Group 1 - The companies Zijin Gold International, Sipni, and Botai Che Lian are currently in the process of public offerings [1] - As of September 22, brokers including Futu, Huatai, and Yaocai have collectively lent HKD 95.3208 billion for Zijin Gold, with an oversubscription rate exceeding 37 times [1] - For Sipni, brokers have lent a total of HKD 6.32568 billion, with an oversubscription rate exceeding 203 times [1] - Botai Che Lian has received a total of HKD 424.465 million in loans from brokers, with an oversubscription rate of over 2.9 times [1] Group 2 - The total fundraising amount for Zijin Gold International is HKD 2.498 billion [3] - The total fundraising amount for Sipni is HKD 31 million [3] - The total fundraising amount for Botai Che Lian is HKD 107 million [3]

Core Viewpoint - The article discusses the IPO of Xipuni, a precious metal watch company, and addresses concerns about potential delays in fundraising due to external factors like typhoons, emphasizing that such events would likely affect all companies involved in the market [1]. Group 1: IPO Information - Company Name: Xipuni (02583.HK) [2] - Industry: Precious Metal Watches [2] - Offering Period: September 19 to September 24 [2] - Total Shares Issued: 1,060 shares, with 10% for public offering and 90% for international placement [2] - Offering Price: HKD 27 to 29.6 [2] - Market Capitalization: HKD 1.588 billion to 1.741 billion [2] - Price-to-Earnings Ratio: 32 times [2] - Minimum Subscription Amount: HKD 2,990 [2] - Listing Date: September 29 [2] - Sponsor: China Ping An Capital [2] Group 2: Company Overview - Xipuni was established in 2013 in Shenzhen and operates in the design, manufacturing, and branding of precious metal watches [3]. - The business consists of two main segments: Own Brand Manufacturing (OBM) and Original Design Manufacturing (ODM) [3]. - Xipuni holds two proprietary watch brands: core brand "HIPINE" and sub-brand "GOLDBEAR" [3]. - The company is the largest gold watch brand in China by GMV, with a market share of 27.08% in 2024 [3]. Group 3: Financial Performance - Revenue for fiscal years 2022, 2023, and 2024 was RMB 324 million, RMB 445 million, and RMB 457 million, respectively [4]. - Net profit for the same years was RMB 24.54 million, RMB 52.10 million, and RMB 49.35 million [4]. - In the first five months of 2025, revenue reached RMB 231 million, a year-on-year increase of 21.6% [5]. - Gross margin improved from 19.8% in 2022 to 27.2% in 2024, further rising to 31.01% in the first five months of 2025 [5]. Group 4: Market Position and Risks - Xipuni's revenue is primarily derived from watches and jewelry, with a notable shift in product structure observed in 2025 [6]. - The company is reducing reliance on traditional watches, with precious metal jewelry and products accounting for 46.6% of revenue in early 2025 [6]. - A significant risk is the high dependency on major clients, with sales to the top five clients exceeding 85% of total revenue for three consecutive years [7]. - The competitive landscape includes international high-end brands and domestic competitors, posing threats to Xipuni's market position [8]. Group 5: Industry Outlook - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion in 2029, with a CAGR of 5.19% [8]. - Xipuni's business model is increasingly aligned with that of a gold jewelry company, as gold jewelry revenue has become a significant portion of total revenue [8]. - Comparatively, Xipuni's valuation appears reasonable against peers in the jewelry sector, with a forward valuation of 19 times [9].

Core Viewpoint - The company, Xipuni, is facing a critical dilemma as it attempts to maintain its brand value of "gold preservation" while reducing the gold content in its products, leading to a paradoxical situation of "double depreciation" in profitability amidst rising gold prices [1][3][5]. Group 1: Business Model and Strategy - Xipuni's rise is attributed to a keen insight into consumer behavior in lower-tier markets, where buying gold is seen as a means of preserving value [3]. - Instead of raising prices in response to soaring gold costs, Xipuni opted for a strategy of "reducing weight without reducing price," which has diluted its core value proposition [5]. - The average gold content in their watches decreased from 5.48 grams in 2022 to 4.32 grams in 2023, a decline of approximately 17.4%, while the average selling price remained stable at 2856 RMB [5][13]. Group 2: Financial Performance - In the fiscal year 2022, Xipuni reported revenues of 323.704 million RMB, which increased to 445.477 million RMB in 2023, and is projected to reach 456.556 million RMB in 2024 [8]. - The gross profit margin improved from 19.8% in 2022 to 27.2% in 2023, despite the challenges posed by high inventory levels [8][17]. - The company's inventory turnover days reached 708 days, significantly higher than industry giants like Chow Tai Fook, indicating poor inventory management [21]. Group 3: Market Position and Risks - Xipuni's business model heavily relies on a concentrated customer base, with the top five clients accounting for over 87% of sales, which poses a risk to its operational stability [12]. - The company has ventured into smart watches to seek new growth, but this has introduced a conflict between the fast-depreciating nature of electronic products and the value-storing characteristic of gold [7]. - Xipuni's online sales accounted for only 3.2% of total sales, reflecting a lack of adaptation to modern sales channels and consumer trends [15]. Group 4: Inventory and Capital Needs - Xipuni has adopted a "gold leasing" model to mitigate rising gold costs, which has helped improve gross margins but has also led to a staggering inventory level of 6.56 billion RMB [17][22]. - The high inventory not only consumes cash flow but also risks obsolescence and value depreciation, prompting the company to pursue an IPO as a means of raising capital to alleviate its financial strain [22].

