Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Viewpoint - Minglue Technology, a leading company in the data intelligence application software sector, has officially initiated its listing process on the Hong Kong Stock Exchange with the stock code 2718 [1]. Offering Details - The global offering plans to issue 7,219,000 Class A shares, with approximately 721,920 shares allocated for local Hong Kong investors and the remaining 6,497,080 shares distributed through international placement [2]. - The offering price is set at HKD 141.00 per share, with a minimum subscription unit of 40 shares, resulting in an entry threshold of approximately HKD 5,696.88 [1][2]. Public Offering Process - The public offering phase has officially commenced, utilizing a fully electronic application system. Investors can participate through the EIPO electronic subscription platform or through brokerage systems with online white form services [4]. - Subscription applications will close at noon on October 28, 2025, with successful allocations expected to commence trading on November 3, 2025 [4]. Company Overview - Minglue Technology specializes in data intelligence, providing a comprehensive solution system that covers both online and offline scenarios. Its core product matrix includes marketing intelligence and operational intelligence [4]. - The company integrates industry-specific knowledge bases, multimodal data processing capabilities, and large model technologies to offer full-process digital support from strategic planning to execution decision-making [4]. Financial Performance - In the first half of 2025, Minglue Technology reported significant growth, achieving revenue of CNY 644 million, representing a year-on-year increase of 13.9%. The operating profit turned positive at CNY 6.14 million, with adjusted operating profit reaching CNY 26.88 million [4]. - The company has increased its investment in technology research and development, expanding the application scenarios of its data intelligence platform across various industries, including finance, retail, and manufacturing [4].

Investment Rating - The report assigns a score of 5.3 for the IPO, suggesting a recommendation to subscribe [12] Core Insights - Minglue Technology is positioned as the largest data intelligence application software provider in China by total revenue in 2024, focusing on marketing intelligence and operational intelligence [1][4] - The company has shown a positive trend in financial performance, with revenues projected to grow from 12.69 billion RMB in 2022 to 14.62 billion RMB in 2024, despite a temporary decline in 2024 due to strategic adjustments [2] - The data intelligence application software market in China is expected to grow significantly, from 169 billion RMB in 2020 to 327 billion RMB in 2024, with a compound annual growth rate (CAGR) of 17.9% [3][4] Company Overview - Minglue Technology's main business revolves around providing data intelligence products and solutions, with a rich product matrix in both marketing and operational intelligence [1] - The company has a high cross-selling rate, with cross-business line sales increasing from 11.9% in 2023 to 19.7% in 2024, and maintaining over 86% in cross-product sales [1] Financial Performance - Revenue figures for Minglue Technology are projected to be 12.69 billion RMB in 2022, 14.62 billion RMB in 2023, 13.81 billion RMB in 2024, and 5.65 billion RMB in the first half of 2025, with a recovery expected in the latter half of 2025 [2] - The company is expected to achieve operational profit of 6.1 million RMB in the first half of 2025, marking its first profit after continuous losses from 2022 to 2024 [2] Industry Status and Outlook - The data intelligence application software market in China is projected to reach 675 billion RMB by 2029, with a CAGR of 15.6% from 2024 to 2029 [3][4] - Marketing intelligence software is expected to grow from 44 billion RMB in 2020 to 93 billion RMB in 2024, while operational intelligence software is projected to grow from 22 billion RMB to 51 billion RMB in the same period [3] Advantages and Opportunities - Minglue Technology holds a significant competitive advantage as a leading player in the rapidly growing data intelligence application software market [4] - The company is well-positioned to benefit from the overall market growth, which is expected to provide substantial revenue opportunities [4]

