Core Viewpoint - Minglue Technology (02718.HK), a data intelligence application software company based in Sichuan, officially listed on the Hong Kong Stock Exchange on November 3, raising approximately HKD 1.018 billion by issuing 7.219 million Class A shares at an initial price of HKD 141 per share, which saw a significant increase of 106.1% by the end of the trading day [1][5]. Group 1: Company Overview - Minglue Technology is recognized as a leading data intelligence application software provider in China, offering solutions that encompass marketing and operational intelligence across both online and offline scenarios [9]. - The company was founded by Wu Minghui, who has a strong academic background and extensive experience in data analysis and artificial intelligence [7][9]. - The company has undergone six rounds of financing since its inception in 2010, attracting investments from prominent institutions such as Tencent, Temasek, and Sequoia China, with total funding exceeding RMB 5 billion [5]. Group 2: Financial Performance - Minglue Technology reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years 2022, 2023, and 2024 respectively, with net profits showing significant fluctuations: RMB 1.638 billion in 2022, RMB 318 million in 2023, and a loss of RMB 794,900 in 2024 [9][10]. - The company's gross margin remained relatively stable, recorded at 53.2% in 2022, 50.1% in 2023, and 50.6% in 2024, with a notable increase to 55.9% in the first half of 2025 [10]. - Research and development expenses as a percentage of revenue have been decreasing, from 59.2% in 2022 to 25.6% in 2024, indicating a shift in financial strategy [11].

Core Viewpoint - Huaxing Capital Holdings (01911.HK) announced that its subsidiary, Huaxing New Economy Fund, successfully listed its portfolio company, Minglue Technology, on the Hong Kong Stock Exchange [1] Group 1: Company Performance - As of November 3, 2025, Huaxing Capital Holdings closed at HKD 5.92, up 2.07%, with a trading volume of 1.7206 million shares and a turnover of HKD 10.0613 million [1] - The market capitalization of Huaxing Capital Holdings is HKD 3.325 billion, ranking 23rd in the diversified financial industry [1] Group 2: Financial Metrics - Key financial metrics for Huaxing Capital Holdings compared to the diversified financial industry average are as follows: - Return on Equity (ROE): -0.63% vs. -10.37%, ranking 68th [1] - Market capitalization: HKD 3.325 billion vs. HKD 6.874 billion, ranking 23rd [1] - Revenue: HKD 873 million vs. HKD 2.496 billion, ranking 24th [1] - Net Profit Margin: 14.47% vs. -1247.62%, ranking 53rd [1] - Debt Ratio: 24.78% vs. 40.41%, ranking 54th [1]

Core Viewpoint - Huaxing Capital Holdings announced that its subsidiary, Huaxing New Economy Fund, successfully listed its portfolio company Minglue Technology on the Hong Kong Stock Exchange, indicating strong confidence in the company's team, technological capabilities, and business model [1] Group 1 - Huaxing New Economy Fund co-led Minglue Technology's Series C financing in 2017 and participated in a subsequent financing round in 2019, demonstrating the group's ongoing support for the company's development [1] - The successful listing reflects Huaxing Capital's recognition of Minglue Technology's management team and its strategic vision, showcasing the fund's strong research and investment management capabilities [1] - Huaxing Capital is committed to delivering good returns to its investors, emphasizing its mission in the investment landscape [1]

Core Viewpoint - Huaxing Capital Holdings (01911) announced that its subsidiary, as the manager of the Huaxing New Economy Fund, successfully listed its portfolio company Minglue Technology on the main board of the Hong Kong Stock Exchange (stock code: 02718) [1] Group 1 - The Huaxing New Economy Fund co-led Minglue Technology's Series C financing in 2017, demonstrating the company's ongoing support and confidence in Minglue's development [1] - In 2019, the fund participated again in a new round of financing for Minglue Technology, reflecting the strong recognition of Minglue's team, technological capabilities, and business model [1] - This event highlights the excellent research and investment capabilities of the Huaxing New Economy Fund management team, showcasing their forward-looking strategic vision and professional post-investment management abilities [1]

