格隆汇8月4日丨大众口腔(02651.HK)宣布，有关全球发售的稳定价格期已于2025年8月3日(星期日)(即递 交香港公开发售申请截止日期后第30日)结束。 独家整体协调人(为其本身及代表国际包销商)确认，概无国际发售的股份超额分配。因此，超额配股权 并未获行使，且超额配股权已失效。公司获稳定价格操作人告知，稳定价格操作人(或任何代其行事的 人士)于稳定价格期并无采取稳定价格行动。 ...

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，並明確表示概不會就本公告全部或任何 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，本公告所用詞彙與武漢大眾口腔醫療股份有限公司（「本公司」）刊發日 期為2025年6月30日的招股章程（「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。 本公告僅作說明用途，並不構成收購、購買或認購本公司任何證券的要約或誘使作出要約的邀 請。本公告並非招股章程。有意投資者於決定是否投資於發售股份前應閱覽招股章程，以獲得 有關本公司及下文所述全球發售的詳細資料。 本公告概不構成出售要約或要約購買的招攬，而在任何作出有關要約、招攬或出售即屬違法的 司法管轄區內，概不得出售任何發售股份。本公告不會直接或間接於或向美國（包括美國的領 土及屬地、美國任何州以及哥倫比亞特區）發佈、刊發或派發。本公告並不構成亦不屬於在美 國境內或於任何其他司法管轄區購買或認購證券的任何要約或招攬的一部分。發售股份不曾亦 不會 ...

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for Hubei enterprises in the capital market [1] Group 1: Company Overview - Dazhong Dental was established in 2007 and operates 92 institutions, including 4 hospitals and 80 outpatient departments, across 8 cities in Hubei and Hunan provinces [2] - As of 2023, Dazhong Dental holds the largest market share of approximately 2.6% among private dental service providers in Central China [2] - The company previously listed on the New Third Board in 2015 but voluntarily delisted in 2018 [2] Group 2: Financial Performance - Dazhong Dental's revenue for 2022, 2023, and 2024 was 409 million yuan, 442 million yuan, and 407 million yuan respectively, with adjusted net profits of 59.38 million yuan, 70.42 million yuan, and 68.35 million yuan [2] - The company attributed the decline in 2024 performance to consumer downgrade and intensified competition in the dental service industry [2] - Revenue breakdown for 2024 includes 217 million yuan from comprehensive dental services (53.4%), 116 million yuan from dental implant services (28.4%), and 74.12 million yuan from orthodontic services (18.2%) [2] Group 3: IPO Details - Dazhong Dental's IPO price was set at 20 HKD, with a total issuance of 10.86 million shares, raising a total of 217 million HKD [3] - After deducting listing expenses of 39.07 million HKD, the net proceeds amount to 178 million HKD [3] - The planned allocation of the raised funds includes 35% for establishing new dental institutions, 25% for acquisitions, 10% for upgrading existing facilities, 10% for IT infrastructure, 10% for developing medical teams, and 10% for working capital [3] Group 4: Market Context - The IPO activity in Hong Kong has been increasing, with several Hubei enterprises successfully listing, including Yuanguang Technology and Xiangjiang Electric [4] - Yuanguang Technology, which operates a major public transport app, and Xiangjiang Electric, a manufacturer with significant revenue growth, highlight the trend of Hubei companies entering the Hong Kong market [4]

