Group 1 - The core point of the news is that Juchen Semiconductor Co., Ltd. has experienced a decline in stock price, dropping 3.94% on January 13, with a total market value of 22.237 billion yuan and a cumulative decline of 6.95% over four consecutive days [1] - Juchen Semiconductor, established on November 13, 2009, and listed on December 23, 2019, specializes in the research, design, and sales of integrated circuit products, with 100% of its revenue coming from chip sales [1] Group 2 - From the perspective of major fund holdings, Guotou Ruijin Fund has a significant position in Juchen Semiconductor, with its fund reducing its holdings by 11,400 shares to 11,300 shares, representing 1.56% of the fund's net value [2] - The fund, Guotou Ruijin Shanghai Stock Exchange Science and Technology Innovation Board 200 Index Initiation A (023518), has a current scale of 45.2648 million yuan and has achieved a return of 15.22% this year, ranking 292 out of 5,517 in its category [2] - The fund managers, Zhao Jian and Qian Han, have different tenures and performance records, with Zhao Jian having a tenure of 12 years and 113 days and a best return of 181.16%, while Qian Han has a tenure of 2 years and 153 days with a best return of 52.25% [2]

Core Viewpoint - The trend of A-share companies "going south" to list on H-shares is gaining momentum in early 2026, driven by a combination of policy support, financing needs, and internationalization strategies [1][2][3] Group 1: Companies Going Public - Six A-share companies, including Jucheng Co., Penghui Energy, and Zhengtai Electric, have announced plans for H-share listings from January 1 to January 8, 2026 [1] - Four additional companies, including Jingwang Electronics and Yifang Bio, have submitted prospectuses to the Hong Kong Stock Exchange [1] - The trend is primarily led by technology companies, with a focus on sectors such as semiconductor design, energy storage, and smart mobility [1] Group 2: Market Dynamics - The 2026 "southbound" trend is a continuation of the 2025 A+H listing boom, with a significant increase in active listing applications in Hong Kong [2] - In 2025, 19 A-share companies listed on the Hong Kong market, raising a total of approximately 139.99 billion HKD, nearly half of the total IPO amount for the year [2] - The average time for A+H listings in 2025 was reported to be 4 to 6 months, with the fastest taking only about 3 months [2] Group 3: Strategic Motivations - A-share companies are pursuing H-share listings to raise funds for global expansion and enhance their competitive position in international markets [3][4] - Companies like Jucheng Co. and Penghui Energy emphasize that listing in Hong Kong will help them build a diversified capital operation platform and support overseas business development [3] - The need for substantial foreign currency funding for overseas production and supply chain establishment is a key driver for these companies [4] Group 4: Regulatory Environment - The favorable regulatory environment, including cooperation measures between mainland and Hong Kong regulatory bodies, has made cross-border listings more feasible [4] - The Chinese Securities Regulatory Commission has expressed support for leading mainland companies to list in Hong Kong, facilitating a quicker approval process for qualified firms [4] - The current valuation of Hong Kong stocks is perceived to be lower than that of A-shares, prompting some companies to accept lower valuations to secure international funding and prepare for stricter overseas disclosure standards [4] Group 5: Market Expectations - The IPO market in Hong Kong is expected to perform well in 2026, with projections of over 300 billion HKD in IPO scale and 150 to 200 projects [4] - The growth in the MSCI China Index's earnings is anticipated to reach 14% or higher, driven by sectors such as high-end manufacturing and companies with global expansion capabilities [4]

Group 1 - The A-share market for storage chip stocks has shown strong performance, with companies like Puran Co. hitting a 20% limit up, and others such as Hengshuo Co. and Jucheng Co. rising over 13% [1] - Notably, companies like Puran Co., Zhaoyi Innovation, Anji Technology, and others have reached historical highs [1] - According to a TrendForce research report, NAND flash memory chip contract prices are expected to increase by 33%-38% in March, while traditional DRAM contract prices are projected to rise by 55%-60%, indicating strong growth momentum in the memory chip market this year [1] Group 2 - The table lists various companies with their stock performance, including Puran Co. with a market cap of 29 billion and a year-to-date increase of 54.24% [2] - Hengshuo Co. has a market cap of 6.592 billion and a year-to-date increase of 44.06% [2] - Jucheng Co. has a market cap of 24.5 billion and a year-to-date increase of 23.43% [2]