Group 1 - Chery Automobile (09973) has raised a total of HKD 9.14 billion with an oversubscription of over 47.7 times as of September 19 [1][3] - Zijin Mining (02259) has raised a total of HKD 24.98 billion with an oversubscription of over 7.2 times [1][3] - Xipuni (02583) has raised a total of HKD 0.31 billion with an oversubscription of over 16.9 times [1][3] Group 2 - Total margin financing for Chery Automobile amounts to HKD 445.6664 million, with contributions from various brokers including Futu, Huatai, and others [1][3] - Total margin financing for Zijin Mining amounts to HKD 204.9882 million, with contributions from brokers such as Huacheng and Milite [1][3] - Total margin financing for Xipuni amounts to HKD 5.5599 million, with contributions from brokers including Futu and Huatai [1][3]

Core Viewpoint - Xipuni (02583.HK) plans to globally offer 10.6 million H-shares, with 1.06 million shares available in Hong Kong and 9.54 million shares for international sale, aiming for a price range of HKD 27.0-29.6 per share [3][10] Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [4] - The company operates under an OBM (Original Brand Manufacturer) model with two brands: the core brand "HIPINE" and the sub-brand "GOLDBEAR" [4] - Xipuni's OBM products target middle-income consumers in second and third-tier cities in China, with a product range that includes traditional watches, smartwatches, and watch components [4] Revenue and Financial Performance - Revenue increased from RMB 324 million in FY2022 to RMB 445 million in FY2023, and further to RMB 457 million in FY2024, with the first five months of FY2025 showing revenue of RMB 231 million [8] - Net profit for FY2022, FY2023, FY2024, and the first five months of FY2025 was RMB 24.54 million, RMB 52.1 million, RMB 49.35 million, and RMB 42.8 million, respectively [8] Market Position and Growth - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion by 2029, with a CAGR of 5.19% [8] - Xipuni holds a market share of 27.08% in the gold precious metal watch segment and 28.96% in the gold-inlaid precious metal watch segment, making it the largest brand in both categories by GMV [8] ODM Business Model - Xipuni also generates income as an ODM (Original Design Manufacturer) for third-party domestic jewelry brands, establishing long-term relationships with well-known brands [5] - The company has expanded its product offerings to include precious metal jewelry and customized decorative items since 2023 [5] Technological Innovation - The company has developed proprietary technology for ultra-molecular gold hardening, addressing the softness of pure gold, and launched China's first mass-produced pure gold watch in 2014 [5] - In 2023, Xipuni introduced a series of smartwatches featuring Huawei's smart chip technology [5] Future Expansion Plans - Xipuni began overseas expansion in FY2024, partnering with a Malaysian distributor to retail its products, with plans to expand into the Middle East in the coming years [6] Use of Proceeds from Share Offering - The estimated net proceeds from the global offering, assuming a median price of HKD 28.3 per share, is approximately HKD 255 million, with allocations for capacity enhancement, R&D center establishment, sales network optimization, and working capital [10]

Core Viewpoint - The company, Xipuni (02583), is set to launch an initial public offering (IPO) from September 19 to September 24, 2025, aiming to issue 10.6 million shares at a price range of HKD 27.0 to 29.6 per share, with a significant portion allocated for international sales [1] Group 1: Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [1] - The company also acts as an ODM manufacturer for various domestic jewelry brands, developing and producing private label watches and jewelry [1] - Xipuni has established long-term relationships with notable ODM clients, including brands like Laofengxiang, China Jewelry, and Zhou Dashi [1] Group 2: Product and Sales Strategy - The product portfolio centers around the flagship brand HIPINE, recognized as a "Shenzhen Famous Brand" since 2022 and listed among the top 100 brands in Shenzhen in 2024 [2] - Sales are primarily conducted through a direct dealer network, leveraging over 3,000 offline retail points to penetrate the market effectively [2] - The company has begun overseas expansion, partnering with a Malaysian distributor to retail HIPINE watches, with plans to extend its reach into the Middle East [2] Group 3: Use of IPO Proceeds - The estimated net proceeds from the global offering are approximately HKD 255 million, assuming a median offer price of HKD 28.3 per share [3] - The allocation of proceeds includes approximately 40.28% for enhancing production capacity, 17.11% for establishing a research and development center in Putian, and 33.24% for expanding the sales network and brand building [3] - About 9.37% of the proceeds will be used for working capital or general corporate purposes [3]

