股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02687 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 61,952,800 | RMB | | 1 | RMB | | 61,952,800 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 61,952,800 | RMB | | 1 | RMB | | 61,952,800 | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | ...

Group 1 - The core viewpoint of the articles highlights the significant stock performance of 卓越睿新 (Zhuoyue Ruixin), which has seen its share price rise nearly 5% to reach a new high of 164.5 HKD, with a total market capitalization approaching 11 billion HKD [1] -卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008, and launched its brand "Smart Tree" in 2013 [1] - According to Frost & Sullivan,卓越睿新 ranks second in the Chinese higher education digital teaching market by revenue, holding a market share of 4.0%, and ranks first in the digital teaching content production market with a market share of 7.3% [1] Group 2 - The trading data from the first two days of卓越睿新’s listing indicates a classic "fund-driven" scenario, with a price fluctuation of 83.73% and a cumulative increase of 75.36% [2] - The stock's performance is characterized by high volatility and a consistent upward trend, contrasting with typical new stock listings that often experience intense market fluctuations [2] - Market interpretations suggest that the stock price movement is a strategic push to meet the inclusion criteria for the Hong Kong Stock Connect, supported by clear rules and strategic logic [2]

Core Viewpoint - The stock of卓越睿新 (02687) has seen a significant increase of nearly 130% since its IPO, reaching a peak of 155 HKD, with a current trading price of 153.1 HKD and a market capitalization exceeding 10 billion HKD [1] Company Overview -卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008 and launched the brand "智慧树" in 2013 [1] - According to Frost & Sullivan,卓越睿新 ranks second in the Chinese higher education digital teaching market by revenue, holding a market share of 4.0% as of 2024 [1] - The company leads the digital teaching content production market in China, with a market share of 7.3% [1] Market Dynamics - The trading data of卓越睿新 post-IPO is characterized as a "fund-driven" narrative, with the company setting a target stock price of 152.1 HKD and a review date of December 31, 2025, which serves as a clear and quantifiable value anchor for the market [1] - As the market price approaches this anchor point, it reinforces the consensus that the company is making efforts to qualify for the Hong Kong Stock Connect, thereby attracting trend-following and event-driven arbitrage funds, creating a positive feedback loop for price increases [1]

Group 1 - The stock of卓越睿新 (02687.HK) has increased nearly 5%, reaching a high of 155 HKD, which represents an increase of nearly 130% from its IPO price [2] - As of the report, the stock is up 3.45%, trading at 153.1 HKD, with a trading volume of 17.3978 million HKD [2] - The company's total market capitalization has surpassed 10 billion HKD [2]

Core Viewpoint - 卓越睿新 (02687) has seen a significant increase in stock price, rising nearly 130% from its IPO price, indicating strong market interest and confidence in the company's growth potential in the digital education sector [1] Company Overview - 卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008 and launched its brand "智慧树" in 2013 [1] - According to Frost & Sullivan, by 2024, the company ranks second in revenue within China's higher education digital teaching market, holding a market share of 4.0% [1] - In the digital teaching content production market for higher education in China, the company ranks first with a market share of 7.3% [1] Market Performance - The stock price reached a high of 155 HKD, with a current trading price of 153.1 HKD and a trading volume of 17.4 million HKD, resulting in a total market capitalization exceeding 10 billion HKD [1] - The trading data following the company's IPO is characterized as a "fund-driven" narrative, with the establishment of a clear price target of 152.1 HKD and a review date set for December 31, 2025 [1] - This price target has created a quantifiable value anchor for the market, leading to a consensus that the company is making efforts to meet the requirements for inclusion in the Hong Kong Stock Connect [1]

Core Viewpoint -卓越睿新 (02687) has seen a significant increase in stock price, rising nearly 130% from its IPO price, indicating strong market interest and confidence in the company's growth potential in the digital education sector [1] Company Overview -卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008 and launched its brand "智慧树" in 2013 [1] -According to Frost & Sullivan,卓越睿新 ranks second in revenue in China's higher education digital teaching market with a market share of 4.0% as of 2024 [1] -The company holds the top position in the digital teaching content production market within China's higher education sector, with a market share of 7.3% [1] Market Performance -卓越睿新’s stock reached a high of 155 HKD, with a current trading price of 153.1 HKD and a total market capitalization exceeding 10 billion HKD [1] -The trading data from the first two days post-IPO reflects a classic "fund-driven" scenario, with the company setting a clear price target of 152.1 HKD, which has helped to align market expectations [1] -The consensus around the company's efforts to meet the requirements for inclusion in the Hong Kong Stock Connect has attracted trend-following and event-driven arbitrage funds, creating a positive feedback loop for the stock price [1]

Core Viewpoint - The education technology company,卓越睿新 (02687), made a remarkable debut on the Hong Kong Stock Exchange, closing its first day with an impressive 87% increase and continuing to rise, reaching a peak of 152 HKD, which represents a cumulative increase of over 125% from its issue price of 67.5 HKD, with a market capitalization nearing 10 billion HKD [1] Group 1: Market Performance - The stock exhibited a high volatility of 83.73% over the first two trading days, with a cumulative increase of 75.36%, contrasting with typical new stock performances characterized by intense market fluctuations [2] - The trading data indicated a significant clustering of large orders, suggesting strategic accumulation by institutional investors, with a high concentration of trading volume during specific periods [3] Group 2: Trading Dynamics - Despite a seemingly moderate turnover rate of 3.225%, the actual liquidity was limited due to a large portion of shares being locked up, indicating efficient turnover of available shares with a total trading volume of 2.14 billion HKD over two days [4] - The trading structure revealed a clear capital strategy aimed at rapidly meeting the market capitalization and liquidity thresholds required for inclusion in the Hong Kong Stock Connect [4] Group 3: Strategic Intent - The stock price surge is interpreted as a strategic move to meet the HK Stock Connect inclusion criteria, with a market capitalization threshold of 9.3 billion HKD that needs to be achieved by December 31 [5] - The strategy involves rapidly increasing the market capitalization to create a safety margin for the average market value, ensuring compliance with the necessary thresholds even if the stock price experiences a natural decline [5] Group 4: Liquidity and Market Signals - The high trading volume and turnover in the initial days are crucial for meeting liquidity requirements, signaling active trading to attract institutional investors [6] - The company has set a target price of 152.1 HKD and a review date of December 31, which serves as a clear benchmark for market participants, fostering consensus and attracting trend-following and event-driven funds [6] Group 5: Future Considerations - While the initial capital strategy has successfully met key price and market capitalization targets, the future stability of the stock price will depend on the influx of southbound capital and the company's ability to demonstrate growth performance [7]