Summary of Key Points Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, with multiple companies filing for listings and a notable increase in market liquidity and new listings compared to the previous year [14]. Group 1: Company Filings - Three companies submitted applications for IPOs: 1. **Shenzhen Xingyuan Material Technology Co., Ltd.** specializes in lithium-ion battery separators and holds the largest market share in dry-process separators globally, with projected revenues of 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB from 2022 to 2025 [2]. 2. **LXJ International Holdings Limited (Laoxiangji)** operates a fast-food chain with 1,564 stores across 55 cities, achieving revenues of approximately 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB from 2022 to 2025 [3][4]. 3. **Lianqi Technology Co., Ltd.** is a leading fabless integrated circuit design company, with revenues of approximately 3.672 billion, 2.286 billion, 3.639 billion, and 1.222 billion RMB from 2022 to 2025 [5]. Group 2: IPO Activity - No companies passed the hearing last week, but one company, **Shougang Longze**, is restarting its IPO process, planning to offer 20.1598 million H-shares at a price range of 14.5 to 18.88 HKD per share [6][7]. Group 3: New Listings - Six new stocks were listed last week, including: 1. **Fuwai Group**: Closed at 38.40 HKD with a gain of 1.05% [8]. 2. **Lens Technology**: Closed at 19.84 HKD with a gain of 9.13% [9]. 3. **Dazhong Oral**: Closed at 20.70 HKD with a gain of 3.50% [10]. 4. **Xunzhong Co.**: Closed at 13.58 HKD with a gain of 0.22% [11]. 5. **Jizhi Jia-W**: Closed at 17.70 HKD with a gain of 5.36% [12]. 6. **Fortior**: Closed at 139.80 HKD with a gain of 16.02% [13]. Group 4: Market Trends - The Hong Kong stock market has seen a significant improvement in liquidity, with an average daily trading volume of 240.2 billion HKD in the first half of 2025, a 118% increase from the previous year [14]. - The number of new listings increased to 44 in the first half of 2025, up 47% from the previous year, with total fundraising amounting to 107.1 billion HKD, a 699% increase [14].

Group 1 - The Hong Kong Stock Exchange (HKEX) experienced a significant day with five companies, including Lens Technology and Geek+ Technology, listing simultaneously, marking a vibrant IPO atmosphere [1][3] - The total net proceeds from the global offerings of these five companies reached HKD 98.21 billion, with Lens Technology raising the most at HKD 46.94 billion and Dazhong Oral raising the least at HKD 1.78 billion [3] - As of July 9, 2025, stock price performances showed increases for most companies, with Lens Technology up 9.13%, Geek+ Technology up 16.02%, and Dazhong Oral up 3.50% [3] Group 2 - The IPO market in Hong Kong is witnessing a resurgence, with 44 new listings in the first half of 2025, a 47% increase from the same period last year, and total fundraising amounting to HKD 107.1 billion, a 699% increase year-on-year [5][6] - Notable IPOs include CATL, which raised HKD 35.3 billion, making it the largest IPO globally this year [5] - The trend is expected to continue, with 211 companies currently in the application process, primarily in software services, healthcare, and industrial manufacturing sectors [6] Group 3 - Deloitte China forecasts around 80 new IPOs in Hong Kong for the entire year of 2025, with expected fundraising between HKD 130 billion to HKD 150 billion, focusing on large A-share companies and leading enterprises from various regions [6][8] - The recent IPO boom is attributed to supportive policies initiated since April 2024, aimed at enhancing cross-border capital market connectivity and facilitating overseas financing for companies [8][9] - Regulatory changes have simplified the listing process, allowing companies to expedite their applications and approvals, thus attracting more firms to consider Hong Kong as a viable listing destination [9][10]

Core Viewpoint - The recent announcement by President Trump regarding potential high tariffs on copper and pharmaceuticals has led to a decline in Hong Kong's stock market, with the Hang Seng Index falling below 24,000 points, reflecting increased macroeconomic risks and impacting market sentiment [1][4]. Market Performance - The Hang Seng Index closed down 1.06% at 23,892.32 points, with a total trading volume of 233.88 billion HKD. The Hang Seng China Enterprises Index fell 1.28%, while the Hang Seng Tech Index dropped 1.76% [1]. - Major blue-chip stocks experienced significant movements, with Henderson Land Development leading the decline, down 8.64% at 25.9 HKD, while China Biologic Products rose 10.06% to 5.91 HKD [2]. Sector Analysis - The technology sector saw a collective decline, with Alibaba down nearly 4% and Tencent over 1%. The copper sector was negatively impacted by Trump's tariff threats, leading to a drop in copper-related stocks [3][6]. - The innovative drug sector performed well, with Hengrui Medicine surging 15.61% to 69.6 HKD, indicating resilience amid broader market declines [3][4]. Specific Stock Movements - Macau's gaming sector showed strong performance, with Wynn Macau up 6.33% and Melco Resorts up 2.12%, driven by robust gaming revenue growth [4][5]. - Copper stocks faced significant declines, with Luoyang Molybdenum down 4.74% and Jiangxi Copper down 3.46%, reflecting market reactions to tariff announcements [5][6]. Commodity Prices - International gold prices fell below 3,300 USD per ounce, influenced by reduced safe-haven demand amid tariff uncertainties. Analysts expect gold prices to remain volatile within a range of 3,000 to 3,500 USD per ounce [7].

