Core Viewpoint - Shougang Longze's IPO process has faced significant delays and complications due to a lawsuit, leading to the return of investor funds twice, which is rare in the Hong Kong IPO market [1][9]. Group 1: IPO Delays and Lawsuit - Shougang Longze initially planned to list on July 9, but a lawsuit led to the return of investor funds and a subsequent delay in the IPO process [2][4]. - The company announced a second delay on July 11, just hours after stating that trading would begin on July 15, due to ongoing legal disputes [8][9]. - Investors expressed confusion over the repeated delays, particularly regarding the impact on their investments, especially for those using financing to subscribe [1][9]. Group 2: Details of the Lawsuit - The lawsuit was filed by Hainan Jiyuan, a major shareholder in Shougang Longze's subsidiary, Ningxia Shoulang, claiming dissatisfaction with investment returns and seeking to withdraw from the joint venture [2][5]. - The lawsuit alleges that Shougang Longze made significant investment decisions without proper notification or approval from Hainan Jiyuan, including an investment increase of approximately 160 million yuan [12]. - Shougang Longze contends that the lawsuit lacks legal basis and that the decisions made were in accordance with board approvals [12]. Group 3: Supply Chain Concerns - The lawsuit may also affect the supply of raw materials for Shougang Longze, as Ningxia Jiyuan, a supplier of industrial tail gas, is controlled by the same shareholders as Hainan Jiyuan [13][14]. - Following the lawsuit, Ningxia Shoulang's production facilities underwent a scheduled maintenance period, raising concerns about potential supply disruptions [13][14]. - Shougang Longze has reached an agreement with a new tail gas supplier to mitigate supply risks, with pipeline connections expected to be completed by October [14].

Summary of Key Points Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, with multiple companies filing for listings and a notable increase in market liquidity and new listings compared to the previous year [14]. Group 1: Company Filings - Three companies submitted applications for IPOs: 1. **Shenzhen Xingyuan Material Technology Co., Ltd.** specializes in lithium-ion battery separators and holds the largest market share in dry-process separators globally, with projected revenues of 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB from 2022 to 2025 [2]. 2. **LXJ International Holdings Limited (Laoxiangji)** operates a fast-food chain with 1,564 stores across 55 cities, achieving revenues of approximately 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB from 2022 to 2025 [3][4]. 3. **Lianqi Technology Co., Ltd.** is a leading fabless integrated circuit design company, with revenues of approximately 3.672 billion, 2.286 billion, 3.639 billion, and 1.222 billion RMB from 2022 to 2025 [5]. Group 2: IPO Activity - No companies passed the hearing last week, but one company, **Shougang Longze**, is restarting its IPO process, planning to offer 20.1598 million H-shares at a price range of 14.5 to 18.88 HKD per share [6][7]. Group 3: New Listings - Six new stocks were listed last week, including: 1. **Fuwai Group**: Closed at 38.40 HKD with a gain of 1.05% [8]. 2. **Lens Technology**: Closed at 19.84 HKD with a gain of 9.13% [9]. 3. **Dazhong Oral**: Closed at 20.70 HKD with a gain of 3.50% [10]. 4. **Xunzhong Co.**: Closed at 13.58 HKD with a gain of 0.22% [11]. 5. **Jizhi Jia-W**: Closed at 17.70 HKD with a gain of 5.36% [12]. 6. **Fortior**: Closed at 139.80 HKD with a gain of 16.02% [13]. Group 4: Market Trends - The Hong Kong stock market has seen a significant improvement in liquidity, with an average daily trading volume of 240.2 billion HKD in the first half of 2025, a 118% increase from the previous year [14]. - The number of new listings increased to 44 in the first half of 2025, up 47% from the previous year, with total fundraising amounting to 107.1 billion HKD, a 699% increase [14].

