Kaida Heavy Industry surges up to 702% on Beijing Stock Exchange debut at year's lowest IPO price
Kaida Heavy Industry, a Chinese manufacturer of steel rolling rolls, debuted on the Beijing Stock Exchange on September 23, surging up to 702.82% from its IPO price of 4.26 yuan per share, the lowest A-share IPO price this year. The stock opened at 29 yuan, giving investors a paper profit of about 2,474 yuan per lot. The company, based in Changzhou, Jiangsu, supplies major steelmakers including Baowu Group, ArcelorMittal, and POSCO. It reported modest revenue growth from 452 million yuan in 2023 to 477 million yuan in 2025, but Q1 2026 revenue fell 19.58% year-on-year, prompting exchange questions about earnings stability.
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A-Share's Cheapest IPO This Year Surges Over 700% on Debut Day
N凯达 (Kaida Heavy Industry), a Beijing Stock Exchange-listed new stock, surged over 700% during morning trading on its debut day. The company's IPO price was set at 4.26 yuan per share, making it the cheapest new stock in China's A-share market so far this year. Kaida Heavy Industry specializes in the research, development, production, and sales of rolls and roll rings, which are key components in steel rolling. The company serves major domestic and international steel enterprises, offering customized design and optimization services including tooling molds, casting processes, alloy compositions, heat treatment, precision machining, and after-sales support to improve steel rolling quality and production efficiency. The company forecasts full-year 2026 revenue of 507 million yuan, a year-on-year increase of 6.35%, and net profit attributable to parent company shareholders of 73.3723 million yuan, up 3.56%.
Read sourceKaida Heavy Industry Surges 700% on Beijing Stock Exchange Debut, Analysts Warn on Valuation
Kaida Heavy Industry (920025) surged up to 702.82% on its first trading day on the Beijing Stock Exchange on September 23, after pricing its IPO at 4.26 yuan per share, the lowest IPO price in A-shares this year. The stock opened at 29 yuan, giving investors a paper profit of about 2,474 yuan per lot (100 shares). The company, based in Changzhou, Jiangsu, manufactures rolls, rings, and shafts for steel rolling, holding a 15.58% share of China's domestic market for these products. Its clients include major Chinese steelmakers like Baowu Group and international firms such as ArcelorMittal and POSCO. Financial data shows modest revenue growth from 4.52 billion yuan in 2023 to 4.77 billion yuan in 2025, with net profit fluctuating around 0.6-0.7 billion yuan. However, Q1 2026 revenue fell 19.58% year-on-year to 87.83 million yuan, and net profit dropped 28.18%, prompting the Beijing Stock Exchange to question earnings stability. The company attributed the decline to lower sales to key customers and foreign exchange losses. The article notes that while the IPO valuation at 13.76 times earnings was a discount to the industry average of 45.86 times, the first-day surge pushed the dynamic P/E ratio above 90 times, erasing the valuation gap. Analysts caution that unlike Shengu Group, which has narratives around nuclear power and import substitution, Kaida operates in a cyclical equipment sector tied to the steel industry, limiting its growth imagination. The company plans to use its 294 million yuan IPO proceeds to build a new production base to address capacity constraints.
Read sourceKaida Heavy Industry surges 580.75% on Beijing Stock Exchange debut, cheapest new stock of year
Kaida Heavy Industry, a Chinese manufacturer of rolls and roll rings for steel production, debuted on the Beijing Stock Exchange on September 23, with shares opening at 29.00 yuan, up 580.75% from its IPO price of 4.26 yuan per share. This makes it the cheapest new stock of the year, below Shengu Group's 4.39 yuan. Investors holding one lot (100 shares) saw a paper profit of about 2,474 yuan. The company, a national high-tech and 'Little Giant' enterprise, supplies major steelmakers including Baowu Group, Jinxi Steel, and international firms like ArcelorMittal and EVRAZ. From 2023 to 2025, Kaida reported revenues of 4.52 billion, 4.60 billion, and 4.77 billion yuan, with net profits of 0.65 billion, 0.63 billion, and 0.71 billion yuan. It forecasts 2026 revenue of 5.07 billion yuan, up 6.35%, and net profit of 0.73 billion yuan, up 3.56%. The company noted higher gross margins on overseas sales (36.02% in 2025) versus domestic sales (20.25%), attributing this to pricing in developed markets and currency factors. It warned of risks from export policy changes and macroeconomic shifts. With capacity utilization exceeding 100% since 2024, Kaida plans to use its IPO proceeds of 294 million yuan to build a new production base in West Taihu, adding 16,000 tons of annual roll capacity.
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Kaida Heavy Industry Surges 702% on Beijing Stock Exchange Debut, Lowest IPO Price of Year
On September 23, Kaida Heavy Industry (stock code 920025, trading name N Kaida) debuted on the Beijing Stock Exchange, opening 580.75% higher at 29 yuan per share and later surging to 702.82% at 34.20 yuan per share. The company's IPO price of 4.26 yuan per share is the lowest among all A-share new listings this year. Kaida Heavy Industry is a national champion in the roll manufacturing sector and a specialized 'Little Giant' enterprise, focusing on rolls, roll rings, and other key steel rolling components. It has supplied major domestic steelmakers such as Baowu Group, Jinxi Steel, Shandong Steel, Angang Group, and Baotou Steel, as well as international firms like ArcelorMittal, EVRAZ, JSW, British Steel, and POSCO. The company reported revenues of 452 million, 460 million, and 477 million yuan for 2023-2025, with net profits of 65 million, 63 million, and 71 million yuan. For the first half of 2026, revenue was 225 million yuan and net profit 33 million yuan. The company forecasts full-year 2026 revenue of 507 million yuan (up 6.35%) and net profit of 73 million yuan (up 3.56%).
