On September 14, the STAR Market secondary new stock Gaokai Technology surged during the trading session, touching the limit-up price of 324.41 yuan around 9:58 AM. Subsequently, buy orders firmly sealed the limit-up price throughout the day, resulting in a "20CM" limit-up and setting a new all-time high since its listing.
The stock opened at 274.00 yuan that day, slightly up 1.35%, before buy orders quickly poured in, driving the stock price to fluctuate higher and hit the limit-up board in the morning session.
At the close, Gaokai Technology reported 324.41 yuan, a single-day gain of 20.00%, with a market capitalization of 32.425 billion yuan and an intraday amplitude of 18.65%.
Accompanying the limit-up was active trading. According to exchange data, the stock's turnover for the day was approximately 1.128 billion yuan, with a trading volume of about 36,700 lots and a turnover rate of about 19.56%.
Looking back at its performance since listing, the trajectory of this secondary new stock has consistently drawn market attention.
Gaokai Technology officially listed on the Shanghai Stock Exchange's STAR Market on August 25, 2026, with an IPO issue price of 61.36 yuan per share, making it the fifth-highest-priced new stock on the STAR Market in 2026.
On its first trading day, the stock opened sharply higher at 209.00 yuan, soaring 240.61% above the issue price. It reached an intraday high of 262 yuan before closing at 235.00 yuan, marking a first-day gain of 282.99% and a first-day turnover rate as high as 80.98%.
Based on the issue price, investors who won one lot (500 shares) in the IPO saw paper profits exceed 70,000 yuan on the first day.
Calculated at the September 14th limit-up price of 324.41 yuan, the stock has accumulated a gain of approximately 4.29 times compared to the 61.36 yuan issue price. The cumulative paper profit for one lot has further expanded to about 131,500 yuan.
It took Gaokai Technology only about 14 trading days from its listing on August 25th to hitting the limit-up and new high on September 14th.
Information shows that Gaokai Technology's full name is Jiangsu Gaokai Precision Fluid Technology Co., Ltd. Its registered address is in Wujin District, Changzhou City, Jiangsu Province. Founded in March 2013 and listed on the STAR Market in August 2026, it is a national-level "Little Giant" enterprise specializing in specific fields and is one of the leading domestic companies in the precision fluid control sector.
The company has long been professionally engaged in the R&D, production, and sales of key control components and related equipment in the precision fluid control field. With piezoelectric drive and precision fluid control as its core underlying technologies, after over a decade of technological accumulation, the company has formed three core product series: flow control, dispensing & encapsulation, and precision coating. It has also extended its business to more categories such as semiconductor vacuum system components.
Specifically, the company's products cover mass flow controllers, flow meters, steam controllers, piezoelectric valves, dispensing machines, potting machines, etc., serving downstream sectors widely including semiconductor, consumer electronics, automotive electronics, and new energy intelligent manufacturing.
Among them, the flow control series has high technical barriers, with some products already entering the supply chain of advanced semiconductor equipment and applicable to front-end process equipment for logic chips at 7nm and below. The dispensing & encapsulation series serves precision manufacturing in consumer electronics like acoustics and optics. The precision coating series primarily targets new energy scenarios such as power batteries and photovoltaics.
In terms of performance, the company has shown a rapid growth trend in recent years.
Data disclosed in the prospectus and listing announcements shows that in 2023, 2024, and 2025, Gaokai Technology achieved operating revenues of 226 million yuan, 423 million yuan, and 511 million yuan, respectively. Net profits attributable to the parent company's shareholders were 26.49 million yuan, 99.76 million yuan, and 133 million yuan for the same periods. Non-GAAP net profits after deductions were 12.70 million yuan, 95.17 million yuan, and 127 million yuan, respectively.
Entering 2026, the company's growth momentum continues: In the first half of 2026, it achieved operating revenue of 327 million yuan, a year-on-year increase of 35.46%; net profit attributable to the parent company's shareholders was 106 million yuan, a significant year-on-year increase of 95.07%; the gross profit margin during the reporting period was approximately 57.69%, maintaining a relatively high level of profitability.
As a technology enterprise that has achieved domestic breakthroughs in the niche segment of precision fluid control, Gaokai Technology's "20CM" limit-up to a new historical high reflects both the current market focus on sectors like semiconductor equipment components and import substitution, as well as capital's pricing of the earnings growth potential of secondary new stocks.
It is noteworthy that as of the closing price that day, the company's trailing P/E ratio (TTM) was approximately 175.79 times, and its P/B ratio was about 28.72 times. The valuation level is relatively high. Moreover, with a short listing history and a relatively limited float, stock price volatility risks should not be ignored.
