Core Viewpoint - Innovation Industry is set to launch its global IPO on November 14, with pricing expected on November 20 and listing on November 24, marking a significant milestone for the company and the third spin-off IPO in Hong Kong this year [1] Group 1: IPO Details - The IPO price range is set between HKD 10.18 and HKD 10.99 per share, with a base issuance of 500 million shares, leading to a total issuance scale of HKD 50.9 billion to HKD 55.0 billion [1] - If the green shoe option is fully exercised, the total issuance could reach HKD 58.5 billion to HKD 63.2 billion [1] Group 2: Cornerstone Investors - The IPO has attracted significant attention, with 17 well-known institutions participating as cornerstone investors, totaling an investment of USD 326 million, which accounts for 49.8% of the base issuance scale [2] - Hillhouse Capital is the largest investor with USD 75 million, representing 11.5% of the issuance scale [3] - Other notable investors include domestic private equity firms and foreign institutions, highlighting strong confidence in the company's value [3][4] Group 3: Financial Performance - Despite a strong cornerstone investor lineup, Innovation Industry's historical performance shows a significant disparity compared to peers, with revenue growth from 2022 to 2024 at a compound annual growth rate (CAGR) of 6.0% [6] - The company reported revenues of CNY 134.9 billion, CNY 138.1 billion, CNY 151.6 billion, and CNY 72.1 billion for the years 2022 to 2025 (first five months), with a year-on-year growth of 22.6% in the first five months of 2025 [6][8] - Net profit figures for the same periods were CNY 9.1 billion, CNY 10.8 billion, CNY 26.3 billion, and CNY 8.6 billion, with a CAGR of 70% from 2022 to 2024, but a decline of 14.4% year-on-year in the first five months of 2025 [7][8] Group 4: Dependency on Related Parties - The company shows a high dependency on related parties, with revenue from related party Innovation New Materials accounting for 78.8%, 76.6%, and 59.8% of total revenue in 2023, 2024, and the first five months of 2025, respectively [9][10] - Although the percentage is decreasing, the reliance on related parties remains a concern for long-term sustainability [9] Group 5: Internationalization and Future Prospects - Innovation Industry's internationalization efforts are still in the planning stage, with a projected investment of HKD 21.8 billion in a joint venture for a 500,000-ton electrolytic aluminum project in Saudi Arabia, expected to start construction by the end of 2026 [11] - Compared to peers like Nanshan Aluminum International, which has established a strong market presence in Southeast Asia, Innovation Industry's international business remains limited [11][12] Group 6: Valuation and Market Position - If priced at the lower end of the IPO range, the total market capitalization would be HKD 20.4 billion, with a price-to-earnings (P/E) ratio of 8.5 times for 2024 [13][14] - In comparison, peers like China Hongqiao have higher P/E ratios, indicating that Innovation Industry's valuation may not be particularly attractive when considering its growth quality and market position [13][14]

智通财经APP获悉，创新实业(02788)正在招股中。截止11月18日，富途、辉立、耀才等券商合计为创新 实业借出1083.9295亿港元，超购逾196倍。 | 新股仔展(11月18日) | | | | | --- | --- | --- | --- | | 新股 | 券商 | | 息率% | | 创新实业 | 富途 | 487.60 | 0.00 | | 辉立 | | 310.00 | 0.00 | | 化成 | | 28.50 | 0.00 | | 耀才 | | 25.00 | 0.00 | | (02788) | 信诚 | 15.00 HEI | 0.00 | | 閣立 | | 10.50 | 0.00 | | 时富 | | 1.14 | 0.00 | | 艾德 | | 0.5765 | 0.00 | | 其他总和 | | 205.6130 | | | 并计 | | 1083.9295 | | | | | 集资额:5.50亿元 | | | | | 认购:超购逾196倍 | | ...