Read sourceKaida Heavy Industry surges 580% on Beijing Stock Exchange debut, cheapest new share of year
Kaida Heavy Industry, a Chinese manufacturer of rolls and roll rings for steel rolling, surged 580.75% on its first day of trading on the Beijing Stock Exchange on September 23, closing at 29.00 yuan per share. Investors who secured one lot (100 shares) gained approximately 2,474 yuan in paper profit. The company's IPO price of 4.26 yuan per share made it the cheapest new stock of the year, below Shengu Group's 4.39 yuan. Kaida, a national high-tech enterprise and 'Little Giant' firm, supplies major steel producers including Baowu Group, Shandong Iron and Steel, and Angang Group, as well as international clients like ArcelorMittal and POSCO. The company reported revenues of 4.52 billion yuan, 4.60 billion yuan, and 4.77 billion yuan for 2023-2025, with net profits of 0.65 billion, 0.63 billion, and 0.71 billion yuan respectively. It forecasts 2026 revenue of 5.07 billion yuan and net profit of 0.73 billion yuan. The company's IPO raised 294 million yuan to fund a new production base in West Taihu, adding 16,000 tons of roll capacity to address current capacity constraints.
Read sourceKaida Heavy Industry Lists on A-Share Market as Hot-Rolled Section Mill Roll Champion
Jiangsu Kaida Heavy Industry Co., Ltd. (Kaida Heavy Industry) listed on the Beijing Stock Exchange on September 23, 2025, according to a report by Times Business Research published on NetEase Finance. The company, a national 'Manufacturing单项冠军' (Single Champion) in hot-rolled section mill rolls, has secured supply relationships with eight of the top ten global steel producers by output, including Baowu Group, ArcelorMittal, Ansteel, HeSteel, Shagang, POSCO, and Tata Steel. The article attributes Kaida's success to proprietary technologies such as a multi-group simultaneous wire-feeding spheroidizing process that improves magnesium absorption to 55-65% and increases roll body tensile strength from 380MPa to 450MPa. Kaida holds 84 patents (43 invention patents) and led the drafting of industry standard YB/T4906-2021. Financial data shows 2023-2025 revenue grew from 452 million yuan to 477 million yuan, net profit from 65.32 million yuan to 70.85 million yuan, with a gross margin exceeding 26% and a debt-to-asset ratio of only 19.01% by end-2025. The report forecasts continued growth driven by China's steel structure expansion and overseas infrastructure demand under the Belt and Road Initiative, with overseas revenue already reaching 38.99% of total in 2025.
Read sourceKaida Heavy Industry, Year's Cheapest New Stock, Lists on Beijing Stock Exchange
Kaida Heavy Industry, the A-share market's cheapest new stock of the year by issue price, began trading on the Beijing Stock Exchange on September 23. The company specializes in the R&D, production, and sale of rolls and roll rings for steel rolling, serving major domestic steelmakers such as Baosteel and Shandong Iron and Steel, as well as international firms like ArcelorMittal, EVRAZ, JSW, British Steel, and POSCO. Its IPO proceeds will fund the 'Kaida West Taihu High-Performance Roll Production Base Construction Project,' which is expected to expand overall production capacity. The company reported capacity utilization rates of 93.04%, 106.23%, and 104.23% for 2023-2025, with sales-to-production ratios of 105.26%, 96.78%, and 100.10% respectively. For the first half of 2026, revenue was 225 million yuan, up 0.24% year-on-year, while net profit attributable to parent fell 9.42% to 33 million yuan. The company forecasts full-year 2026 revenue of 507.465 million yuan, net profit of 73.3723 million yuan, and non-recurring-adjusted net profit of 73.5963 million yuan, representing year-on-year growth of 6.35%, 3.56%, and 5.67% respectively.
Kaida Heavy Industry Lists on A-Share Market as 'Single Champion' in Hot-Rolled Section Mill Rolls
Jiangsu Kaida Heavy Industry Co., Ltd. (Kaida Heavy Industry) officially listed on the Beijing Stock Exchange on September 23, marking a new phase for the company. The article, attributed to a reporter from Times Weekly, describes Kaida as a 'national manufacturing单项冠军 (single champion)' in the hot-rolled section mill roll niche. It states that the company has avoided low-end price competition in the fragmented domestic roll industry by developing hardcore technology to enter the core supply chains of global top steelmakers, including eight of the world's top ten steel producers. The article highlights Kaida's proprietary technologies, such as a multi-group simultaneous wire-feeding spheroidizing process, which improves magnesium absorption and roll performance. It notes that Kaida holds 84 patents (43 invention patents) and was the first drafter of the industry standard for hot-rolled section mill rolls. Financially, the article reports that from 2023 to 2025, Kaida's revenue grew from 452 million yuan to 477 million yuan, with net profit rising from 65.32 million yuan to 70.85 million yuan, and a gross margin exceeding 26%. The company's asset-liability ratio was 19.01% at the end of 2025. The article concludes that the listing is an accelerator for Kaida's global expansion, driven by the growing steel structure industry and the global push for Chinese high-end manufacturing.
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