Group 1 - The Hang Seng Index fell by 0.97%, down 252 points, closing at 25,842 points, while the Hang Seng Tech Index dropped by 1.3% [1] - China Aluminum (02600) rose by 5.66% as it plans to acquire stakes in three subsidiaries, enhancing its control [1] - CGN Mining (01164) increased by over 3% due to two major uranium suppliers lowering their 2026 production guidance, tightening supply and supporting uranium prices [1] - Longpan Technology (02465) surged over 10% after its subsidiary signed a nearly 5 billion yuan long-term contract with Sunwoda [1] - Yunji (02670) rose over 5%, reaching a new high since its listing, now 70% above its IPO price, leading in the smart hotel robot application competition [1] Group 2 - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling interest, receiving a buyout offer at over 80% discount [2] Group 3 - Lemo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [3] - Jinyan High-Alumina New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [3] - Yidu International Holdings (00259) increased by over 7%, with its subsidiary, Sanfeng Information, being a core client and shareholder of domestic AI chip star company Muxi, which will start its Sci-Tech Innovation Board subscription on December 5 [3] Group 4 - Capital界金控 (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [4] Group 5 - XPeng Motors-W (09868) fell over 4% as November sales decreased by 12% month-on-month, failing to meet the target of 40,000 units [5]

Market Overview - The Hong Kong stock market opened lower on December 3, with the Hang Seng Index falling to 25,980.89 points, down 114.16 points, a decline of 0.44% [1][9] - The Hang Seng Technology Index reported a decrease to 5,595.53 points, down 28.51 points, a decline of 0.51% [3][13] New Listings - Two new stocks were listed on the same day: - LeMo Technology (HK02539) opened over 60% higher, later increasing to a peak of 72.3 HKD, representing a 70% rise. The company operates shared massage equipment in high-traffic public areas across China [5][11] - Jinyan Kaolin New Materials (HK02693) opened 27.4% higher, reaching a maximum of 9.8 HKD. The company specializes in the mining, processing, and sales of coal series kaolin, being a large-scale and standardized producer in China [5][11] Sector Performance - Among the constituents of the Hang Seng Technology Index, NetEase fell over 2%, while Alibaba and Bilibili dropped over 1%. Automotive stocks continued to decline, with NIO and XPeng down over 3%, BYD down over 1%, and Li Auto showing a slight rebound [5][11] Market Outlook - According to Industrial Securities, the market style is expected to be balanced from December to January, with large-cap, low-valuation, and cyclical styles likely to dominate. Consumer sectors such as home appliances, food and beverage, textiles, and social services are anticipated to perform well during this period due to expectations of increased growth policies ahead of the new year [12] - Guosen Securities highlighted the impact of the "K-shaped economy" in the U.S. and the necessity of addressing rising unemployment rates, suggesting that a rate cut in December is essential. The U.S. dollar index is expected to weaken in early 2026, which would benefit the valuation recovery of emerging markets [6][12]

Core Viewpoint - LeMo Technology (02539) has successfully listed its shares at a price of HKD 40 each, raising approximately HKD 182 million, with a significant initial trading increase of 62% to HKD 64.8 [1] Company Overview - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China [1] - The company launched the "LeMo Bar" brand in 2016, focusing on providing machine massage services in commercial complexes, cinemas, and transportation hubs such as airports and high-speed rail stations [1] Market Position - According to Frost & Sullivan, LeMo Technology ranked first in the Chinese machine massage service market by transaction value for three consecutive years from 2022 to 2024 [1] - By revenue, LeMo Technology is projected to hold over 50% market share in the domestic market by 2024, significantly surpassing other competitors [1] Expansion and Coverage - As of November 15, 2025, LeMo Technology has established over 48,000 service points and deployed more than 533,000 machine massage devices across 31 provincial-level administrative regions and 337 cities in China [1]