Core Viewpoint - Xipuni (02583.HK), China's largest gold-plated precious metal watch brand, is set to launch its IPO from September 19 to September 24, 2025, with plans to list on the Hong Kong Stock Exchange on September 29, 2025, under the exclusive sponsorship of Ping An Securities (Hong Kong) [4][6]. Summary by Relevant Sections IPO Details - The company plans to issue 10.6 million H-shares, representing 18.02% of the total shares post-IPO, with a price range of HKD 27.00 to HKD 29.60 per share, aiming to raise between HKD 286 million and HKD 314 million [6][7]. - The estimated total expenses for the IPO are approximately HKD 44.6 million, which includes a 3.25% underwriting commission and other associated costs [7]. Use of Proceeds - Approximately 40.28% of the net proceeds (estimated at HKD 255 million) will be allocated to enhance production capacity, particularly for gold-plated and gold-inlaid watches, and to seize growth opportunities in the smart watch and jewelry markets [7]. - 7.85% will be used to upgrade production facilities in Shenzhen, while 17.11% will be directed towards establishing a research and development center in Putian to strengthen R&D capabilities [7]. - 33.24% will focus on expanding and optimizing the sales network, enhancing brand building, and increasing brand awareness [7]. - 9.37% will be reserved for working capital or general corporate purposes [7]. Shareholder Structure - Prior to the IPO, the major shareholders include Li Yongzhong, Hu Shaohua, Li Shuo, and Li Linmao, collectively holding about 50.50% of the shares, with Li Yongzhong having ultimate decision-making authority [8][9]. - Other significant investors include Jin Yin Gu Investment, a state-owned enterprise under the Putian State-owned Assets Supervision and Administration Commission, holding 16.40% [9]. Market Position - Established in 2013, Xipuni is recognized as the leading designer, manufacturer, and brand owner of gold-plated watches in China, with its flagship brand "HIPINE" [9]. - According to data from Zhi Zhi Consulting, Xipuni holds a market share of 27.08% in the gold-plated watch segment and 28.96% in the gold-inlaid precious metal watch segment as of 2024 [9].

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. is set to launch an IPO from September 19 to September 24, 2025, with a target net fundraising of up to HKD 310 million [1][5] Company Overview - Shenzhen Xipuni primarily engages in the design, R&D, production, and sales of precious metal watches and gold jewelry, providing ODM services to well-known domestic brands and operating its own brands "HIPINE Xipuni" and "GOLDBEAR" [3] - The company has established long-term stable supply relationships with notable clients such as Lao Feng Xiang, China Jewelry, and Zhou Dazheng [3] Market Position - Shenzhen Xipuni holds a significant leadership position in the Chinese precious metal watch market, with its brand HIPINE being the largest gold watch brand and the largest pure gold watch brand in China, capturing market shares of 27.08% and 28.96% respectively in 2024 [3] Financial Performance - The company's net profits for the years 2022, 2023, 2024, and the first five months of 2025 were RMB 24.5 million, RMB 52.1 million, RMB 49.3 million, and RMB 42.8 million respectively, indicating that the net profit in 2023 doubled compared to 2022 [5] IPO Utilization Plan - The expected net proceeds from the IPO will be allocated to four main areas: enhancing production capacity, establishing a R&D center in Putian, expanding and optimizing the sales network, and general working capital [5]

獨家保薦人 獨家整體協調人 獨家全球協調人、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，應徵求獨立專業意見。 SHENZHEN HIPINE PRECISION TECHNOLOGY CO., LTD. 深圳西普尼精密科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 獨家保薦人 獨家整體協調人 獨家全球協調人、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 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表聲 明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程，連同本招股章程附錄七「送呈香港公司註冊處處長文件」一段所列的文件，已遵照香港法例第32章公司（清盤及雜項條文）條例第 342C條的規定送呈香港公司註冊處處長登記。證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負 責。 預期發售價將由獨家整體協調人（代表包銷商）與本公司在定價日以協議方式確定。定價日 ...

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