Core Viewpoint - Wuxi Xian Dao Intelligent Equipment Co., Ltd. (referred to as "Xian Dao Intelligent") has successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 49.3 billion through the issuance of 107,658,400 shares at an offering price of HKD 45.8 per share [2][7]. Fundraising Details - The net proceeds from the fundraising, after deducting listing expenses of HKD 1.34 billion, amount to HKD 48 billion [2][7]. - The cornerstone investors include Oaktree, Pinpoint, AMF, MY Asian, MSIP, Ouwanda Fund, QRT, Wuxi Jinchou, and Guotai Junan, collectively subscribing to USD 275 million [2][7]. Shareholder Breakdown - Oaktree subscribed for USD 30 million, Pinpoint for USD 20 million, AMF for USD 100 million, MY Asian for USD 30 million, and MSIP, Ouwanda Fund, and QRT each for USD 20 million [3][8]. - Wuxi Jinchou and Guotai Junan (related to Wuxi Jinchou's OTC swap) subscribed for USD 15 million, while Millennium and Rome Garden each subscribed for USD 10 million [3][8]. Market Performance - Xian Dao Intelligent was previously listed on the Growth Enterprise Market since 2015, with a closing price of CNY 57.53 and a market capitalization of CNY 901 billion as of the last trading day [4][9].

Core Viewpoint - The successful listing of Xian Dao Intelligent Equipment Co., Ltd. (H-share code 00470) on the Hong Kong Stock Exchange reflects strong interest and recognition from international investors, indicating the company's solid position in the global new energy equipment sector [2][3]. Group 1: H-Share Listing and Market Response - The H-share issuance received unprecedented market enthusiasm, with significant subscriptions from top global asset management firms and sovereign funds, leading to high oversubscription rates [3]. - The final issuance price was set at HKD 45.8 per share, raising a total of HKD 5.68 billion, which will primarily fund global R&D, service network expansion, and digital infrastructure upgrades [3]. - The listing is seen as a reaffirmation of the company's leading position in the global new energy equipment market, with expectations of replicating the post-listing success of CATL [3][14]. Group 2: Industry Position and Performance - Xian Dao is the largest supplier of lithium battery intelligent equipment globally, with a market share of 15.5%, significantly ahead of the second player at 10.0% [5]. - The company is projected to achieve a net profit of RMB 1.5 billion to 1.8 billion in 2025, representing a year-on-year increase of 424.29% to 529.15% [5]. - The recovery in downstream demand and improved operational efficiency are driving the company's performance, with a notable increase in order volume and delivery pace [6]. Group 3: Strategic Partnerships and Global Expansion - The introduction of top-tier strategic investors, including Oak Tree Capital and Morgan Stanley, signals international recognition of the company's global value [8]. - The company has established a diverse customer base, including major global automakers and battery manufacturers, enhancing its market presence and stability [10]. - The overseas revenue for the first half of 2025 is expected to grow by 159.56%, indicating significant potential for future expansion in international markets [10]. Group 4: Technological Advancements and R&D - The company is positioned as a leader in next-generation technologies, particularly in solid-state batteries, which are expected to see a compound annual growth rate of 151% from 2026 to 2030 [11]. - Continuous high levels of R&D investment have resulted in a robust patent portfolio, ensuring the company maintains pricing power and long-term profitability [12]. - The company's platform strategy spans multiple high-growth sectors, including photovoltaics and hydrogen energy, demonstrating its ability to adapt and thrive across various industries [11]. Group 5: ESG Commitment and Long-term Value - The company's commitment to ESG practices, including carbon neutrality goals and certifications, enhances its attractiveness to international investors [14]. - The comprehensive competitive advantages, including market leadership, proprietary technology, and a strong global customer base, position the company favorably for future growth [15]. - The listing is viewed as a new starting point for the company's global journey, with expectations of continued growth driven by its leadership in the new energy sector [15].

