绿茶集团(06831.HK)上市首日，盘中跌超2%，股价最低触及7港元， IPO价7.19港元。 ...

Major Events - Heng Rui Medicine (01276) plans to globally issue 224.5 million H-shares, expected to be listed on May 23 [1] - MIRXES-B (02629) will conduct an IPO from May 15 to May 20, aiming to globally issue 46.62 million shares [1] - Green Tea Group (06831) received 317.54 times subscription for its public offering in Hong Kong, with a final issue price of HKD 7.19 per share [1] - CSPC Pharmaceutical Group (01093) signed an exclusive licensing agreement with Cipla for the commercialization of Irinotecan Liposome Injection in the United States [1] - CanSino Biologics (06185) received clinical trial approval for its inhaled tuberculosis booster vaccine in Indonesia [1] - Fuhong Hanlin (02696) has been included in the MSCI Global Small Cap Index [1] - Financial One Account (06638) received a privatization offer from Ping An Group (02318) at a premium of approximately 23.10% [1] Financial Reports - Alibaba-W (09988) reported revenue and net profit growth for the fiscal year 2025, with net profit attributable to shareholders increasing by 62% to CNY 129.47 billion [1] - NetEase-S (09999) announced Q1 results with net profit attributable to shareholders at CNY 10.301 billion, a year-on-year increase of 34.94%, and a quarterly dividend of USD 0.135 per share [1] - Geely Automobile (00175) released Q1 results showing a significant increase in profit attributable to shareholders of CNY 5.672 billion, up 263.59% year-on-year [1] - Beike-W (02423) reported a total transaction volume growth of 34.0% year-on-year in Q1, with net revenue increasing by 42.4% [1] - Minhua Holdings (01999) announced annual results with profit attributable to shareholders of HKD 2.063 billion, a decrease of 10.41% year-on-year [1] - Shoucheng Holdings (00697) reported Q1 results with profit attributable to shareholders of HKD 213 million, an increase of 80.5% year-on-year [1] - Fourth Paradigm (06682) showed strong performance in core business with total revenue of CNY 1.077 billion in Q1, a year-on-year growth of 30.1% [1]

Group 1: Financial Market Developments - The People's Bank of China plans to further enrich the "Swap Connect" product types, extending interest rate swap contracts to 30 years and introducing swaps based on the Loan Prime Rate (LPR) [1] - As of April 2025, over 12,000 RMB interest rate swap transactions have been completed, with a total nominal principal amount of approximately 6.5 trillion RMB [1] Group 2: Company Performance and Market Reactions - Green Tea Group's stock closed down 7.65% at HKD 6.64 in the dark market, indicating volatility in investor sentiment despite its established presence in the restaurant industry [2][3] - Heng Rui Pharmaceutical has initiated its Hong Kong IPO with a price range of HKD 41.45 to HKD 44.05, with an entry fee of approximately HKD 8,898.85, marking a significant step in its international expansion strategy [4] - Alibaba's cloud revenue grew by 18% in the latest quarter, driven by strong AI demand, with AI-related product revenue achieving triple-digit growth for seven consecutive quarters [5] Group 3: New Market Entries - MIRXES-B, a cancer early screening company, has announced a global offering of 46.62 million shares at HKD 23.30 each, focusing on innovative solutions in disease screening and diagnosis [6]

绿茶集团IPO日前停止认购，融资认购倍数达到282.11倍，融资认购金额为341.51亿港元，富途证券融资认购为156.32亿港元，辉立证券为110亿港元。 绿茶集团此次IPO，全球发行约1.7亿股，招股价为每股7.19港元，预计净集资额最高约12.1亿港元，其中30%是老股发售。 | 绿茶集团有限公司 | | | 招股书 | | --- | --- | --- | --- | | HK] 06831 | | | | | 05-08 | 05-13 | 05-15 | 05. | | 0 | 0) - | | | | 认购 | 截止认购 | 公布中签 | t | | 现金认购已截止 | | | | | 融资认购已截止 | | | | | 融资情况 | 发行概况 | 财务 | 资 | | 融资总览 | | | 更新时间:05-13 18 | | 融资认购倍数 | 282.11 倍 | | | | 融资认购额 | 341.51 亿 | | | | 募资额(公开) | 1.21 亿 | | | 本次发行中，共发行1.17854亿股新股，占发行后总股本的25%。国际发售与公开发售比例为9:1，并设有15%超额配股权。 ...

