据香港交易所数据，今年初至 6月20日，香港交易所共完成31项首次公开招股发行，融资额超过 884亿港元。 以下为 IPO早知道编译的徐经纬与CNBC的部分采访内容： 徐经纬： 显然，全球有更多投资者对香港市场感兴趣。我们的市场流动性一直很高，目前日均成交 额约为 2400亿港元。随着资金流入IPO和整个融资市场，我们一直保持着强劲的势头。目前，我们 是全球第一的IPO交易所，年初至今通过IPO筹集了超过120亿美元的资金。我们还看到了来自不同 行业的公司纷纷上市，关键行业包括消费零售、TMT、医疗保健以及新能源。同样，在本届夏季达 沃斯论坛中，"新领军者"是一个热门主题，我们认为香港交易所和IPO市场为这些新领军者提供了一 个资本市场平台。 去年在香港上市的中国公司中，超过四分之一有国际业务。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO早知道消息，6月24日，第十六届新领军者年会（夏季达沃斯论坛）上，香港交易所环球上市 服务部主管徐经纬Johnson Chui接受了美国CNBC的采访。 徐经纬表示，香港及港交所的超级联系人地位和强劲的流动性，使更多企业寻求在港股上 ...

Core Viewpoint - Magnesium Technology Co., Ltd. is positioned as a leading provider of autonomous intelligent agents in China, focusing on enhancing productivity and innovation in smart laboratories and intelligent manufacturing through proprietary robotic and AI technologies [2][3]. Group 1: Company Overview - Established in 2016, Magnesium Technology has expanded its business from life sciences to various sectors including consumer integrated circuits, food service, new energy, and agriculture [2]. - The company aims to facilitate intelligent transformation for enterprises by allowing human resources to focus on high-value tasks [2]. Group 2: Market Position and Growth - As of June 21, 2025, Magnesium Technology ranks first among domestic autonomous intelligent agent suppliers in China, with the broadest application coverage in robotic solutions [3]. - The global market for autonomous intelligent robotics technology is projected to grow from approximately 31.8 billion in 2020 to about 114.3 billion by 2024, with a compound annual growth rate (CAGR) of 37.7% [5]. Group 3: Technological Innovations - Magnesium Technology has developed several industry-first technologies, including the Labillion and LibraX operating systems, and the Megalaxy Lab for intelligent life sciences [4]. - The company has introduced the Auflo AI-driven liquid handling workstation and the CellVue high-content imaging analysis system, achieving high pixel resolution [4]. Group 4: Financial Performance - Revenue for Magnesium Technology is projected to grow from 455 million in 2022 to 930 million in 2024, reflecting a CAGR of 43.0% [5]. - The gross profit margins for the same period are reported at 28.1%, 23.9%, and 29.0% respectively [6]. Group 5: Client Base and Retention - As of December 31, 2024, Magnesium Technology has served over 880 clients, including major companies like Agilent Technologies and WuXi AppTec, with a customer retention rate of 74% and a revenue retention rate of 115% for new clients acquired in 2022 [5]. Group 6: Future Plans - The funds raised from the IPO will primarily be allocated for technology and product development, capacity expansion, sales network growth, strategic partnerships, and general corporate purposes [6].

Core Viewpoint - 易控智驾科技股份有限公司 is positioned as a leading L4 autonomous driving solution provider globally, particularly in the mining sector, with significant commercial applications and a strong market presence [2][3]. Group 1: Company Overview - 易控智驾 was established in 2018 and has developed two main solutions: the "Zhuoshan" autonomous driving solution for mining and the "Muye" digitalization solution for smart mining [2]. - The "Zhuoshan" solution aims to facilitate autonomous transportation in mining under various working conditions, enhancing safety and operational efficiency [2]. - The "Muye" solution focuses on upgrading traditional mining equipment and workflows, enabling real-time decision-making between autonomous and manually operated mining sites [2]. Group 2: Market Position and Performance - According to Frost & Sullivan, 易控智驾 ranks first among global L4 autonomous driving companies based on projected revenue for 2024 [3]. - As of June 18, 2025, 易控智驾 has deployed over 1,400 active autonomous mining trucks, making it the largest provider of autonomous mining solutions globally [4]. - The company has maintained a 100% retention rate among its terminal customer groups from 2022 to 2024, with an average first-year vehicle expansion rate of 457% [4]. Group 3: Financial Performance - 易控智驾's revenue for the years 2022, 2023, and 2024 was 60 million, 271 million, and 986 million respectively, reflecting a compound annual growth rate of 305.8% [4]. - In 2024, the company achieved a gross margin of 7.6%, while the net loss margin stood at 39.5% [5]. Group 4: Future Plans - The funds raised from the IPO will primarily be used to enhance software and hardware development, support global business expansion, and seek strategic investments and potential acquisitions [5].