Group 1 - The Hang Seng Index rose by 0.43%, gaining 116 points to close at 27,299 points, while the Hang Seng Tech Index increased by 1.10% [1] - Xiaomi Group-W (01810) saw a rise of over 4%, with the new generation SU7 expected to launch in April [1] - The first-day listing of Xian Dao Intelligent (00470) increased by 0.44%, while fishing company Lexin Outdoor (02720) surged by 33% on its second day of trading [1] - The Kintor Group (00148) and Kintor Laminates (01888) experienced gains of 5% and 14% respectively, driven by expected high growth in copper-clad laminate performance by 2025 [1] - The precious metals sector saw gains, with Wan Guo Gold Group (03939) rising over 9% to reach a new high, benefiting from increased gold prices [1] - Tungsten prices continued to rise, with tungsten oxide increasing by 20,000 yuan per ton and ammonium paratungstate rising by 10,000 yuan per ton, leading to a surge of over 12% for Jiaxin International Resources (03858) [1] - China Duty Free Group (01880) rose over 5% following a strong start to the Spring Festival travel season for duty-free shopping in Hainan [1] Group 2 - Gilead Sciences-B (01672) increased by over 6%, with plans to submit an IND for ASC36 oral tablets for obesity treatment to the FDA in the second quarter [2] - Jinli Permanent Magnet (06680) rose over 7% as rare earth prices continue to climb, with institutions predicting a dual increase in valuation and performance for the sector [3] - Mongol Mining (00975) surged over 11% as its BKH gold mine ramped up production and dividend restrictions were gradually lifted [4] - Semiconductor Manufacturing International Corporation (00981) fell by 3.63% post-earnings, with Goldman Sachs indicating that its first-quarter gross margin guidance was below expectations [5] - Health 160 (02656) plummeted by 33%, retracting most of its gains for the year, with its total market value briefly falling below 20 billion HKD [6]

2月11日，先导智能（00470.HK）正式登陆了港股市场，和中芯国际（00981.HK）、宁德时代（03750.HK）等个股一样，完成了"A+H"双资本平台布局。 先导智能盈利波动让券商持谨慎态度。 对比近期的新股，先导智能香港发售的认购表现比较低迷。 先导智能最终每股发售价为45.80港元，每手100股，截至发稿时间股价现为45.82港元，几乎持平发售价。 根据公告，先导智能是智能装备企业，为众多新兴产业提供智能装备及解决方案。公司所交付的制造装备及解决方案广泛分布于锂电池、光伏电池以及电 脑、通信及消费电子产品（3C）制造、智能物流、制氢及燃料电池生产、汽车制造及激光精密加工等多个应用领域。 根据弗若斯特沙利文资料，按2024年收入计，先导智能为全球第二大新能源智能装备供应商，市场份额为2.9%。同年，按2024年收入计，公司为全球最大 的锂电池智能装备供应商，市场份额为15.5%，同时按收入计亦为中国最大的锂电池智能装备供应商，市场份额为19.0%。 经营层面，2022年至2024年，先导智能收入分别为138.36亿元、164.83亿元、117.73亿元；期内利润分别为23.18亿元、17.71亿元、 ...

先导智能（00470）公布配发结果，公司全球发售1.08亿股H股，香港公开发售占8.7%，国际发售占 91.3%。最终发售价为每股45.8港元，全球发售净筹约47.96亿港元。每手100股，预期H股将于2026年2 月11日上午九时正在联交所开始买卖。 其中，香港公开发售获79.54倍认购，国际发售获10.47倍认购。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Major Events - Xian Dao Intelligent (00470) received a subscription rate of 79.54 times for its public offering in Hong Kong, with a final issue price of HKD 45.8 per share [1] - Shishi Pharmaceutical Group (02005) is expected to win bids for 45 products in the national centralized procurement [1] - Gilead Sciences-B (01672) has selected the oral amylin receptor agonist peptide ASC36 for clinical development [1] - China Railway Construction (01186) recently won major projects totaling CNY 451.42 billion [1] - Shoucheng Holdings (00697) invested in Qimiao Labi through its subsidiary fund, focusing on expanding its product matrix around core intellectual property [1] - Minshi Group (00425) plans to establish a joint venture to produce aluminum body frame components [1] - Fubo Group (03738) has reached a strategic cooperation with Xinglu Technology [1] - Jin Xun Resources (03636) plans to increase capital by a total of USD 44 million for its overseas subsidiaries [1] - Changfei Optical Fiber and Cable (06869) experienced abnormal fluctuations in A-share trading, clarifying that it does not engage in CPO-related businesses [1] Operating Performance - SMIC (00981) reported Q4 revenue of USD 2.489 billion, a quarter-on-quarter increase of 4.5%, with a gross margin of 19.2% [1] - PCCW (00008) reported a loss attributable to shareholders of HKD 253 million for the fiscal year 2025, narrowing by 16% year-on-year [1] - WuXi Biologics (02269) issued a positive profit alert, expecting a year-on-year profit increase of approximately 46.3% to CNY 4.908 billion for the fiscal year 2025 [1] - Dongyue Group (00189) issued a positive profit alert, anticipating over 100% year-on-year growth in profit attributable to owners for 2025 [1] - Elephant Future Group (02309) issued a positive profit alert, expecting a mid-term profit attributable to owners of approximately HKD 178 million, reversing from a loss [1] - Sihuan Pharmaceutical (00460) issued a positive profit alert, expecting revenue of no less than CNY 2.5 billion for 2025, with a growth rate exceeding 30% compared to the previous year [1] - Beijing Automotive (01958) expects a net profit attributable to the parent company of approximately CNY 110 million to CNY 130 million for 2025, a year-on-year decrease of about 86.4% to 88.5% [1] - COFCO Joycome (01610) issued a profit warning, expecting a loss attributable to shareholders of approximately CNY 230 million to CNY 350 million, reversing from profit year-on-year [1] - New Town Development (01030) achieved a contract sales amount of approximately CNY 714 million in January, a year-on-year decrease of 29.79% [1] - Yue Yuen Industrial (00551) reported a net operating income of approximately USD 705 million in January, a year-on-year decrease of 12.5% [1] - Baoshan International (03813) reported a cumulative net operating income of CNY 1.748 billion in January, a year-on-year decline of 32.5% [1]

