Analysis of Ruier Jingda's IPO Fundraising of RMB 335 Million and Listing on the Beijing Stock Exchange

Based on my search and analysis, the following is a detailed breakdown of Ruier Jingda’s IPO fundraising of RMB 335 million:

(hereinafter referred to as “Ruier Jingda”) is a high-tech enterprise specializing in providing integrated technical solutions and key refractory materials for blast furnace ironmaking systems [1][2]. The company is mainly engaged in the R&D, production, and sales of technologies and required refractory materials for high efficiency, long service life, energy conservation, green development, and environmental protection of ironmaking blast furnaces [2].

• Listing Venue: Beijing Stock Exchange (BSE)
• Proposed Issuance Volume: 44.35 million shares
• Proposed Fundraising Amount: RMB 334,981,000 (approximately RMB 335 million)
• Sponsor: Kaiyuan Securities Co., Ltd.
• Review Meeting Date: January 14, 2026 [1][2]

According to public information, the raised funds from Ruier Jingda’s IPO will be mainly invested in the following projects:

1. Construction Project of Intelligent Equipment Base and R&D Center for New Carbon Capture Technology in Metallurgical Process and Energy-saving, Long-life New Materials
2. Technical Renovation and Expansion Project of Composite Metal Phase Taphole Clay Production Line
   [1]

During my search,

. However, it is indeed a common practice for listed companies on the BSE to use idle raised funds for cash management.

Taking Teris Energy Equipment Co., Ltd. (a listed company on the BSE) as an example, the company clearly announced: “The company plans to use idle raised funds with a limit not exceeding RMB 80 million for cash management” [3]. Such practices are common on the BSE, mainly aimed at improving the utilization efficiency of raised funds.

For the use of IPO raised funds for wealth management, evaluation can be conducted from the following dimensions:

In accordance with relevant regulations such as the “Measures for the Continuous Supervision of Listed Companies on the Beijing Stock Exchange (Trial)” and the “Listing Rules of the Beijing Stock Exchange”, a listed company may reasonably use idle raised funds for cash management on the premise of ensuring fund security and not affecting the construction of fundraising investment projects [3].

Evaluation Dimension	Rationality Standard
Wealth Management Ratio	Generally no more than 30%-50% of idle raised funds
Type of Wealth Management Product	Deposit-like products with high security and good liquidity
Investment Term	Usually no more than 12 months
Decision-making Procedure	Requires approval by the board of directors

If a large amount of raised funds is indeed used for wealth management, it may reflect the following problems:

• Inadequate planning of fundraising investment projects
  : Unreasonable project schedule arrangement, leading to phased idle funds
• Overestimated capital demand
  : Actual capital demand is smaller than the fundraising scale
• Low fund utilization efficiency
  : IPO financing fails to be effectively converted into business growth momentum

1. Market Risk
   : Although wealth management products have low risks, fluctuations in the financial market may affect returns [3]

• Liquidity Risk
  : Wealth management products may affect the immediate use of funds
• Information Disclosure Risk
  : Continuous disclosure of fund utilization is required

2. Key Points for Investors to Focus On
   :
   • Actual construction progress of fundraising investment projects
   • Specific schedule of fund utilization
   • Safety and income situation of wealth management products

Ruier Jingda raises RMB 335 million through its IPO for project construction. If part of the funds (possibly around RMB 80 million) is planned to be used for wealth management, attention should be paid to the following:

1. Compliance
   : Ensure compliance with relevant regulatory provisions of the BSE
2. Necessity
   : Whether the phased idle funds are indeed caused by the project construction cycle
3. Rationality
   : Whether the scale and term of wealth management match the project progress
4. Information Disclosure
   : Whether sufficient information disclosure has been made in accordance with regulations

It is recommended that investors pay attention to Ruier Jingda’s subsequent prospectus (application draft) and listing announcement to obtain more accurate information on fund utilization plans.

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[1] Securities Times - “4 Companies Including Lianxun Instruments and Ruier Jingda to Hold IPO Review Meetings Soon” (https://www.stcn.com/article/detail/3577778.html)
[2] CNFOOL - “Ruier Jingda’s IPO Review Meeting on January 14 on the BSE, Planning to Raise RMB 330 Million” (http://xg.stock.cnfol.com/xinguyaowen/20260108/31924744.shtml)
[3] CITIC Construction Investment Securities - “Progress of Fundraising Investment Projects of Teris Energy Equipment” (https://www.cfi.net.cn/p20260112002532.html)
[4] Eastmoney - “Quick Overview of Ruier Jingda (874327) Stock” (https://xinsanban.eastmoney.com/F10/874327.html)