Core Viewpoint - Dongzheng Finance (02718.HK) is set to issue 533 million shares with a price range of HKD 4.20 to HKD 6.30, targeting both local and international investors, and plans to list on March 26, 2019 [1][2]. Group 1: Company Overview - Dongzheng Finance is a subsidiary of Zhengtong Automotive and is the only automotive finance company in China licensed and regulated by the China Banking and Insurance Regulatory Commission [2]. - The company specializes in providing financial products and services for the purchase of luxury brand vehicles [2]. - As of December 31, 2018, the company had a dealer network of 1,280 dealers covering 182 cities in China, including all four first-tier cities and various second and third-tier cities [3]. Group 2: Financial Performance - In 2018, the company issued 31,577 retail loans for luxury vehicle purchases, totaling a principal amount of RMB 6.108 billion, which accounted for 75.7% of the total retail loans issued by the company [2]. - The company reported revenues of RMB 3.32 billion, RMB 4.62 billion, and RMB 8.16 billion for the years 2016, 2017, and 2018, respectively, with net profits of RMB 1.75 billion, RMB 2.61 billion, and RMB 4.53 billion during the same period [3]. Group 3: Use of Proceeds - The net proceeds from the offering are estimated to be approximately HKD 2.672 billion, with 70% allocated for expanding business involving external clients, 15% for self-operated retail loans to Zhengtong Automotive clients, 5% for developing technology and operational capabilities, and 10% for general working capital [3].

Core Viewpoint - Dongzheng Automotive Finance is set to officially list on the Hong Kong Stock Exchange on March 26, 2023, after pricing on March 19, 2023, potentially becoming the first automotive finance company in China to go public [4]. Industry Overview - The automotive finance market in China has significant growth potential, with a current penetration rate of only 30%, compared to 90% in the U.S. and 79% in the U.K. The market is projected to reach a capacity of 525 billion yuan by 2025 [3]. - As of now, there are 25 licensed automotive finance companies in China, with Dongzheng being the only one with a dealership background [6]. Company Background - Dongzheng Automotive Finance was established in March 2015, with a 95% stake held by Zhengtong Automotive and 5% by Dongfeng Motor [7]. - The company primarily offers retail loans to consumers and dealer loans to facilitate purchases from manufacturers [8]. Financial Performance - From 2015 to 2018, Dongzheng's operating income grew from 77.97 million yuan to 816 million yuan, with a compound annual growth rate (CAGR) of 143.4%. Net profit increased from 24.8 million yuan to 453 million yuan, with a CAGR of 224.4% [10]. - As of the end of 2018, the company reported a net profit of 453 million yuan, a year-on-year increase of 73.53% [10]. Risk and Challenges - Despite strong revenue growth, Dongzheng has faced negative operating cash flow, with figures of -315 million yuan in 2017 and -158 million yuan in the first half of 2018, indicating challenges in loan recovery [11]. - The automotive finance market is characterized by weak risk control capabilities, leading to potential fraud and operational risks [12]. Future Plans - The company plans to use 70% of the IPO proceeds to expand its external dealer network and retail loan offerings, with 65% allocated for loans to external customers [11].

Core Viewpoint - The company is the only automotive finance company in China with a dealership background, holding a unique position in the market and benefiting from the rapid growth of the automotive finance sector [1][2]. Company Overview - Established in March 2015 with a registered capital of RMB 500 million, the company is primarily owned by Zhengtong Automobile (95%) and Dongfeng Automobile (5%) [1]. - The registered capital was increased to RMB 1.6 billion in May 2017, and after listing on the H-share market, Zhengtong and Dongfeng hold 71.04% and 3.74% of the shares, respectively, with public shareholders owning 25.22% [1]. Market Potential - The automotive finance market in China is rapidly expanding, currently exceeding RMB 1 trillion, with a penetration rate of 40%, significantly lower than the 86% in the United States, indicating substantial growth potential [2]. - The market is characterized by traditional players including commercial banks, automotive finance companies, leasing firms, and internet finance companies, where financing costs and business extension capabilities are key to profitability [2]. Business Growth - The company's main business includes automotive retail loans and dealer loans, with retail loan revenue growing by 73% year-on-year in 2018 [3]. - The sales channel network is expanding, comprising both internal dealers (113 stores) and external dealers (1,167 stores) as of the end of 2018 [3]. Competitive Advantages - The company possesses a financial license allowing interbank borrowing, ensuring ample funding at lower interest rates [4]. - Collaborative promotional products with Zhengtong dealers and manufacturers support business growth [4]. - A standardized approval process and integration of advanced technology enhance operational efficiency [4]. - A comprehensive risk management system under strict regulatory oversight ensures stable loan operations [4]. Investment Outlook - The automotive finance market is expected to grow steadily, with the company leveraging its licensing advantage to diversify service offerings and increase market penetration [5]. - Projected revenues for 2019-2021 are RMB 1.08 billion, RMB 1.63 billion, and RMB 2.39 billion, with corresponding net profits of RMB 740 million, RMB 1.12 billion, and RMB 1.67 billion, reflecting year-on-year growth rates of 63%, 52%, and 49% [5]. - The company is currently undervalued compared to the multi-financial sector in Hong Kong, with a projected PE ratio of 10x for 2019 and a target price of HKD 4.00 [5].