Group 1 - The core point of the news is that Shougang Longze (02553.HK) has delayed its global offering and listing due to ongoing disputes related to Shoulang Jiyuan, and the offering will not proceed according to the supplementary prospectus [2][3] - Shougang Longze initially started its offering on June 30, 2025, announced a delay on July 2, and restarted the offering on July 7, with a planned listing date of July 15, 2025 [2][3] - The company planned to offer 20.1598 million H-shares at a price range of HKD 14.50 to HKD 18.88 per share, aiming to raise approximately HKD 3.81 billion [2][4] Group 2 - Shougang Longze operates in the Carbon Capture, Utilization, and Storage (CCUS) industry, focusing on producing low-carbon products such as ethanol and microbial protein through carbon capture and utilization technologies [3] - According to Frost & Sullivan, the company is the first in the CCUS industry to commercialize and scale the production of low-carbon products using validated synthetic biology technology [3] - The company has achieved several breakthroughs, including the world's first industrialized facility that uses carbon-containing industrial waste gas from steel and ferroalloy plants to produce ethanol and microbial protein through fermentation [3]

Group 1 - Shougang Longze has launched a supplementary prospectus for its IPO, planning to offer 20.1598 million H-shares at a price range of HKD 14.50 to HKD 18.88, with listing expected on July 15 [1] - The supplementary prospectus indicates increased transparency, which may enhance market confidence, although ongoing legal disputes could affect investor perceptions of governance and potential legal risks [1] Group 2 - Fuwai Group, founded by Li Ka-shing's son, debuted on the Hong Kong Stock Exchange with a slight increase of 1.05% on its first trading day, closing at HKD 38.40 after opening flat and experiencing minor fluctuations [2] - The stable market performance reflects cautious investor sentiment regarding the growth potential of the insurtech sector [2] Group 3 - Kangnate Optical expects its net profit attributable to shareholders for the first half of 2025 to increase by at least 30% compared to the same period in 2024, driven by strong sales of high-refractive index and functional products [3] - This growth indicates that Kangnate Optical is effectively responding to market demand changes and enhancing profitability through product mix upgrades [3] Group 4 - Huijing Holdings announced a potential annual loss of approximately HKD 335 million for 2024, attributed to a significant decrease in revenue and increased inventory impairment, alongside rising financial costs from HKD 178 million in 2023 to approximately HKD 441 million in the current year [4] - These financial challenges highlight the need for close monitoring of Huijing Holdings' financial health and recovery plans [4] Group 5 - The Hang Seng Index closed at 23887.83, down 0.12%, while the Hang Seng Tech Index rose by 0.25% to 5229.56, and the YQ Index slightly decreased by 0.01% to 8608.54 [5]

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) saw 11 companies submit applications for listing from June 30 to July 6, with no companies passing the listing hearing during this period. Additionally, 7 companies initiated their public offerings, and 5 new stocks were listed. Group 1: Companies Submitting Applications - Puxiang Health Holdings Limited is a leading provider of integrated medical and elderly care services in North China, ranking second in revenue among its peers and first in revenue growth from 2022 to 2024 [2] - Magnesium Health Technology Co., Ltd. focuses on innovative payment solutions for medical expenses, being the largest provider of innovative health insurance solutions in China by policy count [3] - Yangtuo Technology Inc. operates a trading and service platform for home care and nutrition products, holding a 10.1% market share in the low-tier market [4] - Xiamen Ruiwei Information Technology Co., Ltd. specializes in image intelligent analysis products and solutions, leveraging machine learning and computer vision technologies [5] - Zijin Gold International Limited is a leading global gold mining company, ranking ninth in gold reserves and eleventh in production as of 2024 [6] - EVE Energy Co., Ltd. is a leading lithium battery platform company, ranking first in China for consumer cylindrical battery shipments and second globally for energy storage battery shipments [7] - Zhejiang Yifei Intelligent Technology Co., Ltd. is a leading industrial robotics company in China, focusing on the light industry [8] - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. is a leading power semiconductor company, ranking second in the global OLED display PMIC market [9] - Beijing Tongrentang Medical Investment Co., Ltd. is the largest non-public Chinese medicine hospital group by outpatient and inpatient visits [11] - Shandong Linglong Tire Co., Ltd. is the largest OE tire manufacturer in China and the third largest globally [12] - Magnesium Holdings Limited is an innovative automotive technology company focused on AI-driven integrated domain control solutions [13] Group 2: Public Offerings and New Listings - Seven companies initiated their public offerings, including Anjii Foods, which had a subscription rate of 44.2 times for its public offering [14][15] - Other companies like Lens Technology and Fortior also initiated their public offerings with significant interest from cornerstone investors [16][19] - Five new stocks were listed, including Yunzhisheng, which saw a closing price increase of 44.59% on its first day [20][21][22][23] Group 3: Market Insights - The Hong Kong Stock Exchange raised over HKD 107 billion in the first half of 2025, with a 20% increase in the Hang Seng Index [24] - The biopharmaceutical sector has seen a resurgence, with 10 companies successfully listing in the first half of 2025, compared to only 12 for the entire previous year [25][26] - The total fundraising amount for the biopharmaceutical sector reached HKD 15.6 billion in the first half of 2025, indicating strong market interest [26][27]