Group 1 - The core viewpoint of the article highlights the remarkable stock performance of the education technology company,卓越睿新, which saw an 87% increase on its first trading day and continued to rise, reaching a total market capitalization close to 10 billion HKD [1] - The trading data indicates a "fund-driven" pricing model, with a significant price fluctuation of 83.73% over two days, showcasing strong control and determination from leading funds to elevate the stock price and market capitalization quickly [2][4] - The trading volume was concentrated in large orders, suggesting strategic accumulation by institutional investors, with a total transaction amount of 2.14 billion HKD over two days, indicating a high efficiency in turnover despite a seemingly low turnover rate of 3.225% [3][4] Group 2 - The stock price surge is interpreted as a strategic move to meet the market capitalization threshold for inclusion in the Hong Kong Stock Connect, which requires a market value of 9.3 billion HKD [5] - The company aims to rapidly elevate its market capitalization to create a safety margin for the average market value required for the upcoming review date on December 31, with a target stock price of 152.1 HKD [5][6] - The high trading volume and turnover in the initial days serve to signal liquidity and attract institutional investors, while the company has set a clear price target to align market expectations with its strategic goals [6][7] Group 3 - The immediate challenge post-target achievement will be to maintain stock price equilibrium, dependent on the influx of southbound capital and the company's ability to demonstrate growth performance that justifies the elevated valuation [7]

Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, highlighted by the strong performance of new listings such as Baoji Pharmaceutical-B, which saw its stock price surge over 115% in pre-listing trading [1][2]. Group 1: Baoji Pharmaceutical-B - Baoji Pharmaceutical-B's stock price reached 56 HKD in dark pool trading, a 112.28% increase from its offering price of 26.38 HKD [2][3]. - The company raised 2.6921 billion HKD in margin financing, indicating an oversubscription rate of 2690.8 times against its public offering amount of 1 million HKD [1]. - The IPO attracted significant cornerstone investors, including prominent institutions that collectively subscribed for 200.6 million HKD, accounting for 20.06% of the total fundraising [4]. Group 2: Company Overview - Established in 2019 and headquartered in Shanghai, Baoji Pharmaceutical is a biotechnology company focused on developing and providing recombinant biopharmaceuticals [4]. - The company has a pipeline of 12 in-development products, including three core products, with one recently approved for market and others in various stages of clinical trials [4]. Group 3: Financial Performance - Baoji Pharmaceutical has not yet achieved profitability, with projected revenues of 6.93 million HKD and 6.16 million HKD for 2023 and 2024, respectively, and net losses of 160 million HKD and 364 million HKD [5]. - In the first half of 2025, the company expects a revenue increase to 41.99 million HKD, a year-on-year growth of 2716.23%, although it will still incur a net loss of 183 million HKD [5]. Group 4: Market Trends - The Hong Kong IPO market has been robust, with 91 companies completing IPOs in the first 11 months of the year, raising a total of 259.889 billion HKD, a 228% increase year-on-year [10]. - The average oversubscription rate for Hong Kong IPOs in 2025 reached 1675 times, a significant increase compared to previous years, indicating heightened investor interest [10]. - The average first-day return for new listings in 2025 was 38%, a substantial increase of 347 percentage points from the previous year, with the first-day loss rate dropping to 23.08%, the lowest in five years [10].

Group 1 - The Hang Seng Index fell by 0.84%, down 215 points, closing at 25,549 points, while the Hang Seng Tech Index dropped by 1.32% [1] - The trading volume in the Hong Kong stock market reached HKD 107.8 billion in the morning session [1] - Optical communication stocks surged, driven by increased demand for high-speed optical transceiver modules, with institutions predicting a significant rise in shipment volumes next year [1] Group 2 - Notable gainers included Hongteng Precision, which rose by 7.95%, and Changfei Optical Fiber, which increased by 4.57% [1] - Zhaoyan New Drug saw an increase of over 8% due to a surge in the price of experimental monkeys, with institutions indicating a potential widening supply-demand gap [1] - The stock of Excellence Education, a provider of digital solutions for higher education, rose over 16% on its second day of trading, with its market value approaching HKD 10 billion [1] Group 3 - Oil stocks collectively declined, with geopolitical events weakening support for oil prices, although institutions remain optimistic about the long-term investment value of major oil companies [1] - PetroChina fell by 3%, Sinopec by 2.21%, and CNOOC by 2.32% [1] Group 4 - The non-ferrous metals sector faced significant declines, with Jiangxi Copper down 5.96%, Luoyang Molybdenum down 6.27%, and China Aluminum down 5.34% due to market concerns over central banks' interest rate policies [2] - Silver Noble Pharmaceuticals saw a drop of over 14%, with a cumulative decline of 25% since entering the market [2] Group 5 - Ocean Park Corporation's stock fell by 9%, reaching a new low for the year, amid financial product repayment issues faced by its controlling shareholder [3]