Major Events - LeShuShi (02698) received a subscription rate of 1813.77 times for its public offering in Hong Kong, with an expected listing date of November 10 [1] - Zhongwei New Materials (02579) is in the process of an IPO from November 7 to November 12, with an expected listing on November 17 [1] - Baili Tianheng (02615) is also conducting an IPO from November 7 to November 12, with a listing expected on November 17 [1] - Haohai Biological Technology (06826) plans to acquire the remaining 20% stake in Shenzhen New Industry Ophthalmic Technology Co., Ltd. for 74 million yuan [1] - Weili Zhibo-B (09887) has been included in the MSCI Global Small Cap Index [1] - Heng Rui Medicine (01276) has received clinical trial approval notifications for HRS-2430 injection and SHR-4610 injection [1] Financial Data - Fuzhikang Group (02038) anticipates a year-on-year revenue growth of approximately 15% and significant improvement in financial performance [1] - Boya Interactive (00434) expects a year-on-year increase of approximately 105% to 115% in profit attributable to owners for the first nine months [1] - Longfor Group (00960) reported a total contract sales amount of 55.75 billion yuan for the first ten months [1] - Longyuan Power (00916) completed a total power generation of 62.1519 million megawatt-hours in the first ten months, representing a year-on-year decrease of 0.94% [1]

Core Viewpoint - The Hong Kong stock market has seen significant IPO activity in 2025, with 78 new stocks raising a total of HKD 215.5 billion, leading the global IPO market. Notably, 14 A-share companies have listed in Hong Kong, accounting for over half of the total fundraising amount [1]. Company Overview - Zhongwei New Materials, established in 2014, specializes in the research, production, and sales of new energy battery materials, particularly focusing on precursor materials for nickel and cobalt-based cathodes (pCAM) [3][4]. - The company is a global leader in pCAM, holding a market share of 21.8% across all pCAM products, with nickel and cobalt pCAM accounting for 20.3% and 28.0% of the market share, respectively, as of 2024 [3][4]. Financial Performance - From 2022 to 2024, Zhongwei New Materials' revenue grew from CNY 30.34 billion to CNY 40.22 billion, reflecting a compound annual growth rate (CAGR) of approximately 15.6%. During the same period, net profit increased from CNY 1.54 billion to CNY 1.79 billion [5]. - For the first three quarters of 2025, the company reported revenue of CNY 33.3 billion, a year-on-year increase of 10.39%, but net profit decreased by 16% to CNY 1.11 billion [6]. Market Position and Growth Prospects - The global market for new energy materials is rapidly expanding, with the pCAM market projected to reach CNY 87.7 billion and the new energy metal market expected to reach CNY 2.4558 trillion by 2024 [10]. - The demand for new energy materials is anticipated to continue growing due to the rising needs of electric vehicles, energy storage systems, and emerging applications such as humanoid robots and low-altitude aircraft [10]. Competitive Landscape - The new energy materials industry is characterized by high concentration, with the top five manufacturers holding 76.3% of the market share in nickel pCAM and 86.2% in cobalt pCAM as of 2024 [10]. - As the industry faces increasing technological barriers and stricter environmental regulations, resources are expected to concentrate further among leading companies, positioning Zhongwei New Materials favorably to strengthen its market position [10]. IPO Details - Zhongwei New Materials is set to launch its IPO from November 7 to November 12, 2025, with a total of 104 million shares offered at a price range of HKD 34 to HKD 37.8. The company aims to raise approximately HKD 39.4 billion [2][11]. - The company has secured commitments from nine cornerstone investors, who have subscribed to 44.4% of the offering, indicating strong investor interest [2][11].

Investment Rating - The report suggests a cautious subscription for Zhongwei Co., Ltd. (2579.HK) [1] Core Insights - The company is a leader in the global market for nickel and cobalt pCAM used in lithium-ion batteries, with market shares of 20.3% and 28.0% respectively in 2024 [2] - The demand for the company's products is driven by applications in electric vehicles, energy storage systems, and consumer electronics, which have significant commercial potential [2] - The global nickel pCAM shipment is expected to grow to 3,103.7 thousand tons by 2030, with a compound annual growth rate (CAGR) of 21.6% from 2024 to 2030 [3] - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 30,343.7 million, RMB 34,273.2 million, and RMB 40,222.9 million respectively, with net profits of RMB 1,539.4 million, RMB 2,100.5 million, and RMB 1,787.8 million [3] Summary by Sections IPO Details - The IPO price range is set at HKD 34 to HKD 37.8, with a total fundraising amount of HKD 3.6279 billion [1] - The total number of shares available for subscription is 10,422.54 million, with 90% allocated for international placement and 10% for public offering [1] Market Position - The company has maintained its position as the top supplier of nickel and cobalt pCAM for five consecutive years since 2020 [2] - The current IPO pricing reflects a significant discount compared to the A-share closing price, providing a safety margin for investors [4] - The estimated PE ratio for 2024 is approximately 23 times, indicating a moderate position within the industry [4] Industry Outlook - The industry for new energy batteries is in a growth phase, with substantial long-term growth potential [4] - The demand for cobalt pCAM is expected to accelerate, with shipments projected to reach 209.8 thousand tons by 2030, reflecting a CAGR of 12.7% from 2024 to 2030 [3]

