Core Viewpoint - The stock of Excellence Reins (02687.HK) surged 87% on its debut and continued to rise over 17% in early trading the next day, indicating strong market interest and investor confidence [2] Group 1: Stock Performance - The stock reached a high of 148.9 HKD, representing an increase of over 120% from the initial offering price of 67.5 HKD [2] - As of the latest update, the stock is up 12.74%, trading at 142.5 HKD with a trading volume of 24.0066 million HKD [2] - The total market capitalization of the company is approaching 10 billion HKD [2]

公开资料显示，卓越睿新是高等教育机构教学数字化解决方案提供商。公司成立于2008年，于2013年推 出品牌"智慧树"。根据弗若斯特沙利文的资料，2024年，该公司在中国高等教育教学数字化市场所有公 司中收入排名第二，市场份额为4.0%；而在中国高等教育数字化教学内容制作市场所有公司中收入排 名第一，市场份额为7.3%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 卓越睿新（02687）昨日首挂上市收涨87%，今日早盘一度涨超17%，高见148.90港元，较招股价67.5港 元已涨超120%。截至发稿，股价上涨11.71%，现报141.20港元，成交额2865.58万港元，总市值逼近100 亿港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 卓越睿新（02687）昨日首挂上市收涨87%，今日早盘一度涨超17%，高见148.90港元，较招股价67.5港 元已涨超120%。截至发稿，股价上涨11.71%，现报141.20港元，成交额2865.58万港元，总市值逼近100 亿港元。 公开资料显示，卓越睿新是高等教育机构教学数字化解决方案提供商。公司成立于 ...

Core Viewpoint -卓越睿新 (02687) has experienced significant stock price appreciation since its listing, with an increase of over 120% from its IPO price of 67.5 HKD, reflecting strong market interest and investor 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, the company ranks second in revenue within the Chinese higher education digital teaching market, holding a market share of 4.0% for 2024 [1] -The company leads the market in the digital teaching content production segment, with a revenue ranking of first and a market share of 7.3% [1] Stock Performance -卓越睿新’s stock rose by 87% on its first trading day and continued to increase by over 17% in the following morning session, reaching a high of 148.9 HKD [1] -As of the latest update, the stock price is reported at 142.5 HKD, with a trading volume of 24.0066 million HKD and a total market capitalization approaching 10 billion HKD [1]

Core Viewpoint -卓越睿新 (02687) has seen a significant increase in stock price since its debut, reflecting strong market interest and confidence in its business model as a provider of digital solutions for higher education [1] Company Overview -卓越睿新 is a provider of digital solutions for teaching in higher education, established in 2008 and launched its brand "智慧树" in 2013 [1] -According to Frost & Sullivan, the company ranks second in revenue in the digital education market for higher education in China, holding a market share of 4.0% [1] -The company leads in revenue within the digital content production market for higher education in China, with a market share of 7.3% [1] Stock Performance -卓越睿新's stock rose by 87% on its first trading day and increased by over 17% in the morning session of the following day, reaching a high of 148.9 HKD, which is over 120% higher than its IPO price of 67.5 HKD [1] -As of the latest update, the stock is up 12.74%, trading at 142.5 HKD, with a trading volume of 24.0066 million HKD and a total market capitalization approaching 10 billion HKD [1]

Core Points - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on December 8, 2023, with stock code 02687.HK, and closed at HKD 126.40, an increase of 87.26% [1] - The company focuses on providing digital solutions for higher education, including the development, delivery, and operation of digital educational content and teaching scenarios [1] Company Summary - Zhuoyue Ruixin is headquartered in Xuhui District, Shanghai, and launched the "Wisdom Tree" brand in 2013, focusing on digital education content for universities [1] - With this listing, the total number of listed companies in Xuhui District has increased to 69 [1] - The company issued 6.67 million H-shares at an issue price of HKD 67.50, raising approximately HKD 450 million, with a net fundraising amount of about HKD 394 million [1] Fund Utilization - 36.7% of the net proceeds will be allocated to research and development, particularly in AI models and knowledge graph integration for personalized learning systems [1] - 31.8% will enhance customer service by expanding 29 branches nationwide to improve local support for universities [1] - 21.5% will be used to establish a knowledge graph center and set up two development centers in key cities to improve content production efficiency [1] - 10% will supplement working capital to support daily operations and strategic acquisitions [1] Industry Context - At least 15 Shanghai companies, including Zhuoyue Ruixin, have listed on the Hong Kong Stock Exchange this year, indicating a robust pipeline for future listings [2] - There are 23 Shanghai enterprises currently in the "processing" status for listing, covering various sectors such as automotive, new consumption, biomedicine, and hard technology [2]

