Core Viewpoint - The Hong Kong stock market recently witnessed the largest IPO in the industrial metals sector in three years, with Innovation Industry Group Co., Ltd. (02788.HK) officially listing on the Hong Kong Stock Exchange, led by Shandong aluminum tycoon Cui Lixin [2][3] Group 1: IPO Details - Innovation Industry's IPO is among the top ten largest in Hong Kong this year and the largest in the industrial metals sector since 2022 [3] - The cornerstone investor list includes China Hongqiao Group, which subscribed for $30 million, signaling strong regional industrial collaboration [3][21] - The IPO attracted 17 cornerstone investors, raising approximately $351 million [21] Group 2: Company Background - Cui Lixin, a 56-year-old entrepreneur, is the chairman of Shandong Innovation Group and the actual controller of the A-share listed company Innovation New Materials [5][6] - Shandong Innovation Group employs over 20,000 people and ranked 330th in the 2024 China Top 500 Enterprises, with annual sales exceeding 120 billion yuan [7] Group 3: Business Operations - Innovation Industry focuses on the upstream aluminum industry chain, including alumina refining and electrolytic aluminum smelting, with operations in Hohhot, Inner Mongolia, and Binzhou, Shandong [10][11] - The electrolytic aluminum smelting plant in Hohhot is projected to be the fourth largest in North China by 2024, while the alumina refining plant in Binzhou benefits from strategic logistics advantages [11][14] Group 4: Financial Performance - Innovation Industry's revenue increased from 13.49 billion yuan in 2022 to 15.16 billion yuan in 2024, with net profit rising from 913 million yuan to 2.63 billion yuan [15] Group 5: Client Relationships - Innovation New Materials, controlled by Cui Lixin, is the largest customer of Innovation Industry, accounting for 78.8% and 76.6% of total revenue in 2023 and 2024, respectively [16][17] - The strategic proximity of Innovation New Materials' new production base to Innovation Industry's facilities enhances operational efficiency [18][20] Group 6: Industry Collaboration - The collaboration between local aluminum industry giants, such as Innovation Industry and China Hongqiao, highlights the synergy within the regional aluminum supply chain [21][22] - The listing marks a new phase for Shandong Innovation Group, transitioning to a dual-platform strategy with both A-share and H-share listings [22]

Group 1: Hong Kong IPO Market Overview - In November 2025, the Hong Kong Stock Exchange saw 12 companies successfully listed, raising approximately HKD 40.401 billion, marking the third-highest fundraising scale of the year [1] - The leading sectors for fundraising included automotive manufacturing, autonomous driving, biotechnology, and software services, indicating strong international capital confidence in China's leading enterprises in new energy and AI [2][4] - Notable contributions to the fundraising total came from companies such as Seres (HKD 14.283 billion), Pony.ai (HKD 6.707 billion), and Innovation International (HKD 5.495 billion), which together accounted for over 65.56% of the total [2] Group 2: Upcoming IPOs and Market Activity - A total of 55 companies submitted IPO applications in November, with 11 companies initiating their offering process, indicating a robust pipeline for future listings [7] - The market is expected to remain active, supported by high-quality projects from companies like JD Industrial, Tianyu Semiconductor, and Naxin Microelectronics, which are anticipated to contribute to the IPO landscape in late 2025 and early 2026 [7] Group 3: US IPO Market Insights - In the US market, no Chinese companies completed IPOs in November due to the government shutdown affecting the SEC's operations, which led to a slowdown in the review process for new IPO applications [8][10] - Despite the lack of new listings, seven companies submitted IPO applications, primarily in logistics, digital marketing, and tourism services, showcasing the ongoing interest of Chinese firms in the US market [10] Group 4: Regulatory Developments and Efficiency - Sixteen companies received approval from the China Securities Regulatory Commission for overseas listings, surpassing the previous month's figures and setting a new record for 2025 [12] - The average approval time for these projects was approximately five months, reflecting improved efficiency and predictability in the regulatory process, which enhances corporate confidence in pursuing overseas listings [12] Group 5: Market Outlook - The Hong Kong market is expected to maintain its status as a preferred destination for Chinese companies seeking to list abroad, supported by a clear focus on hard technology and substantial fundraising capabilities [13] - The ongoing regulatory improvements and the active pipeline of companies indicate a promising future for both the Hong Kong and US IPO markets, with potential for a return of Chinese enterprises to the US when conditions are favorable [13]

