Core Viewpoint - Yunzhisheng is set to become the first AGI stock in Hong Kong, with an IPO planned to raise up to HKD 320 million, valuing the company between HKD 11.7 billion and HKD 14.5 billion [3][4]. Company Overview - Founded in 2012, Yunzhisheng is a pioneer in AGI technology in China, launching its first BERT-based large language model, UniCore, as part of its core technology platform [4]. - The company has developed a powerful AI infrastructure, Atlas AI, with over 184 PFLOPS of computing power and more than 10 PB of storage capacity [4]. Product Development - In 2023, Yunzhisheng introduced the Shanhai large language model, which has 60 billion parameters, surpassing its predecessor UniCore in terms of data scale and generation capabilities [4][5]. - The Shanhai model achieved a top score of 82.2 in the MedBench evaluation and ranked among the top global models in the SuperCLUE report [5]. Market Position - According to Frost & Sullivan, Yunzhisheng is the fourth largest AI solution provider in China by revenue and the second fastest-growing among companies with over CNY 500 million in annual revenue [5][6]. - The company ranks third in China's life AI solutions and fourth in medical AI services and solutions [5]. Client Strategy - Yunzhisheng collaborates with leading companies across various industries, referred to as "lighthouse customers," to gain valuable insights and experience [6]. - This strategy allows the company to quickly identify common needs and develop targeted solutions [6]. Financial Performance - From 2022 to 2024, Yunzhisheng's revenue grew from CNY 601 million to CNY 939 million, with a compound annual growth rate (CAGR) of 25% [6]. - The gross profit increased from CNY 240 million to CNY 364 million, with a gross margin of approximately 39.9% to 38.8% during the same period [6]. - The adjusted net loss rate improved significantly from 30.5% in 2022 to 17.9% in 2024 [6]. Industry Outlook - The AI solutions market in China is projected to grow from CNY 180.4 billion in 2024 to CNY 1,174.9 billion by 2030, with a CAGR of 36.7% [7].

Core Viewpoint - The article discusses the establishment and development of Yuanjiwei Technology, a company founded by Professor Bao Wenzhong from Fudan University's Microelectronics Institute, focusing on the commercialization of two-dimensional semiconductor materials to overcome the limitations of traditional silicon-based chips [2][5]. Group 1: Company Overview - Yuanjiwei Technology was founded in 2025, leveraging over a decade of research in the semiconductor field by Professor Bao Wenzhong [5]. - The company aims to develop atomic-level chips and heterogeneous integration technologies, focusing on ultra-low power consumption, edge computing, high-sensitivity sensing, and radiation-resistant chips [5]. - The team consists of over 10 senior professors/researchers and more than 20 national-level leading talents, with extensive experience in two-dimensional semiconductor wafer integration processes and device fabrication [5][7]. Group 2: Funding and Investment - Yuanjiwei has recently completed several million yuan in seed and pre-A round financing, with investments from Zhongke Chuangxing, Fuyong Investment, and other institutions [2]. - The funding will be used to accelerate the company's industrialization efforts [2]. Group 3: Technological Advancements - Two-dimensional semiconductor materials are recognized as key materials for extending Moore's Law, offering advantages such as reduced leakage current, controlled power consumption, fewer processing steps, and lower manufacturing costs compared to three-dimensional materials [3][5]. - Yuanjiwei has developed the world's first 32-bit RISC-V architecture microprocessor based on two-dimensional semiconductor materials, marking a significant breakthrough in China's two-dimensional semiconductor chip field [5][7]. - The company is advancing through a pathway of "laboratory validation - pilot line - mass production," integrating with existing silicon-based manufacturing lines to transition technology from the lab to industrial application [5]. Group 4: Industry Collaboration and Future Prospects - The project team collaborates closely with industry leaders and research centers, establishing partnerships to deepen the development of two-dimensional integration processes [7]. - Yuanjiwei is positioned to lead in the commercialization of two-dimensional semiconductor applications, with expectations for rapid validation and iteration in advanced processes [6][7].