Core Viewpoint - The company, Xian Dao Intelligent (00470), has successfully listed its shares at a price of HKD 45.8 per share, raising approximately HKD 4.796 billion in net proceeds from the issuance of 108 million shares [1] Company Overview - Xian Dao Intelligent's manufacturing equipment and solutions are widely used across various sectors, including lithium batteries, photovoltaic cells, 3C manufacturing, smart logistics, hydrogen production, fuel cell production, automotive manufacturing, and laser precision processing [1] - The company's intelligent equipment is equipped with industrial control software, which streamlines multiple production processes, aiding clients in transitioning to highly automated, unmanned factories to reduce labor costs and enhance production efficiency while promoting green initiatives [1] Market Position - According to Frost & Sullivan, the global new energy intelligent equipment market is expected to account for approximately 15% of the global intelligent equipment market by 2024 [1] - In the same year, Xian Dao Intelligent is projected to be the second-largest supplier of new energy intelligent equipment globally, with a market share of 2.9% [1] - The global lithium battery intelligent equipment market is anticipated to represent about 13.5% of the new energy intelligent equipment market by 2024, with Xian Dao Intelligent being the largest supplier in this segment, holding a market share of 15.5% globally and 19.0% in China [1]

智通财经APP讯，先导智能(00470)公布配发结果，公司全球发售1.08亿股H股，香港公开发售占8.7%， 国际发售占91.3%。最终发售价为每股45.8港元，全球发售净筹约47.96亿港元。每手100股，预期H股将 于2026年2月11日上午九时正在联交所开始买卖。 其中，香港公开发售获79.54倍认购，国际发售获10.47倍认购。 ...

假设全球发售于2026年2月11日(星期三)上午八时正(香港时间)或之前成为无条件，预期H股将于2026年 2月11日(星期三)上午九时正(香港时间)开始在联交所买卖。H股将以每手买卖单位100股H股进行买卖， 且H股的股份代号将为0470。 格隆汇2月10日丨先导智能(00470.HK)公告，公司全球发售107,658,400股H股，每股H股45.80港元，所 得款项净额47.96亿港元。香港公开发售股份数目占全球发售股份数目8.7%，获认购79.54倍；国际发售 股份数目占全球发售股份91.3%，获认购倍10.47倍。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發或派發。本公告並不且無意構成在美國或任何其他司法管轄區境內購買或認購證券的任 何要約或招攬或組成其一部分。發售股份並無亦不會根據《1933年美國證券法》（經不時修訂） （「《美國證券法》」）或美國任何州或其他司法管轄區證券法登記，亦不得在美國境內提呈發售、 出售、質押或以其他方式轉讓，惟根據《美國證券法》登記規定獲豁免或毋須遵守有關規定且遵 守任何適用州證券法律的交易中進行者除外。發售股份(i)於美國境內根據《美國證券法》的登記 豁免僅可向「合資格機構買家」（定義見第144A條）提呈發售及出售及(ii)於美國境外根據《美國 證券法》S規例以離岸交易方式提呈發售及出售。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。有意投資者於決定是否投資 於發售股份前 ...