| 8.600 | | | 21.13% | 十档 | | --- | --- | --- | --- | --- | | | | | | 9.090 | | | | | | 9.080 | | | | | | 9.070 | | | | | | 9.060 | | | | | | 9.050 | | 7.100 | | | | 9.040 | | | | のコミニコニコ | | 9.030 | | | | | | 9.020 | | | | | | 9.010 | | | | | | 9.000 | | | | | | 8.900 | | | 11/1 - | VIFT | 04 4001 | | -21.13% |8.890 1112 . 1112 . 2111 分时量 量:33900 33900 8.880 8.870 8.860 8.850 MACD(12,26,9):0.000 DIF:0.000 DEA:0.000 MACD 8.840 8.830 8.820 8.810 16:15 18:30 分时 1分 5分 日K • 行情来源: 利弗莫尔证券 • 美联股份(02671)将于12月30日(周二 ...

Core Viewpoint - Six new companies are set to list on the Hong Kong Stock Exchange on December 30, 2025, marking a significant event referred to as 'six gongs ringing together' [2][10]. Group 1: Company Listings - The companies listing include: 1. **InSilico Medicine (03696.HK)**: An AI-driven drug discovery and development company, with a listing price of HKD 24.05 and issuing 9,469,050 shares, raising approximately HKD 2.277 billion. The company has secured cornerstone investments totaling USD 115 million from 15 investors including Eli Lilly, Tencent, and Temasek [3][11]. 2. **Wuyi Vision (06651.HK)**: A digital twin technology company based in Beijing, with a listing price of HKD 30.50 and issuing 2,397,520 shares, raising around HKD 731 million. It is noted for being the first in the digital twin industry to achieve over HKD 250 million in revenue within a year [3][5]. 3. **Wolan Robotics (06600.HK)**: The largest global provider of AI-driven home robotics systems, with a listing price between HKD 63.00 and HKD 81.00, issuing 2,222,230 shares, raising about HKD 1.8 billion. The company has received cornerstone investments of approximately USD 89.98 million [3][14]. 4. **Lin Qingxuan (02657.HK)**: A high-end domestic skincare brand focusing on anti-aging products, with a listing price of HKD 77.77 and issuing 1,396,645 shares, raising around HKD 1.086 billion. It ranks first among high-end domestic skincare brands in China by retail sales [3][15]. 5. **Xun Ce (03317.HK)**: A data infrastructure and analytics company, with a listing price between HKD 48.00 and HKD 55.00, issuing 2,250,000 shares, raising approximately HKD 1.238 billion. It ranks first in the real-time data infrastructure market for asset management in China [3][6]. 6. **Meilian Holdings (02671.HK)**: A provider of prefabricated steel structure construction services, with a listing price between HKD 7.10 and HKD 9.16, issuing 2,460,000 shares, raising around HKD 225 million. It ranks third in the prefabricated steel structure market in China [3][7]. Group 2: Market Insights - The listing of these companies reflects a growing trend in the Hong Kong market, showcasing advancements in technology and innovation across various sectors, including AI, digital twins, and high-end consumer goods [2][10].

Group 1 - The core viewpoint of the article is that Meilian Holdings (02671), a prefabricated steel structure construction service company, is conducting an IPO from December 18 to 23, with significant oversubscription and a target fundraising amount of nearly HKD 230 million [1][2] - Meilian Holdings plans to issue 24.6 million H-shares, with a public offering accounting for 10% of the total shares, and the offering price ranges from HKD 7.1 to HKD 9.16 [1][2] - The company has secured cornerstone investors including Caiyun, Tiny Jade, Wu Xinghua, and Logic Selective, with a total subscription amount of HKD 51.5 million [2] Group 2 - Meilian Holdings is recognized as a comprehensive prefabricated steel structure construction subcontractor in the industrial sector, providing integrated services for construction projects across various industries, including design, procurement, manufacturing, and installation [2] - The company ranks third in the industrial sector of China's prefabricated steel structure market, holding a market share of 3.5%, while the top two competitors have market shares of 35.8% and 6.5% respectively [2] - As of December 9, 2025, Meilian Holdings has 119 ongoing projects [2]

Group 1 - The core viewpoint of the news is that Meilian Holdings (02671) is launching an IPO from December 18 to 23, with significant oversubscription and a target fundraising amount of nearly HKD 230 million [1] - Meilian Holdings plans to issue 24.6 million H-shares, with a public offering accounting for 10% of the total shares, and the offering price ranges from HKD 7.1 to HKD 9.16 [1] - The company has secured cornerstone investors including Caiyun, Tiny Jade, Wu Xinghua, and Logic Selective, with a total subscription amount of HKD 51.5 million [1] Group 2 - According to a Frost & Sullivan report, the company ranks third in the industrial sector of China's prefabricated steel structure market, holding a market share of 3.5% [2] - The two leading competitors in the market have market shares of 35.8% and 6.5% respectively [2] - As of December 9, 2025, the company has 119 ongoing projects [2]

