Source: Laserfair.com  31^st Oct 2025

When the IPO path hits a snag, a batch of Chinese laser enterprises are quietly shifting to the "New Third Board," gathering strength in this capital "testing ground."

Recently, China’s laser industry has seen an intense wave of capitalization, yet the capital destination for these laser manufacturers is not the Main Board or Growth Enterprise Market (GEM), but the National Equities Exchange and Quotations (NEEQ) — the "New Third Board."

From July to October 2025, Wuhan Huaray Laser, Jinan Senfeng Laser, and Wuhan Elite Optronics have successively listed on the NEEQ, joining the "New Third Board." Meanwhile, Zhejiang Jiatai Laser has also disclosed its plan to list on the "New Third Board."

Notably, many of these enterprises had previously attempted unsuccessfully to list on the main board or GEM (Growth Enterprise Market) via IPO. Now, they regard the "New Third Board" as a "transit station" for technological upgrading and capital growth—leveraging this platform to secure financing, standardize governance, and integrate industrial chains, while seeking breakthroughs in key areas such as high-end optical chips, ultrafast lasers, and high-power cutting equipment, so as to accumulate sufficient strength for entering higher-level capital markets in the future.

Elite Optronics: Leader in Optical Communication Chips Lists on the New Third Board

On October 13, 2025, Wuhan Elite Optronics was officially listed on the New Third Board with the stock code 874775, marking a landmark event in the capitalization of the optical communication chip sector.

Co-founded in 2018 by Huagong Tech and a top chip team, the company has built a competitive moat through the IDM (Integrated Device Manufacturing) model, covering the entire process from chip design, wafer manufacturing to packaging and testing. Its technical layout directly targets the core needs of AI computing power: the full range of 2.5G to 25G chips have been mass-produced; 56G Baud EML chips (used in 400G/800G optical modules) have achieved small-batch production; 112G Baud EML chips have entered the functional verification phase; and silicon photonics lasers have also passed customer testing.

In fact, Elite Optronics launched main board IPO counseling in 2023, but ultimately chose the "New Third Board". Behind this shift lies the urgency of technological R&D and industrial chain integration.

Public data shows that by the end of 2024, the company acquired Xinruichuangke for 89.12 million yuan, completing the "chip-module" industrial chain and transforming into a system solution provider. As a major shareholder, Huagong Technology not only provided financial support, but also injected core production line assets to help it break through technical bottlenecks in high-end chips.

Analysts believe that after listing on the "New Third Board" this time, Elite Optronics plans to accelerate R&D of silicon photonics and ultra-high-speed chips to compete for the data center and AI infrastructure market. Its case shows that for asset-heavy, long-cycle optical chip enterprises, the "New Third Board" can not only provide transitional financing, but also pave the way for future efforts to list on the STAR Market.

2. Senfeng Laser: The "New Third Board" as a "Training Ground" for Charging toward the Beijing Stock Exchange  

In July 2025, Jinan Senfeng Laser was listed on the Innovation Layer of the New Third Board (stock code: 874865), marking a turnaround in its capital restructuring after stumbling in its attempt to list on the Growth Enterprise Market.  

Senfeng Laser made a bid for the Growth Enterprise Market in 2022, passed the review by the Listing Committee in 2023, but voluntarily withdrew its application in January 2025. After shifting to the New Third Board, Senfeng Laser adjusted its strategy promptly. According to the company's announcement, in September 2025, Senfeng Laser submitted a listing counseling filing to the Beijing Stock Exchange (BSE), planning to complete the transition within 18 months.

It is reported that Senfeng Laser mainly engages in laser cutting and welding equipment. In 2023, its operating revenue reached 1.332 billion yuan, with overseas sales accounting for over 75%. Its 3D five-axis laser cutting head technology has broken international monopoly and is applied in fields such as automotive and aerospace.

The listing on the New Third Board will further optimize the company's governance structure while providing financial support for its overseas expansion. Senfeng Laser's case reveals that for enterprises with mature technologies but facing capital pressure, the New Third Board can serve as a "training ground" for launching an assault on the Beijing Stock Exchange.

3. Jiatai Laser: The "New Third Board" Paves the Way for Internationalization

In September 2025, Zhejiang Jiatai Laser disclosed its latest "New Third Board" listing plan, pushing its global strategy to a new stage.