Core Viewpoint - Innovation Industry Group, a leading electrolytic aluminum company from Inner Mongolia, is set to launch its IPO on November 24 on the Hong Kong Stock Exchange, having secured significant cornerstone investments totaling approximately $351 million from 17 prominent investors, indicating strong confidence in the company's fundamentals and growth prospects [1] Company Overview - Innovation Industry focuses on the upstream high-value-added segments of the aluminum industry, primarily producing and selling electrolytic aluminum and alumina. According to CRU reports, it ranks as the fourth largest electrolytic aluminum producer in North China and the twelfth largest in China by 2024 production capacity [2] - The company's core competitiveness lies in its integrated ecosystem of "energy - alumina refining - electrolytic aluminum smelting," which provides two key advantages: a high self-sufficiency rate for key raw materials, with alumina self-sufficiency projected at approximately 84% in 2024, and excellent energy security, maintaining a long-term electricity self-sufficiency rate of around 88% [2] Financial Performance - From 2022 to 2024, Innovation Industry's revenue is expected to grow from 13.49 billion yuan to 15.16 billion yuan, while net profit is projected to increase significantly from 0.88 billion yuan to 2.06 billion yuan, demonstrating strong profit growth momentum [2] Operational Efficiency - Through continuous technological innovation and refined management, Innovation Industry has achieved industry-leading results in cost reduction and efficiency enhancement. The company's electrolytic aluminum smelting power consumption is controlled at 13,366 kWh per ton for 2024, below the industry average, with plans to further reduce it to 13,290 kWh by the end of 2025 [3] - The company's highly automated production allows for an annual per capita output of 590 to 670 tons, which is 2.2 to 2.6 times the industry average. The estimated cash cost per ton of aluminum for 2024 is approximately 15,112 yuan, significantly lower than the Chinese average of around 17,700 yuan per ton, placing its cost control capabilities among the top 5% domestically and the top 30% globally [3] Industry Outlook - The global electrolytic aluminum industry is currently experiencing a "demand expansion, supply constraint" scenario, driven by growth in sectors such as new energy vehicles and photovoltaic energy storage. It is anticipated that there will be a domestic annual demand gap exceeding one million tons before 2034 due to a production capacity cap of 45 million tons and overseas environmental policy restrictions [3] - Of the net proceeds from the IPO, 50% will be allocated to expanding overseas capacity (such as a 500,000-ton electrolytic aluminum project in Saudi Arabia), 40% will be invested in green energy projects, and 10% will be used to supplement working capital. The Saudi project, leveraging local cheap energy and a 4.6% annual demand growth rate in the Middle East, is expected to become the company's second growth curve, further opening up global growth opportunities [3]

Core Viewpoint - The successful IPO of Innovation International Industrial Group Limited is supported by a strong base of cornerstone investors, reflecting confidence in the company's long-term value and growth potential [3][4][17]. Group 1: IPO and Market Reception - Innovation International's IPO has attracted significant interest, with over 54 times subscription as of November 17, indicating robust market demand and investor confidence in the company's fundamentals [2][12]. - The cornerstone investor lineup includes 17 top-tier institutions, with a total subscription amount of approximately 3.36 billion USD, equivalent to about 26.12 billion HKD, representing nearly 50% of the total offering [2][4]. Group 2: Competitive Advantages and Industry Position - The company focuses on high-value segments of the aluminum industry, specifically refining and smelting, creating a competitive edge through an integrated ecosystem covering key production stages [8][11]. - Innovation International has achieved a human output of 590 to 670 tons of electrolytic aluminum per person, significantly exceeding the industry average by 2.2 to 2.6 times [11]. - The company boasts a self-sufficiency rate of approximately 84% for alumina and 88% for electricity, far surpassing the industry average of about 57%, providing a strong competitive barrier [11][12]. Group 3: Industry Outlook and Strategic Expansion - The electrolytic aluminum sector is entering a structural upturn driven by sustained demand growth and supply constraints, with a projected market demand gap exceeding one million tons by 2034 [12][13]. - The company is planning to expand its electrolytic aluminum production capacity in Saudi Arabia, capitalizing on the region's abundant energy resources and projected annual demand growth of 4.6% from 2025 to 2028 [13][14]. Group 4: Conclusion - The IPO of Innovation International exemplifies how companies that deeply engage in their industry and build integrated advantages can attract top institutional investors, reflecting a consensus on the structural opportunities within the global aluminum market [15][16][17].