Core Viewpoint - The inclusion of Pony.ai in the NASDAQ China Golden Dragon Index signifies a milestone for the company and highlights the growing recognition of autonomous driving technology in the investment community [3][4]. Group 1: Company Recognition and Market Position - Pony.ai is the first and only L4 autonomous driving company included in the Golden Dragon Index, which consists of 73 stocks including major Chinese companies like Alibaba and JD.com [3]. - The inclusion is expected to enhance the liquidity of Pony.ai's stock and elevate its status in the capital market, attracting investments from ETFs, hedge funds, and long-term investors [3][4]. Group 2: Technological Advancements - Pony.ai's seventh-generation Robotaxi system is designed for L4 level autonomous driving, with a lifespan of 10 years and 600,000 kilometers, utilizing automotive-grade components [6]. - The production cost of the seventh-generation autonomous driving hardware has decreased significantly, with a 70% reduction in BOM costs compared to the previous generation, and an 80% decrease in the cost of the onboard computing unit [6]. Group 3: Strategic Partnerships and Global Expansion - In August 2023, Pony.ai announced a joint venture with Toyota China and GAC Toyota, investing 1 billion yuan to develop the first seventh-generation Robotaxi model [7]. - The company is actively pursuing global expansion, having obtained Robotaxi testing permits in Luxembourg and initiated road tests in Seoul, South Korea, along with strategic partnerships in Dubai [7].

Core Viewpoint - The company has successfully issued $150 million in convertible notes to fund international business expansion, operational capital, and stock buybacks, reflecting strong market confidence in its growth potential [2][3][8]. Group 1: Financial Performance - In Q1, the company reported a revenue of 3.481 billion RMB, with a net profit of 738 million RMB, and a transaction volume of 52.1 billion RMB, showing a year-on-year growth of 7.9% [13]. - The international business revenue grew by 19.5% year-on-year, accounting for 20.4% of the total revenue for the quarter [15]. - The company has served 44,200 domestic micro and small businesses, facilitating a transaction volume of nearly 15 billion RMB, which represents a 15% year-on-year increase [15]. Group 2: Strategic Initiatives - The funds raised from the convertible notes will be allocated 40% towards stock buybacks, which is expected to stabilize the stock price and potentially reduce the share capital by 2.5% [3][18]. - The company aims for international business revenue to reach 25% by 2025 and 50% by 2030, indicating a strong focus on global expansion [16]. Group 3: Market Outlook - The successful issuance of convertible notes at a 2.5% interest rate reflects investor confidence in the company's future growth, especially in the context of the financial technology sector [8][9]. - The company's stock price has shown significant growth, increasing nearly 60% from its January low of $6.17 to $9.8, and 118.3% year-on-year from $4.49 [9].

Core Viewpoint - CaoCao Inc. is set to become the largest ride-hailing platform in Hong Kong with its IPO on June 25, 2025, under the stock code "2643" [2] Group 1: Company Overview - As of March 31, 2025, CaoCao Inc. has expanded its coverage to 146 cities, achieving a total GTV growth of 54.9% year-on-year and a 51.8% increase in order volume, resulting in a revenue of 4.2 billion yuan with a gross margin of 8.5% [4] - The company has established a significant brand advantage by providing high-quality services, being recognized as the "Best Service Reputation" in five independent third-party surveys from 2023 to 2024 [5] Group 2: Social Responsibility - CaoCao Inc. actively fulfills its social responsibilities by launching accessible vehicle services on over 20 platforms and conducting "Accessible Public Welfare Days" in cities like Hangzhou and Suzhou, offering free accessible transportation services [6] Group 3: Custom Vehicle Optimization - By the end of 2024, CaoCao Inc. operates over 34,000 customized vehicles across 31 cities, making it the largest customized vehicle fleet in China, with the GTV share of customized vehicle orders increasing from 20.1% in 2023 to 25.1% in 2024 [8] - The company has implemented a vehicle service solution that reduces average maintenance and repair time and costs by 25% and 54%, respectively, through partnerships with 133 authorized repair points [8] Group 4: Autonomous Driving and Future Plans - CaoCao Inc. launched its autonomous driving platform on February 28, 2025, integrating the "Robotaxi" solution from Geely Group, establishing a closed-loop ecosystem for customized vehicles, autonomous driving technology, and ride-hailing services [11] - The company plans to introduce L4-level Robotaxi customized vehicles by the end of 2026, designed for long-term operation with lower TCO and convenient passenger configurations [11]

