Group 1 - Several Hong Kong new stocks are experiencing declines, with New Qi An (02573.HK) dropping by 12.85% [1] - METALIGHT (02605.HK) has decreased by 12.35% [1] - Shide Global (00487.HK) is down by 11.81% [1] - Rongda Technology (09881.HK) has fallen by 8.45% [1]

Group 1: New Listings and Market Performance - New Qian Group officially listed on the Hong Kong Stock Exchange on June 10, with a closing price increase of 21.43% after an initial jump of 60% [1] - The company priced its shares at HKD 18.9, issuing 10.5854 million shares, and primarily produces high-intensity sweeteners like sucralose, serving major clients such as Coca-Cola and Nestlé [1] - The strong debut reflects positive market expectations for the food additive industry, particularly for sugar substitutes, enhancing the company's brand influence and market share [1] Group 2: Upcoming Listings - Cao Cao Travel, a ride-hailing platform incubated by Geely Group, passed the hearing for listing on the Hong Kong main board on June 9 [2] - The company reported revenues of RMB 7.631 billion, RMB 10.668 billion, and RMB 14.657 billion for 2022 to 2024, with losses of RMB 2.007 billion, RMB 1.981 billion, and RMB 1.246 billion respectively [2] - The anticipated listing aims to provide additional funding to support technological innovation and service upgrades in a competitive market [2] Group 3: Financial Performance of Existing Companies - Saint Bella, the largest postpartum care and recovery group in Asia, also passed the hearing for listing on June 9 [3] - The company projected revenues of RMB 472 million, RMB 560 million, and RMB 799 million from 2022 to 2024, with net profits of approximately RMB -45 million, RMB 21 million, and RMB 42 million [3] - The steady revenue growth and improving net profit indicate the viability of its business model and market potential, with the listing expected to enhance service range and brand influence [3] Group 4: Financial Challenges - Yau Lee Group announced an expected net loss of HKD 100 million to HKD 130 million for the fiscal year ending March 31, 2025, marking a shift from profit to loss [4] - The loss is attributed to negative adjustments in contract prices for public housing projects, reducing contract value and adversely affecting the gross margin of the construction business [4] - The downturn in the Hong Kong property market has led to unrealized revaluation losses on commercial investment properties, highlighting risks in the construction and real estate sectors [4]

Core Viewpoint - New Qian Group Co., Ltd. (New Qian) successfully listed on the Hong Kong Stock Exchange on June 10, with an IPO price of HKD 18.9 per share, raising approximately HKD 200 million [1][3]. Group 1: IPO Details - New Qian issued 10.5854 million shares, with a net fundraising amount of approximately HKD 164 million [1]. - On the first day of trading, the opening price was HKD 30.25 per share, representing a 60.05% increase from the IPO price, and the closing price was HKD 22.95 per share, a 21.43% increase [3]. - The company achieved a market capitalization of approximately HKD 2.2 billion by the end of the first trading day [3]. - The public offering was oversubscribed by 149.37 times, while the international offering was 0.93 times subscribed [3]. Group 2: Company Background - New Qian was established in September 2006 and is located in Ji'an, Jiangxi Province, with a registered capital of approximately RMB 85.645834 million [3]. - The main shareholders include Shenzhen New Qian Industrial Development Co., Ltd. and Shenzhen Guoxin Hongsheng Equity Investment Fund [3]. Group 3: Business Overview - New Qian is a manufacturer of food-grade glycine and sucralose, serving approximately 150 clients from various industries [5]. - The company reported revenues of approximately RMB 761 million, RMB 447 million, and RMB 569 million for the years 2022, 2023, and 2024, respectively [6][7]. - Gross profits for the same years were approximately RMB 195 million, RMB 80 million, and RMB 102 million, with net profits of approximately RMB 122 million, RMB 44.66 million, and RMB 43.41 million [6][7]. Group 4: Financial Performance - The adjusted net profit for 2024 is projected to grow by 20% year-on-year, reaching approximately RMB 53.61 million after excluding listing expenses [7]. - Despite the projected growth, the profit scale in 2023 is noted to be "halved" compared to 2022 [8].