Core Viewpoint - Innovation Industry (02788.HK) has launched a global IPO in Hong Kong, aiming to raise approximately HKD 5.495 billion, with a share price range of HKD 10.18 to HKD 10.99, and plans to list on November 24 [2] Group 1: IPO Details - The company plans to issue around 500 million shares, with 450 million shares allocated for international placement and 50 million shares for public offering in Hong Kong [2] - The net proceeds from the IPO will be allocated as follows: approximately 50% for expanding overseas production capacity, 40% for green energy projects, and 10% for working capital and general corporate purposes [2] - The public offering period is from November 14 to November 19, with an entry fee of approximately HKD 5,550 for 500 shares [2] Group 2: Cornerstone Investors - A total of 17 cornerstone investors, including Hillhouse, China Hongqiao, and others, have committed to subscribe to the shares, with a total subscription amount of approximately USD 351 million at the upper end of the price range [3] - The participation of cornerstone investors is expected to enhance market confidence in the company's business and future development [3] - The company has not provided any additional benefits or agreements to cornerstone investors, ensuring equal status for the subscribed shares with all issued shares [3] Group 3: Company Overview - Innovation Industry focuses on the upstream segment of the aluminum industry chain, primarily covering alumina refining and electrolytic aluminum smelting [4] - The company operates in three stages of upstream production: bauxite mining, alumina refining, and electrolytic aluminum smelting [4] - According to CRU, the refining and smelting stages have the highest value in the aluminum industry chain [4] Group 4: Financial Performance - The company's revenue, gross profit, and gross profit margin have shown stable growth over the past three years [4] - Revenue increased from RMB 13.49 billion in 2022 to RMB 15.16 billion in 2024, while net profit rose from RMB 0.913 billion to RMB 2.63 billion during the same period [4] - Gross profit grew from RMB 2.04 billion in 2022 to RMB 4.28 billion in 2024, with gross profit margin improving from 15.1% to 28.2% [4]

Core Viewpoint - Innovation Industry (02788.HK) has launched a global IPO in Hong Kong, aiming to raise approximately HKD 5.495 billion, with a share price range of HKD 10.18 to HKD 10.99, and plans to list on November 24 [1] Group 1: IPO Details - The company plans to issue around 500 million shares, with 450 million shares allocated for international placement and 50 million shares for public offering in Hong Kong [1] - The net proceeds from the IPO will be allocated as follows: approximately 50% for expanding overseas production capacity, 40% for green energy projects, and 10% for working capital and general corporate purposes [1] - The public offering period is from November 14 to November 19, with an entry fee of approximately HKD 5,550 for 500 shares [1] Group 2: Cornerstone Investors - A total of 17 cornerstone investors, including Hillhouse, China Hongqiao, and others, have committed to subscribe to the shares, with a total subscription amount of approximately USD 351 million based on the upper end of the price range [2] - The participation of cornerstone investors is expected to enhance market confidence in Innovation Industry's business and future development [2] - The company has selected cornerstone investors based on market conditions and its own value, focusing on long-term partners with industry backgrounds to create a mutually beneficial cooperation [2] Group 3: Company Overview - Innovation Industry focuses on the upstream segment of the aluminum industry chain, primarily covering alumina refining and electrolytic aluminum smelting [3] - The company operates in three stages of aluminum production: bauxite mining, alumina refining, and electrolytic aluminum smelting [3] - According to CRU, the refining and smelting stages have the highest value in the aluminum industry chain, and the company's electrolytic aluminum smelting plant in Inner Mongolia is recognized as the fourth largest in North China [3] Group 4: Financial Performance - Over the past three years, the company's revenue, gross profit, and gross profit margin have shown steady growth [4] - Revenue increased from RMB 13.49 billion in 2022 to RMB 15.16 billion in 2024, while net profit rose from RMB 0.913 billion to RMB 2.63 billion during the same period [4] - Gross profit grew from RMB 2.04 billion in 2022 to RMB 4.28 billion in 2024, with gross profit margin improving from 15.1% to 28.2% [4]

創新實業集團有限公司 CHUANGXIN INDUSTRIES HOLDINGS LIMITED 股份代號 : 02788 （於開曼群島註冊成立的有限公司） 全球發售 聯席保薦人、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 重要提示 閣下如對本招股章程的內容有任何疑問，應諮詢獨立專業意見。 Chuangxin Industries Holdings Limited 創新實業集團有限公司 （於開曼群島註冊成立的有限公司） 全球發售 | 全球發售的發售股份數目 500,000,000股股份（視乎超額配股權 | : | | --- | --- | | 行使與否而定） | | | 香港發售股份數目 50,000,000股股份（可予重新分配） | : | | 國際發售股份數目 450,000,000股股份（可予重新分配及 | : | | 視乎超額配股權行使與否而定） | | | 最高發售價 每股發售股份10.99港元，另加1.0% | : | | 經紀佣金、0.0027%證監會交易徵 | | | 費、0.00015%會財局交易徵費及 | | | 0.00565%聯交所交易費（須於申請時 | | | 繳 ...

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