香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限 公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與安井食品集團股份有限公司（「本公司」）於2025年 6月25日刊發的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章證券及期貨（穩定價格）規則第9(2)條作出。本公告僅供參 考，並不構成任何人士收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。有 意投資者於決定是否投資發售股份前應閱覽招股章程，以獲得下文所述有關全球發售的詳細 資料。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發 佈、刊發或派發。本公告並不構成或組成在美國境內或於任何其他司法權區購買或認購發售 股份的任何要約或招攬的一部分。發售股份並無亦不會根據《1933年美國證券法》（經不時修 訂）（「美國證券法」）或美國任何州或其他司法權區的證券法登記。發售股份不得在美國境內 提呈發售、出售、質押或 ...

Core Viewpoint - Anjiu Food Group Co., Ltd. became the first "A+H" listed company in China's frozen food industry but faced a disappointing debut on the Hong Kong Stock Exchange, raising questions about its performance and future prospects [1][2]. Summary by Sections Company Overview - Anjiu Food was founded in 2001 by Liu Mingming, a wealthy entrepreneur from Henan, and initially focused on fish paste and flour-based products [2]. - The company experienced over 20% annual compound growth and went public on the Shanghai Stock Exchange in 2017, subsequently engaging in a series of acquisitions to expand its product offerings [2]. Financial Performance - Anjiu Food reported a decline in both revenue and net profit for 2024, marking the first time since 2011 that both metrics decreased, with revenue at 3.6 billion yuan (down 4.13%) and net profit at 393 million yuan (down 10.80%) [3]. - The company's poor financial results have weakened investor confidence, leading to nearly 30% of minority shareholders voting against the Hong Kong listing proposal [3]. Market Reaction - The company’s stock debuted at a price of 60 HKD per share, raising 2.4 billion HKD, but the initial public offering was met with lukewarm market interest, as evidenced by a 44.2 times oversubscription in the public offering phase, which was below market expectations [1]. - Anjiu Food adjusted its final offering price down by 9.1% from the original upper limit, which contributed to a lackluster market reception on its first trading day [1]. Strategic Challenges - The company faces internal challenges, including issues related to acquisitions, goodwill impairment, and a decline in profitability, which have arisen as the prepared food sector experiences stagnation [2][3]. - Anjiu Food's international expansion efforts have not yielded significant results, with overseas business contributing only about 1% to revenue, raising concerns about its ability to regain investor trust and attract capital market interest [7]. Shareholder Sentiment - There is a notable divide between the company and its minority shareholders, particularly regarding the remaining balance from a previous 5.74 billion yuan fundraising and the frequent share sell-offs by major shareholders, totaling 5.778 billion yuan [7]. - The company aims to enhance its international presence through strategic partnerships and flexible expansion methods, including potential acquisitions and establishing manufacturing facilities abroad [7].

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) saw 11 companies submit applications for listing from June 30 to July 6, with no companies passing the listing hearing during this period. Additionally, 7 companies initiated their public offerings, and 5 new stocks were listed. Group 1: Companies Submitting Applications - Puxiang Health Holdings Limited is a leading provider of integrated medical and elderly care services in North China, ranking second in revenue among its peers and first in revenue growth from 2022 to 2024 [2] - Magnesium Health Technology Co., Ltd. focuses on innovative payment solutions for medical expenses, being the largest provider of innovative health insurance solutions in China by policy count [3] - Yangtuo Technology Inc. operates a trading and service platform for home care and nutrition products, holding a 10.1% market share in the low-tier market [4] - Xiamen Ruiwei Information Technology Co., Ltd. specializes in image intelligent analysis products and solutions, leveraging machine learning and computer vision technologies [5] - Zijin Gold International Limited is a leading global gold mining company, ranking ninth in gold reserves and eleventh in production as of 2024 [6] - EVE Energy Co., Ltd. is a leading lithium battery platform company, ranking first in China for consumer cylindrical battery shipments and second globally for energy storage battery shipments [7] - Zhejiang Yifei Intelligent Technology Co., Ltd. is a leading industrial robotics company in China, focusing on the light industry [8] - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. is a leading power semiconductor company, ranking second in the global OLED display PMIC market [9] - Beijing Tongrentang Medical Investment Co., Ltd. is the largest non-public Chinese medicine hospital group by outpatient and inpatient visits [11] - Shandong Linglong Tire Co., Ltd. is the largest OE tire manufacturer in China and the third largest globally [12] - Magnesium Holdings Limited is an innovative automotive technology company focused on AI-driven integrated domain control solutions [13] Group 2: Public Offerings and New Listings - Seven companies initiated their public offerings, including Anjii Foods, which had a subscription rate of 44.2 times for its public offering [14][15] - Other companies like Lens Technology and Fortior also initiated their public offerings with significant interest from cornerstone investors [16][19] - Five new stocks were listed, including Yunzhisheng, which saw a closing price increase of 44.59% on its first day [20][21][22][23] Group 3: Market Insights - The Hong Kong Stock Exchange raised over HKD 107 billion in the first half of 2025, with a 20% increase in the Hang Seng Index [24] - The biopharmaceutical sector has seen a resurgence, with 10 companies successfully listing in the first half of 2025, compared to only 12 for the entire previous year [25][26] - The total fundraising amount for the biopharmaceutical sector reached HKD 15.6 billion in the first half of 2025, indicating strong market interest [26][27]