Founded in 2002, this national-level "specialized, sophisticated, distinctive, and novel" enterprise focuses on high-power laser equipment as its core. Its products boast a power output exceeding 120,000 watts, ranking first in market share nationwide. In 2024, the company achieved an operating revenue of 784 million yuan, with overseas sales accounting for over 20%, and its customers span European, American, and Southeast Asian markets. Through the Suqian Industrial Park in Jiangsu, the Shanghai R&D base, and a network of overseas subsidiaries, Jiatai Laser has built an integrated "R&D-manufacturing-sales" system.

This listing on the New Third Board is regarded as a key move in Jiatai Laser's internationalization strategy. In early 2025, the company introduced a 50 million yuan investment from Zhejiang's "specialized, sophisticated, distinctive, and novel" mother fund, which will be used to develop new products such as the Fengshen series high-speed cutting machines, with cutting efficiency increased by 30%. Supported by the Wenzhou business network and capital, Jiatai Laser plans to further expand into emerging markets and challenge the leading position in global laser equipment.

Previously, the company had considered higher-tier capital markets, but the financing efficiency and brand endorsement of the New Third Board are more in line with its needs for rapid expansion. This move indicates that for enterprises with established technological strength and market foundations, the New Third Board can serve as an accelerator for internationalization.

4. Huaray Laser: New Third Board Platform Accelerates Technology Industrialization

On July 18, 2025, Wuhan Huaray Laser was listed on the Basic Layer of the New Third Board with the stock code 874868, focusing on the niche track of ultrafast lasers.

As a national-level "little giant" enterprise, its products cover pulse widths from nanosecond to femtosecond levels, applied in fields such as consumer electronics and semiconductors. With 2024 revenue reaching 230 million yuan, it leads in market share in the domestic ultrafast laser market. Among its shareholders, Everbright Photonics and Huagong Tech provide industrial synergy resources, facilitating technology conversion.

Notably, the New Third Board platform has directly accelerated its industrialization process. In March 2025, Huaray Laser and Yiyao Technology established a "Joint Laboratory for Femtosecond Laser Optical Storage" to lay out next-generation data storage technologies. After listing, the company plans to increase R&D investment to break through the application bottlenecks of femtosecond lasers in the medical and photovoltaic fields.

Despite the high technical barriers and long R&D cycles of ultrafast lasers, Huaray Laser has gained capital exposure through the New Third Board. This has not only strengthened its voice in the industrial chain but also laid a foundation for the subsequent identification of its sci-tech innovation attributes. Huaray Laser’s path shows that leaders in niche segments can leverage the New Third Board to achieve revaluation of their technological value and further unlock opportunities for domestic substitution.

5. Industry Insights: The "Springboard Value" of the New Third Board

In fact, the concentration of laser manufacturers on the New Third Board is no accident. This wave of laser enterprises listing on the New Third Board reflects the hierarchical value of China’s multi-tiered capital market for the manufacturing industry.

For technology-intensive and capital-hungry industries, the New Third Board serves dual functions of efficient financing and standardized guidance. For instance, Jiatai Laser uses it to expand overseas markets, Huaray Laser accelerates technology conversion, Senfeng Laser optimizes its governance structure, and Elite Optronics accumulates strength for high-end chip R&D. These cases prove that the New Third Board can act as a "buffer zone" for the capitalization of technology-based enterprises.

However, the "transfer station" attribute of the New Third Board also comes with challenges. Enterprises need to balance short-term financing and long-term strategies, and avoid falling into the trap of "listing for the sake of listing." For example, the valuation adjustment mechanism (VAM) of Senfeng Laser may restrict its decision-making autonomy; Yunling Optoelectronics needs to find a balance between R&D investment and profit pressure. Additionally, the issue of insufficient liquidity on the New Third Board still requires attention, and enterprises must clarify their subsequent transfer plans to truly unlock capital value.

It is certain that the New Third Board is not a destination, but a springboard for leapfrog development. In the future, as a key part of the multi-tiered capital market, the New Third Board is expected to continue playing a bridging role in the capitalization process of laser enterprises.

Whether the New Third Board can sustain its value as a bridge depends on whether enterprises can base themselves on technological fundamentals and leverage capital to achieve "curve overtaking" in global competition.

Their next stop may be higher platforms such as the Main Board or ChiNext, or even global capital markets like the U.S. stock market. This breakthrough starting from the New Third Board will eventually lead to broader horizons.