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. (Dazhong Dental) was listed on the Hong Kong Stock Exchange, closing at HKD 20.70, with a gain of 3.50% on the first day of trading [1]. Share Issuance and Capital Structure - Dazhong Dental issued a total of 10,861,800 H-shares, with 1,949,500 shares allocated for public offering in Hong Kong and 8,912,300 shares for international offering [2]. - After the listing, the total number of issued shares is 49,379,042 [2]. Pricing and Fundraising - The final offering price was HKD 20.00, raising a total of HKD 217.24 million. After deducting estimated listing expenses of HKD 39.07 million, the net proceeds amounted to HKD 178.17 million [4][5]. Use of Proceeds - The net proceeds will be allocated as follows: - 35.0% (HKD 64.9 million) for establishing new dental medical institutions in Central China - 25.0% (HKD 46.4 million) for acquiring dental medical institutions in Central China - 10.0% (HKD 18.6 million) for upgrading and renovating existing dental medical institutions - 10.0% (HKD 18.6 million) for optimizing information technology infrastructure and systems - 10.0% (HKD 18.6 million) for developing the medical professional team to support the growth of the dental service network - 10.0% (HKD 18.6 million) for working capital and other general corporate purposes [6]. Financial Performance - Dazhong Dental's projected revenues for 2022, 2023, and 2024 are RMB 409.4 million, RMB 441.8 million, and RMB 407.1 million, respectively. The net profits for the same years are projected to be RMB 56.5 million, RMB 67.0 million, and RMB 62.5 million, respectively [7][8]. - Adjusted net profits are expected to be RMB 59.4 million, RMB 70.4 million, and RMB 68.3 million for the years 2022, 2023, and 2024, respectively [8]. Cash Flow - The net cash flow from operating activities for 2022, 2023, and 2024 is projected to be RMB 119.9 million, RMB 149.0 million, and RMB 100.6 million, respectively [9].

Core Insights - The Hong Kong IPO market experienced a significant event on July 9, with five companies listed simultaneously, marking a rare occurrence since January 2021 [2][4] - The five companies that went public are Lens Technology (06613.HK), Geek+, Dazhong Dental (02651.HK), Fortior (01304.HK), and Xunzhong Communication (02597.HK) [2][3] - The overall performance of these newly listed companies was strong, with Dazhong Dental, Fortior, and Lens Technology seeing notable price increases on their first trading day [4] Company Summaries - **Lens Technology**: A leading provider of precision manufacturing solutions for smart terminals, particularly in consumer electronics and smart vehicles. The company raised approximately HKD 4.694 billion with a subscription rate of 462.76 times for its public offering [5][6] - **Geek+**: The largest provider of autonomous mobile robot solutions for warehousing, maintaining a 9% market share. The company's revenue is projected to grow from RMB 1.452 billion in 2022 to RMB 2.409 billion in 2024. The IPO raised HKD 2.712 billion with a subscription rate of 133.62 times [6] - **Dazhong Dental**: A leading private dental service provider in Central China, which also saw a strong subscription rate of 108.25 times for its public offering, although its performance is expected to face challenges in 2024 [6] Market Context - The simultaneous listing of five companies reflects the revitalization of the Hong Kong IPO market, driven by the release of reform dividends, a surge in hard technology companies, and a return of international capital confidence in Chinese assets [4] - The IPO market in Hong Kong has shown robust performance in 2025, with the first-day price drop rate for new stocks reaching a multi-year low, indicating a significant improvement in the profitability of new listings [4]