作为禾元生物的核心产品，HY1001获批上市将有效缓解我国人血清白蛋白长期依赖进口 的局面。 本文为IPO早知道原创 作者｜ Eric 微信公众号｜ipozaozhidao 在生物医药领域的激烈竞争中，武汉禾元生物科技股份有限公司（以下简称 "禾元生物"）正以其独 特的技术优势和深厚的研发实力，逐渐崭露头角。即将上会的禾元生物，不仅在稻米造血技术上取得 显著进展，其背后更蕴含着一系列值得关注的创新亮点，为行业发展带来新的思考与方向。 禾元生物自 2006 年成立以来，便专注于重组蛋白表达技术研究与产品开发。经过多年耕耘，公司 构建起了一套完整且先进的技术体系，其中水稻胚乳细胞生物反应器高效重组蛋白表达平台（ Oryz HiExp ）和重组蛋白纯化技术平台（ Oryz Pur ）是其核心竞争力所在。 Oryz HiExp 平台利用水稻胚乳细胞作为生物反应器，通过胚乳细胞特异性表达的启动子、人工定点突 变增强启动子转录水平、蛋白定向储存、内质网减负和密码子优化等综合技术，实现了重组蛋白在水 稻胚乳细胞中的特异性表达与高效储存。这一平台的优势在于，能够将重组蛋白产量从传统的 mg 级别大幅提升至 30g 级别，极大 ...

Core Viewpoint - The article discusses the IPO of BoKang Vision Pharmaceutical Co., Ltd., highlighting its market valuation, share issuance, and the intended use of raised funds for clinical development and commercialization of its core products [2][7]. IPO Details - BoKang Vision plans to issue 60,582,000 shares, with 6,058,500 shares available for public offering in Hong Kong and 54,523,500 shares for international offering [2]. - The IPO price is set at HKD 10.10 per share, leading to a market valuation of HKD 84.73 billion and a net fundraising amount of approximately HKD 5.22 billion [2]. Key Investors - The company has secured two cornerstone investors, raising a total of USD 22.8 million (approximately HKD 179 million), with notable participation from angel investor Gong Hongjia's FuCe Holdings and Ruikai Group [2][3]. Product Pipeline - BoKang Vision has two core products: CBT-001 for treating pterygium and CBT-009 for juvenile myopia, both of which are in advanced clinical stages [5][6]. - CBT-001 has initiated Phase 3 clinical trials in the US and China, aiming to be the first drug approved for pterygium treatment [5]. - CBT-009 completed Phase 1/2 trials and plans to submit a new drug application to the FDA in July 2024 [5]. Fund Utilization - The net proceeds from the IPO will primarily fund ongoing clinical research for CBT-001, regulatory submissions, and commercialization activities, as well as general corporate purposes [7].

