Deyang Energy Technology · XVS Subscription Preview…… IPO Market, Resumed After Adjustment

The hot initial public offering (IPO) market at the end of last year entered a temporary correction period in the first month of the new year. However, several companies preparing to list on the NASDAQ have quietly initiated their public offering procedures, providing some clues for the IPO market atmosphere at the beginning of the year.

Although no companies have completed their listings in January, Deyang Energy and AXBVISS are expected to launch their public subscriptions within this month. Among them, the hydrogen energy specialist Deyang Energy will start accepting subscriptions from ordinary investors from the 21st, likely becoming the first listed company in 2026. Deyang Energy, founded in 2020, is rapidly growing with its technology to purify by-product hydrogen (produced as a byproduct when manufacturing caustic soda or petrochemical products) into high-purity industrial hydrogen. On the other hand, AXBVISS is a manufacturing company producing intelligent high-power laser solutions and other electrical equipment.

The calmness of the IPO market in January is partly related to the unexpectedly active December last year. Typically, the end of the year is seen as a slow season for the public offering market, but in December, as many as 12 companies advanced their listings, showing unusual vitality. At that time, investor expectations for biotech and artificial intelligence-related companies were high, coupled with anticipation of government policies to stimulate the NASDAQ market, which together pushed companies to go public early.

Although January has been temporarily quiet, with several high-profile IPO companies waiting in line, the IPO market is expected to regain momentum in the first half of this year. Notable companies include internet professional bank K Bank and ESOLUTIONS, a semiconductor materials subsidiary of LS Group, both of which applied for preliminary review for listing on the securities market in November last year. Additionally, online fashion platform MUSINSA, GOODAY GLOBAL with its cosmetics brand “Korean Beauty,” domestic large-scale language model developer UPSTAGE, and virtual asset exchange BITHUMB are also mentioned as potential listing candidates.

Market experts diagnose that, while liquidity remains stable, IPO demand also stays strong. Especially with the recent continued upward trend in the stock market, analysis indicates that the issuance market (the market where companies raise funds by issuing new shares) also maintains a positive atmosphere. However, the Korea Exchange is expected to introduce new guidelines on dual listings within the first quarter, which could become a variable in the IPO strategies of major companies.

This trend indicates that after passing the first quarter, the public offering market will officially restart. From an investor’s perspective, now is the time to adopt a strategic approach, carefully examining the industry, growth potential, and market demand of the companies planning to go public.