Summary of Key Points Core Viewpoint The Hong Kong IPO market has seen significant activity from May 5 to May 11, with 8 companies submitting applications, 3 companies passing hearings, 1 company going public, and 3 companies listing. Group 1: IPO Applications - A total of 8 companies submitted IPO applications, including Zhongqi Yunlian, MIRXES, YS Intelligent, Xidi Zhijia, Tong Shifu, Zhejing Electronics, Zhongding Integration, and Fuyou Payment [2][3] - Zhongqi Yunlian, established in 2015, is a leading independent digital financial platform in China, with a projected revenue of 6.52 billion RMB in 2022, increasing to 9.91 billion RMB by 2024 [3] - MIRXES, founded in 2014, specializes in miRNA technology for disease screening, with projected revenues of approximately 177.59 million USD in 2022, growing to 202.83 million USD by 2024 [4][5] - YS Intelligent, focusing on AI-driven pharmaceutical solutions, has raised over 500 million USD from notable investors and has a post-money valuation of 1.33 billion USD [6] - Xidi Zhijia, a provider of autonomous driving solutions, reported revenues of 310.56 million RMB in 2022, expected to reach 410 million RMB by 2024 [7] - Tong Shifu, established in 2013, leads the copper cultural products market in China with a 35% market share, projecting revenues of 503 million RMB in 2022 [8] - Zhejing Electronics, a pioneer in smart cockpit solutions, reported revenues of approximately 214 million RMB in 2022, with expectations of growth [9] - Zhongding Integration, a provider of smart logistics solutions, reported revenues of approximately 1.643 billion RMB in 2022, with a projected increase [11] - Fuyou Payment, a digital payment technology platform, reported revenues of approximately 1.142 billion RMB in 2022, with growth anticipated [12] Group 2: Companies Passing Hearings - Heng Rui Pharmaceutical, a leading innovative pharmaceutical company, reported revenues of 21.275 billion RMB in 2022, expected to grow to 27.985 billion RMB by 2024 [13][14] - Ningde Times, a leader in battery manufacturing, is expected to raise between 4 billion to 5 billion USD in its IPO, with a market share of 37.9% in the global battery market by 2024 [15][16] - Jihong Co., a dual-driven company in cross-border e-commerce and paper packaging, reported revenues of 5.376 billion RMB in 2022, with growth expected [17] Group 3: IPO and Listings - Green Tea Group is set to launch its IPO, offering 168 million shares at a price of 7.19 HKD per share, with significant interest from cornerstone investors [18] - Boleton, listed on May 7, priced at 18 HKD per share, saw a closing price of 24.9 HKD, reflecting a 38% increase [19] - Hu Shang Ayi, listed on May 8, had an opening price of 190.6 HKD, closing at 158.4 HKD, a 40.03% increase from its issue price [20] - Jun Da Co., also listed on May 8, opened at 22.2 HKD and closed at 26.6 HKD, marking a 20.09% increase [20] Group 4: Market Developments - The Hong Kong Stock Exchange has launched a "Tech Company Fast Track" to facilitate IPO applications for technology and biotech companies, allowing for confidential submissions [21]

