense’s revenue from its robotics business segment reached 220.7 million yuan, a year-on-year increase of 184.8%.

In May 2025, Han's CNC, a holding subsidiary of Han's Laser, officially submitted an application for listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" dual-capital platform. As a global leader in PCB equipment, Han's CNC serves 80% of the world's top 100 PCB enterprises. Its year-on-year growth in net profit exceeded 99% in 2024. The company plans to allocate the funds raised from the IPO to overseas factory construction and technological R&D, so as to meet the surge in PCB demand driven by AI computing power and automotive electronics.

Analysts believe that the appeal of the Hong Kong stock market lies in its international positioning and financing efficiency. For example, for Han's CNC, the Hong Kong Stock Exchange platform will help attract overseas strategic investors; for Hesai Technology, however, it needs to raise funds quickly to cope with the fierce competition in the industry.

NEEQ Layout: Enterprises in Laser Niche Segments "Are Emerging Prominently"

Compared with the STAR Market and the Hong Kong Stock Exchange, the National Equities Exchange and Quotations (NEEQ) has become a pragmatic choice for some laser enterprises to achieve phased capitalization. In 2025, a group of "specialized, sophisticated, distinctive, and innovative" enterprises focusing on niche segments are accelerating their capitalization process through the NEEQ platform.

Among them, on July 18, 2025, Wuhan Huaray Precision Laser Co., Ltd. officially listed on the National Equities Exchange and Quotations System for public transfer, adopting the call auction trading method and being classified under the Basic Tier. As a national-level "Little Giant" enterprise (specialized, sophisticated, distinctive, and innovative) certified by the Ministry of Industry and Information Technology, Huaray Laser’s core business covers the R&D, production, and sales of ultrafast lasers, nanosecond lasers, and subsystem products.

Data shows that Huaray Laser’s operating revenue for 2023 and January-September 2024 reached 141 million yuan and 174 million yuan respectively, with net profits of -446,300 yuan and 26.3732 million yuan in the corresponding periods.

On July 1, 2025, Jinan Senfeng Laser Technology Co., Ltd. announced its plan to list on the NEEQ. According to the announcement from the National Equities Exchange and Quotations System, Jinan Senfeng Laser Technology Co., Ltd. (securities abbreviation: Senfeng Laser; securities code: 874865) had its listing application approved and officially listed on July 21, 2025.

Founded on May 10, 2007, Senfeng Laser is a national-level "Little Giant" enterprise (specialized, sophisticated, distinctive, and innovative) and a national high-tech enterprise. Its core business involves the R&D, production, sales, and services of laser processing equipment and intelligent manufacturing production lines, with main products including laser cutting equipment, laser welding equipment, and laser cladding equipment. Data indicates that Senfeng Laser’s operating revenue for 2023 and January-September 2024 stood at 1.332 billion yuan and 958 million yuan respectively, with net profits of 110 million yuan and 77.7672 million yuan in the same periods.

According to the latest news, Senfeng Laser has signed a tutoring agreement with Minsheng Securities to restart its IPO process. On September 5, Senfeng Laser issued an announcement stating that on September 3, 2025, Jinan Senfeng Laser Technology Co., Ltd. signed the IPO Tutoring Agreement between Jinan Senfeng Laser Technology Co., Ltd. and Minsheng Securities Co., Ltd. with Minsheng Securities Co., Ltd., with Minsheng Securities serving as the tutoring institution. On September 4, 2025, the company submitted tutoring registration application materials to the Shandong Regulatory Bureau of the China Securities Regulatory Commission (CSRC).

Analysts believe that although NEEQ listing has limited financing scale, it provides enterprises with a standardized governance platform and opportunities for tiered transfer to higher markets. The cases of Huari Laser and Senfeng Laser show that in terms of capital path selection, enterprises are making rational decisions based on their own technological stage, market scale, and compliance costs.

In the Midst of Tutoring: Star Enterprises in the Industry Chain "Gathering Momentum"

In addition to enterprises that have disclosed their IPO progress, a number of laser enterprises are consolidating their internal capabilities through IPO tutoring.

Recently, Chengdu Lastop Technology Co., Ltd. disclosed the Completion Report on the IPO Tutoring for the Initial Public Offering and Listing of Shares, with China Securities Co., Ltd. (CSC) serving as the tutoring institution. Since the company completed its tutoring registration in March 2024, it has conducted a total of five tutoring phases over one and a half years. Lastop Technology specializes in the R&D and manufacturing of laser equipment for semiconductor wafer manufacturing, packaging and testing, and other related fields.

Analysts believe that the extension of the IPO tutoring period for these laser industry chain enterprises reflects the increasingly strict compliance requirements imposed by regulators on enterprises preparing for listing. The patient preparation of Maxphotonics, Dogain, and Lastop Technology suggests that the maturity and success rate of subsequent IPO applications may be further improved.

Industry Insight: Capital Empowerment Heralds a Golden Period for Listings in the Laser Industry