Core Viewpoint - LeMo Technology (02539.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company in the machine massage service sector, with a strong market response reflected in oversubscription rates and a significant opening price increase [1][3]. Company Overview - LeMo Technology is the leading enterprise in China's machine massage service market, deploying smart massage devices in high-traffic locations such as commercial complexes, cinemas, and transportation hubs, establishing the largest service network in the country [3]. - As of the latest feasible date, the company has set up over 48,000 service points and deployed more than 533,000 massage devices across 31 provincial-level administrative regions and 337 cities [3]. Market Position - According to Frost & Sullivan, the company's market share by transaction value is projected to increase from 33.9% in 2022 to 42.9% in 2024, with expectations to surpass 50% in revenue market share by 2024, solidifying its position as the industry leader [3][4]. - The company has strategically penetrated three core scenarios: placing devices in open areas of commercial complexes, integrating massage mats into cinema seating, and creating dedicated service areas in airports and train stations [3]. Financial Performance - From fiscal year 2022 to 2024, the company's total revenue is expected to grow from 330 million yuan to 798 million yuan, reflecting a compound annual growth rate (CAGR) of 55.6% [4]. - Gross profit is projected to rise from 85.34 million yuan to 288 million yuan, while net profit is anticipated to increase from 6.48 million yuan to 85.81 million yuan [4]. - In the first eight months of 2025, the company has already achieved revenue of 631 million yuan and a net profit of 88.55 million yuan, indicating a continued robust growth trend [4]. Industry Landscape - The Chinese massage service market is highly concentrated, with over 10,000 existing service providers, of which only about 50 are machine massage service providers, with LeMo Technology leading by a significant margin [4]. - The overall market size for machine massage services in China is projected to reach 2.7 billion yuan by 2024, representing 0.5% of the total massage market valued at 536.2 billion yuan [4]. Strategic Initiatives - The company plans to allocate 60% of its IPO funds for network expansion and 20% for technology research and development, aiming to strengthen its technological barriers and market penetration [4]. - The introduction of strategic investors prior to the IPO, including notable institutions, signifies a recognition of the shared massage service model in the capital market [5]. - LeMo Technology is evolving from a service provider to a health lifestyle platform, reshaping the industry ecosystem as it expands its service network into lower-tier cities and develops home massage equipment [5].

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, up 70% from its IPO price, leading in the smart hotel robot application competition [1] - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling stake, receiving a buyout offer at over 80% discount [1] Group 2 - Lemo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [2] - Jinyan Gaoling New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [2] - Yidu International Holdings (00259) increased by over 7%, with its subsidiary, Canfeng Information, being a core client and shareholder of the domestic AI chip star company, Muxi, which will start its Sci-Tech Innovation Board subscription on December 5 [2] Group 3 - Capital界金控 (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [3] Group 4 - XPeng Motors-W (09868) fell over 4%, with November sales declining by 12% month-on-month, failing to meet the target of 40,000 units [4]

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 (601600) (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 (603906) (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, up 70% from its IPO price, leading in the smart hotel robot application competition [1] - Yijun Group Holdings (02442) resumed trading and skyrocketed by 66% after a change in controlling stake, receiving a buyout offer at over 80% discount [1] - LeMo Technology (02539) debuted with a 68% increase, recognized as a leader in shared massage equipment [1] - Jinyan Gaoling New Materials (02693) also debuted, rising by 3%, being the largest producer of precision casting mullite materials in China [1] - Yidu International Holdings (00259) increased by over 7% as Muxi Co., Ltd. plans to initiate its Sci-Tech Innovation Board application on December 5 [1] - Capital Market Financial Holdings (00204) plummeted over 50%, with mid-term losses expanding 3.73 times to 50.13 million HKD [1] Group 2 - XPeng Motors-W (09868) fell over 4% as November sales declined by 12% month-on-month, failing to meet the target of 40,000 units [2]

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]

Core Viewpoint - LeMo Technology (02539) has successfully listed its shares at a price of HKD 40 each, raising approximately HKD 182 million, with the stock price surging by 72.75% to HKD 69.10 at the time of reporting [1][4]. Group 1: Company Overview - LeMo Technology provides massage services through machine massage equipment located in high-traffic public areas across China [1][4]. - The company has established over 48,000 service points and deployed more than 533,000 machine massage devices, covering 31 provincial-level administrative regions and 337 cities in China by November 15, 2025 [1][4]. Group 2: 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][4]. - By revenue, LeMo Technology is projected to hold over 50% market share in 2024, significantly surpassing other competitors in the market [1][4].

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]