Group 1 - The company Zhongwei New Materials (02579.HK) has officially launched its global offering in Hong Kong, planning to issue 104 million shares with an offering price range of HKD 34 to HKD 37.8 per share [2] - The expected net proceeds from the offering, assuming a mid-point price of HKD 35.9 and excluding related expenses, is approximately HKD 3.6279 billion, with about 50% allocated for expanding production and supply chain capabilities, and 40% for R&D in new energy battery materials and digitalization [2] - The public offering period is from November 7 to November 12, with the final offer price and share allocation results expected to be announced on November 14, and trading on the Hong Kong Stock Exchange set to begin on November 17 [2] Group 2 - Zhongwei New Materials has a comprehensive product line that includes nickel-based materials, cobalt-based materials, phosphorus-based materials, sodium-based materials, and new energy metal products, catering to leading companies in the new energy materials, battery, automotive, and consumer electronics industries [3] - The company achieved a revenue of RMB 40.223 billion in 2024, with a growth from RMB 20.086 billion in the first half of 2024 to RMB 21.323 billion in the first half of 2025, although net profit has declined from RMB 0.863 billion in the first half of 2024 to RMB 0.735 billion in the first half of 2025 [3] Group 3 - In the third quarter of 2025, the company experienced a "revenue growth without profit growth" scenario, with a year-on-year revenue increase of 18.84% but a net profit decline of 17.33% [4] - The decline in net profit is attributed to a high level of government subsidies in the same period last year and weaker marginal contributions from low-priced inventory [4]

Group 1 - The core viewpoint of the article is that China-based battery materials supplier Zhongwei New Materials (2579.HK) is launching an IPO, offering 104 million H-shares with a price range of HKD 34 to HKD 37.8, aiming to raise up to HKD 3.94 billion before the greenshoe option [1] - The IPO will allocate approximately 50% of the raised funds to expand production and supply chain capabilities, around 40% for R&D and digital advancement in new energy battery materials, and about 10% for working capital and other general corporate purposes [1] - The company has attracted nine cornerstone investors, who collectively subscribed for nearly HKD 1.659 billion worth of shares, accounting for approximately 44.33% of the total shares offered [1] Group 2 - Zhongwei New Materials serves a diverse client base that includes leading companies in the new energy materials, battery, automotive, and consumer electronics sectors [2] - Notable clients of Zhongwei New Materials include CATL, Tesla, BYD, Toyota, LG Chem, Samsung SDI, and SK On [2]

Group 1 - The core viewpoint of the article is that China-based battery materials supplier Zhongwei New Materials (2579.HK) is launching an IPO, offering 104 million H-shares with a price range of HKD 34 to HKD 37.8, aiming to raise up to HKD 3.94 billion before the greenshoe option [1] - The IPO will allocate approximately 50% of the raised funds to expand production and supply chain capabilities, around 40% for R&D and digital advancement in new energy battery materials, and about 10% for working capital and other general corporate purposes [1] - The company has attracted nine cornerstone investors, who collectively subscribed for nearly HKD 1.659 billion worth of shares, accounting for approximately 44.33% of the total shares offered [1] Group 2 - Zhongwei New Materials serves a diverse client base that includes leading companies in the new energy materials, battery, automotive, and consumer electronics sectors [2] - Notable clients of Zhongwei New Materials include CATL, Tesla, BYD, Toyota, LG Chem, Samsung SDI, and SK On [2]

中偉新材料股份有限公司 CNGR Advanced Material Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2 5 7 9 全球發售 聯席保薦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示： 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 CNGR Advanced Material Co., Ltd. 中偉新材料股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下的發售股份數目 ： 104,225,400股H股（視乎超額配股權行使與否而定） 香港發售股份數目 ： 10,422,600股H股（可予重新分配） 國際發售股份數目 ： 93,802,800股H股（可予重新分配且視乎超額配股權 行使與否而定） 最高發售價 ： 每股H股37.80港元，另加1.0%經紀佣金、0.0027% 證監會交易徵費、 0.00565%聯交所交易費及0.00015%會財局交易徵費 （須於申請時以港元繳足，多繳股款將予以退還） 面值 ： 每股H股人民幣1.00元 股份代號 ： 2579 聯 ...

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