Group 1 - The core viewpoint of the article is that Meilian Holdings (02671) is launching an IPO from December 18 to 23, with significant oversubscription and a fundraising target of up to approximately HKD 230 million [1][2] - Meilian Holdings plans to issue 24.6 million H-shares, with a public offering accounting for 10% of the total shares, and the offering price ranges from HKD 7.1 to HKD 9.16 [1][2] - The company has secured cornerstone investors including Caiyun, Tiny Jade, Wu Xinghua, and Logic Selective, with a total subscription amount of HKD 51.5 million [2] Group 2 - Meilian Holdings is a comprehensive provider of prefabricated steel structure construction services, offering project design, procurement, manufacturing, and installation across various industries [2] - The company ranks third in the industrial sector of China's prefabricated steel structure market, holding a market share of 3.5%, while the top two competitors have market shares of 35.8% and 6.5% respectively [2] - As of December 9, 2025, Meilian Holdings has 119 ongoing projects [2]

Core Viewpoint - The Hong Kong stock market is entering a significant phase for annual IPOs, with six companies launching their offerings and scheduled to list on December 30, reflecting a strong demand for quality enterprises to utilize market opportunities [1][2]. Group 1: Companies and Their Offerings - Six companies, including Insilico Medicine, Wuyishijie, Xunce, Meilian Holdings, Woan Robotics, and Linqingxuan, are set to launch IPOs, covering diverse sectors such as AI pharmaceuticals, digital twins, home robotics, and high-end skincare [1][2]. - Insilico Medicine, known as a pioneer in AI pharmaceuticals, has set its IPO price at HKD 24.05, aiming to raise HKD 2.277 billion, making it the largest among the six [1]. - Wuyishijie, focusing on digital twin and Physical AI technologies, plans to issue 23.975 million shares at HKD 30.5 each, with a potential fundraising of up to HKD 841 million if the over-allotment option is exercised [2]. - Xunce, a real-time data infrastructure service provider, is expected to raise between HKD 1.08 billion and HKD 1.23 billion, with a share price range of HKD 48-55 [2]. - Woan Robotics, backed by industry figure Li Zexiang, is entering the home robotics sector, while Linqingxuan is offering 13.96645 million shares at HKD 77.77 each [2]. Group 2: Market Trends and Analysis - The concentration of tech and new consumer companies in the IPO market indicates a shift in the structure of IPOs, with technology and new consumption becoming the dominant forces [1][3]. - The traditional industrial sector, represented by Meilian Holdings, highlights the financing needs of transforming traditional industries, aligning with the "technology-led, diversified supplement" structure of the Hong Kong IPO market [3]. - The influx of new IPOs may lead to market differentiation, where the quality of cornerstone investors and the ability to deliver on performance will be critical in distinguishing the companies [3]. - The simultaneous issuance of multiple new stocks may create a fund diversion effect, impacting the demand for public offerings and international placements [3].

New IPOs - The largest biotech IPO in Hong Kong for 2025 is initiated by Insilico Medicine (03696), which boasts the fastest global progress in AI drug development [1] - Lin Qingxuan (02657) will conduct its IPO from December 18 to December 23, attracting cornerstone investors like Fidelity [1] - Woan Robotics (06600) is set to launch its IPO during the same period, with an expected listing date of December 30 [1] - Meilian Holdings (02671) and Wuyi Vision (06651) will also hold their IPOs from December 18 to December 23, both expected to list on December 30 [1] - Xun Ce (03317) will follow the same IPO schedule, with a listing anticipated on December 30 [1] - Zhihui Mining (02546) achieved a remarkable 5248.15 times subscription in its public offering, with a listing date of December 19 [1] - China National Airlines (00753) plans to invest in Shenzhen Airlines' equity financing, with Kunhang Investment, a state-owned entity, being shortlisted [1] - Sensetime-W (00020) intends to place 1.75 billion new Class B shares, aiming to raise approximately HKD 3.146 billion [1] - Fosun Pharma (02196) is enhancing its overseas innovative drug strategy by signing a cooperation and option agreement with Clavis Bio [1] - WuXi AppTec (02359) invested around EUR 30 million to acquire a 3.22% stake in a French biopharmaceutical fund [1] - Minhua Holdings (01999) plans to acquire 100% equity in the American soft furniture company Gainline Recline Intermediate Corp [1] Share Buybacks - Tencent Holdings (00700) repurchased 1.055 million shares for HKD 636 million on December 18 [2] - Xiaomi Group-W (01810) spent HKD 151 million to buy back 3.75 million shares on the same day [2] - COSCO Shipping Holdings (01919) repurchased 5.9 million shares for HKD 80.557 million [2] - Country Garden Services (06098) bought back 2.7 million shares for HKD 17.136 million [2] - Jiangsu Ninghu Expressway (00177) saw an increase of 52.862 million shares by Yunsong Capital [2]

