Core Viewpoint - The Hong Kong stock market is experiencing a surge in IPO activity, with multiple companies set to list in the coming days, indicating a robust market environment for new listings [1][3][18]. Group 1: Upcoming IPOs - On June 30, six companies announced their IPOs, with plans to list between June 30 and July 4, 2025 [1][3]. - The companies planning to list include Lens Technology, Fortior, Xunzhong Communication, Jizhi Jia, Dazhong Oral, and Shougang Longze, with Lens Technology and Fortior being A-share listed companies [1][3]. - Three companies, including Taide Pharmaceutical, Yunzhisheng, and IFBH, successfully listed on June 30, 2025, with Taide Pharmaceutical's share price set at 30.6 HKD [1][4]. Group 2: Financial Performance of Listed Companies - Yunzhisheng reported revenues of approximately 601 million RMB, 727 million RMB, and 939 million RMB for 2022, 2023, and 2024, respectively, with net losses of 375 million RMB, 376 million RMB, and 454 million RMB [4][6]. - Taide Pharmaceutical raised approximately 514 million HKD, with a net amount of about 429 million HKD after expenses, and secured two cornerstone investors contributing a total of 10 million USD [8]. - IFBH raised around 1.158 billion HKD, with a net amount of approximately 1.074 billion HKD, and is recognized as the second-largest coconut water beverage company globally [8]. Group 3: Market Trends and Future Outlook - The Hong Kong stock exchange has seen over 40 new listings in the first half of 2025, a significant increase compared to the same period in 2024, with total fundraising exceeding 100 billion HKD [17]. - The market is expected to remain active, with more companies preparing for IPOs, including those that have already submitted applications [17][18]. - The trend indicates a growing interest from A-share listed companies to enter the Hong Kong market, with over 70 companies submitting applications in June 2025 alone [17].

Core Viewpoint - Fengcai Technology (688279.SH, 01304.HK) is set to launch its IPO in Hong Kong from June 30 to July 4, 2025, with an expected listing date of July 9, 2025, under the sponsorship of China International Capital Corporation (CICC) [4][5]. Group 1: IPO Details - The company plans to issue 16,299,500 H-shares, with a maximum offering price of HKD 120.50 per share, plus various fees [2][5]. - The total fundraising amount is estimated to be approximately HKD 19.64 billion, with the potential to reach HKD 25.97 billion if the overallotment option is fully exercised [5][6]. - The IPO will involve 90% of shares allocated for international offering and 10% for public offering, with a 15% overallotment option [5][6]. Group 2: Use of Proceeds - Approximately 34% of the net proceeds will be allocated to enhancing research and innovation capabilities, while 10% will be used to enrich the product portfolio and expand downstream applications [6][7]. - About 16% is earmarked for expanding the overseas sales network and promoting products in international markets, and 30% will be directed towards strategic investments and/or acquisitions [7]. - The remaining 10% will be utilized for working capital and general corporate purposes [7]. Group 3: Shareholder Structure - Post-IPO, the controlling shareholders, including Mr. Bi Lei and Dr. Bi Chao, will hold approximately 33.59% of the shares, representing 33.65% of the voting rights [8][9]. - The shareholder structure includes various other investors, with significant stakes held by institutional investors [9]. Group 4: Company Overview - Fengcai Technology specializes in the design and development of BLDC motor driver control chips, covering all major components of general motor drive control systems [9]. - The company is recognized as the only Chinese enterprise among the top ten in the BLDC motor control and driver chip market, holding a market share of 4.8% as of 2023 [9].

Group 1 - Fengcai Technology is conducting an H-share issuance with a maximum price of 120.50 HKD per share, aiming to raise funds for its specialized chip business [1] - The global offering consists of 16.3 million shares, with 1.63 million shares available for public offering in Hong Kong [1] - Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD, enhancing its resource portfolio [1][2] Group 2 - Mindray Medical's shareholder plans to reduce holdings by up to 5 million shares, approximately 0.41% of the total share capital, due to personal funding needs [3] - Degute is planning to acquire control of Haowei Technology through a combination of cash and share issuance, leading to a temporary suspension of its stock [4] - New Dairy's controlling shareholder intends to reduce its stake by up to 3% of the total share capital, also for funding purposes [5] Group 3 - Yueyang Xinchang has resumed production after completing maintenance on its main production facilities, positively impacting its operations [6] - Chengdu Xian Dao has terminated its major asset restructuring plan due to failure to reach agreement on key terms [7] - Maglev Technology's shareholder plans to reduce its stake by up to 3% of the total share capital for personal financial arrangements [9] Group 4 - Zhongyan Dadi announced a cash dividend of 2.82 CNY per 10 shares and a capital increase of 3.99 shares per 10 shares [10] - Yunda Co. plans to distribute a cash dividend of 0.6 CNY per 10 shares, totaling approximately 47.22 million CNY [12] - Victory Co. intends to distribute a cash dividend of 0.42 CNY per 10 shares, amounting to around 36.06 million CNY [13] Group 5 - Shagang Group has invested 2.67 billion CNY in financial products while planning to use up to 8 billion CNY of idle funds for further investments [14] - Jiuyuan Yinhai's subsidiary won an 8.43 million CNY project contract, constituting a related party transaction [15] - China Railway Signal & Communication has announced the resignation of a board member due to personal reasons [16] Group 6 - China Rare Earth clarified that recent management changes have not affected its operations, ensuring stability in production [17] - Qixiang Tengda plans to conduct routine maintenance on its 60,000-ton acetone plant for 60 days to enhance operational safety [19] - ST King Kong's subsidiary signed a 399 million CNY contract for computing power services, indicating growth in its service offerings [20] Group 7 - Ziguang Guowei repurchased 775,500 shares for approximately 49.62 million CNY, reflecting confidence in its market position [22] - Qin Port's major shareholder plans to reduce its stake by up to 2% of the total share capital for development needs [22] - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, expanding its market presence [24]