Core Viewpoint - Minglue Technology (02718.HK) was listed on the Hong Kong Stock Exchange, closing at HKD 290.6, a rise of 106.10% from its initial offering price of HKD 141.00 [1][4]. Share Issuance and Capital Structure - The total number of shares offered globally was 7,219,000 A shares, with 721,920 shares available for public offering in Hong Kong and 6,497,080 shares for international offering [2]. - The number of shares issued at listing (before the exercise of the over-allotment option) was 144,378,361 [2]. Financial Details - The total amount raised from the offering was HKD 1,017.9 million, with net proceeds amounting to HKD 902.2 million after deducting estimated listing expenses of HKD 115.7 million [4][6]. - The company plans to allocate approximately 35% of the net proceeds to enhance technology research and development, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [6]. Key Investors - Notable cornerstone investors include Huang River Investment Limited (fully owned by Tencent), Guo Minfang, Hundreds Capital, and others, with a total subscription amount of USD 59 million [7][8]. Financial Performance - Revenue figures for Minglue Technology from 2022 to 2025 are projected as follows: RMB 1,269.3 million (2022), RMB 1,462.0 million (2023), RMB 1,381.4 million (2024), and RMB 643.8 million (2025) [8]. - The company reported net profits of RMB 1,637.6 million (2022), RMB 318.4 million (2023), RMB 7.9 million (2024), and a loss of RMB 203.9 million (2025) [9][10]. Cash Flow and Operational Efficiency - The net cash outflow from operating activities decreased significantly from RMB 561.1 million in 2022 to RMB 27.9 million in 2024, indicating improved cash flow management [11]. - Despite improvements in cash flow, the company has not yet established a self-sustaining cash generation capability, reflecting ongoing challenges in its profitability model [12]. Losses and Financial Adjustments - The cumulative losses over the past three and a half years exceeded RMB 2.3 billion, with significant losses reported in 2021-2024 [12]. - Adjusted net losses (excluding certain impacts) were RMB 1.067 billion (2021), RMB 1.059 billion (2022), RMB 174 million (2023), and RMB 48 million (2024) [12][13].

Market Overview - Hong Kong stocks opened positively in November, with major indices rising, and the Hang Seng Index closing at 26,158.36 points, up 0.97% or 251.71 points, with a total turnover of HKD 228.68 billion [1] - The Hang Seng China Enterprises Index increased by 0.98% to 9,258.73 points, while the Hang Seng Tech Index rose by 0.24% to 5,922.48 points [1] Blue Chip Performance - Chow Tai Fook (01929) led the blue-chip decline, falling 8.67% to HKD 13.9, impacting the Hang Seng Index by 4.04 points [2] - AIA Group (01299) rose 5.96%, contributing 75.25 points to the index, while Wanzhou International (00288) increased by 4.69%, adding 4.62 points [2] Sector Performance Technology Sector - Technology stocks showed mixed results, with Alibaba down 1.15% and Tencent down 0.16%, while Kuaishou rose 1.52% [3] Oil Sector - Oil stocks experienced a broad increase, with China National Offshore Oil Corporation (00883) up 3.49% and China Petroleum (00857) up 3.37%, following OPEC+'s announcement to pause production increases in early 2024 [3] Coal Sector - Coal stocks generally rose, with China Qinfa (00866) up 7.53% and Yanzhou Coal (01171) up 4.69%, driven by seasonal demand and safety production assessments [4] AI Application Sector - AI application stocks were active, with Fenbi (02469) surging 10.36% after announcing a share buyback plan, reflecting strong market interest in AI education products [4][10] Gold and Jewelry Sector - Gold mining and jewelry stocks fell sharply, with Chow Tai Fook down 8.67% and Lao Pu Gold (06181) down 7.16%, following new tax policies affecting gold trading [6] Automotive Sector - The automotive sector showed varied performance, with XPeng Motors (09868) up 4.59% and NIO (09866) up 4.21%, supported by strong October delivery figures for new energy vehicles [7] Notable Stock Movements - Minglue Technology (02718) debuted with a significant rise of 106.1%, closing at HKD 290.6, indicating strong investor interest in data intelligence applications [8] - WuXi AppTec (02126) surged 16.09% due to positive developments regarding its CAR-T cell therapy's inclusion in commercial health insurance [9]

Core Viewpoint - Huaxing Capital Holdings' subsidiary successfully listed Minglue Technology on the Hong Kong Stock Exchange, reflecting the group's strong support and confidence in the company's team, technology, and business model [1] Group 1: Investment and Support - Huaxing New Economy Fund co-led Minglue Technology's Series C financing in 2017 and participated in a subsequent financing round in 2019, demonstrating ongoing commitment to the company's growth [1] - The investment reflects Huaxing Capital's recognition of Minglue Technology's capabilities and the management team's excellence [1] Group 2: Management and Strategy - The success of the listing highlights the strong research and investment management capabilities of Huaxing New Economy Fund's management team [1] - The firm emphasizes its mission to deliver good returns to investors through proactive post-investment management [1]