Core Points - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. (Zhuoyue Ruixin) was listed on the Hong Kong Stock Exchange today, closing at HKD 126.40, an increase of 87.26% from its initial offering price [1][2] Summary by Category Company Overview - Zhuoyue Ruixin is a provider of digital solutions for higher education institutions, focusing on digital educational content and teaching environment services [1] IPO Details - The total number of shares offered was 6,666,700, with 666,700 shares available for public offering in Hong Kong and 6,000,000 shares for international offering [2][3] - The final offering price was HKD 67.50, raising a total of HKD 450 million, with net proceeds amounting to HKD 393.65 million after deducting estimated listing expenses of HKD 56.35 million [2][3] Financial Performance - For the years 2022 to 2025, Zhuoyue Ruixin reported total revenues of RMB 400.1 million, RMB 653.0 million, RMB 848.2 million, and projected revenues of RMB 275.4 million for the first half of 2025 [5][6] - The company experienced net losses of RMB 59.1 million in 2022, net profits of RMB 81.4 million in 2023, and projected losses of RMB 99.0 million for the first half of 2025 [5][6] Cash Flow - The company reported negative operating cash flows of RMB 48.1 million in 2022 and RMB 206.3 million in 2024, with a positive cash flow of RMB 10.9 million in 2023 [6][7]

截至收盘，恒生指数报收于25765.36点，下跌319.72点，跌幅1.23%。 | 和加 · 其他 · 黑 / : 恒生指数 (HSI) | 80 6日 . 69 159 308 609 日照 周K 月K #K . | 幅生積数 相談 * | 25765.36 +33 | 00000 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | +-27381.84 | 行情报价 | 27000.0 | 20067.88 | 120亿 重高 20151.44 9开 | 成交量 | | | | 成交部 | 2002亿 服情 | 25755.01 昨夜 | 20085.08 | 0 DOSDO D | 他用質 | | | | 图 81 | 准确 | 18.80 | -0.11% | 新元相對 | 24/500 0 | | | | 47954.89 | +0.221 | US BE | 25000.0 | M斯达克 | +0.315 | 21578.12 | | | 89.98500 | +0.117 | 8170.40 | 24500.0 | 美国旗时1 ...

Market Overview - The Hong Kong stock market faced pressure, with the Hang Seng Index dropping over 1%, closing at 25,965.36 points, down 1.23% or 319.72 points, with a total turnover of HKD 2,062.3 million [1] - The Hang Seng China Enterprises Index fell by 1.25% to 9,083.53 points, while the Hang Seng Tech Index remained flat at 5,662.55 points [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 3.45% to HKD 125.8, contributing 8.38 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 2.94%, China Ping An (02318) up 2.15%, while China Construction Bank (00939) fell 4.01%, dragging the index down by 54.39 points [2] Sector Highlights - Large tech stocks generally declined, with Alibaba down over 1% and Tencent down 0.82% [3] - Chinese brokerage stocks rose against the trend, with Huatai Securities (06886) up 5.17% and GF Securities (01776) up 3.1% [3] - The light communication sector saw significant gains, with Huiju Technology rising over 7% [4] - Lithium stocks mostly increased, with Ganfeng Lithium (01772) up 6.95% and CATL (03750) up 3.28% [5] Regulatory Developments - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the need to accelerate the development of top-tier investment banks and institutions, indicating a potential easing of regulations for quality institutions [4] - The CSRC plans to optimize risk control indicators and moderately open up capital space and leverage limits, which could benefit leading brokerages [4] New Listings and Stock Movements - Two new stocks were listed, with Zhuoyue Ruixin (02687) surging 87.26% and Naxinwei (02676) declining 4.31% [7] - Restructured Energy (02570) faced a significant drop of 27.33% on its first trading day after the lock-up period ended [8] - Silver Pharma-B (02591) saw a decline of 14.32% following its inclusion in the Hong Kong Stock Connect [9] - Sutech (02498) performed well, rising 5.23% after securing a major order from FAW Toyota [10] Pharmaceutical Sector Updates - The National Healthcare Security Administration announced the addition of 114 new drugs to the 2025 National Medical Insurance Drug List, with a success rate of 88%, up from 76% in 2024 [6]

