Source: Laserfair.com  12^th Dec 2025

As the end of 2025 approaches, three leading laser enterprises—Jiatai Laser, Senfeng Laser, and Elite Optronics—have successively launched their IPO processes on the Beijing Stock Exchange (BSE), staging a grand spectacle of "three arrows launched" in unison.

On December 9, Zhejiang Jiatai Laser Technology Co., Ltd. issued an announcement stating that it had signed a listing counseling agreement with Guolian Minsheng Securities Co., Ltd. on December 8, officially kicking off its BSE IPO journey. This move signifies another laser equipment enterprise's march toward the capital market.

Jiatai Laser's planned BSE IPO is not an isolated incident.

Prior to this, Senfeng Laser—having previously fallen short in its ChiNext Board bid—has regrouped and shifted its focus to the BSE. Meanwhile, Elite Optronics, which just listed on the National Equities Exchange and Quotations (NEEQ) over a month ago, has promptly initiated BSE listing counseling.

These three "powerhouse" enterprises in the laser sector have coincidentally converged on the BSE, forming a trio of "the acceleration of an established player, the breakthrough of a previous aspirant, and the sprint of a dark horse."

Against the backdrop of tightened A-share IPO review, the BSE—with its inclusiveness towards specialized, refined, characteristic, and innovative (SRCI) enterprises, efficient review mechanism, and advantages in small-amount and rapid financing—has emerged as a new main venue for the capitalization of hard tech enterprises.

Jiatai Laser: An Established Veteran Accelerates Capitalization "Again"

As one of the earliest laser enterprises to list on the National Equities Exchange and Quotations (NEEQ), Jiatai Laser's capital journey can be described as a "spiral upward." The company first listed on NEEQ in 2016, delisted in 2018 due to strategic adjustments; it restarted its NEEQ plan and listed again in September 2025, and only two months later, on December 8, promptly initiated Beijing Stock Exchange (BSE) IPO counseling.

Founded in 2002, this industry veteran has long focused on mid-to-high-end laser cutting, welding, and pipe cutting equipment. Its product power output exceeds 120,000 watts, with international certifications, and is widely used in high-end manufacturing sectors such as aerospace, automotive, and military industries.

Financial data shows that in 2024, the company’s operating revenue reached RMB 784 million, with net profit exceeding RMB 70 million; in the first three quarters of 2025, its net operating cash flow soared to RMB 125 million, a year-on-year surge of approximately 496%, demonstrating strong profit quality and self-sustaining operational capabilities.

Notably, Jiatai Laser's strategic layout has also paved the way for its growth after listing. The company's dual-base layout in Wenzhou and Suqian, coupled with R&D centers and sales networks across China and overseas, has formed an integrated R&D, production, and sales structure. In particular, the under-construction Suqian Phase II project, with a total investment of RMB 2 billion, aims to break through core bottlenecks in the high-end equipment sector and is expected to significantly boost production capacity and technological capabilities.

This sprint toward the BSE is undoubtedly a crucial step for Jiatai Laser to achieve leapfrog development with the support of the capital market, relying on its solid fundamentals.

Senfeng Laser: A Veteran That Stumbled's "Do-or-Die Battle"

Compared with Jiatai Laser's smooth journey, Senfeng Laser's path to listing has been far more tortuous, and its shift to the Beijing Stock Exchange (BSE) carries a distinct "do-or-die" intensity.

On January 27, 2025, the Shenzhen Stock Exchange (SZSE) terminated the review of its ChiNext Board application. Subsequent regulatory letters revealed part of the reason: the sponsor representatives and signing accountants were subject to regulatory measures due to professional flaws in the verification of fund flows, revenue recognition, and other aspects.

After withdrawing the application, Senfeng Laser quickly adjusted its direction, completing its listing on the National Equities Exchange and Quotations (NEEQ) in September 2025 and immediately initiating BSE IPO counseling thereafter.

Driving Senfeng Laser to race against time is a series of stringent veto agreements. Public information shows that if the company fails to successfully list within 18 months of its NEEQ listing, its actual controllers will face huge equity repurchase obligations.