大摩发布报告称，东正金融(02718.HK)明年的盈利恢复增长，零售贷款复苏及资金成本低带动。 该行表示，下调目标价由4.44港元至1.49港元，"增持"投资评级。 ...

Group 1 - The core viewpoint of the article is that Minglue Technology-W has successfully completed its global offering, with a final issue price set at HKD 141.00 per share, and the total amount raised is approximately HKD 1.02 billion [1] - The global offering consists of a base issuance of 7,219,000 shares, with an overallotment option of 1,082,800 shares, potentially increasing the total shares issued to 8,301,800 if the overallotment is fully exercised [1] - The offering received significant demand, with the Hong Kong public offering being oversubscribed by 4,452.86 times and the international placement oversubscribed by 13.93 times, resulting in a final allocation of 10% to the public offering and 90% to international placement [1] Group 2 - Seven cornerstone investors participated in the offering, collectively subscribing to 3,254,680 shares, which accounts for 45.1% of the total shares offered, with a total investment amount of approximately HKD 459 million [2] - The cornerstone investors include Huang River Investment Limited, Ms. Guo Minfang, Treasure-stone Investment Group Limited, Ms. Bao Lina, Hundreds Capital, GFH Financial Group B.S.C., and QuantumPharm Limited, with varying subscription amounts [2] - The exclusive sponsor for the global offering is China International Capital Corporation Hong Kong Securities Limited, with joint global coordinators and bookrunners including CITIC Securities and Huaxing Capital [3] Group 3 - Minglue Technology-W is expected to commence trading on the Hong Kong Stock Exchange on November 3, 2025, with a trading unit of 40 shares [3]

Group 1 - The company, Minglue Technology-W (02718), announced a global offering of 7.219 million Class A shares, with 10% allocated for public offering in Hong Kong and 90% for international offering [1] - The final offering price was set at HKD 141.00, resulting in net proceeds of approximately HKD 902.2 million from the global offering [1] - Each board lot consists of 40 shares, and the Class A shares are expected to commence trading on the Hong Kong Stock Exchange at 9:00 AM on November 3, 2025 [1] Group 2 - The Hong Kong public offering was oversubscribed by 4,452.86 times, while the international offering was oversubscribed by 13.93 times [1]

Core Viewpoint - Minglue Technology-W (02718) has successfully launched a global offering of 7.219 million Class A shares, raising approximately HKD 902.2 million in net proceeds from the offering [1] Summary by Category Offering Details - The global offering consists of 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The final offering price is set at HKD 141.00 per share [1] - Each board lot consists of 40 shares, with trading expected to commence on November 3, 2025, at 9:00 AM Hong Kong time [1] Subscription Demand - The Hong Kong public offering received a subscription rate of 4,452.86 times [1] - The international offering saw a subscription rate of 13.93 times [1]

Core Viewpoint - Minglue Technology-W (02718.HK) announced a global offering of 7,219,000 Class A shares at a price of HKD 141.00 per share, with a net proceeds of HKD 902 million [1] Summary by Category Offering Details - The Hong Kong public offering accounted for 10% of the total global offering, with a subscription rate of 4,452.86 times [1] - The international offering represented 90% of the global offering, with a subscription rate of 13.93 times [1] Trading Information - Assuming the global offering becomes unconditional by 8:00 AM on November 3, 2025, the Class A shares are expected to commence trading on the Hong Kong Stock Exchange at 9:00 AM on the same day [1] - Class A shares will be traded in board lots of 40 shares, with the stock code being 2718 [1]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）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 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本公告不得直接或間接於或向美國境內（包括其領土及屬地、美國任何州及哥倫比亞特區）發 佈、刊發、分發。本公告並不且不擬構成或組成於美國或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。本公告所述發售股份並無亦不會根據美國證券法或美國任何州證 券法登記，且除獲豁免遵守美國證券法的登記規定或不受該等法律登記規定限制的交易外，發 售股份不得於美國境內或向美國人士（定義見S規例）或以其名義或為其利益提呈發售或出售。 發售股份乃依據美國證券法S規例在美國境外以離岸交易方式提呈發售及出售。概不會於美國 公開發售證券。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。有意 投資者於決定是否投資於據此提呈發售的發售股份前，務請細閱明略科技（「本公司」）所刊發日 期為2025年10月23日的招股章程（「招股章程」）中有關下文所述全 ...

Core Viewpoint - Minglue Technology-W (02718) is set to list in Hong Kong on November 3, with significant interest reflected in the dark market trading, showing a strong price increase from its initial offering [1] Group 1 - The dark market trading for Minglue Technology-W closed at HKD 295, representing a 109.22% increase from the offering price of HKD 141 [1] - Each lot consists of 40 shares, resulting in a profit of HKD 6,160 per lot, excluding transaction fees [1]