Market Overview - The Hong Kong stock market experienced a weak adjustment, with the Hang Seng Index closing at 25,765.36 points, down 319.72 points, a decline of 1.23% [2] - The Hang Seng Tech Index closed at 5,662.55 points, with a slight increase of 0.09 points [4] Company Performance - Excellence Education (HK02687) showed moderate performance in the morning, with gains kept within 30%, but surged after 3 PM, reaching a maximum increase of over 111%, ultimately closing up over 87% [5] - In contrast, the newly listed stock Naxin Micro (HK02676) opened flat but remained in a state of decline throughout the day, closing down 4.31% [7][8] Sector Insights - According to Frost & Sullivan, the top five companies in the Chinese higher education digitalization market hold a total market share of 12.9% as of 2024. Excellence Education ranks second in revenue with a market share of 4.0% in the overall digitalization market and first with a 7.3% market share in digital content production [7] - In the broader market, Baidu Group rose over 3%, Huahong Semiconductor increased over 4%, and SMIC gained over 2%. Conversely, Pop Mart fell over 8%, while Lao Pu Gold and Innovent Biologics dropped over 6%. Bank stocks collectively declined, with China Construction Bank down over 4% [10] Investment Outlook - Multiple institutions believe that the Hong Kong stock market is currently at a low valuation or in a positioning phase, with a positive outlook for 2026. Technology innovation, particularly in AI, and high-dividend assets are seen as promising investment themes [12] - There are differing opinions among institutions regarding market trends, with Huatai Securities suggesting an early "spring rally" for Hong Kong stocks, while Huaan Fund indicates a potential shift towards defensive dividend sectors as the year ends [13]

Market Overview - The Hong Kong stock market faced pressure, with the Hang Seng Index dropping over 1%, closing at 25,965.36 points, down 1.23% or 319.72 points, with a total turnover of HKD 206.23 billion [1] - The Hang Seng China Enterprises Index fell by 1.25% to 9,083.53 points, while the Hang Seng Tech Index remained flat at 5,662.55 points [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 3.45% to HKD 125.8, contributing 8.38 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 2.94% and China Ping An (02318) up 2.15%, while China Construction Bank (00939) fell 4.01%, dragging the index down by 54.39 points [2] Sector Highlights - Major technology stocks generally declined, with Alibaba down over 1% and Tencent down 0.82% [3] - Chinese brokerage stocks rose against the trend, with Huatai Securities (06886) up 5.17% and GF Securities (01776) up 3.1% [3][4] - The light communication sector saw significant gains, with Huiju Technology (01729) rising 7.65% [4] - Lithium stocks mostly increased, with Ganfeng Lithium (01772) up 6.95% and CATL (03750) up 3.28% [5] Regulatory Developments - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the need to accelerate the development of top-tier investment banks and institutions, indicating a potential easing of regulations for quality institutions [4] - The CSRC plans to optimize risk control indicators and open up capital space and leverage limits [4] New Drug Listings - The National Healthcare Security Administration announced the addition of 114 new drugs to the 2025 National Medical Insurance Drug List, with a success rate of 88%, significantly higher than the previous year's 76% [6] New Listings and Stock Movements - New listings included Zhuoyue Ruixin (02687), which surged 87.26% to HKD 126.4, while Naxin Micro (02676) fell 4.31% [7] - Restructured Energy (02570) saw a significant drop of 27.33% on its first trading day after the lock-up period ended [8] - Silver Pharma-B (02591) experienced a decline of 14.32% as it was adjusted into the Hong Kong Stock Connect [9] - Sutech (02498) performed well, rising 5.23% after securing a major contract with FAW Toyota [10]