Core Viewpoint - LeMo Technology officially listed on the Hong Kong Stock Exchange, showing strong performance on its first day with a significant opening price increase of 62% from the final pricing [1][2] Group 1: Stock Performance - The stock opened at HKD 64.8, compared to the final pricing of HKD 40, resulting in a profit of HKD 2,480 per lot of 100 shares [1] - In pre-market trading, the stock opened 39% higher and closed at HKD 80.5, achieving a total increase of 101.25%, with a profit of HKD 4,050 per lot [2] Group 2: Company Overview - LeMo Technology is a leading provider of IoT technology and machine massage services in China, launching the "LeMo Bar" brand in 2016 [3] - The company ranks first among machine massage service providers in China by transaction volume for three consecutive years from 2022 to 2024, with a market share exceeding 50% by revenue in 2024 [3] Group 3: Financial Performance - The company has shown continuous revenue growth, with total revenue increasing from RMB 330 million in 2022 to RMB 798 million in 2024, although the growth rate has slowed [3] - Approximately 60% of the funds raised from the IPO will be used to expand the coverage and penetration of service points [3] Group 4: Subscription Demand - The public offering phase saw an oversubscription of approximately 7,324.29 times, making it one of the most sought-after new stocks in the recent Hong Kong market [3] - The final number of shares for the public offering was set at 555,600 due to the extremely high subscription rate [3]

客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 乐摩科技（02539）首挂上市，公告显示，每股定价40港元，共发行555.56万股股份，每手100股，所得 款项净额约1.82亿港元。截至发稿，股价上涨72.75%，现报69.10港元，成交额6232.14万港元。 招股书显示，乐摩科技通过位于中国各地人流密集的公共场所的各服务网点的机器按摩设备提供按摩服 务。据弗若斯特沙利文数据显示，若按交易额计算，乐摩科技于2022年至2024年连续三个年度在中国机 器按摩服务市场中排名第一位。且若按收入计算，乐摩科技2024年的市场份额位列国内第一名，市场份 额超过50%，远超市场中的其他参与者。 据悉，乐摩科技于2016年推出"乐摩吧"品牌，致力于在商业综合体、影院、交通枢纽场所（包括机场、 高铁站等）等消费场景为消费者提供机器按摩服务。于2025年11月15日，集团已为机器按摩服务设立超 过48，000个服务网点，投放超过533，000张机器按摩设备，覆盖中国31个省级行政区及337个城市。 乐摩科技（02539）首挂 ...

Core Viewpoint - The stock of LeMo Technology (2539.HK) surged on its debut, reaching a peak increase of 80.75% to HKD 72.3, following an IPO pricing of HKD 40, indicating strong market interest and demand for the company's shares [1] Company Overview - LeMo Technology is primarily engaged in the research and development of Internet of Things (IoT) technology, operation of shared massage chairs, and internet sales [1] - The company achieved a subscription rate of 7,324.29 times for its public offering and 6.78 times for international placement, reflecting significant investor interest [1] Market Position - According to Frost & Sullivan, LeMo Technology ranks first among all machine massage service providers in China by transaction volume for three consecutive years from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [1] - By revenue, LeMo Technology is also projected to hold the top position in the Chinese machine massage market in 2024, with a market share exceeding 50% [1] Industry Context - As of December 31, 2024, there are over 10,000 massage service providers in China, with more than 50 being machine massage service providers, indicating a competitive landscape [1]

Group 1 - The core point of the article is that the new Hong Kong stock, LeMo Technology, opened with a significant increase of 62%, reaching a price of 64.8 HKD, compared to its issue price of 40 HKD [1]

Core Viewpoint - LeMo Technology (02539) has successfully listed its shares at a price of HKD 40 each, raising approximately HKD 182 million, with a significant initial trading increase of 62% to HKD 64.8 [1] Company Overview - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China [1] - The company has established over 48,000 service points and deployed more than 533,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in China [1] Market Position - According to Frost & Sullivan, LeMo Technology ranks first in the Chinese machine massage service market by transaction value for three consecutive years from 2022 to 2024 [1] - By revenue, LeMo Technology is projected to hold over 50% market share in 2024, significantly surpassing other competitors in the market [1]

其中，香港公开发售获7324.29倍认购，国际发售获6.78倍认购。 乐摩科技公布配发结果，公司全球发售555.56万股H股，香港公开发售占10%，国际发售占90%。每股 发售价40港元，全球发售净筹约1.82亿港元。 ...

今日金岩高岭新材(2693.HK)、乐摩科技(2539.HK)上市，宝济药业-B(2659.HK)、卓越睿新(2687.HK)、 纳芯微(2676.HK)申购。 本文源自：金融界AI电报 ...