Company Overview - Yaojie Ankang, listed on June 23, 2023, saw its stock price surge by 115.58%, reaching 415 HKD per share, with a market capitalization of 164.7 billion HKD, reflecting a 30-fold increase in less than three months [1][4] - The company currently has no commercialized products and reported a loss exceeding 100 million RMB in the first half of the year, highlighting a stark contrast between its financial fundamentals and its market valuation [4] - The stock has been included in the Hong Kong Stock Connect as of September 8, 2023, which may be driving speculative trading to attract mainland index funds [4] Financial Performance - For the first half of 2025, the company reported revenue of 726 million RMB and a profit of 48.51 million RMB, indicating a profit margin of 6.7% [9] - Revenue for the years 2022 to 2024 was 507.2 million RMB, 852.1 million RMB, and 1.248 billion RMB, respectively, with corresponding net profits of -21.23 million RMB, 27.22 million RMB, and 58.52 million RMB [8] - The company’s gross profit margin has shown improvement, with a gross profit of 358.49 million RMB in the first half of 2025, reflecting a margin of 49.4% [9] Market Position and Strategy - Different Group, established in 2018, focuses on designing and selling high-end parenting products, ranking second in China's mid-to-high-end parenting product market with a market share of 4.2% [6] - The company has a diverse product line with 459 SKUs and a distribution network that includes major e-commerce platforms and 3,400 third-party stores [7][6] - The customer repurchase rate increased from 20.1% in 2022 to 40.2% in June 2025, indicating growing brand loyalty [11] Industry Insights - Despite a decline in newborn numbers in China, the mid-to-high-end parenting product market is expected to grow faster than the overall market due to rising consumer demands for quality and safety [12] - The competitive landscape is fragmented, with the top five brands holding only 18.4% of the market share, allowing for opportunities for growth [12] - Different Group adopts a differentiated strategy, competing with international brands while maintaining more affordable pricing and focusing on quality and design compared to local brands [13]

Core Viewpoint - The Hong Kong IPO market is experiencing a surge, with significant investor interest and several new listings yielding substantial returns, particularly highlighted by the upcoming IPO of "Different Group," which aims to become the first high-end maternal and infant consumption technology stock in Hong Kong [1][3][15]. Group 1: IPO Performance - The Hong Kong IPO market has been active, with 18 companies successfully listing since July, and 14 of them achieving positive returns on their first trading day, representing nearly 80% [3][4]. - The average first-day increase for these new listings is 39.63%, while the cumulative average increase since listing is 49.13%, indicating strong market recognition and investor enthusiasm [3][4]. Group 2: Different Group's IPO Details - Different Group's public offering is scheduled from September 15 to September 18, with a price range of HKD 62.01 to HKD 71.20 per share, and an expected market capitalization between HKD 5.627 billion and HKD 6.461 billion [1]. - The company has secured three cornerstone investors, each committing USD 5 million, and has previously attracted investments from notable firms such as TianTu Investment and TaiKang Life [1]. Group 3: Market Position and Growth Potential - Different Group targets the high-end parenting market, which is projected to reach RMB 34 billion in 2024, accounting for 23.6% of the total parenting market, with expectations to grow to RMB 50.9 billion by 2029 [8][11]. - The company has established itself as a leader in the high-end durable parenting product sector, with its brand BeBeBus achieving the highest GMV in this category in China [8]. Group 4: Product and Competitive Advantage - Different Group offers a comprehensive product matrix covering four key parenting scenarios: travel, sleep, feeding, and care, which includes both durable and fast-moving consumer goods [9]. - The company has built a robust online and offline distribution network, with a strong customer retention rate of 40.23% as of mid-2025, indicating high user engagement [10]. Group 5: Financial Performance - Different Group reported a revenue of RMB 726 million in the first half of 2025, reflecting a year-on-year growth of 24.7%, with a compound annual growth rate of 56.9% from 2022 to 2024 [12]. - The net profit for the same period was RMB 48.5 million, a significant increase of 72.14% year-on-year, showcasing strong profitability and financial health [12]. Group 6: Innovation and Intellectual Property - The company has established a solid intellectual property framework with 200 registered patents and 17 international patents, enhancing its competitive edge [13]. - Different Group focuses on user-centered and technology-driven product development, integrating insights from various industries to innovate its offerings [13]. Group 7: Future Outlook - The company is positioned to leverage favorable policies and consumer trends in the parenting sector, with a clear growth trajectory supported by strong demand and financial performance [11][12]. - Different Group's IPO marks the beginning of a new journey, with expectations to explore further possibilities in family consumption technology [16].