Group 1 - The upcoming IPO of Shougang Longze represents a rare investment opportunity in the Hong Kong stock market, particularly in the carbon capture, utilization, and storage (CCUS) sector, which is expected to invigorate ESG concept stocks [1] - The market environment since 2025 has been favorable for IPOs, with notable examples like Blook and Mixue Ice City demonstrating strong investor sentiment and valuation potential for fundamentally sound companies [2] - The CCUS industry is projected to see significant growth, with global investment expected to rise from $12.6 billion in 2023 to $76.8 billion by 2028, reflecting a compound annual growth rate (CAGR) of 43.5% [3][6] Group 2 - Shougang Longze is the first company in the CCUS industry to commercialize low-carbon product production using validated synthetic biology technology, providing it with a first-mover advantage and substantial growth potential [3][10] - The demand for carbon capture in China is anticipated to increase more than 20 times by 2040, from approximately 20 million tons per year in 2025 to about 630 million tons per year [3] - The company's business model includes the sale of ethanol and microbial protein, as well as comprehensive low-carbon solutions for industrial clients, positioning it uniquely in the market [3][10] Group 3 - The synthetic biology technology utilized by Shougang Longze is expected to be a primary technological pathway for the future development of the CCUS industry, enhancing carbon emission conversion efficiency and aligning with ESG development needs [9] - Shougang Longze's technology is the only verified synthetic biology technology in the CCUS sector, providing a significant competitive advantage and establishing a comprehensive research and development system [10][11] - The company has successfully implemented large-scale production facilities and holds 241 authorized patents, with an additional 102 patents pending, creating a robust intellectual property framework [10][11] Group 4 - Overall, Shougang Longze is positioned as a benchmark in the Hong Kong stock market, combining industry growth potential, technological leadership, and market validation, making it a unique investment opportunity [12]

Core Viewpoint - The company has delayed its global offering and listing due to a civil lawsuit filed by a shareholder, Ji Yuan Jun Yi, who is dissatisfied with the investment returns from its subsidiary, Shou Lang Ji Yuan [1] Group 1: Legal Dispute - Ji Yuan Jun Yi accuses the company of violating the investment agreement by increasing the investment amount in Shou Lang Ji Yuan's production facilities by approximately 159.8 million RMB without prior notice [2] - The lawsuit also claims that the company set the sales price of ethanol products without board or shareholder approval, violating the fairness clause in the investment agreement [2] - Ji Yuan Jun Yi has requested a preservation order to prevent the company from making unilateral major investment and pricing decisions [2] Group 2: Legal Counsel's Opinion - The company's legal advisors believe that the lawsuit lacks legal basis and the likelihood of Ji Yuan Jun Yi's claims succeeding is low [3] - The company plans to actively defend against the claims made in the lawsuit [3] - The company has secured irrevocable commitments from two new gas suppliers to meet its industrial gas supply needs, ensuring quality consistency with the current supplier [3] Group 3: Financial Impact - If Ji Yuan Mei Jin stops supplying industrial gas, the company could see a revenue decline of approximately 6.2%, a gross margin decrease of about 0.9 percentage points, and an increase in net loss of around 7.2% for 2025 [4] - The decline in gross margin is attributed to fixed costs that will still be incurred despite no revenue generation in the worst-case scenario [4] - The company believes that the legal dispute will not have a significant adverse impact on its overall business [4]

Core Viewpoint - Shougang Longze's IPO has been delayed due to a civil lawsuit filed by a shareholder of its subsidiary, impacting its planned listing on July 9 [1][2]. Company Overview - Shougang Longze is engaged in the Carbon Capture, Utilization, and Storage (CCUS) industry, focusing on converting carbon-containing industrial emissions into ethanol and microbial protein, while providing low-carbon comprehensive solutions [4]. - The company has a total production capacity of 210,000 tons of ethanol and 23,200 tons of microbial protein annually [4]. Financial Performance - Shougang Longze reported losses of 23.855 million yuan, 110 million yuan, and 246 million yuan for the years 2022, 2023, and 2024, respectively [4]. - The average selling price of ethanol is expected to decline significantly from 2023 to 2024 [4]. Production Facilities and Profitability - The investment return period for Shougang Longze's four production facilities is estimated to be between 8 to 11 years, with one facility achieving breakeven in 2022 [4]. - The expected breakeven years for the remaining three facilities are 2026, 2026, and 2027 [4]. Legal Issues - The lawsuit was initiated by Hainan Jiyuan, the second-largest shareholder of Ningxia Shoulang, a subsidiary of Shougang Longze, claiming unreasonable demands [2][3]. - Shougang Longze has labeled the lawsuit as "false accusations" and is committed to resolving the issue promptly [2].

