Core Viewpoint - Aokang Electric's stock has experienced a decline since its listing on the Hong Kong Stock Exchange, indicating a challenging market reception for the company [1] Group 1: Stock Performance - Aokang Electric's stock closed at HKD 15.70, down 4.73% on September 3 [1] - The stock was listed at HKD 16.48 on September 2, with a drop of 5.4% on its first day of trading [1] - The stock is currently in a state of decline, having fallen below its initial offering price [1] Group 2: IPO Details - Aokang Electric offered a total of 238,235,200 shares, with 83,382,400 shares allocated for public offering and 154,852,800 shares for international offering [1] - The final offer price was set at HKD 17.42, raising a total of HKD 4,150.1 million, with a net amount of HKD 3,993.5 million after deducting estimated listing expenses of HKD 156.5 million [1] Group 3: Cornerstone Investors - The cornerstone investors for Aokang Electric include China Post Insurance, China Post Wealth Management, Huayun Group (Hong Kong) International Trade Co., Ltd., and others, with a total allocation of 55,921,400 shares [2]

Group 1 - The article discusses the performance and developments of AUX Electric Co., Ltd., highlighting its market position and financial metrics [1][3]. - AUX Electric Co., Ltd. has shown significant growth since its establishment in 1986, indicating a strong historical performance [3]. - The company is positioned within the Hong Kong Stock Exchange, which is relevant for investors looking at market opportunities in the electric sector [1].

Core Viewpoint - The successful listing of AUX Electric on the Hong Kong Stock Exchange marks a significant step in its global expansion strategy, reflecting its strong performance and growth potential in the home appliance industry [1][4][11]. Financial Performance - AUX Electric's revenue grew from 19.5 billion yuan in 2022 to 29.8 billion yuan in 2024, with a compound annual growth rate (CAGR) that outpaces the industry [3][6]. - Net profit increased from 1.44 billion yuan in 2022 to 2.91 billion yuan in 2024, demonstrating a robust growth trajectory [6]. - In Q1 2025, the company achieved revenue of 9.35 billion yuan, a year-on-year increase of 27%, and net profit of 0.93 billion yuan, up 23% [6]. Market Position and Strategy - AUX Electric ranks first in the Chinese home air conditioning market with a market share of 25.7% in 2024 [9]. - The company has established a multi-brand strategy, including its main brand AUX and others like "华蒜" and "ShinFlow," to cater to diverse market needs [7]. - AUX Electric's global strategy has led to significant overseas sales, with revenues of 8.39 billion yuan, 10.41 billion yuan, and 14.68 billion yuan from 2022 to 2024, representing 42.9%, 41.9%, and 49.3% of total revenue respectively [9]. Innovation and Manufacturing - The company has invested in smart manufacturing and supply chain management, including a partnership with Panasonic to develop core components like compressors [10]. - AUX Electric's Wuhu factory began mass production in June 2025, enhancing its self-sufficiency in key components [10]. - The company has implemented advanced data collection systems in production, achieving over 90% automation in critical stages [10]. Future Outlook - AUX Electric plans to use a significant portion of its IPO proceeds to upgrade its smart manufacturing systems and expand its production capacity, particularly in response to growing overseas demand [10][11]. - The establishment of a new factory in Ningbo is underway to support orders from Europe, the Middle East, and Southeast Asia, ensuring long-term revenue growth [10].

Core Viewpoint - Aux Electric Co., Ltd. (AUX) has listed on the Hong Kong Stock Exchange, experiencing a decline in share price on its debut, with a final offering price of HKD 17.42 and net proceeds of HKD 3,993.5 million after expenses [1][4]. Summary by Category Share Offering and Pricing - AUX issued a total of 238,235,200 shares, with 83,382,400 shares allocated for public offering and 154,852,800 shares for international offering [2][3]. - The final offering price was set at HKD 17.42, leading to total proceeds of HKD 4,150.1 million, with estimated listing expenses of HKD 156.5 million deducted, resulting in net proceeds of HKD 3,993.5 million [4][5]. Key Investors - Major cornerstone investors included China Post Insurance, China Post Wealth Management, and Huaying Group, among others, with a total allocation of 55,921,400 shares [6][7]. Financial Performance - AUX is among the top five air conditioning providers globally, with revenues of RMB 19.53 billion, RMB 24.83 billion, RMB 29.76 billion, and RMB 9.35 billion for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [9][10]. - Net profits for the same periods were RMB 1.44 billion, RMB 2.49 billion, RMB 2.91 billion, and RMB 0.92 billion [9][10]. Cash Flow and Debt - The net cash flow from operating activities for AUX was RMB 4.00 billion, RMB 4.63 billion, RMB 2.52 billion, and RMB 0.58 billion for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [11]. - AUX has maintained a high debt ratio, with asset-liability ratios of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to the first quarter of 2025 [12].