Core Viewpoint - The China Securities 1000 Growth ETF (562520) opened with a slight decline of 0.15%, priced at 1.376 yuan, while its constituent stocks showed mixed performance on January 7 [1] Group 1: ETF Performance - The China Securities 1000 Growth ETF (562520) has a performance benchmark based on the China Securities Intelligent Selection 1000 Growth Innovation Strategy Index [1] - Since its inception on March 8, 2022, the fund has achieved a return of 37.50%, with a one-month return of 8.71% [1] Group 2: Constituent Stocks Performance - Among the top holdings, Jucheng Co. saw a significant increase of 13.14%, while other stocks like Gylon Electronics and SourceJet Technology also experienced slight gains of 0.22% and 2.94% respectively [1] - Conversely, stocks such as Gigabit and Lexin Technology faced declines of 0.60% and 0.49% respectively, indicating a mixed performance across the ETF's holdings [1]

Group 1 - The core point of the article is that Jucheng Semiconductor Co., Ltd. plans to issue overseas listed foreign shares (H shares) and list on the Main Board of the Hong Kong Stock Exchange [1] - The company will hold an extraordinary general meeting on January 16, 2026, to review and approve a series of related proposals, including the listing plan and fundraising usage plan [1] - The number of H shares to be issued will not exceed 15% of the total share capital after issuance, and the issuance price will be determined through a market-oriented pricing method [1] Group 2 - The raised funds, after deducting issuance costs, will primarily be used to enhance core technology capabilities and process platform construction, expand the product matrix, improve overseas layout, strategic investments and acquisitions, and supplement working capital [1] - To support this listing, the company's board structure will be adjusted, with the proposed appointment of Mao Zhenhua and Sun Kai as independent directors of the third board [1] - The resolutions related to this issuance and listing will be valid for 24 months from the date of approval by the shareholders' meeting, with an automatic extension until the completion date of the listing if required regulatory filings or approvals are obtained during this period [1] Group 3 - This move signifies Jucheng's formal initiation of an international capital strategy while consolidating its position on the Sci-Tech Innovation Board, aiming to broaden financing channels and enhance capital strength to accelerate its global business expansion [1]

公司代码：688123 公司简称：聚辰股份 聚辰半导体股份有限公司 | 聚辰半导体股份有限公司 2026 年第一次临时股东会会议议程 3 | | | --- | --- | | 聚辰半导体股份有限公司 2026 年第一次临时股东会会议须知 4 | | | 议案一：关于公司发行 H 股股票并在香港联合交易所有限公司主板上市的议案6 | | | 议案二：关于公司发行 股股票并在香港联合交易所有限公司主板上市方案的议案 H | | | 8 | | | 议案三：关于公司转为境外募集股份有限公司的议案 | 12 | | 议案四：关于公司境外公开发行 H 股股票募集资金使用计划的议案 | 13 | | 议案五：关于公司发行 股股票并在香港联合交易所有限公司上市决议有效期的议 H | | | 案 | 14 | | 议案六：关于授权董事会及其授权人士办理与公司发行 H 股股票并上市有关事项的 | | | 议案 | 15 | | 议案七：关于公司发行 股股票前滚存利润分配方案的议案 H | 23 | | 议案八：关于公司聘请 H 股发行及上市审计机构的议案 | 24 | | 议案九：关于修订于 H 股发行上市后生效的《公司章程 ...

Summary of Key Points Core Viewpoint The Hong Kong IPO market saw significant activity in the past week, with 29 companies submitting listing applications, highlighting a robust interest in public offerings despite varying performance metrics among the companies involved [3][4]. Group 1: IPO Applications and Hearings - A total of 29 companies submitted IPO applications during the week of December 29, 2025, to January 4, 2026, including notable firms like BlueFocus (蓝色光标) and Stone Technology (石头科技) [3][4]. - Only one company, Longqi Technology (龙旗科技), successfully passed the Hong Kong Stock Exchange hearing [3][4]. - Ten companies initiated their IPO processes, including Jinxun Resources (金浔资源) and Ruibo Biotechnology (瑞博生物) [3][4]. Group 2: Companies Successfully Listed - Seven companies officially listed on the Hong Kong Stock Exchange, including Woan Robotics (卧安机器人) and Linqingxuan (林清轩) [3][4]. - Linqingxuan's stock opened at HKD 85, reflecting a 9.3% increase on its first trading day [22]. - Woan Robotics opened at HKD 73.8 and closed at HKD 73.85, showing slight movement on its debut [20]. Group 3: Company Performance Metrics - Tianjiu Qifu (天九企服) reported a revenue of RMB 725 million for the first half of 2025, a decrease of 37.9% year-on-year, while net profit surged by 241.3% to RMB 2.508 billion [10]. - Stone Technology (石头科技) achieved a revenue of RMB 12.055 billion for the first nine months of 2025, marking a 72.3% increase, although net profit fell by 29.5% to RMB 1.038 billion [11]. - Longqi Technology (龙旗科技) recorded a revenue of RMB 31.332 billion for the first nine months of 2025, down 10.3%, with a net profit of RMB 507 million, up 17.7% [12]. Group 4: Upcoming IPOs and Market Activity - Red Star Cold Chain (红星冷链) initiated its IPO process on December 31, 2025, planning to issue 23.263 million shares at an expected price of HKD 12.26 per share [13][14]. - Zhaoyi Innovation (兆易创新) also started its IPO on December 31, 2025, with plans to issue 28.916 million shares at a price range of HKD 132-162 [17][18]. - A-share companies like Zhejiang Rongtai (浙江荣泰) and Juchen Co. (聚辰股份) announced preparations for their IPOs in Hong Kong [22].