Core Viewpoint - The article discusses the upcoming IPO of Minglue Technology-W (02718.HK), detailing the offering size, pricing, and key investor participation [1][4]. Group 1: IPO Details - Minglue Technology-W plans to offer 7.219 million A shares globally, with 10% allocated for public sale in Hong Kong and 90% for international sale, along with a 15% over-allotment option [1][2]. - The offering price is set at HKD 141.00 per share, with a minimum investment of HKD 5,696.88 for 40 shares [2]. - The subscription period runs from October 23 to October 28, 2025, with trading expected to commence on November 3, 2025 [1]. Group 2: Financial Performance - The company reported revenues of RMB 1,269.27 million, RMB 1,461.97 million, and RMB 1,381.38 million for the years ending December 31, 2022, 2023, and 2024, respectively, showing a 15.2% growth from 2022 to 2023, followed by a 5.5% decline from 2023 to 2024 [6]. - For the first half of 2024 and 2025, revenues increased from RMB 565.09 million to RMB 643.78 million, marking a 13.9% year-on-year growth [6]. - The net profit figures for the years 2022, 2023, and 2024 were RMB 1,637.64 million, RMB 318.41 million, and RMB 7.95 million, respectively, with net losses of RMB 98.66 million and RMB 203.90 million for the first halves of 2024 and 2025 [6]. Group 3: Company Overview - Minglue Technology-W, established in 2006, focuses on data intelligence application software, integrating large models, industry-specific knowledge, and multimodal data to enhance business decision-making [5]. - The company serves 135 Fortune Global 500 clients across various sectors, including retail, consumer goods, food and beverage, automotive, and cosmetics [5].

Core Viewpoint - Minglue Technology (02718) is set to launch an IPO from October 23 to October 28, 2025, aiming to issue 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public offering in Hong Kong and 90% for international offering, plus a 15% over-allotment option [1] Company Overview - Minglue Technology is a leading data intelligence application software company in China, focused on transforming enterprise marketing and operational decision-making through the integration of large models, industry-specific knowledge, and multimodal data [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China by total revenue in 2024 [1] - The company assists clients in collecting, integrating, managing, and analyzing multimodal data from both online and offline operations, generating actionable business insights to meet operational needs and enhance efficiency [1] Client Base - As of June 30, 2025, Minglue Technology has served 135 Fortune Global 500 companies, with clients spanning various industries including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and maternal and infant products [1]

Group 1 - The company, Minglue Technology-W (02718.HK), plans to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with the offering period from October 23 to October 28, 2025 [1] - The company is recognized as the largest data intelligence application software provider in China, according to Frost & Sullivan, based on total revenue for 2024 [1] - The company aims to leverage large models, industry-specific knowledge, and multimodal data to transform marketing and operational strategies for enterprises [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling up to approximately USD 59 million (or about HKD 459 million) [2] - The cornerstone investors include Tencent Holdings (00700.HK), Ms. Guo Minfang, Hundreds Capital, Ms. Bao Lina, Treasure-stone Investment Group Limited, GFH Financial Group B.S.C., and QuantumPharm Limited [2] Group 3 - The company estimates to receive a net amount of HKD 902 million from the global offering, assuming the over-allotment option is not exercised [3] - The intended use of the net proceeds includes approximately 35% for enhancing technology research and development capabilities, 40% for product development to enrich the product portfolio, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [3]

Core Viewpoint - Minglue Technology-W (02718.HK) plans to globally offer 7.219 million Class A shares, with a proposed offering price of HKD 141.00 per share [1] Group 1: Offering Details - The company intends to issue 721.9 thousand Class A shares, subject to reallocation and the exercise of the over-allotment option [1] - The offering includes 72.192 thousand shares for Hong Kong and 649.708 thousand shares for international distribution [1] - The subscription period is set from October 23 to October 28, 2025, with shares expected to commence trading on November 3, 2025 [1] Group 2: Underwriting and Trading - China International Capital Corporation (CICC) is the sole sponsor for the offering [1] - The minimum trading unit is set at 40 shares [1]