Core Viewpoint - Stand Robot (Wuxi) Co., Ltd. is set to go public on the Hong Kong Stock Exchange, aiming to become a leader in the industrial intelligent mobile robot solutions market, with a focus on smart factories and humanoid robots [2][3]. Group 1: Company Overview - Founded in 2016, Stand specializes in industrial intelligent mobile robot solutions, aiming to empower various industrial scenarios [3]. - The company has developed its first humanoid robot, DARWIN, which integrates over 23 degrees of freedom and features an innovative omnidirectional chassis [3]. - Stand has provided customized one-stop robot solutions, including a core robot technology platform and a multifunctional industrial intelligent robot product series [4]. Group 2: Market Position and Performance - According to Frost & Sullivan, Stand is the fifth largest global provider of industrial intelligent mobile robot solutions and the fourth largest for industrial humanoid robot solutions as of 2024 [5]. - Stand has served over 400 clients, with a key customer retention rate exceeding 60%, including notable companies like Xiaomi, Foxconn, and OPPO [6]. - The company has achieved significant sales growth, with robot sales increasing from 725 units in 2022 to an expected 1,932 units in 2024 [6]. Group 3: Technological Advancements - Stand is one of the few companies in the industry to achieve full-stack technology development and has developed a proprietary operating system for industrial intelligent robots [6]. - The company has implemented advanced technologies such as simultaneous localization and mapping (SLAM) and visual language action (VLA) models for industrial applications [6]. - Stand is capable of scheduling over 2,000 robots in a single simulated scenario, significantly exceeding the typical limit of 500 robots in real industrial settings [6]. Group 4: Financial Performance - Stand's revenue has grown from 0.96 billion RMB in 2022 to an expected 2.51 billion RMB in 2024, with a compound annual growth rate (CAGR) of 61.3%, surpassing the global market growth rate of 26.8% [8]. - The company's gross profit has also increased significantly, from 12.38 million RMB in 2022 to an expected 97.16 million RMB in 2024, with a gross margin rising from 12.9% to 38.8% during the same period [9]. Group 5: International Expansion and Market Outlook - Since 2019, Stand has strategically expanded its global presence, with overseas revenue expected to grow at a CAGR of 150% from 2022 to 2024 [8]. - The global market for industrial intelligent mobile robot solutions is projected to reach approximately 15.3 billion RMB in 2024, with a CAGR of 39.8% expected to reach 81.4 billion RMB by 2029 [8]. - The market for industrial humanoid robot solutions is anticipated to grow from 1.4 billion RMB in 2024 to over 15.2 billion RMB by 2029, driven by advancements in robot technology and the demand for efficient logistics solutions [8].

Core Viewpoint - Chengtai Technology is set to go public on the Hong Kong Stock Exchange, showcasing significant growth in the automotive millimeter-wave radar market with a compound annual growth rate (CAGR) of 145.7% in revenue from 2022 to 2024 [1][6]. Group 1: Company Overview - Chengtai Technology was established in 2016 and has developed proprietary capabilities in millimeter-wave radar applications, along with specialized hardware and software technologies [2]. - As of June 15, 2025, Chengtai Technology has created a product matrix for millimeter-wave radar, including 5th generation 4D radar and high-resolution radar, addressing various levels of intelligent driving needs from L0 to L2+ [2]. Group 2: Sales and Financial Performance - The sales volume of Chengtai Technology's millimeter-wave radar products from 2022 to 2024 is projected to be 221,000 units, 753,795 units, and 1,875,146 units, with average selling prices of 249 RMB/unit, 204 RMB/unit, and 184 RMB/unit respectively [3][4]. - The company's revenue for the years 2022, 2023, and 2024 is expected to be 58 million RMB, 157 million RMB, and 348 million RMB, reflecting a CAGR of 145.7% [6]. - Gross margins for the same period are projected to be 28.7%, 31.0%, and 34.0%, with a turnaround to profitability in 2024, achieving an adjusted net profit margin of 4.0% [7]. Group 3: Market Position and Prospects - Chengtai Technology is recognized as the largest supplier of front millimeter-wave radar in China and the third-largest supplier of automotive millimeter-wave radar in the country, holding market shares of 9.3% and 4.5% respectively based on 2024 shipment volumes [4]. - The global automotive millimeter-wave radar market is expected to grow from 15.6 billion RMB in 2020 to 24.8 billion RMB in 2024, with a CAGR of 12.3%, while the Chinese market is projected to grow from 4.4 billion RMB to 8.2 billion RMB during the same period, with a CAGR of 16.6% [7]. Group 4: Funding and IPO Plans - Chengtai Technology has completed over 350 million RMB in financing since its inception, with a valuation of 1.32 billion RMB following the last round of financing before the IPO in May 2024 [8]. - The net proceeds from the IPO are intended for new technology research, product development in new application areas, testing equipment upgrades, marketing, strategic acquisitions, and repayment of bank loans [9].