Core Viewpoint - Xin Qian Group Co., Ltd. (新琪安) successfully listed on the Hong Kong Stock Exchange, opening at HKD 30.25 and closing at HKD 22.95, reflecting a 21.43% increase from the opening price [1] Group 1: IPO Details - The final offer price for Xin Qian was HKD 18.90, with a total number of shares offered being 10,585,400 [2] - The distribution of shares included 1,662,400 shares for the Hong Kong public offering and 8,923,000 shares for international offering [2] - The total proceeds from the offering amounted to HKD 200.06 million, with net proceeds of HKD 164.15 million after deducting estimated listing expenses of HKD 35.91 million [2] Group 2: Use of Proceeds - The net proceeds from the global offering will be allocated for the production of isomaltitol at the Thailand factory, expansion of sucralose production, production of algal dietary fiber and serine, enhancement of R&D capabilities, working capital, and general corporate purposes [2] Group 3: Financial Performance - Xin Qian's projected revenues for 2022, 2023, and 2024 are RMB 761.49 million, RMB 446.94 million, and RMB 568.87 million, respectively [5][6] - The net profit for the same years is projected to be RMB 122.02 million, RMB 44.66 million, and RMB 43.41 million, respectively [8] - Adjusted net profit (non-HKFRS measurement) for the years is expected to be RMB 122.02 million, RMB 44.66 million, and RMB 53.61 million [8] Group 4: Cash Flow - The net cash generated from operating activities for 2022, 2023, and 2024 is projected to be RMB 192.40 million, RMB 26.20 million, and RMB 4.30 million, respectively [8][9] - The cash and cash equivalents at the end of the years are expected to be RMB 178.25 million, RMB 105.19 million, and RMB 46.13 million [9]

Core Viewpoint - New Qi'an Technology Co., Ltd. is set to list on the Hong Kong Stock Exchange on June 10, 2024, aiming to raise approximately HKD 221 million through the issuance of 10.5854 million H-shares priced between HKD 18.90 and HKD 20.90 per share [1][2] Company Overview - Founded in 2003 in Jiangxi, New Qi'an Technology specializes in the production and sales of food-grade glycine and sucralose, ranking first globally in sales and revenue for food-grade glycine and among the top five for sucralose [2][3] - Major clients include global consumer brands such as Coca-Cola, Nestlé, Mondelēz, and Colgate, with food-grade glycine used in various products including pet food, sauces, and dairy [2] Financial Performance - The company has faced declining net profits for three consecutive years, with net profit dropping from approximately CNY 122 million in 2022 to CNY 45 million in 2023 [1][4] - Revenue figures for 2022 to 2024 are approximately CNY 761 million, CNY 447 million, and CNY 569 million, with gross margins decreasing from 25.6% to 17.9% [4] Market Challenges - The decline in profits is attributed to falling average selling prices for food-grade glycine and sucralose, driven by intense price competition in the sugar substitute market [4][5] - The average export price of sucralose fell significantly from approximately CNY 386,300 per ton in 2022 to CNY 141,600 per ton in 2024 [5] Management Structure - The company exhibits a family-controlled ownership structure, with the founding family holding 58.6% of shares, raising potential liquidity concerns under Hong Kong Stock Exchange rules [7] - The reliance on a few major clients is evident, with the top five clients accounting for approximately 56.2% of total revenue from 2022 to 2024 [7] Strategic Focus - New Qi'an Technology plans to prioritize overseas markets, having established production facilities in Indonesia and Thailand, with overseas sales contributing significantly to revenue growth [8][9] - The company aims to expand its production capacity in Thailand, with plans for a new production line for isomaltulose with an expected annual capacity of 15,000 tons [9]

Core Viewpoint - The sugar substitute market is experiencing explosive growth, with the global market expected to reach $22.1 billion by 2024, and China's market surpassing 10 billion yuan. However, the company Xinqi'an faces significant operational risks due to performance volatility and customer concentration as it prepares for its IPO [1]. Financial Performance - Xinqi'an's revenue for the years 2022, 2023, and 2024 was 761.5 million yuan, 446.9 million yuan, and 568.9 million yuan respectively, indicating a downward trend in revenue [2][3]. - Net profit during the same period decreased from 122.0 million yuan in 2022 to 44.7 million yuan in 2023, and further to 43.4 million yuan in 2024, reflecting a reduction of approximately two-thirds [3]. Revenue Breakdown - The decline in revenue in 2023 was primarily due to falling average selling prices of glycine and sucralose. The average selling price of food-grade glycine dropped from 32,800 yuan per ton to 17,000 yuan, while sucralose prices fell from 311,700 yuan to 184,800 yuan [4][6]. - The sales contribution from sucralose and food-grade glycine to total revenue was approximately 49.6% and 40.6% in 2022, respectively, but the share of sucralose sales decreased to 41.8% in 2024 [4]. Market Dynamics - The price war in the sucralose market began in 2022 due to oversupply and has led to significant price reductions. The average price of sucralose is expected to stabilize as major producers increase prices [6]. - The food-grade glycine market is more fragmented, and price pressures are likely to persist, making recovery slower compared to sucralose [6]. Customer Concentration and Liquidity Issues - Xinqi'an's sales to its top five customers accounted for approximately 56.2% of total revenue in 2022, indicating a high customer concentration risk [7]. - Trade receivables increased from 103 million yuan in 2022 to 225 million yuan in 2024, with the average collection period extending from 45 days to 113 days, raising concerns about liquidity [7][8]. Strategic Initiatives - To mitigate domestic market volatility, Xinqi'an is focusing on expanding its presence in overseas markets, particularly through its factory in Thailand, which is expected to produce 500 tons of sucralose annually [9]. - The company plans to establish new sales offices in the U.S., Netherlands, Thailand, and Indonesia to enhance its international sales network [10].