Core Viewpoint - Minglue Technology-W (02718) is set to launch an IPO from October 23 to October 28, 2025, aiming to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] Group 1: Company Overview - Minglue Technology is a leading data intelligence application software company in China, focusing on integrating large models, industry-specific knowledge, and multimodal data to transform enterprise marketing and operational decision-making [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China by total revenue in 2024 [1] - As of June 30, 2025, the company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and maternal and infant products [1] Group 2: IPO and Fund Utilization - The cornerstone investors have agreed to subscribe for shares totaling up to approximately USD 59 million, contingent upon certain conditions [2] - The estimated net proceeds from the global offering are approximately HKD 902 million, assuming the over-allotment option is not exercised [2] - The company plans to allocate the net proceeds as follows: - Approximately 35% for enhancing R&D capabilities, including recruiting high-end talent and acquiring R&D infrastructure [2] - Approximately 40% for product development to enrich the product portfolio [2] - Approximately 15% for marketing, brand promotion, and sales team expansion [2] - Approximately 10% for working capital and general corporate purposes [2] Group 3: Financial Performance - The company reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years ending December 31, 2022, 2023, and 2024, respectively, with a year-on-year growth of 15.2% from 2022 to 2023 and a decrease of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2025, revenue increased from RMB 565 million to RMB 644 million, representing a year-on-year growth of 13.9% [3] - Marketing intelligence and operational intelligence significantly contributed to the company's revenue, with marketing intelligence revenues of RMB 803 million, RMB 753 million, RMB 731 million, RMB 323 million, and RMB 354 million for the respective periods [3] - Operational intelligence revenues were RMB 363 million, RMB 595 million, RMB 523 million, RMB 230 million, and RMB 269 million for the same periods [3]

Core Viewpoint - Minglue Technology (02718) is set to launch an initial public offering (IPO) from October 23 to October 28, 2025, aiming to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public offering in Hong Kong and 90% for international offering [1] Group 1: Company Overview - Minglue Technology is a leading data intelligence application software company in China, focusing on integrating large models, industry-specific knowledge, and multimodal data to transform enterprise marketing and operational decision-making processes [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China based on total revenue for 2024 [1] - As of June 30, 2025, the company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and baby products [1] Group 2: Fundraising and Use of Proceeds - The company has entered cornerstone investment agreements with several investors, agreeing to subscribe for shares totaling up to approximately USD 59 million, based on the offering price [2] - The estimated net proceeds from the global offering are approximately HKD 902 million, which will be allocated as follows: - About 35% for enhancing technology research and development capabilities, including recruitment of high-end talent and procurement of R&D infrastructure [2] - Approximately 40% for product development to enrich the product portfolio, including hiring product managers and technical experts [2] - Around 15% for marketing, brand promotion, and sales team expansion [2] - About 10% for working capital and general corporate purposes [2] Group 3: Financial Performance - The company reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years ending December 31, 2022, 2023, and 2024, respectively, with a year-on-year growth of 15.2% from 2022 to 2023, followed by a decline of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2025, revenue increased from RMB 565 million to RMB 644 million, representing a year-on-year growth of 13.9% [3] - Marketing intelligence and operational intelligence significantly contributed to the company's revenue, with marketing intelligence revenues of RMB 803 million, RMB 753 million, RMB 731 million, RMB 323 million, and RMB 354 million for the respective periods, accounting for 63.3%, 51.5%, 52.9%, 57.1%, and 55.0% of total revenue [3] - Operational intelligence revenues were RMB 363 million, RMB 595 million, RMB 523 million, RMB 230 million, and RMB 269 million for the respective periods, representing 28.6%, 40.7%, 37.9%, 40.7%, and 41.7% of total revenue [3]

明略科技 Mininglamp Technology （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） 股份代號 : 2718 全球發售 獨家保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如閣下對本文件的任何內容有任何疑問，閣下應尋求獨立專業意見。 Mininglamp Technology 明略科技 （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 7,219,000股A類股份（可予重新分配並 | | --- | --- | --- | | | | 視乎超額配股權行使與否而定） | | 香港發售股份數目 | ： | 721,920股A類股份（可予重新分配） | | 國際發售股份數目 | ： | 6,497,080股A類股份（可予重新分配並 | | | | 視乎超額配股權行使與否而定） | | 發售價 | ： | 每股發售股份141.00港元，另加1% | | | | 經紀佣金、0.0027%證監會 | | | | 交易徵費、0.00015%會 ...