Source: Laserfair.com  24^th May 2026

In May 2026, as summer approaches, three laser industry chain manufacturers have successively knocked on the doors of the capital market.

In just over ten days from early May to the present, three "hidden champions" in their respective niche segments—Dogain Optoelectronic, Changjin Photonics, and Precilasers—have all reported good news on their IPO journeys: one has completed its pre-IPO tutoring sprint, one has launched its public offering subscription, and one has successfully passed the listing review.

Who will be the first to cross the finish line? Let's wait and see.

Precilasers Clears Listing Hurdle: Precision Light Sources Secure Dual Tracks in Quantum and Semiconductor Industries

On May 21, at the 23rd meeting of the Listing Review Committee of the Shanghai Stock Exchange (SSE), Precilasers' initial public offering (IPO) application was approved. Founded in 2017 and based in Shanghai, the company is set to list on the STAR Market with a fundraising scale of 1.41 billion yuan.

Precilasers has chosen a "narrow but deep" technology roadmap. While most laser companies are still competing in the red ocean of industrial cutting, it has quietly deployed its precision lasers into high-end scenarios such as quantum computing, quantum precision measurement, wafer metrology, inspection and stealth dicing. Its independently developed seed source amplification and nonlinear frequency conversion technologies have achieved full wavelength coverage from 177 nm to 5000 nm, with some indicators ranking among the world's leading levels.

According to QYResearch data, in 2024, Precilasers held a 9.21% share in the global quantum technology laser market and a 16.85% share in the domestic market, firmly ranking among the top domestic brands. In the same year, the company's revenue from the semiconductor sector exceeded 75 million yuan, beginning to break into the wafer inspection light source market that has long been dominated by imported equipment.

In terms of financial performance, from 2023 to 2025, the company's revenue jumped from 148 million yuan to 418 million yuan, with a compound annual growth rate (CAGR) of over 68%. Its gross profit margin has remained stable at a high level of around 68%. A core R&D team composed of 16 PhDs provides a solid talent foundation for this high-barrier growth.

The funds raised this time will be invested in the industrialization of precision laser systems and the construction of dual R&D centers in Shanghai and Wuhan. Precilasers stated that after the projects are implemented, it will achieve full independent controllability from core components to laser modules, further consolidating its strategic position in the quantum technology and semiconductor industry chains.

Changjin Photonics Opens for Public Subscription: Specialty Optical Fibers Ride the Upstream Industry Wave

On May 18, Changjin Photonics made its debut on the STAR Market's new share subscription calendar. The specialty optical fiber manufacturer kicked off its capitalization journey at an issue price of 40.98 yuan per share and a price-to-earnings (P/E) ratio of 44.22 times.

Changjin Photonics' core product, rare-earth-doped optical fibers, serves as the "core material" for fiber lasers, fiber amplifiers and LiDAR systems. Optical materials account for as much as 60% of the cost structure of the laser industry chain, and rare-earth-doped optical fibers are precisely one of the most critical upstream links. After years of deep cultivation, the company has become a core supplier to leading laser manufacturers including Raycus, Maxphotonics and JPT.

In the optical communications sector, Changjin Photonics has established solid partnerships with equipment manufacturers such as Accelink and Taclink Optoelectronics. It is also accelerating its penetration into emerging areas including national defense and military industry, as well as measurement and sensing.

In terms of performance, Changjin Photonics has also delivered steady results. From 2023 to 2025, its revenue grew from 145 million yuan to 247 million yuan, with net profit rising to 95.64 million yuan. While the company candidly faces the risk of a relatively single product structure, it is actively expanding into emerging sectors such as national defense and military industry, and commercial aerospace.

The 780 million yuan raised this time will be mainly used for the construction of a high-performance specialty optical fiber production base, expanding production capacity to ride the industry's growth momentum.

Dogain Optoelectronic Completes Pre-IPO Tutoring: Chip Unicorn Targets STAR Market

On May 8, the CSRC IPO Tutoring Publicity System updated a key piece of information: Dogain Optoelectronic and its sponsor Guotai Haitong Securities submitted the Report on Completion of Tutoring Work to the Jiangsu Securities Regulatory Bureau. After more than a year of pre-IPO tutoring, this Suzhou-based laser chip "unicorn" is about to enter the substantive stage of issuance review.

Dogain Optoelectronic is tackling the toughest nut to crack in the upstream optoelectronic industry chain: high-end laser chips. Unlike most domestic Fabless companies that only focus on chip design, Dogain Optoelectronic has built full-process IDM capabilities covering epitaxial growth, device fabrication, packaging and testing, and reliability verification, with full wavelength coverage from 600 nm to 1700 nm.

The explosion of AI computing power is reshaping the demand curve for laser chips. The supply-demand gap for data center optical modules has exceeded 30%. Seizing the opportunity, Dogain Optoelectronic has launched 100G PAM4 EML chips, 100G PAM4 VCSEL chips and a series of automotive optical communication products, entering the three golden tracks of short-distance interconnection, medium and long-distance transmission, and in-vehicle data communication.

2025 can be described as Dogain Optoelectronic's "year of acceleration". In September, it acquired a controlling stake in Wuhan Bright Diode Lasers for 94 million yuan, completing its patent portfolio for special wavelength bands. In December, it signed a contract for a semiconductor laser R&D and manufacturing project in Mianyang. Within one year, it completed three strategic moves: "acquisition in Wuhan, layout in Mianyang, and IPO sprint", with an aggressive expansion pace.

In terms of capital, Dogain Optoelectronic has raised more than 1 billion yuan cumulatively, with heavyweight institutions such as the National Industrial Mother Machine Industry Investment Fund, CICC Capital, and Aerospace Science and Industry Fund successively investing in it.

With the successful conclusion of the tutoring period, Dogain Optoelectronic will soon formally submit its IPO application. If it successfully lists on the STAR Market, this unicorn will open up broader financing channels for the domestic substitution of high-end laser chips.