Core Viewpoint - The listing of Aux Electric on the Hong Kong Stock Exchange was met with a strong market response, despite an initial drop in share price on the first trading day [1][3]. Group 1: IPO Details - Aux Electric's shares were priced at HKD 17.42, but opened at HKD 16.1, representing a decline of over 7% [1]. - The IPO was significantly oversubscribed, with a 557.2 times oversubscription in the Hong Kong public offering and an 8.3 times oversubscription in the international placement [3]. - The final number of shares allocated in the international offering was 154.9 million, accounting for 65% of the total shares offered [3]. Group 2: Market Performance - Despite the strong public interest, the stock's performance in the dark market prior to the official listing was poor, closing at HKD 16.68, down 4.25% from the issue price [3]. - Investors faced a loss of approximately HKD 148 per lot (200 shares) based on the dark market price [3]. Group 3: Company Overview - Aux Electric is one of the top five air conditioning providers globally, with a market share of 7.1% projected for 2024 [4]. - The company has a compound annual growth rate (CAGR) of 30% in sales from 2022 to 2024, significantly outpacing the global air conditioning market's growth rate of 4.6% during the same period [4]. - The net proceeds from the IPO are approximately HKD 39.94 billion, with allocations of 20% for global R&D, 50% for upgrading smart manufacturing and supply chain management, 20% for enhancing sales and distribution channels, and 10% for working capital and general corporate purposes [4].

Core Viewpoint - Aux Air Conditioning officially listed on the Hong Kong Stock Exchange on September 2, 2023, but experienced a decline on its first trading day, indicating challenges in the current market environment [1] Company Summary - Aux Air Conditioning (02580.HK) raised approximately HKD 4 billion through its IPO [1] - The stock opened lower and fell by 7% to HKD 16.2 per share, below the issue price of HKD 17.42 [1] - The company's current market capitalization stands at HKD 25.226 billion [1] Industry Summary - The domestic air conditioning market is facing intense price competition, which has put pressure on Aux Air Conditioning [1] - The company aims to accelerate its global expansion in response to these market challenges [1]

Core Viewpoint - AUX Electric Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 41.50 billion through the issuance of 238.24 million H-shares at a price of HKD 17.42 per share, with a net amount of about HKD 39.94 billion [5][6]. Group 1: IPO Details - The IPO was oversubscribed, with the public offering receiving 557.2 times subscription and the international offering receiving 8.3 times subscription [5]. - Five cornerstone investors participated in the IPO, collectively subscribing for USD 124.3 million (approximately HKD 974 million) of the shares, accounting for about 3.52% of the total shares post-IPO [5][6]. Group 2: Shareholding Structure - After the listing, the major shareholders include China Prosper, controlled by Zheng Jianjiang (85%), Zheng Jiang (10%), and He Ximan (5%), holding a combined 81.91% stake through AUX Holdings [6][7]. - Other foreign holding platforms own approximately 3.09%, while public shareholders hold 15% of the shares [6][7]. Group 3: Company Overview - AUX Electric has over 30 years of experience in the air conditioning industry, providing design, research, production, sales, and services for both household and central air conditioning systems, with operations in over 150 countries and regions [7]. - According to Frost & Sullivan, AUX is the fifth largest air conditioning provider globally by sales volume, with a market share of 7.1% in 2024, and ranks first in the Chinese mass market for household air conditioning with a market share of 25.7% [7][8]. Group 4: Market Strategy - The company operates under the main brand "AUX" and employs a multi-brand strategy to enhance market penetration, incubating brands such as "HuaSuan" and "AUFIT," and launching high-end brands like "ShinFlow" [8]. Group 5: Stock Performance - As of the midday close, AUX Electric's stock was trading at HKD 16.20, with a total market capitalization of approximately HKD 25.23 billion [9]. - The stock's highest and lowest prices were HKD 16.79 and HKD 16.10, respectively, with a price-to-earnings ratio of 6.36 (trailing) and 8.15 (forward) [10].

Group 1 - The core viewpoint of the article highlights the challenges faced by Aux Electric due to a price war in the air conditioning market, leading to a decline in its stock price on the first day of trading in Hong Kong [3] - Aux Electric raised approximately HKD 40 billion through its IPO, with plans to enhance its global research, manufacturing, and sales strategies [3][5] - The domestic air conditioning market experienced an 8.3% year-on-year increase in sales during the first half of the year, driven by government incentives and rising temperatures, despite intensified competition [3] Group 2 - Aux Electric's stock opened lower on its debut, falling 7% to HKD 16.2 per share, below the issue price of HKD 17.42, resulting in a market capitalization of HKD 252.26 billion [3] - The company reported a decrease in its online market share for household air conditioners, dropping 1 percentage point to 7.02%, ranking fifth among competitors [3][4] - Aux Electric's main business focuses on household and central air conditioning, with projected revenues of RMB 29.76 billion and net profits of RMB 2.91 billion for 2024 [4] Group 3 - The net proceeds from the IPO will be allocated as follows: approximately 20% for global research and development, 50% for upgrading smart manufacturing systems, and 20% for strengthening sales and distribution channels [5] - Specific allocations include 10% for new product development, 5% for establishing overseas R&D centers, and 25% for setting up overseas production bases in regions like the Middle East and Americas [5] - The company aims to establish sales offices in Vietnam, UAE, Saudi Arabia, Spain, and Italy by 2025 as part of its global expansion strategy [5]