| | | 新股仔展 (9月15日) | | | --- | --- | --- | --- | | 新股 | 券商 | 子展(亿港元) | 息率% | | | 富途 | 1171.00 | 0.00 | | | 辉立 | 415.00 | 0.00 | | | 信诚 | 100.00 | 0.00 | | | 耀才 | 74.00 | 0.00 | | | 华盛 | 45.80 | 0.00 | | 劲方医药- | 盈立 | 11.24 | 0.00 | | B(02595) | 时富 | 1.40 | 0.00 | | | 艾德 | 0.9455 | 0.00 | | | 其他总和 | 377.047 | | | | 共计 | 2196.4325 | | | | | 集资额:1.58亿元 | | | | | 认购:超购逾1389倍 | | | 不同集团 | 富途 | 3.17 | 0.00 | | | 信诚 | 1.00 | 0.00 | | | 时喜 | 0.78 | 0.00 | | | 华盛 | 0.22 | 0.00 | | | 辉立 | 0.21 | 0.00 | | | | 0.16 | 0. ...

Group 1 - Different Group (06090.HK) plans to globally offer 10.98 million shares, with 1.0981 million shares available in Hong Kong and 9.8828 million shares for international offering, along with an overallotment option of 1.6471 million shares [1] - The subscription period is from September 15 to September 18, with a maximum offer price of HKD 71.20 per share, and an entry fee of approximately HKD 7,191.80 for 100 shares [1] - The total expected fundraising amount is HKD 731 million, with a net amount of HKD 662 million, intended for brand activities, expanding sales networks, enhancing production capacity, increasing overseas market influence, R&D for new products, and general corporate purposes [1] Group 2 - The company focuses on designing and selling parenting products, with its first brand BeBeBus established in 2019, targeting mid-to-high-end consumers and becoming a well-known brand in China's parenting product market [2] - The net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 (ending June 30) are projected to be CNY 27.224 million, CNY 58.516 million, and CNY 48.507 million, reflecting year-on-year growth rates of 228.24%, 114.94%, and 72.14% respectively [2]

Group 1 - The company Different Group (06090) is set to launch its IPO from September 15 to September 18, 2025, with shares expected to begin trading on September 23, 2025 [1] - The company plans to issue a total of 10.98 million shares, with 10% allocated for Hong Kong and 90% for international offerings, and an additional 15% for over-allotment options, with a price range of HKD 62.01 to HKD 71.20 per share [1] - Different Group focuses on designing and selling parenting products, with its brand BeBeBus established in 2019, quickly gaining a strong market position in the mid-to-high-end parenting product sector in China [1][2] Group 2 - The company has developed an effective growth model by entering high-demand, high-ticket parenting product markets such as baby strollers and safety seats, which has helped establish its brand recognition and set the stage for product category expansion [2] - The company has signed cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling USD 15 million under certain conditions [3] - Assuming a mid-range offer price of HKD 66.60 per share, the company estimates net proceeds from the global offering to be approximately HKD 662 million, with allocations for production capacity enhancement, market expansion, brand activities, R&D, and working capital [4]

Core Viewpoint - The company is set to launch an initial public offering (IPO) with a global offering of 10.98 million shares, targeting both local and international investors, with a share price range of HKD 62.01 to 71.20, indicating strong market interest in its high-end parenting products [1] Group 1: Company Overview - The company specializes in designing and selling parenting products, with its first brand, BeBeBus, established in 2019, focusing on the mid-to-high-end consumer segment [1] - BeBeBus has quickly gained a strong market position in China's mid-to-high-end parenting product market, achieving a market share of 4.2% and ranking second among brands in this segment as of 2024 [1][2] Group 2: Growth Strategy - The company has developed an effective growth model by entering high-demand, high-ticket parenting product categories such as strollers, car seats, cribs, and high chairs, which has helped establish its premium brand image [2] - By diversifying its product offerings to meet various parenting needs, the company has not only increased its revenue streams but also strengthened its brand [2] Group 3: Investment and Financials - The company has secured cornerstone investors who have agreed to subscribe for shares worth USD 15 million under certain conditions, indicating strong backing for the IPO [3] - Assuming a midpoint share price of HKD 66.60, the company estimates a net proceeds of approximately HKD 662 million from the global offering, with allocations for production capacity enhancement, market expansion, brand activities, R&D, and working capital [4]