证券代码：688279 证券简称：峰岹科技 公告编号：2025-033 中文： 峰岹科技（深圳）股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间 及 H 股香港公开发售等事宜的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 峰岹科技（深圳）股份有限公司（以下简称"公司"）正在进行发行 H 股股 票并在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以下简 称"本次发行上市"）的相关工作。 2025 年 1 月 15 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 1 月 16 日在 上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《峰岹科技（深圳） 股份有限公司关于向香港联交所递交 H 股发行并上市的申请并刊发申请资料的 公告》（公告编号：2025-003）。 2025 年 5 月 28 日，公司收到中国证券监督管理委员会（以下简称"中国证 监会"）出具的《关于峰岹科技（深圳）股份有限公司境外发行上市备案通 ...

Core Viewpoint - Fengfan Technology (688279.SH) is set to become a dual-listed chip design company on both A-shares and H-shares, with recent stock price fluctuations reflecting market sentiment and the company's upcoming capital expansion plans [1]. Company Overview - Fengfan Technology specializes in the design and research of BLDC motor drive control chips, holding a 4.8% market share in China's BLDC motor control and drive chip market, ranking sixth overall and being the only Chinese company among the top ten [2][5]. - The company has a comprehensive product matrix covering core components of motor drive control systems, including MCU, ASIC, HVIC, and MOSFET [5]. Financial Performance - Revenue is projected to grow from 322.973 million RMB in 2022 to 600.325 million RMB in 2024, with a compound annual growth rate (CAGR) of 36.4% [7][8]. - Net profit is expected to increase from 142 million RMB in 2022 to 222 million RMB in 2024, with a CAGR of 25.1% [7][8]. Market Dynamics - The global and Chinese BLDC motor market is experiencing significant growth, with projected CAGRs of 22.6% and 24.9% from 2019 to 2023, respectively [11]. - The company faces intense competition from international firms, which hold 54.1% of the market share, prompting Fengfan Technology to adopt a "price-for-volume" strategy to expand its customer base [12]. Research and Development - High R&D investment is a key driver of the company's growth, with R&D expenses increasing from 64 million RMB in 2022 to 116.73 million RMB in 2024, representing 19.4%-20.6% of revenue [11]. - The company has accumulated 110 patents, including 68 invention patents, focusing on core algorithms and chip design [11]. Sales Strategy - The company has seen a rise in sales and distribution expenses, from 12.605 million RMB in 2022 to 24.670 million RMB in 2024, reflecting efforts to optimize customer structure and expand into new markets [12][13]. - The concentration of revenue from the top five customers has decreased from 56.6% in 2022 to 46.8% in 2024, indicating progress in diversifying its customer base [13]. Future Outlook - Fengfan Technology's growth potential is supported by the high demand in the BLDC motor drive control chip sector and its innovative product offerings, as it prepares for A+H share capital expansion [14]. - The company must balance pricing strategies and expenditure to optimize profitability while navigating potential risks related to customer concentration and R&D investment returns [14].

Core Viewpoint - Fengcai Technology (Shenzhen) Co., Ltd. is in the process of issuing H shares and listing on the Hong Kong Stock Exchange, with the necessary application materials published on the exchange's website [1][2]. Group 1 - The company has received confirmation from the China Securities Regulatory Commission regarding the filing for the overseas issuance and listing of H shares [2]. - The purpose of publishing the post-hearing information package is solely to provide information to the public and qualified investors in Hong Kong, and it is a draft version subject to updates [2][3]. - The company will not publish the post-hearing information package on domestic stock exchanges or media, but provides links for domestic investors to access the information [3]. Group 2 - The issuance and listing are still subject to final approval from relevant regulatory bodies, including the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating uncertainty in the process [4].