IPO Dynamics - Green Tea Group Limited has initiated its IPO process, set to end on May 13, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "6831" on May 16, 2025 [3] - The company plans to issue a total of 168,364,000 shares, with 16,836,400 shares available for public offering in Hong Kong and 151,527,600 shares for international offering [3] - Green Tea Group ranks third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, indicating its market scale and strength for an IPO [3] Acquisition Dynamics - The Australian Competition and Consumer Commission (ACCC) has begun an informal assessment of Lactalis' proposal to acquire assets from Fonterra, with Rothschild acting as an advisor for Lactalis [5] - The ACCC is seeking public feedback on the acquisition, highlighting potential overlaps in raw milk procurement, dairy processing, and supply to food service businesses [5] - The acquisition could impact consumers and the market, as Lactalis may leverage its global network to enhance the visibility of Mainland Group's brands [5] Brand Dynamics - A Bathing Ape (Bape) has collaborated with singer JJ Lin to launch a limited edition series, coinciding with his concert tour [7] - The collection features three items designed in JJ Lin's favorite purple color, including a notable Bape Sta Color Camo Purple sneaker [7] - This collaboration is expected to create a new wave of demand due to the combination of Bape's streetwear appeal and JJ Lin's celebrity influence [7] Financial Data - Puma reported a 63.7% decline in EBIT for Q1 2025, dropping from €159 million to €57.7 million, with sales slightly increasing by 0.1% to €2.07 billion [22] - Sales in the Europe, Middle East, and Africa region grew by 5.1% to €891.7 million, while the Americas saw a 2.7% decline to €753.7 million, primarily due to poor performance in North America [22] - The Asia-Pacific region experienced a 4.7% sales decline to €430.5 million, with ongoing weakness in the Greater China market being a significant factor [22] - Pandora achieved a 7% organic sales growth in Q1 2025, with total sales reaching 7.35 billion Danish Krone, driven by an 18% increase in online sales [25] - The company maintains its forecast for 2025, expecting organic growth between 7% and 8%, with notable growth in the U.S. market at 11% [25] - European sales grew by 4%, with strong performances in mature markets like Spain and Portugal [25] Personnel Dynamics - Tory Burch has announced three management appointments, with Thibault Vilet becoming the new President for Asia-Pacific, Japan, Europe, and the Middle East [29] - Paolo Zullo has been appointed as the President for Europe and the Middle East, effective July 2025, overseeing retail, e-commerce, and distribution in the region [29] - Joshua Chen will join the brand, with Vilet continuing to report to CEO Pierre-Yves Roussel [29]

Core Viewpoint - Green Tea Group Limited plans to launch an IPO from May 8 to May 13, 2025, aiming to raise approximately HKD 1.211 billion through the issuance of 168.364 million shares at a price of HKD 7.19 per share [1][3]. Group 1: IPO Details - The IPO will consist of 117.854 million new shares and 50.5092 million shares for sale by existing shareholders [1]. - Partners Gourmet, the selling shareholder, will see its stake in Green Tea Group decrease from approximately 28.2% to about 15.76% post-IPO, and further to around 7.50% after the sale of shares [5]. Group 2: Company Overview - Green Tea Group operates a chain of casual Chinese restaurants, with the number of restaurants expected to grow from 276 at the end of 2022 to 489 by April 2025 [5]. - The company ranks third and fourth in the Chinese casual dining sector by restaurant count and revenue, respectively, and is the largest player focused on fusion cuisine among the top five operators [7]. Group 3: Financial Performance - Revenue figures for Green Tea Group are projected at approximately RMB 2.375 billion, RMB 3.589 billion, and RMB 3.838 billion for the years 2022, 2023, and 2024, respectively [7]. - Net profit is expected to rise from approximately RMB 16.58 million in 2022 to RMB 350.17 million in 2024, with adjusted net profit figures of RMB 25.22 million, RMB 30.3 million, and RMB 36.1 million for the same years [7][9]. Group 4: Revenue Breakdown - In 2024, restaurant operating income is estimated at RMB 3.099 billion, a slight increase of 1.3% from 2023, while takeaway business revenue is projected to grow by 39.8% to RMB 723 million, accounting for 18.8% of total revenue [10]. - The average spending per customer decreased from RMB 61.8 in 2023 to RMB 56.2 in 2024, while the table turnover rate also declined from 3.30 times in 2023 to 3.00 times in 2024 [10]. Group 5: Dividend Policy - Green Tea Group plans to declare a special dividend of no less than RMB 180 million to shareholders by December 2025, contingent on retained earnings from subsidiaries [11].