In fact, aside from capital pressure, Senfeng Laser's fundamentals are not weak. As a national-level specialized, refined, characteristic, and innovative (SRCI) "little giant" enterprise, its laser cutting and welding equipment hold a firm position in fields such as construction machinery and auto parts, with an annual revenue scale steadily exceeding RMB 1 billion.

Shifting from the ChiNext Board to the more inclusive BSE is a pragmatic choice for Senfeng Laser based on realistic conditions. This second attempt to break through is not only a comprehensive review of its standardized governance but also a critical gamble to seek the optimal outcome for all parties amid the countdown.

Elite Optronics: The Optical Chip Dark Horse's "Lightning-Fast Switch to the BSE"

As a "hidden champion" in the optical communication chip sector, Elite Optronics' capitalization pace has also attracted considerable attention.

On October 13, 2025, the company listed on the Basic Layer of the National Equities Exchange and Quotations (NEEQ). only one month later, on November 11, it submitted an application for Beijing Stock Exchange (BSE) listing counseling registration. This "list-and-switch-immediately" rhythm is a clear indication of its ambition to enter a higher-level capital market.

Elite Optronics' confidence stems from its scarce technological positioning and the booming market trend. Founded in 2018 through a joint venture between HGTech and a top-tier chip team, the company operates under an Integrated Device Manufacturing (IDM) model, boasting full chip design and manufacturing capabilities. Its core products—25G DFB, EML, and other optical communication laser chips—are key components of optical modules for data centers and 5G base stations.

Against the backdrop of a strong recovery in the optical communication market driven by the global AI computing power boom, Elite Optronics, as a first-tier player in China's optical chip industry, has directly benefited. In the first three quarters of 2025, the company achieved operating revenue of RMB 194 million, a year-on-year surge of 78%, and its net profit more than quadrupled, demonstrating exceptional growth flexibility.

Notably, the company has a relatively decentralized equity structure with no controlling shareholder. Wuhan Fengchuang Weiyuan, the largest shareholder, holds a 21.74% stake, while a subsidiary of HGTech owns a 14.09% stake. With Shengang Securities as its counseling institution, Elite Optronics may leverage industrial chain synergy to accelerate its breakthrough on the BSE.

Industry Observation: Why Are These Laser Enterprises Shifting to the BSE?

The collective shift of these three enterprises reflects a shared strategic judgment in the laser industry regarding capital market layout.

On one hand, the Beijing Stock Exchange (BSE) offers higher inclusiveness for specialized, refined, characteristic, and innovative (SRCI) enterprises, aligning with the laser industry’s technology-intensive nature and high R&D investment requirements. On the other hand, tighter review standards on the ChiNext Board and Science and Technology Innovation Board (STAR Market)—particularly stricter requirements for revenue authenticity and internal control standardization—have prompted enterprises to turn to the BSE with relatively moderate thresholds.

For instance, both Jiatai Laser and Senfeng Laser are national-level SRCI "little giant" enterprises, while Elite Optronics is a key national-level SRCI "little giant" enterprise. All of them fit the BSE's positioning for "specialized, refined, characteristic, and innovative" enterprises.

Notably, the BSE's "small-amount, rapid, and flexible" financing mechanism provides a more tailored platform for laser enterprises at different development stages. For Jiatai Laser and Senfeng Laser, whose profit scales are stable but not yet meeting the requirements of the Main Board or ChiNext Board, and for Elite Optronics, which is still in the high-investment, high-growth phase, the BSE's financial thresholds are more accessible.

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More importantly, the BSE is not an end destination. High-quality listed companies on the BSE can transfer to the STAR Market or ChiNext Board in the future if they meet the relevant conditions, leaving room for further growth.

However, challenges persist. While the BSE's review is inclusive, it still imposes strict requirements on enterprises’ sustainable profitability and standardized operations. Issues such as Senfeng Laser’s veto agreement pressure, Jiatai Laser's innovation layer entry requirements, and Elite Optronics' equity structure may potentially impact their listing processes.

Looking ahead, the BSE is expected to become one of the main venues for the capitalization of the laser industry. With the influx of more high-quality laser enterprises, technology, capital, and policies will be deeply coupled, driving China's laser industry to leap from "manufacturing" to "intelligent manufacturing."