Core Viewpoint - The approval of Innovation Industry for listing on the Hong Kong Stock Exchange marks a significant development in China's aluminum industry, highlighting the company's role as a benchmark enterprise in the sector [1] Group 1: Company Actions - China Merchants Bank Wealth Management successfully allocated over 10 million yuan in the IPO of Innovation Industry, with 11 of its products included in the allocation [1] - The participation in Innovation Industry's IPO is part of the company's efforts to promote green finance and support the internationalization of Chinese manufacturing enterprises [1] Group 2: Industry Implications - The listing of Innovation Industry is seen as a typical case of the company's commitment to serving the real economy, fostering innovation, and supporting green development [1]

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 創新實業集團有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02788 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | 0.000005 | USD | | 50,000 | FF301 第 1 頁 共 10 頁 v ...

Core Insights - The Hong Kong IPO market showed a marginal recovery in November 2025, with a notable concentration of listings towards the end of the month [2][18] - A total of 53 companies submitted listing applications, with 25 of them in the last week of November [2][18] - 12 new companies successfully listed on the Hong Kong Stock Exchange during this period [2][18] Listing Performance - The top three performers on their first trading day were 旺山旺水 (Wangshan Wangshui) with a gain of 145.73%, 明略科技 (Minglue Technology) at 106.10%, and 量化派 (Quantitative Party) at 88.78% [2][19][21] - Conversely, the companies with the largest declines were 海伟股份 (Haiwei Co.) at -22.97%, 文远知行 (Wenyan Zhixing) at -9.96%, and 小马智行 (Xiaoma Zhixing) at -9.28% [2][19][21] Fundraising Highlights - The top three companies in terms of fundraising were 赛力斯 (Sailis) with approximately 14.283 billion HKD, 小马智行 (Xiaoma Zhixing) at 6.707 billion HKD, and 创新实业 (Innovation Industry) at 5.495 billion HKD [2][19][26]

Core Viewpoint - Innovation Industries (02788.HK) experienced a stock price increase of over 5%, currently trading at 18.23 HKD, following the announcement of the full exercise of the over-allotment option by the overall coordinator [1] Group 1: Stock Performance - The company's stock rose by 4.77% to 18.23 HKD during morning trading [1] - The stock initially surged over 5% before stabilizing [1] Group 2: Over-allotment Option - The overall coordinator exercised the over-allotment option in full, involving a total of 75 million shares, which represents approximately 15% of the initially available shares for subscription [1] - The over-allotment shares will be issued at a price of 10.99 HKD per share, generating a net additional amount of approximately 812 million HKD [1] - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares, which are expected to commence on December 5, 2025, at 9:00 AM [1]

Core Viewpoint - Innovation Industry (02788.HK) has exercised the overallotment option for a total of 75,000,000 shares, representing approximately 15% of the total shares available for subscription prior to the exercise of the overallotment option [1] Summary by Sections - **Overallotment Details** - The overallotment shares will be issued at a price of HKD 10.99 per share, which is the same as the global offering price [1] - The issuance excludes a 1% brokerage commission, a 0.0027% Securities and Futures Commission transaction levy, a 0.00015% Financial Services and Treasury Bureau transaction levy, and a 0.00565% Hong Kong Stock Exchange transaction fee [1] - **Purpose of Overallotment** - The overallotment shares will be used to facilitate the repayment to Bloomsbury Holding Limited for the 75,000,000 shares borrowed from China International Capital Corporation Hong Kong Securities Limited or its affiliates under a stock borrowing agreement [1] - This action is intended to support the settlement of the international offering's overallotment [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」）以及香港中央結算有限公司 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，概不對因本 公告的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。 除本公告另有界定者外，本公告所用的詞彙與創新實業集團有限公司（「本公司」）於2025年11 月14日（星期五）刊發的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成對任何人士進行收購、購買或認購本公司任何證券的要約或誘使作 出要約的邀請。本公告並非招股章程。潛在投資者在決定是否投資於發售股份前，應細閱招股 章程內有關下文所述全球發售的詳細資料。有關發售股份的任何投資決定應僅依賴招股章程所 提供的資料而作出。 本公告概不構成要約出售或遊說要約購買發售股份，而在任何作出有關要約、遊說或出售即屬 違法的司法權區內，概不得出售任何發售股份。本公告不得直接或間接於或向美國或法律禁止 有關派發的任何其他司法權區發佈、刊發或派發，而本公告亦並非在美國或任何其他司法權區 出售或遊說購買或認購證券的要約。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 ...

