Afternoon Shock: Two IPOs Soar — One Surges 949% in Rare Market Frenzy

Preface

This report summarizes an extraordinary afternoon on the A-share market when two newly listed stocks experienced extreme intraday rallies that triggered multiple trading halts. The purpose is to provide a concise, factual English account of the price action, the companies involved, their businesses and key financial and strategic details, and the risks investors should note. By presenting verified operational highlights and performance figures, this article aims to help readers understand why these listings attracted such intense speculative interest and what underlying fundamentals and industry drivers may have contributed to the volatility.

Lazy bag

Two newly listed stocks surged dramatically during the afternoon session, each triggering secondary trading suspensions. Zhongsu Co., Ltd. (301686) spiked as high as a 949% gain versus its offer price, touching 580 CNY per share intraday, while Century Digital (920229) also rallied over 850% intraday. These moves reflect intense speculative demand for promising high-performance materials and digital printing equipment, but investors should weigh potential technology-iteration and market-concentration risks.

Main Body

In an unusual afternoon trading session on September 22, two newly listed A-share companies drew extraordinary attention from investors and traders, producing extreme intraday volatility and multiple circuit-breaker halts. The most dramatic move was seen in Zhongsu Co., Ltd. (ticker 301686 on the Shenzhen ChiNext board), whose share price opened significantly above the issuance price and then shot higher in the afternoon session, briefly reaching 580 CNY per share. That intraday high represented an approximate 949% increase relative to the offer price of 55.28 CNY per share. At that peak, a single retail allotment (500 shares per lot) would have yielded paper gains of roughly 260,000 CNY. By the time of reporting, the stock remained sharply higher, though off the intraday peak.

Zhongsu is a high-tech company focused on the research, development, production and sale of modified engineering plastics. It is recognized as a national-level specialized and innovative “little giant” enterprise. The company’s product portfolio includes modified PC, PC/ABS, PA, PPA, PBT, PET and other high-performance engineering materials. Zhongsu has also developed specialty functional materials to meet specific customer requirements such as electrical interconnection, low dielectric properties, high-temperature resistance and water-dissipation, including laser-direct-structuring (LDS) compatible materials, nano molding transfer (NMT) specific engineering resins, and ultra-high-temperature resistant special nylon compounds.

End markets for Zhongsu’s products include consumer electronics, energy storage, automotive and home appliances. Typical end products range from smartphones, wearable devices, tablets and laptops to Bluetooth speakers, energy-storage systems, new-energy vehicles and household appliances. Historically, the company has had a strong footprint in the consumer electronics sector.

On the customer side, Zhongsu supplies major domestic component, module and precision-structure manufacturers, including BYD, Foxconn’s subsidiaries, Huaqin Technology, Wingtech, Longqi Technology, Changying Precision, GoerTek, AAC Technologies, Lens Technology, Luxshare Precision, and others. It also gained entry into supplier pools for several global and domestic brand customers such as Samsung, Huawei, Xiaomi, OPPO, Transsion, BOSE, Lenovo and others.

Financially, Zhongsu reported steady revenue and profit growth in recent years. Its revenues for 2023, 2024 and 2025 were approximately 537 million CNY, 700 million CNY and 749 million CNY, respectively. Corresponding gross margins were roughly 31.5%, 30.6% and 33.2%, while net profit attributable to the parent company was about 79.2 million CNY, 100 million CNY and 127 million CNY over the same periods. The bulk of the company’s sales is concentrated in high-performance engineering materials and special functional materials, with consumer electronics accounting for roughly two-thirds of revenue during the reporting periods.

Zhongsu’s prospectus indicates the company plans to use the IPO proceeds to fund several strategic projects: construction of an intelligent production base for high-performance engineering materials, expansion of the Jiangxi Zhongsu production base, establishment of a new material engineering research and technology center, and replenishment of working capital. Management says these investments are intended to strengthen manufacturing capacity, R&D capabilities and delivery performance in line with the company’s growth strategy.

At the same time, Zhongsu’s prospectus warns of product and technology-iteration risks. Rapid advances in downstream technologies and the fast introduction of new terminal products — particularly in emerging application areas such as humanoid robotics and low-altitude economy applications — raise the bar for material performance. If the company cannot sustain R&D investment and timely innovation, its market position and share could be challenged, potentially affecting long-term competitiveness and profitability.

The other notable mover was Century Digital (ticker 920229), which also experienced a meteoric intraday advance, with the stock at one point rising over 850% from its reference. Century Digital specializes in the R&D, manufacturing and sales of digital inkjet printing equipment, including digital textile inkjet printers, digital printers and corrugated color-box digital printers. Its products are widely used in textile printing, signage and corrugated carton packaging.

Century Digital’s reported revenues for 2023, 2024 and 2025 were approximately 571 million CNY, 569 million CNY and 612 million CNY, respectively, with net profits near 49.9 million CNY, 57.3 million CNY and 53.5 million CNY in the same years. For January–September 2026, the company projected revenue between 500 million CNY and 570 million CNY, representing year-over-year growth of about 11% to 27%, and net profit attributable to shareholders of 45 million CNY to 53 million CNY, a 26% to 48% increase versus the prior year.

Century Digital cites structural demand drivers such as sustainable development policies, carbon-neutral targets, and the increasing prevalence of small-batch, multi-batch production models as favorable for continued demand for digital inkjet and corrugated box printing equipment. Management expects these trends, together with global economic growth and rising living standards, to support steady demand and healthy future performance.

Both cases illustrate how market enthusiasm for niche industrial technologies and materials can produce explosive short-term price moves upon listing, driven by speculative flows and heightened investor attention. However, such extreme intraday rallies also carry substantial risk: valuation dislocations, concentration of demand among momentum traders, limited liquidity at higher price levels, and operational risks related to product development cycles and customer concentration. Prospective investors should consider fundamentals, long-term demand drivers, technological risk, and corporate governance disclosures before making investment decisions.

In summary, the simultaneous sharp rallies in Zhongsu and Century Digital highlight strong speculative interest in companies tied to advanced materials and digital manufacturing equipment, yet the underlying businesses still face typical industry risks that could affect future performance.

Key Insights Table