Core Viewpoint - Minglue Technology, a leading enterprise-level data intelligence application software provider in China, has successfully completed its IPO on the Hong Kong Stock Exchange, with a significant initial price surge. Group 1: IPO Details - Minglue Technology's IPO price was set at 141 HKD per share, raising approximately 902 million HKD (about 826 million RMB) in net proceeds [1] - The stock opened with a remarkable increase of 98.58%, reaching 280 HKD per share, and later peaked at 301 HKD, marking a 113.48% rise [1][2] - The company's market capitalization reached 43.5 billion HKD (approximately 39.8 billion RMB) shortly after the IPO [1] Group 2: Company Background - Founded in 2006, Minglue Technology is recognized as one of the earliest companies in China to provide data intelligence solutions, focusing on marketing and operational intelligence [6][22] - The company has developed several pioneering products, including the first marketing intelligence application in China, the "MiaoZhen System," and various other innovative solutions over the years [6][8] - Minglue Technology is the largest data intelligence application software supplier in China by total revenue as of 2024, with significant clients including Procter & Gamble, BMW, and Disney [3][22] Group 3: Financial Performance - The company reported revenues of 12.69 billion RMB in 2022, 14.62 billion RMB in 2023, and projected revenues of 13.81 billion RMB for 2024, with a notable decline in net profit from 1.638 billion RMB in 2022 to a projected loss of 204 million RMB in the first half of 2025 [14][17] - Marketing intelligence has contributed over 50% of the company's revenue in the past three and a half years, with the MiaoZhen System accounting for more than 88% of marketing intelligence revenue [14][26][31] Group 4: Shareholder Structure - Tencent is the largest shareholder of Minglue Technology, holding 25.96% of the shares following the global offering [10] - Other notable shareholders include Kuaishou, which held approximately 2.48% of the issued shares prior to the IPO [10] Group 5: Product and Service Offerings - Minglue Technology's products are categorized into three main areas: marketing intelligence, operational intelligence, and industry solutions, with a strong focus on AI and data-driven decision-making [22][38] - The company has deployed its operational intelligence solutions in over 30,000 restaurants and more than 53,000 retail stores [36]

Market Overview - The Hong Kong stock market opened higher on November 3, with the Hang Seng Index starting at 25,999.17 points, up by 92.52 points, a gain of 0.36% [1] - The Hang Seng Tech Index opened at 5,936.28 points, increasing by 28.20 points, a rise of 0.48% [2] New Listings - Minglue Technology-W (02718.HK) debuted with a significant opening, rising by 98% initially and reaching a peak of 298 HKD, reflecting a gain of 111.35% [4][5] - The company had a public offering that was oversubscribed by 4,452.86 times, with a final offer price set at 141 HKD, raising a net amount of 900.2 million HKD [6] Sector Performance - Oil stocks showed strong performance, with China National Offshore Oil Corporation and China Petroleum rising over 3%, while Sinopec and Shanghai Petrochemical increased by over 1% [6] - In the technology sector, stocks like Bilibili rose over 2%, while Xiaomi and Lenovo gained over 1% [7] - Biotechnology stocks mostly increased, with WuXi AppTec rising over 9% [7] - Automotive stocks were active, with NIO rising over 3% [7] - Chinese brokerage stocks generally rose, with China Merchants Securities increasing by over 1% [7] - Gold stocks experienced declines, with Zijin Mining falling over 2% [7] Future Outlook - Goldman Sachs analysts believe that the Chinese stock market is entering a growth phase, driven by AI, anti-involution, and overseas expansion as potential profit drivers [8] - The firm predicts a potential return of approximately 30% for A and H shares by the end of 2027, supported by a 12% annual compound profit growth rate and a 5% to 10% expansion in price-to-earnings ratios [8] - The strong performance of Chinese tech stocks, particularly in the AI sector, is attributed to improved sentiment driving valuation increases, although future focus may shift towards fundamental improvements and earnings realization to support valuation growth [8]

Market Overview - The Hong Kong stock market opened higher on November 3, with the Hang Seng Index at 25,999.17 points, up 92.52 points, a gain of 0.36% [1] - The Hang Seng Tech Index opened at 5,936.28 points, increasing by 28.20 points, a rise of 0.48% [2] New Listings - Minglue Technology-W (02718.HK) debuted with a significant opening, rising 98% initially and reaching a peak of 298 HKD, marking a gain of 111.35% [3][4] - The public offering for Minglue Technology was oversubscribed by 4,452.86 times, with a net fundraising amount of 900.2 million HKD [4] Sector Performance - Oil stocks showed strong performance, with China National Offshore Oil Corporation and China Petroleum rising over 3%, while Sinopec and Shanghai Petrochemical increased by over 1% [4] - In the technology sector, stocks like Bilibili rose over 2%, Xiaomi and Lenovo increased by over 1%, while biotechnology stocks generally saw gains, with WuXi AppTec up over 9% [6] Financial Results - China Petroleum reported a revenue of 2,169.256 billion CNY for the first three quarters, a decrease of 3.9% year-on-year, with a net profit of 126.279 billion CNY, down 4.9% [6] - In Q3 alone, the revenue was 719.157 billion CNY, an increase of 2.3% year-on-year, while the net profit was 42.286 billion CNY, a decrease of 3.9% [6] Future Outlook - Goldman Sachs analysts predict that the Chinese stock market is entering a growth phase, driven by AI, anti-involution, and overseas expansion, which could enhance the profit outlook for Chinese enterprises [6] - The firm forecasts a potential return of about 30% for A and H shares by the end of 2027, supported by a 12% annual compound profit growth rate and a 5% to 10% expansion in price-to-earnings ratios [6]