Core Viewpoint - Hebei Haiwei Electronic Materials Technology Co., Ltd. (Haiwei) has listed on the Hong Kong Stock Exchange, opening at HKD 13.50, below the issue price, and closing at HKD 11.00, a decline of 22.97% [1] Group 1: Company Overview - Haiwei is the second-largest capacitor film manufacturer in China based on projected sales volume for 2024 [1] - The company issued a total of 35,456,000 shares, with 3,545,600 shares allocated for public offering in Hong Kong and 31,910,400 shares for international offering [1][2] Group 2: Financial Details - The issue price was set at HKD 14.28, raising a total of HKD 506.31 million, with a net amount of HKD 451.76 million after deducting estimated listing expenses of HKD 54.55 million [2][3] - Haiwei plans to use the proceeds from the global offering to expand production capacity, enhance research and development capabilities, and for general corporate purposes [3] Group 3: Key Investors - The cornerstone investor, Huixing Lihai Co., Ltd., received 15,129,000 shares, accounting for 42.67% of the total shares offered and 9.51% of the total issued share capital post-global offering [5][6] Group 4: Financial Performance - Revenue for Haiwei in 2022, 2023, and projected for 2024 is RMB 327.1 million, RMB 329.5 million, and RMB 421.7 million respectively, with net profits of RMB 102.0 million, RMB 69.8 million, and RMB 86.4 million [6][7] - Cash flows from operating activities showed net cash inflows of RMB 232.1 million in 2022 and RMB 17.2 million in 2024, while 2023 and the first five months of 2025 reported net cash outflows of RMB 89.4 million and RMB 35.8 million respectively [8]

Core Viewpoint - Innovation Industry Group Limited, a leading integrated producer of electrolytic aluminum and alumina in China, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 54.95 billion through the issuance of 500 million shares at HKD 10.99 each, with a significant post-listing price increase of 36.49% to HKD 15 per share [1][2]. Group 1: Company Overview - Innovation Industry was established in 2012 and is one of China's top twelve electrolytic aluminum producers, focusing on alumina refining and electrolytic aluminum smelting [1][2]. - The company has a designed production capacity of 788.1 thousand tons per year for electrolytic aluminum and 1200 thousand tons per year for alumina as of November 6, 2023 [1]. Group 2: Financial Performance - The company reported revenues of RMB 134.9 billion, RMB 138.15 billion, RMB 151.63 billion, and RMB 72.14 billion for the fiscal years 2022, 2023, 2024, and the first five months of 2025, respectively, indicating steady growth [2]. - The net profit for the same periods was approximately RMB 9.13 billion, RMB 10.81 billion, RMB 26.3 billion, and RMB 8.56 billion, showing slight fluctuations [2]. Group 3: Shareholding Structure - After the IPO, the actual controller and major shareholder, Cui Lixin, holds 75% of the shares through Bloomsbury Holding, while public shareholders own 25% [2]. Group 4: Use of Proceeds - Approximately 50% of the net proceeds from the global offering will be used to expand overseas production capacity, including the construction of an electrolytic aluminum smelting plant [3]. - About 40% of the net proceeds is expected to fund green energy projects, including the establishment of green energy power stations [3]. - The remaining 10% will be allocated for working capital and general corporate purposes [3].