Core Insights - The article provides an overview of the latest trends in domestic investment and financing events, highlighting key sectors and companies involved in significant funding rounds [3]. Group 1: Investment Overview - A total of 93 financing events were disclosed in the domestic primary market this week, an increase of 5 events compared to the previous week. Among these, 34 events disclosed financing amounts, with a total financing scale of 10.248 billion RMB, averaging 301 million RMB per event [5]. - The most active sectors in terms of financing events were intelligent manufacturing (21 events), artificial intelligence (19 events), and healthcare (9 events) [7]. Group 2: Sector Analysis - In terms of disclosed financing amounts, the energy and power sector led with a total financing scale of approximately 4.434 billion RMB. Notably, "Yongxiang Co., Ltd." completed nearly 4.916 billion RMB in Series A financing [8]. - The intelligent manufacturing sector followed, with a disclosed financing total of 2.603 billion RMB, including nearly 1 billion RMB in angel round financing for "Sunrise," a high-performance GPU developer [10]. Group 3: Regional Distribution - The disclosed investment events were primarily concentrated in Jiangsu (19 events), Guangdong (17 events), and Beijing (13 events) [14]. - Jiangsu reported a total financing of 1.645 billion RMB across 7 disclosed events, while Beijing had 1.750 billion RMB from 6 disclosed events [17]. Group 4: Stage Distribution - The majority of the disclosed investment events were early-stage (68 events), followed by growth-stage (19 events) and late-stage (6 events) [18]. Group 5: Major Financing Events - The article highlights significant financing events, including the acquisition of 100% of "Changqing Environmental Protection" by Huaxing New Energy for 401 million RMB, focusing on biomass power generation technology [36].

Investment Rating - The report suggests a cautious subscription for Anjuke Food's IPO [1][3]. Core Insights - Anjuke Food is the largest frozen food company in China, with a market share of 6.6% based on 2024 revenue. It holds the top position in the frozen prepared food market with a market share of 13.8%, significantly ahead of its closest competitor [2]. - The frozen food industry in China is still in its growth phase, with a projected CAGR of 9.4% from 2024 to 2029, driven by increased demand in the restaurant sector, higher household consumption, improved product quality, and enhanced cold chain infrastructure [2]. - The company's revenue is expected to grow by 31.39% in 2022, 15.29% in 2023, and 7.70% in 2024, while net profit is projected to increase by 62.71%, 34.33%, and 0.83% respectively. However, the company faces short-term performance pressure due to increased competition and external demand challenges [3]. Summary by Sections IPO Details - The IPO price is set at HKD 66.00, with a total fundraising amount of HKD 24.958 billion. The total number of shares available for subscription is approximately 3,999,470, with 90% allocated for international placement and 10% for public offering [1]. Market Position - Anjuke Food's market share in the frozen prepared food sector is approximately five times larger than that of its nearest competitor, indicating a strong competitive advantage [2]. - The report highlights that the frozen food market in China is fragmented, with the top five players holding only 15.0% of the market share collectively [2]. Future Outlook - The company is actively seeking to expand its overseas market presence, particularly in Southeast Asia, Australia, North America, and Europe, where the CAGR for the frozen food market is expected to be 14.0% from 2024 to 2029 [3]. - The report notes that the IPO price corresponds to a PE ratio of approximately 13.5 times for 2024, which presents a premium compared to the A-share valuation of 16.1 times, suggesting potential for valuation adjustment as performance stabilizes [3].