Group 1 - Shougang Longze has delayed its global offering and listing due to a civil lawsuit filed against it, which requires the company to provide more information to investors [1] - The company plans to issue a supplementary prospectus to update the listing timeline and related information [1] Group 2 - Hong Kong Stock Exchange has launched an order transmission service for its Integrated Fund Platform (IFP) to enhance efficiency in the fund distribution ecosystem [2] - The service integrates order processing for fund subscriptions and redemptions, welcoming 33 initial participants including distributors and fund companies [2] Group 3 - Eye care biotech company Bokan Vision Cloud-B saw its stock price drop significantly on its first trading day, closing down 38.61% from its IPO price of 10.1 HKD [3] - The decline may be attributed to market skepticism regarding its valuation and the current market environment for new listings [3] Group 4 - Anjoy Foods had a lackluster performance in the dark market, with its H-shares priced at 60 HKD and a total global offering of approximately 39.99 million shares [4] - Despite being the largest frozen food company in China with a market share of 6.6%, investor concerns about growth prospects and market competition may have impacted its initial reception [4]

Core Viewpoint - Shougang Lanze announced a delay in its global offering and listing due to a civil lawsuit filed against the company by a shareholder of one of its main operating subsidiaries, impacting investor confidence and the IPO timeline [1][2][8]. Group 1: Delay in Listing - The delay in the listing is attributed to a civil lawsuit filed in Pingluo County People's Court, leading the company to postpone its original listing date of July 9, 2025, and refund all application funds [2][3][4]. Group 2: Refund Arrangements - Investors who have already paid their subscription funds, including commissions and various fees, will receive a full refund via electronic means on July 7, 2025, without interest [4]. Group 3: Key Concerns from the Lawsuit - The lawsuit raises significant concerns regarding the involved subsidiary, which is a core operating entity, but the company has not disclosed specific details about the subsidiary, shareholder identity, or the lawsuit's nature. Market speculation includes potential issues such as equity disputes or technology and asset ownership conflicts [5][6]. Group 4: Direct Impact on IPO Process - The company is required to disclose details of the lawsuit, potential financial impacts, and legal risk assessments in a supplementary prospectus according to Hong Kong Stock Exchange rules, or it will be unable to restart the listing process [7]. Group 5: Market Confidence and Valuation Pressure - Investor concerns are heightened due to the lack of clarity surrounding the lawsuit, which may obscure significant operational risks and weaken trust in governance transparency. The company's previous valuation range was HKD 5.51-7.18 billion, but the lawsuit may exacerbate valuation pressures [8]. Group 6: Company Fundamentals and Industry Positioning - Shougang Lanze is a leader in the CCUS sector, having commercialized industrial waste gas fermentation to produce ethanol, supported by favorable policies that restrict grain-based ethanol production and promote sustainable aviation fuel [10]. Group 7: Financial Risks - The company has reported cumulative net losses of CNY 380 million from 2022 to 2024, with cash reserves of only CNY 111 million against short-term borrowings of CNY 270 million, indicating a significant debt repayment gap. The IPO proceeds of HKD 280 million were intended for capacity expansion, and the delay may strain funding for ongoing projects [11]. Group 8: Regulatory Implications - The lawsuit's outcome remains uncertain, and if it involves freezing core technologies or assets, it could undermine the business model. Even if the company wins, prolonged litigation could delay expansion plans and result in missed policy opportunities [12]. Group 9: Governance and Operational Challenges - The abrupt halt in the IPO process highlights deeper challenges, including deficiencies in governance transparency, cash flow vulnerabilities, and debates over valuation rationality. The company's ability to resolve the lawsuit quickly and provide additional disclosures will be crucial for regaining investor interest [14].