IPO Dynamics - No companies are scheduled for IPO meetings in the A-share market [1] - No new stocks are listed this week in the A-share market [2] New Stock Subscription - Three new stocks are available for subscription this week, with no new stock subscriptions scheduled for next week [3] - Hanbang Technology (688755) is set to be subscribed on May 7, while Taili Technology (301595) and Weigao Blood Purification (603014) will be subscribed on May 8 [3] Hong Kong Stock Market - Several companies have passed the hearing for listing on the Hong Kong Stock Exchange, including Heng Rui Pharmaceutical, CATL, and Ji Hong Technology [4] - On May 8, Hong Kong's stock market welcomed the listing of "Hushang Ayi," which raised approximately HKD 195 million by issuing 241,130 shares at HKD 113.12 per share [5] - The founders of Hushang Ayi have a combined net worth of USD 1.1 billion, holding approximately 78.78% of the company's shares post-IPO [5] Upcoming Listings - Green Tea Group is expected to list on May 16, with a share price of HKD 7.19 and a total of 168 million shares being offered [6][7] - The company has secured eight cornerstone investors, with a total investment of approximately USD 87.33 million [7] Company Developments - Xiaopeng Motors is considering an IPO for its flying car subsidiary, Xiaopeng Huitian, with potential listings in Hong Kong or the U.S. [8] - Xiaopeng Huitian has received a significant loan of CNY 1.26 billion from a consortium of banks to support its manufacturing base [8] Regulatory Updates - The Hong Kong Stock Exchange has launched a "Tech Company Fast Track" to facilitate the listing of specialized technology and biotech companies, allowing for confidential submission of applications [9] - This initiative aims to support early-stage companies in understanding listing rules and preparing for the IPO process [9]

Core Viewpoint - Green Tea Group is launching its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 12.11 billion through the issuance of 168.364 million shares at an offer price of HKD 7.19 per share, with plans for expansion and infrastructure upgrades [1][2]. Group 1: IPO Details - The IPO will involve a global offering of 168.364 million shares, with 117.854 million new shares representing 25% of the total shares post-issue [1]. - The company has secured eight cornerstone investors who collectively subscribed for approximately HKD 673 million worth of shares [2]. - The funds raised will be allocated for expanding the restaurant network, establishing central food processing facilities, upgrading IT systems, and general corporate purposes [1]. Group 2: Company Background - Green Tea Group originated from a youth hostel established in 2004 in Hangzhou and opened its first restaurant in 2008, growing to a national network of 489 restaurants across 21 provinces, four municipalities, and two autonomous regions by April 2024 [2]. - The company is recognized as the third-largest casual Chinese restaurant brand by the number of restaurants and fourth by revenue in mainland China [3]. Group 3: Business Strategy and Performance - The company focuses on a diverse menu with popular dishes like Green Tea Roasted Chicken and Flame Shrimp, maintaining a high cost-performance ratio with an average consumer spending of RMB 50 to 70 [3]. - Revenue figures for 2022, 2023, and 2024 were reported at RMB 2.375 billion, RMB 3.589 billion, and RMB 3.838 billion, respectively, with net profits of RMB 17 million, RMB 296 million, and RMB 350 million [3]. - Future expansion plans include opening 150, 200, and 213 new restaurants in 2025, 2026, and 2027, focusing on smaller outlets for higher turnover rates and lower costs [3].

Group 1 - Green Tea Group Limited (stock code 6831.HK) is set to conduct an IPO from May 8 to May 13, 2025, with a global issuance of approximately 170 million shares at an offer price of HKD 7.19 per share, aiming for a maximum net fundraising of about HKD 1.21 billion [1] - The company, founded in 2008, has grown from a single restaurant to a significant national restaurant network, ranking third among Chinese casual dining brands by the number of restaurants, increasing from 236 in 2021 to 360 in 2023, representing a compound annual growth rate (CAGR) of 23.5% [3] - Green Tea Group is the largest restaurant brand in terms of revenue among casual dining brands offering fusion cuisine, holding a market share of 0.7%, with revenues of RMB 2.375 billion, RMB 3.589 billion, and RMB 3.838 billion for the years 2022 to 2024, respectively, and net profits of RMB 0.017 billion, RMB 0.296 billion, and RMB 0.350 billion for the same period [3] Group 2 - The net proceeds from the IPO are intended for the continued expansion of the restaurant network, upgrading information technology systems and related infrastructure, as well as for daily operational needs [3]