Core Viewpoint - New Qi'an (02573.HK) has launched an IPO, planning to issue 10.5854 million shares globally, with a price range of HKD 18.9 to HKD 20.9 per share, aiming to raise approximately HKD 174.3 million if priced at HKD 19.9 per share [1] Company Overview - Established in 2003, New Qi'an specializes in the production and sale of food additives, including high-intensity sweetener sucralose and food-grade and industrial-grade glycine, ranking first in the global food-grade glycine manufacturing industry by sales volume and revenue in 2023 [2] - The company holds approximately 5.1% and 3.1% of the global market share in food-grade glycine by sales volume and revenue, respectively [2] Financial Performance - New Qi'an has experienced declining financial performance over the past two years, with revenue dropping from RMB 761 million in 2022 to RMB 569 million in 2024, and net profit decreasing from RMB 122 million to RMB 43.4 million during the same period [3] Market Segmentation - In 2024, over 60% of New Qi'an's revenue came from Europe and North America, with significant growth in the North American market [4] - Revenue distribution by region for 2024 shows North America contributing RMB 233.8 million (41.1%), Europe RMB 119.2 million (20.9%), and mainland China RMB 116.4 million (20.5%) [5] IPO Details - The Hong Kong public offering will commence on May 30, 2025, and end on June 5, 2025, with the final offer price and allocation results to be announced on June 9, 2025 [1] - New Qi'an has secured cornerstone investments of approximately HKD 60 million from investors including Reynold Lemkins and He Win [1]

Company Overview - The company, 新琪安 (02573), is a producer of food-grade glycine and sucralose, with over 20 years of industry experience [1] - It ranks first in the global food-grade glycine manufacturing industry based on sales volume and revenue for 2023, holding approximately 5.1% and 3.1% of the global market share respectively [1] - The company's food-grade glycine accounted for about 0.31% of the global food additive market by sales volume in 2023 [1] IPO Details - The company plans to conduct an IPO from May 30 to June 5, 2025, offering 10,585,400 H-shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, plus an additional 15% over-allotment option [1] - The expected price range for the shares is HKD 18.9 to 20.9 per share, with shares anticipated to be listed on June 10, 2025 [1] Use of Proceeds - Assuming a share price of HKD 19.9 and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 174.3 million [2] - About 21.3% of the proceeds will be allocated to the construction of a production line for isomaltitol at a factory in Thailand, with an expected annual capacity of 15,000 tons [2] - Approximately 55.3% will be used over the next two years for the production of algal dietary fiber and serine [2] - Around 13.4% will be invested in enhancing research and development capabilities [2] - About 10.0% will be utilized for working capital and general corporate purposes [2] Strategic Partnerships - The company has entered into cornerstone investment agreements with The Reynold Lemkins Group (Asia) Limited and 合赢香江控股有限公司, agreeing to subscribe for shares at the offer price, with a total investment not exceeding HKD 60 million [2]

Group 1 - The company plans to globally offer 10.5854 million H-shares, with 1.0586 million shares available in Hong Kong and 9.5268 million shares for international offering, along with a 15% over-allotment option [1] - The expected pricing range for the shares is HKD 18.9 to 20.9 per share, with a trading unit of 200 shares, and the shares are anticipated to start trading on June 10, 2025 [1] - The company is a leading producer of food-grade glycine and sucralose, holding the top position in the global food-grade glycine manufacturing industry based on sales volume and revenue in 2023, with a market share of approximately 5.1% in volume and 3.1% in revenue [2] Group 2 - The company has established cornerstone investment agreements with Reynold Lemkins Group (Asia) Limited and He Win Holdings Limited, agreeing to subscribe for shares up to HKD 60 million, with a total of 2.9848 million shares at a price of HKD 19.9 per share [3] - Assuming the over-allotment option is not exercised and the shares are priced at HKD 19.9, the total proceeds from the global offering are estimated to be approximately HKD 210.6 million, with net proceeds expected to be around HKD 174.3 million after listing expenses [4] - The intended use of the net proceeds includes approximately 21.3% for the construction of a production line for isomaltulose in Thailand, 55.3% for the production of algal dietary fiber and serine, 13.4% for enhancing R&D capabilities, and 10.0% for working capital and general corporate purposes [4]