Core Viewpoint - Fengcai Technology (Shenzhen) Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange after its initial public offering (IPO) on the Shanghai Stock Exchange in April 2022, where it faced a significant drop in share price on its first trading day [1][3]. Group 1: Company Overview - Fengcai Technology is a chip design company focused on the design and research of BLDC motor drive control chips [5]. - The company was established in May 2010 and has a registered capital of approximately RMB 92.36 million [4]. Group 2: Financial Performance - Revenue for Fengcai Technology was RMB 3.23 billion in 2022, RMB 4.11 billion in 2023, and is projected to reach RMB 6.00 billion in 2024 [5][6]. - Gross profit for the same years was approximately RMB 1.85 billion, RMB 2.19 billion, and RMB 3.16 billion, respectively [5][6]. - Net profit figures were RMB 1.42 billion in 2022, RMB 1.75 billion in 2023, and RMB 2.22 billion in 2024 [5][6]. Group 3: Shareholder Structure - Fengcai Hong Kong holds 38.06% of Fengcai Technology's equity, controlled by Bi Lei and his brother Bi Chao [10]. - Bi Lei serves as the Executive Director, Chairman, General Manager, and CEO of Fengcai Technology [11]. Group 4: Product Revenue Breakdown - The majority of Fengcai Technology's revenue comes from MCU (motor control chips), with revenues of approximately RMB 2.32 billion, RMB 2.75 billion, and RMB 3.85 billion for 2022, 2023, and 2024, respectively [7][8]. - MCU revenue accounted for 71.9%, 66.8%, and 64.1% of total revenue during these years [7][8]. Group 5: Cash Flow and Investments - As of the end of 2024, Fengcai Technology had cash and cash equivalents of approximately RMB 297 million, a decrease of about RMB 300 million from the previous year [9]. - The net cash flow from operating activities was RMB 184.73 million in 2024, showing a positive trend [10].

证券代码：688279 证券简称：峰岹科技 公告编号：2025-032 峰岹科技（深圳）股份有限公司 关于刊发境外上市股份（H 股）发行聆讯后资料集的 公告 2025 年 1 月 15 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 1 月 16 日在 上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《峰岹科技（深圳） 股份有限公司关于向香港联交所递交 H 股发行并上市的申请并刊发申请资料的 公告》（公告编号：2025-003）。 2025 年 5 月 28 日，公司收到中国证券监督管理委员会（以下简称"中国证 监会"）出具的《关于峰岹科技（深圳）股份有限公司境外发行上市备案通知书》 （国合函〔2025〕930 号），中国证监会对公司本次发行上市备案信息予以确认。 具体内容详见公司 2025 年 5 月 30 日在上海证券交易所网站（www.sse.com.cn） 及指定媒体披露的《峰岹科技（深圳）股份有限公司关于发行境外上市股份（H 股）获得中国证监会备案的公告》（公告编号：2025-030）。 2025 年 6 月 ...

Core Viewpoint - Fengqian Technology is a chip design company specializing in the design and development of BLDC motor drive control chips, establishing a strong market position in the industry [2]. Company Overview - Fengqian Technology holds a 4.8% market share in China's BLDC motor control and drive chip market as of December 31, 2023, ranking sixth among the top ten companies, and is the only Chinese company in this group [2][5]. - The company's product offerings include all core components of typical motor drive control systems, such as motor control chips (MCU and ASIC), motor drive chips (HVIC), intelligent power modules (IPM), and power devices (MOSFET) [9]. Market Dynamics - The global BLDC motor market has grown from RMB 121.7 billion in 2019 to RMB 274.9 billion in 2023, with a compound annual growth rate (CAGR) of 22.6%. It is projected to reach RMB 626.9 billion by 2028, with a CAGR of 20.5% [6]. Financial Performance - Fengqian Technology's revenue for the fiscal years 2022, 2023, and 2024 is approximately RMB 322.973 million, RMB 411.359 million, and RMB 600.325 million, respectively, with net profits of RMB 142.001 million, RMB 174.847 million, and RMB 222.362 million [9][10]. - The gross margin slightly decreased from 53.8% in the three months ending March 31, 2024, to 52.0% in the same period of 2025, attributed to strategic adjustments and price reductions amid increased market competition [9].

Meeting Overview - The second meeting of the second board of directors of Fengcai Technology (Shenzhen) Co., Ltd. was held on June 18, 2025, combining in-person and remote attendance [1] - The meeting was chaired by Mr. Bi Lei, with all five directors present, and it complied with legal and regulatory requirements [1] Resolutions Passed - The board approved the proposal for the global issuance of H shares and listing on the Hong Kong Stock Exchange, authorizing relevant personnel to handle the issuance procedures and related matters [1] - The voting result for this proposal was unanimous, with 5 votes in favor and no opposition or abstentions [2] Changes in Company Secretary - The board agreed to appoint Mr. Hou Haowen and Ms. Jiao Qianqian as co-secretaries of the company, following the resignation of Ms. Zhen Kaining due to personal reasons [2][3] - The appointment will take effect from the date the H shares are listed on the Hong Kong Stock Exchange [3] Revision of Committee Guidelines - The board approved the revision of the "Board Nomination Committee Working Rules (Draft)" applicable after the H share issuance and listing, effective from the listing date [3] - The voting result for this proposal was also unanimous, with 5 votes in favor and no opposition or abstentions [3]