Key Points - The article highlights significant stock movements in the Hong Kong and US markets, with various companies experiencing notable gains and losses due to recent developments and announcements [1][2][3][4][5] Hong Kong Market Highlights - China Rare Earth Holdings (03788) surged nearly 20%, with a year-to-date increase of 320%, as the company proposed a spin-off of its gold segment for independent listing on the Hong Kong Stock Exchange [1] - Innovent Biologics (09969) rose nearly 4% after announcing the clinical approval of its new ADC innovative drug ICP-B794 [1] - North Sea Kangcheng - B (01228) increased over 50%, with its stock price doubling in three days, marking it as a rare disease stock in the Hong Kong market [1] - Hong Kong Travel (00308) saw a rise of over 24%, achieving a year-to-date stock price doubling, driven by market speculation on stablecoin cross-border payment scenarios [1] - CSPC Pharmaceutical Group (01093) gained nearly 3% after receiving drug registration approval for Mesalazine enteric-coated tablets, enhancing its product line in the immune system treatment sector [1] - Ruian Real Estate (00272) rose over 4%, with a cumulative contract property sales amount for the first six months increasing by 457% year-on-year [1] - Cornerstone Pharmaceuticals - B (02616) increased over 3%, planning to raise HKD 467 million for clinical research on CS2009 [1] - Q Technology (01478) rose over 7%, with mobile camera module sales of 32.648 million units in June, a year-on-year increase of 1.5% [1] - Dekang Agriculture and Animal Husbandry (02419) increased by 6%, with a new cycle logic continuing to strengthen, and Tianfeng Securities set a target price of HKD 154 [1] - Contemporary Amperex Technology (03750) rose over 3%, reaching a new high since its listing, following a deepened strategic cooperation agreement with Geely Automobile [2] - Gaming stocks continued to rise, with Wynn Macau (01128) up 6.49%, New World Development (00200) up 6.15%, and others showing similar gains [2] - Gold stocks faced declines, with Golden Resources (GORO.US) dropping nearly 10% and others following suit [4] US Market Highlights - Stablecoin concept stocks continued to rise, with Tiger Brokers (TIGR.US) increasing over 8% [4] - Trump Media & Technology Group (DJT.US) rose over 2% as the company seeks SEC approval for a blue-chip cryptocurrency ETF [4] - Wolfspeed (WOLF.US) continued to rise, with stock prices increasing over 9% [4] - Intel (INTC.US) rose over 7% after announcing company-wide layoffs [4] - JD.com (JD.US) increased over 2% as it launched its "Double Hundred Plan" for its delivery service [4]

Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. (referred to as "Dazhong Dental") successfully listed on the Hong Kong Stock Exchange, raising a net amount of 178 million HKD after deducting listing expenses [2][3]. Group 1: Company Overview - Dazhong Dental operates as a private dental service provider in Central China, utilizing a direct chain model to expand its dental service network [3]. - The number of dental institutions operated by Dazhong Dental increased from 77 as of January 1, 2022, to 86 by December 31, 2024, with a target of 92 institutions [3]. Group 2: Financial Performance - Dazhong Dental's revenue for the years 2022, 2023, and 2024 was 409.44 million RMB, 441.84 million RMB, and 407.08 million RMB, respectively [4]. - Gross profit for the same years was 148.47 million RMB, 168.23 million RMB, and 152.34 million RMB [4]. - Net profit for the years 2022, 2023, and 2024 was 56.45 million RMB, 67.04 million RMB, and 62.50 million RMB, respectively [7]. Group 3: Revenue Breakdown - In 2024, revenue from comprehensive dental services accounted for 53.4% (217 million RMB), dental implant services for 28.4% (116 million RMB), and orthodontic services for 18.2% (74 million RMB) [6]. Group 4: Cash Flow and Assets - As of December 31, 2024, Dazhong Dental held cash and cash equivalents amounting to 95.05 million RMB [8]. Group 5: Shareholding Structure - Yao Xue controls approximately 84% of the shares in Dazhong Dental, with significant stakes held by Zhongshan Medical Investment and other shareholders [9][12][15].