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]

Core Viewpoint - The recent IPO of Aux Electric Co., Ltd. has sparked controversy due to a significant dividend payout of 3.7 billion yuan, alongside concerns regarding its low R&D expenditure and high debt levels, which pose risks to its financial health and competitive position in the air conditioning market [1][10][11]. Group 1: Financial Performance - Aux Electric's revenue from household air conditioners for the reporting periods of 2022 to 2025 was 17.284 billion yuan, 21.683 billion yuan, 25.904 billion yuan, and 8.376 billion yuan, accounting for 88.5%, 87.3%, 87.1%, and 89.5% of total revenue respectively [2]. - The company achieved total revenues of 19.528 billion yuan, 24.832 billion yuan, 29.759 billion yuan, and 9.352 billion yuan during the same periods, with net profits of 1.442 billion yuan, 2.487 billion yuan, 2.910 billion yuan, and 0.925 billion yuan [5][6]. - The revenue growth rates for 2023, 2024, and the first quarter of 2025 were 27.2%, 19.8%, and 27.0% respectively, indicating stable overall growth [6]. Group 2: Business Model and Market Position - Aux Electric is the fifth largest air conditioning provider globally, with a market share of 7.1% as of 2024, primarily generating revenue from household and central air conditioning sales [1][2]. - The company has a high concentration in its main business, with over 95% of its revenue derived from air conditioning products during the reporting periods [2]. - The brand "Aux" generated 61.1%, 58.2%, 52.2%, and 47.8% of total revenue in the respective years, while the newer brands "HuaSuan" and "AUFIT" contributed significantly less [3]. Group 3: R&D and Operational Efficiency - Aux Electric's R&D expenditures were 398 million yuan, 567 million yuan, 710 million yuan, and 128 million yuan, representing only 2.0%, 2.3%, 2.4%, and 1.4% of total revenue, which is significantly lower than its sales and administrative expenses [4][5]. - The company's inventory levels increased dramatically, with a 117.07% year-on-year growth in 2024, primarily due to stockpiling for overseas demand [7]. Group 4: Debt and Cash Flow - Aux Electric's total liabilities reached 22.752 billion yuan by the end of the reporting period, resulting in an asset-liability ratio of 83% [9]. - The net cash flow from operating activities declined from 4.004 billion yuan in 2022 to 580 million yuan by the first quarter of 2025, indicating tightening liquidity [10]. Group 5: Market Challenges and Competition - The domestic air conditioning market is primarily in a replacement phase, with major competitors like Midea, Gree, and Haier maintaining strong positions, posing significant competitive pressure on Aux Electric [11]. - The company has faced numerous consumer complaints regarding product quality and after-sales service, which could impact its brand reputation [12][15].

Group 1 - The core point of the article is that Aux Electric announced its IPO final offer price of HKD 17.42 per share, and the stock will be listed on the Hong Kong Stock Exchange starting September 2 [1] Group 2 - The announcement was made on the evening of September 1 [1] - The listing on the Hong Kong Stock Exchange marks a significant milestone for the company [1]

Core Viewpoint - Aux Electric is set to list on the Hong Kong Stock Exchange, marking a new chapter in its globalization journey after over 30 years in the air conditioning industry. The listing is a recognition of its technological innovation and smart manufacturing capabilities [1] Group 1: Listing and Financial Performance - Aux Electric has completed its IPO process and is scheduled to list on September 2, with a market capitalization estimated between HKD 24.912 billion and HKD 27.123 billion, reflecting a static P/E ratio significantly lower than its peers in the Hong Kong market [1] - The company has demonstrated strong financial growth, with a compound annual growth rate (CAGR) of 23.45% in revenue and 42.07% in net profit from 2022 to 2024, surpassing industry averages [1] Group 2: Globalization Strategy - The company has attracted several cornerstone investors, including China Post Insurance and Huaying Group, indicating strong market confidence in its business model and enhancing the stability of its investor base [3] - Since 2018, Aux Electric has been actively pursuing globalization, establishing R&D centers in Japan and production bases in Thailand, while expanding its sales presence in Malaysia, Thailand, and the U.S. [3] - The revenue from overseas markets has shown significant growth, with projections indicating that by 2024, nearly half of the total revenue will come from international markets, particularly with revenue growth rates of 85% in North America and 109% in South America [3] Group 3: Technological Advancements - Aux Electric has made notable advancements in smart and digital technologies, successfully building an industrial internet platform that enhances efficiency across R&D, production, supply chain operations, and sales [4] - The company is focusing on supply chain control and capacity expansion, with its Wuhu smart manufacturing base set to produce key air conditioning components by June 2025, and a new factory in Ningbo approved to meet increasing overseas demand [4] - The listing coincides with a critical transition in the Chinese air conditioning industry from "scale expansion" to "quality and efficiency enhancement," positioning Aux Electric to leverage its technological innovation and global operational capabilities [4]

Core Viewpoint - Aokai Electric (02580) announced a global offering of approximately 238 million shares, with 35% allocated for public offering in Hong Kong and 65% for international offering [1] Summary by Category Share Offering Details - The offering price per share is set at HKD 17.42, aiming to raise approximately HKD 3.994 billion [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on September 2, 2025, at 9:00 AM Hong Kong time [1] - Shares will be traded in lots of 200, with the stock code being 2580 [1] Subscription Demand - The Hong Kong public offering was oversubscribed by 557.2 times [1] - The international offering received an oversubscription of 8.3 times [1]

Core Viewpoint - Aux Group (02580) announced a global offering of approximately 238 million shares, with a share price of HKD 17.42, aiming to raise about HKD 3.994 billion [1] Group 1: Offering Details - The offering consists of 35% for public sale in Hong Kong and 65% for international sale [1] - The shares are expected to start trading on the Hong Kong Stock Exchange on September 2, 2025, at 9:00 AM Hong Kong time [1] - Shares will be traded in lots of 200, with the stock code being 2580 [1] Group 2: Subscription Demand - The Hong Kong public offering was oversubscribed by 557.2 times [1] - The international offering was oversubscribed by 8.3 times [1]

格隆汇9月1日丨奥克斯电气(02580.HK)公告，公司全球发售238,235,200股股份，每股发售股份17.42港 元，所得款项净额39.94亿港元。香港公开发售股份数目占全球发售股份数目35.00%，获认购557.2倍； 国际发售股份数目占全球发售股份65.00%，获认购8.3倍。假设全球发售于2025年9月2日(星期二)上午八 时正(香港时间)或前成为无条件，预期股份将于2025年9月2日(星期二)上午九时正(香港时间)开始在联交 所交易。股份将以每手200股进行交易，股份的股份代号将为2580。 ...