Core Viewpoint - IFBH Limited (referred to as "if") is the fastest-growing coconut water company among the five major market participants in mainland China and Hong Kong, planning to raise up to HKD 1.158 billion through its IPO [2][3]. Company Overview - IF was established in 2013 and has been operating under the General Beverage brand. In 2022, it launched the Innococo brand and restructured its international business to focus on these brands outside Thailand [4]. - The company has become the second-largest player in the global coconut water beverage market by retail revenue as of 2024, with a market share of approximately 34% in mainland China and 60% in Hong Kong [5]. Financial Performance - IF's revenue for 2023 and 2024 is projected to be USD 87 million and USD 158 million, respectively, representing a year-on-year growth of 80.3% [7]. - Gross profit for the same years is expected to be USD 30 million and USD 58 million, with gross margins of 34.7% and 36.7% [7]. - Net profit is forecasted to be USD 17 million and USD 33 million for 2023 and 2024, showing a year-on-year increase of 98.9% [8]. Market Trends - The Greater China ready-to-drink soft drink market is projected to grow from USD 138.4 billion in 2024 to USD 194.7 billion by 2029, with a compound annual growth rate (CAGR) of 7.1% [8]. - Coconut water beverages are expected to be the fastest-growing segment, increasing from USD 109.3 million in 2024 to USD 265.2 million by 2029, with a CAGR of 19.4% [8]. Marketing Strategy - To enhance brand awareness, if has engaged high-profile brand ambassadors and collaborated with top KOLs on social media platforms like Douyin and Xiaohongshu [6]. - The company has also invested in advertising on large LED screens in prominent locations to further extend its brand influence [6].

Core Viewpoint - The article discusses the performance and outlook of the IPO market in Hong Kong and A-shares, highlighting significant growth in new listings and financing amounts in 2025 compared to the previous year [2][4]. Hong Kong IPO Market - In the first half of 2025, Hong Kong's IPO market is expected to see 40 new listings, raising HKD 1,021 billion, which represents a 33% increase in the number of new listings and a 673% increase in financing compared to the same period last year [2]. - The strong performance is attributed to the encouragement of mainland leading companies to list in Hong Kong, improved approval processes for new listings, and enhanced market liquidity [2]. - Approximately 75% of the financing in the first half of 2025 will come from four large A+H new listings and one H-share listing [2]. - The healthcare and pharmaceutical sectors have dominated the number of new economy listings, while the manufacturing sector leads in financing amounts [3]. A-share Market - As of June 30, 2025, there will be 50 new A-share listings raising CNY 371 billion, marking a 14% increase in both the number of new listings and total financing compared to the first half of 2024 [4]. - The Shanghai Stock Exchange will see 19 new listings raising CNY 202 billion, while the Shenzhen Stock Exchange will have 26 new listings raising CNY 150 billion, and the Beijing Stock Exchange will have 5 new listings raising CNY 19 billion [4]. - The ChiNext board is the most active in terms of the number of new listings, while the Shanghai main board leads in financing amounts [4]. Future Outlook - There are over 170 IPO applications currently being processed in Hong Kong, with more than five companies potentially raising at least USD 1 billion each [4]. - Deloitte projects that the Hong Kong IPO market will see 80 new listings raising HKD 2,000 billion in total for the year 2025, with significant contributions expected from the TMT and consumer sectors [4]. - The sentiment towards Hong Kong's IPO market remains cautiously optimistic, contingent on the absence of major geopolitical or macroeconomic disruptions [5].