Investment Rating - The report suggests a cautious subscription for the company, indicating a neutral to negative outlook on the investment opportunity [4]. Core Insights - The company operates as a comprehensive prefabricated steel structure construction subcontractor, providing services across various sectors, including project design, procurement, manufacturing, and installation [2]. - The company ranks third in the industrial sector of China's prefabricated steel structure market, with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [2]. - The penetration rate of prefabricated construction in the overall construction industry is projected to increase from 20.0% in 2020 to 29.3% in 2024, indicating a growing trend towards prefabricated methods [3]. - The Chinese prefabricated construction market is expected to grow from RMB 448.5 billion in 2020 to RMB 589.3 billion in 2024, with a compound annual growth rate (CAGR) of 7.1% [3]. - Future projections suggest the market will expand further, reaching RMB 707.0 billion by 2029, with a CAGR of 4.6% [3]. - The company's revenue for the six months ending June 30 for 2023, 2024, and 2025 is projected to be RMB 1,453.2 million, RMB 1,523.0 million, and RMB 1,424.1 million respectively, reflecting a significant fluctuation in performance [4]. - The estimated price-to-earnings (PE) ratio for the company based on the subscription price range corresponds to approximately 10.4 to 13.4 times for 2024, which is considered relatively high [4].

Group 1 - The Hong Kong IPO market saw six companies, including Meilian Holdings (02671.HK), launch their public offerings on December 18, marking the largest IPO event of the month [2] - Meilian Holdings plans to issue 24.6 million shares, with an expected net fundraising of approximately HKD 164 million if priced at the midpoint of HKD 8.13 [2] - The funds raised will be allocated as follows: approximately 37.7% for capital investments in production facilities and equipment, 26.7% for prepayment related to new projects, and 12.3% for enhancing sales and marketing development [2] Group 2 - Meilian Holdings operates in the prefabricated steel structure construction market, providing comprehensive subcontracting services across various sectors, including project design, procurement, manufacturing, and installation [4] - The company's revenue sources are primarily from the automotive and automotive parts industry (62.8%), food and beverage (10.7%), and machinery (10.4%) as of the first half of 2025 [4] - In the first half of 2025, Meilian Holdings reported revenue of RMB 1.424 billion and a net profit of RMB 62.629 million, with 119 ongoing projects expected to generate approximately RMB 789 million in confirmed revenue [4]

Group 1: IPO Information - The IPO for 英矽智能 (03696.HK) is open for subscription from December 18 to December 23, with a global offering of 94,690,500 shares, where 10% is for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 24.05 per share, with a minimum investment of HKD 12,146.27 for 500 shares [2][4] - The IPO for 五一视界 (06651.HK) is also open for subscription from December 18 to December 23, with a global offering of 23,975,200 shares, where 5% is for public offering in Hong Kong and 95% for international offering. The offer price is set at HKD 30.50 per share, with a minimum investment of HKD 6,161.51 for 200 shares [8][10] - 迅策 (03317.HK) is offering 22,500,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 48.00 to HKD 55.00 per share, with a minimum investment of HKD 5,555.47 for 100 shares [13][15] - 美联股份 (02671.HK) is offering 24,600,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 7.10 to HKD 9.16 per share, with a minimum investment of HKD 2,775.71 for 300 shares [19][21] - 卧安机器人 (06600.HK) is offering 22,222,300 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 63.00 to HKD 81.00 per share, with a minimum investment of HKD 8,181.69 for 100 shares [25][27] - 林清轩 (02657.HK) is offering 13,966,500 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 77.77 per share, with a minimum investment of HKD 3,927.72 for 50 shares [30][32] Group 2: Financial Performance - 英矽智能 reported revenues of USD 30.15 million, USD 51.18 million, USD 85.83 million, USD 59.69 million, and USD 27.46 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net losses for the same periods were USD 221.83 million, USD 211.64 million, USD 17.10 million, USD 8.03 million, and USD 19.22 million [7] - 五一视界's revenue grew from RMB 169.98 million in 2022 to RMB 256.30 million in 2023, and further to RMB 287.36 million in 2024. The revenue for the six months ending June 30, 2025, was RMB 53.82 million, showing a 62.0% increase from the same period in 2024. The net losses for the same periods were RMB 189.79 million, RMB 87.08 million, RMB 78.97 million, RMB 65.07 million, and RMB 94.05 million [12][12] - 迅策's revenue for the years 2022, 2023, and 2024 was RMB 288 million, RMB 530 million, and RMB 632 million, respectively, with net losses of RMB 97 million, RMB 63 million, and RMB 98 million for the same years [18] - 美联股份 reported revenues of RMB 1,902.84 million, RMB 1,453.18 million, RMB 1,523.03 million, RMB 509.51 million, and RMB 1,424.11 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net profits for the same periods were RMB 87.71 million, RMB 62.13 million, RMB 70.78 million, RMB 13.61 million, and RMB 62.63 million [23] - 卧安机器人的 revenue for the years 2022, 2023, and 2024 was RMB 274.60 million, RMB 457.26 million, and RMB 609.92 million, respectively, with net losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million. The company reported a net profit of RMB 27.90 million for the six months ending June 30, 2025 [29][29] - 林清轩's total revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was RMB 691.15 million, RMB 805.00 million, RMB 1,209.64 million, RMB 530.45 million, and RMB 1,051.77 million, respectively. The company transitioned from a net loss of RMB 5.93 million in 2022 to a net profit of RMB 84.52 million in 2023 and further increased to RMB 186.83 million in 2024 [34]