Group 1: Company Overview - Aux Group (奥克斯) successfully listed on the Hong Kong Stock Exchange on September 2, 2023, with an initial share price of HKD 16.1, resulting in a market capitalization of approximately HKD 26 billion [3] - The company attracted significant cornerstone investors, raising a total of USD 124 million (approximately HKD 974 million) from five cornerstone investors [3] - Aux's journey to the capital market spanned nearly ten years, including a brief listing on the New Third Board in 2016 and subsequent attempts to list on A-shares before finally opting for a Hong Kong listing [3][14] Group 2: Leadership and Vision - Zheng Jianjiang, the 64-year-old chairman of Aux, has now achieved his goal of having three listed companies, with Aux being the largest by scale [3][5] - Zheng's entrepreneurial journey began in the 1980s, and he has described himself as a grassroots entrepreneur who started from humble beginnings [5][6] - His vision included having at least three to five listed companies within five years, a goal that took a decade to realize [4][5] Group 3: Market Position and Strategy - Aux has positioned itself as a significant player in the smart home appliance sector, particularly in air conditioning, where it has adopted a competitive pricing strategy [8][10] - The company has shifted its focus towards international markets, establishing production bases and sales teams in over 150 countries, with overseas revenue increasing from 42.9% in 2022 to 57.1% in Q1 2025 [12] - Aux's R&D investment has been relatively low compared to industry leaders, with R&D expenses accounting for only 2% to 2.4% of revenue from 2022 to 2024, while competitors like Gree and Midea invest significantly more [12] Group 4: Industry Context - The air conditioning market in China is highly competitive, dominated by established players like Gree and Midea, which presents challenges for Aux as it seeks to maintain its market position [9][10] - Aux's historical pricing strategies have led to significant market share gains, but rising raw material costs and increasing energy efficiency standards are constraining its low-cost model [11][12] - The company has been involved in legal disputes with Gree over patent infringements, highlighting the intense competition and challenges within the industry [11]

Group 1 - The core viewpoint of the article highlights the successful IPO of Aux Electric on the Hong Kong Stock Exchange, emphasizing its growth potential and strategic opportunities in the global HVAC market [1][3][6] - Aux Electric's revenue is projected to grow from 19.528 billion RMB in 2022 to 29.759 billion RMB in 2024, with a compound annual growth rate (CAGR) of 23.4%, while net profit is expected to rise from 1.442 billion RMB to 2.910 billion RMB, achieving a CAGR of 42.1% [1][5] - The company's net profit margin is anticipated to increase from 7.4% in 2022 to 9.8% in 2024, further reaching 9.9% in the first three months of 2025, indicating a positive trend [1][5] Group 2 - Aux Electric's dual-market strategy under the "dual circulation" framework has shown remarkable adaptability and growth potential, with overseas revenue share increasing from 42.9% in 2022 to 57.1% in Q1 2025 [2][4] - The company has invested over 1.6 billion RMB in R&D, establishing research centers in Ningbo, Zhuhai, and overseas, and holds over 12,000 registered patents, enhancing its global competitiveness [2][4] - The global air conditioning market is projected to reach 1.3 trillion RMB in 2024 and exceed 1.5 trillion RMB by 2028, with Aux Electric positioned as the fifth-largest air conditioning provider globally, outpacing industry growth rates [4][5] Group 3 - The timing of Aux Electric's IPO aligns with a positive shift in the Hong Kong stock market, with the Hang Seng Index and Hang Seng Tech Index showing strong resilience and growth in 2023 [3][5] - Southbound capital inflows have been significant, with net purchases nearing 98 billion HKD this year, indicating strong investor interest in the Hong Kong market, particularly for new listings and small to mid-cap growth stocks [3][5] - The active IPO market reflects a resurgence in investor enthusiasm, with 54 new listings in the first eight months of the year, raising approximately 132.26 billion HKD, a 567.5% increase year-on-year [3][5] Group 4 - Aux Electric's successful listing is seen as a representation of Chinese manufacturing's advancement in the global value chain, showcasing resilience and innovative vitality under the "dual circulation" strategy [6] - The recognition from the capital market serves as validation of the company's past achievements and future growth potential, positioning Aux Electric as a typical example of a company that creates real value [6]