Core Viewpoint - Kusa Technology is focused on developing and deploying autonomous cleaning robots, aiming to enhance urban sanitation efficiency and reduce operational costs significantly [2][8]. Company Overview - Kusa Technology, established in June 2023, has completed several funding rounds, including a recent Pre-A round raising several million yuan led by Jinshui Lake Venture Capital [2][3]. - The company has successfully developed its first autonomous cleaning robot, Kusa Xingjun® S1, which began operations in urban roads in Q4 2023, followed by the launch of Kusa Xingjie® in the subsequent year [3]. Product and Technology - Kusa Technology's robots operate at twice the efficiency of the industry average and have been deployed in over 20 regions across major provinces such as Beijing, Shanghai, and Guangdong [3]. - The core technology of Kusa Technology lies in its comprehensive embodied robot technology architecture, integrating an AI vision-based multimodal perception system [4]. - The robots utilize a self-developed closed operating system, enabling them to understand their environment in open road scenarios and execute cleaning tasks with centimeter-level precision [4][5]. Operational Efficiency - The intelligent cloud control platform of Kusa Technology features dynamic task scheduling and integrates a Multi-Agent data closed-loop system, significantly reducing operational costs by 50% compared to traditional methods [5]. - The company aims to provide a comprehensive solution for unmanned operations throughout the equipment lifecycle, focusing on the sanitation sector as its primary commercial application [5]. Market Potential - Investors express confidence in Kusa Technology's strategic value in reshaping urban services, highlighting its ability to lower operational costs by over 40% and its rapid deployment across 20 cities within two years [8]. - The introduction of autonomous cleaning robots is seen as a means to alleviate labor intensity in the sanitation industry, enhancing safety and precision in operations [9]. Future Plans - Kusa Technology plans to launch new cleaning robot products this year to cover more sanitation scenarios, indicating a commitment to continuous product iteration and market expansion [6].

Core Viewpoint - Drip Irrigation Investment is set to go public in Hong Kong, marking a significant shift in investment paradigms towards cash flow-based investments, which are expected to provide more inclusive and diverse opportunities for investors [2][8]. Group 1: Listing Details - Drip Irrigation Investment submitted its listing application to the Hong Kong Stock Exchange on June 18, 2025, under Chapter 21 of the Listing Rules, which accommodates existing and newly established investment companies [2]. - The listing entity is Micro Connect International Finance Company Limited, a limited liability exempt company registered in the Cayman Islands on May 23, 2025, rather than Drip Irrigation Group itself [3]. Group 2: Investment Strategy - The investment management will be handled by a subsidiary of Drip Irrigation Group, focusing on cash flow investments, with the raised funds expected to be systematically and diversely allocated to various cash flow investment opportunities [4]. - The transition to a cash flow investment paradigm is seen as a response to market demands for collaboration between Drip Irrigation's accumulated investment experience and industry-specific expertise from various investors [7]. Group 3: Cash Flow Investment Model - The cash flow investment model, termed Cashflow Contingent Obligation (CCO), combines elements of debt and equity, offering simplicity in investment and return while maintaining flexibility in risk and return pricing [8]. - Investors' returns are linked to the distribution of corporate cash flows, with the risk borne by investors if no cash flow is generated, allowing businesses of all sizes to access financing through existing or future cash flows [9]. Group 4: Market Impact - Successful listing of Drip Irrigation Investment is anticipated to standardize and systematize capital allocation to diverse asset classes that traditional equity and debt markets cannot effectively reach, thereby injecting non-dilutive capital into the real economy [9].

深交所创业板第三套标准的即将启动，或将与一周前发布的"H+A"《意见》产生积极的联 动效应。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 中国证监会主席吴清在 6月18日举行的2 025陆家嘴论坛上表示，证监会将在 创业板正式启用第三套标准，支持优质未盈利创新企业上市。 吴清 同时还透露， 科创板 也将 重启未盈利企业适用科创板第五套标准上市，更加精准服务技术有 较大突破、商业前景广阔、持续研发投入大的优质科技企业 。 显然，这对于尚未盈利、仍需一定资金支持长远发展的科技企业及 生物医药企业 而言是一大利好。 若具体拆分来看，在谈及 " 重启未盈利企业适用科创板第五套标准上市 "时 ，吴清 指出，将 扩大 第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用 。 或许，这样的 "组合拳"将助力上述 优质 科技 企业 实现更加高质量的长期发展。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 这意味着， 相较于早前的 科创板第五套标准 更多扶持生物医药企业，本次重启的 第 ...