Core Viewpoint - The company, Different Group, is planning a global offering of 10.98 million shares, with a price range of HKD 62.01 to 71.20 per share, targeting the high-end parenting product market in China [1][4]. Group Overview - Different Group focuses on designing and selling parenting products, with its brand BeBeBus established in 2019, quickly gaining recognition in the mid-to-high-end consumer segment [1][2]. - By 2024, the mid-to-high-end parenting product market is expected to account for 23.6% of the overall parenting product market in China, with BeBeBus holding a 4.2% market share, ranking second among Chinese parenting brands [1][2]. Growth Strategy - The company has developed an effective growth model by entering high-demand, high-ticket items such as baby strollers and safety seats, which has helped establish a strong brand image and recognition among target users [2]. - The strategy allows for diversification of revenue sources and strengthens brand power, positioning the company for future success in a changing market [2]. Investment Agreements - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling approximately USD 15 million (around HKD 117 million) under certain conditions [3]. - Key cornerstone investors include Cithara Global Multi-Strategy SPC, Shanghai Tongyi, and Great Praise Investment SPC [3]. Use of Proceeds - Assuming a share price of HKD 66.60, the company expects to net approximately HKD 661.7 million from the global offering [4]. - The proceeds will be allocated as follows: 25.7% for enhancing production capacity, 16.6% for expanding influence in North America, Europe, and Southeast Asia, 34.1% for brand activities and sales network expansion, 13.6% for R&D of new products, and 10% for working capital and general corporate purposes [4].

格隆汇9月15日丨不同集团(06090.HK)发布公告，公司拟全球发售1098.09万股(视乎超额配股权行使与否 而定)，中国香港发售股份109.81万股，国际发售股份988.28万股；2025年9月15日至9月18日招股，预期 定价日为9月19日；发售价将为每股发售股份62.01-71.20港元，每手买卖单位为100股，中信证券及海通 国际为联席保荐人；预期股份将于2025年9月23日开始在联交所买卖。 ...

聯席賬簿管理人及聯席牽頭經辦人 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 股份代號 : 6090 （於開曼群島註冊成立的有限公司） 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 BUTONG GROUP 不同集團 （於開曼群島註冊成立的有限公司） 全球發售 全球發售項下的發售股份數目：10,980,900股發售股份（視乎超額配股權 行使與否而定） 香港發售股份數目：1,098,100股發售股份（可予重新分配） 國際發售股份數目：9,882,800股發售股份（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71.20港元，另加1.0% 經紀佣金、0.00015%會財局交易徵費、 0.0027%證監會交易徵費及0.00565% 聯交所交易費（須於申請時以港元繳足， 多繳股款可予退還） 面值：每股發售股份0.0001美元 股份代號：6090 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 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 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限 ...

本公告僅作說明用途，並不構成收購、購買或認購證券的邀請或要約。潛在投資者於決定是否 投資發售股份前，應細閱招股章程有關下文所述本公司及全球發售的詳細資料。 除非另有界定，否則本公告所用詞彙與不同集團（「本公司」）日期為2025年9月15日的招股章程 （「招股章程」）所界定者具有相同涵義。 就全球發售而言，中信里昂證券有限公司作為穩定價格操作人（「穩定價格操作人」）（或其聯屬 人士或代其行事的任何人士）可在香港或其他地區的適用法律及監管規定允許的範圍內，代表 包銷商於上市日期後一段有限期間內超額分配或進行交易，以穩定價格操作人、其聯屬人士或 代其行事的任何人士釐定的價格、數量及方式穩定或維持股份市價並使其高於原應達致的水 平。然而，穩定價格操作人（或其聯屬人士或代其行事的任何人士）並無責任進行任何該等穩定 價格行動。該等穩定價格行動一經採取，(a)將由穩定價格操作人（或其聯屬人士或代其行事的 任何人士）以穩定價格操作人合理認為符合本公司最佳利益的方式全權酌情進行，(b)可隨時終 止，及(c)須在遞交香港公開發售申請截止日期（即2025年10月17日（星期五））後30日內結束。 該等穩定價格行動一經採取，可在所有 ...