Group 1 - The company, Juchen Co., is actively pursuing its H-share listing while considering the interests of existing shareholders and market conditions [3] - The board of directors has approved the appointment of Ernst & Young as the auditing firm for the upcoming issuance and listing [3] - Founded in 2009, Juchen Co. is a global high-tech enterprise specializing in chip design, providing integrated circuit products and application solutions across various sectors [3] Group 2 - Juchen Co. offers a range of products including non-volatile memory chips (EEPROM & NOR Flash), voice coil motor driver chips, and smart card chips, which are widely used in smartphones, automotive electronics, and medical instruments [3]

Core Viewpoint - The company, Jucheng Co., Ltd., is planning a secondary listing in Hong Kong following a significant increase in net profit and market capitalization, aiming to enhance its global strategy and capital strength [1][3][8]. Financial Performance - In the first three quarters of 2025, Jucheng Co., Ltd. achieved a revenue of 933 million yuan, representing a year-on-year growth of 21.29%, while net profit surged by 51.33% to 320 million yuan, significantly outperforming the industry average [4][5]. - The company's dynamic price-to-earnings ratio is approximately 49 times, which is notably lower than the industry average of 120 times, indicating a valuation advantage that may attract international investors [5][6]. Business Strategy - The primary goal of the Hong Kong IPO is to broaden international financing channels and enhance capital operations, which will support overseas business expansion and improve the company's competitive position [3][7]. - Jucheng Co., Ltd. has a diversified product portfolio that includes storage chips, voice coil motor driver chips, and smart card chips, catering to various critical applications across multiple industries [3][4]. Market Context - The timing of the IPO aligns with favorable domestic policies supporting the semiconductor industry, including a national goal for a 40% self-sufficiency rate in key chip areas by 2027 and substantial funding initiatives [6][7]. - The global semiconductor industry is experiencing cyclical fluctuations, which may introduce uncertainties for overseas listings, making the choice of the right issuance window crucial for the company's success [7][8]. Industry Trends - The move towards a secondary listing in Hong Kong reflects a broader trend among semiconductor companies to leverage dual capital platforms for high-quality development and global expansion [8].

Group 1: Company Announcements - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui through a combination of share issuance and cash payment, aiming to enhance its capabilities in CMP equipment and solutions [1] - Lixun Precision intends to repurchase shares worth between 1 billion to 2 billion RMB for employee stock ownership plans or equity incentives, with a maximum repurchase price of 86.96 RMB per share [2] - ZaiJing Pharmaceutical has reached a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, receiving an upfront payment of 100 million USD [3] - Tianci Materials expects a net profit increase of 127% to 231% for 2025, driven by significant growth in lithium-ion battery material sales [4] - Meike Home plans to acquire 100% equity of Shenzhen Wande Technology through share issuance and cash payment, with stock resuming trading on January 5, 2026 [6][7] - ST KeliDa is planning a change in control, with stock suspension starting January 5, 2026, due to the transfer of 100% equity of its controlling shareholder [8] - Xinzhou Bang intends to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia, enhancing its global capacity and supply chain [9] Group 2: Financial Performance - Kid's King anticipates a net profit increase of 51.72% to 82.06% for 2025 [9] - Guangku Technology expects a net profit growth of 152% to 172% for 2025 [9] Group 3: Mergers and Acquisitions - Xidi Micro plans to acquire 100% equity of Chengxin Micro for 310 million RMB [9] - Haili Biological's subsidiary intends to acquire 51% equity of seven dental chain companies for 61.2 million RMB [9]