自6月17日起，MiniMax将连续发布5天新模型。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 值得注意的是，自 6月17日起， MiniMax 将连续发布 5天新模型。 其中， 6月17日发布的 MiniMax-M1 是 世界上第一个开源的大规模混合架构的推理模型 —— M1 在面向生产力的复杂场景中能力是开源模型中的最好一档，超过国内的闭源模型，接近海外的最领先 模型，同时又有业内最高的性价比。 与 DeepSeek-R1相比，M1模型在数学和编码等任务中效率更高 ；与 GPT-4 相比， M1推理模 型 能力与之匹配 ， 而 成本仅为 GPT-4的0.5% 。 6月18日， MiniMax 又发布了 新视频生成模型 Hailuo 02 ，同样 打破全球视频模型效果成本纪录 。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 据 IPO早知道消息，国内"大模型六小龙之一"的 MiniMax （稀宇科技）最快今年赴港上市。 一操办过多起香港大型科技 IPO的投行人士向「IPO早知道」透露， MiniMax 的确就赴 ...

Core Viewpoint - SAINT BELLA Inc. is launching an IPO to raise up to HKD 627 million, with a valuation of HKD 3.918 billion, and has secured cornerstone investments totaling USD 41.5 million from various notable investors [4][5]. Group 1: IPO Details - The IPO will run from today until the 23rd, with plans to list on the Hong Kong Stock Exchange under the stock code "2508" on June 26, 2025 [2]. - SAINT BELLA plans to issue 95,420,000 shares, with 9,542,000 shares available for public offering in Hong Kong and 85,878,000 shares for international offering [3]. Group 2: Financial and Operational Highlights - The company has reported revenues of CNY 472 million, CNY 560 million, and CNY 799 million for the years 2022, 2023, and 2024 respectively [7]. - The total contract value for all business lines from 2022 to 2024 was CNY 589 million, CNY 776 million, and CNY 976 million [8]. - In 2023, the company achieved profitability with an adjusted net profit of CNY 20.77 million, which is expected to increase to CNY 42.25 million in 2024 [9]. Group 3: Business Expansion and Strategy - The funds raised from the IPO will be primarily used to expand the postpartum care network, open new centers in existing and new cities, and integrate competitors [9]. - SAINT BELLA operates 96 high-end postpartum care centers under various brands, with a significant market share in cities like Hangzhou and Shanghai [5]. - The company is also expanding its global footprint with centers in Hong Kong, Singapore, and Los Angeles [5]. Group 4: Service Offerings - In addition to postpartum care centers, SAINT BELLA offers family care services and functional health foods for women, enhancing customer lifetime value [6]. - Approximately 84% of postpartum care service clients also utilize other services or products offered by SAINT BELLA, indicating strong customer retention [6].

根据弗若斯特沙利文的资料，以中国门店数目计算，周六福于 2017年至2024年连续八年维持于中 国珠宝市场前五大品牌之列；在中国珠宝品牌中，周六福是从成立到达成4,000家门店此里程碑速度 最快的公司。 在这 4,129家门店中，从城市划分来看，在一线城市、二线城市、三线城市及其他低线城市的门店 数量分别占总门店数量的8.4%、36.5%和55.1%；从选址划分来看，在购物中心和百货商场的门店 数量占门店总数的约55%。 从成立到达成4,000家门店此里程碑速度最快的中国珠宝品牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 周六福珠宝股份有限公司（以下简称 "周六福"） 今起招股、至 23日结束，并 计划于2025年6月26日正式以"6168"为股票代码在港交所主板挂牌上市。 周六福 计划在本次 IPO中发行 46,808,000股H股 ，其中香港公开发售 4,680,800股H股 ，国际 发售 42,127,200股H股 。 以每股 24港元的发行价计算， 周六福 将通过本次 IPO募集11.23亿港元，IPO市值为102.13亿港 元 ...