Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Core Viewpoint - Company Hohhot Information is expanding its market presence by applying for a listing on the Hong Kong Stock Exchange after successfully launching on the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2022. The company's flagship product, "Scan All-in-One," has significantly contributed to its revenue growth and market position in the AI sector [1][2][11]. Financial Performance - The total revenue of Hohhot Information for the years 2022 to 2024 is projected to be RMB 988.46 million, RMB 1.186 billion, and RMB 1.438 billion respectively. In Q1 2023, the revenue reached RMB 395 million, marking a 20% increase from RMB 327 million in the same period last year [2][5]. - The revenue contribution from the "Scan All-in-One" product is expected to rise from 72.3% in 2022 to 81.1% in Q1 2024, indicating its dominance in the company's product lineup [1][3]. Product Breakdown - The revenue from C-end products, including "Scan All-in-One," "Business Card All-in-One," and "Qixinbao," accounted for 82.2%, 84.3%, and 83.8% of total revenue from 2022 to 2024. In Q1 2023, this segment's contribution increased to 86.6% [3][5]. - The "Scan All-in-One" product's revenue is projected to grow from RMB 714.57 million in 2022 to RMB 1.112 billion in 2024, while the "Business Card All-in-One" and "Qixinbao" products have shown mixed performance [3][5]. Market Position and Competitive Advantage - Hohhot Information ranks first in China and fifth globally in terms of revenue from C-end efficiency AI products with over 100 million monthly active users [1][2]. - The company has leveraged advancements in AI, particularly in optical character recognition (OCR) technology, achieving a character recognition rate of 81.9% in complex scenarios, which is significantly higher than competitors [7][8]. Future Growth Potential - The company plans to enhance its product offerings by developing new features such as RPA (Robotic Process Automation) and expanding its global market presence, particularly in emerging markets like Brazil, Indonesia, and Mexico, where the conversion rate is currently below one-fourth of that in China [10][11]. - Hohhot Information aims to establish a global technical support center and expand its marketing network to improve brand influence and customer service [10].

Core Points - The company, Shanghai Hehe Information Technology Co., Ltd., has received a notice from China International Capital Corporation (CICC) regarding the change of its continuous supervision sponsor representative [1][2] - The original sponsor representatives, Mr. Leng Xiaomao and Mr. Tang Weijie, are being replaced due to Mr. Leng's work changes, with Mr. Chen Chao appointed as the new representative [1][2] - The continuous supervision period will last until the obligations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange are fulfilled [1][2] Company Information - Mr. Chen Chao is currently the Executive General Manager of the Investment Banking Department at CICC and has been involved in several significant projects, including IPOs and major asset restructuring [2] - The company expresses gratitude to Mr. Leng Xiaomao for his contributions during the initial public offering and continuous supervision period [2]

本公司董事会及全体董事保证本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。 上海合合信息科技股份有限公司（以下简称"公司"）于近日收到中国国际 金融股份有限公司（以下简称"中金公司"）出具的《关于更换上海合合信息科 技股份有限公司持续督导保荐代表人的说明》，中金公司作为公司首次公开发行 股票并在科创板上市项目（以下简称"首发上市项目"）的保荐机构和主承销商， 原指定保荐代表人冷小茂先生、唐为杰先生负责持续督导工作，持续督导期至中 国证券监督管理委员会和上海证券交易所规定的持续督导义务结束为止。冷小茂 先生因工作变动，不再担任公司的持续督导保荐代表人。 为保证后续工作的有序进行，中金公司决定指派保荐代表人陈超先生（简历 见附件）接替冷小茂先生承担后续持续督导期间的工作，继续履行相关职责和义 务。本次保荐代表人变更后，公司首发上市项目的持续督导保荐代表人为陈超先 生和唐为杰先生。持续督导期至中国证券监督管理委员会和上海证券交易所规定 的持续督导义务结束为止。 公司董事会对冷小茂先生在首发上市项目及持续督导期间所做出的贡献表 示衷心的感谢。 1 特此公告。 ...

Group 1 - Shanghai Hehe Information Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1]

证券代码：688615 证券简称：合合信息 公告编号：2025-032 上海合合信息科技股份有限公司（以下简称"公司"）已于 2025 年 6 月 26 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股 票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在 香港联交所网站刊登了本次发行的申请资料。具体内容详见公司于 2025 年 6 月 27 日在上海证券交易所网站（www.sse.com.cn）刊载披露的《上海合合信息科技 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：2025-031）。 公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了本次发行上市的备案申请材料，并于近日获中国证监会接收。 公司本次发行尚需取得中国证监会、香港证券及期货事务监察委员会和香港 联交所等相关监管机构、证券交易所的批准、核准或备案，该事项仍存在不确定 性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请广大投资者 注意投资风险。 特此公告。 上海合合信息科技股份有限公司董事会 2025 年 7 月 8 日 ...

Core Viewpoint - The company, Hehe Information, known for its "Scan All-in-One" app, has submitted an IPO application to the Hong Kong Stock Exchange after less than a year of its listing on the STAR Market, raising concerns due to previous fundraising shortfalls and project delays [2][3][5]. Group 1: Company Overview - Hehe Information is an AI and big data technology enterprise that provides digital and intelligent products and services to global C-end users and diverse B-end clients [3]. - The company's C-end business includes major apps like Scan All-in-One, Business Card All-in-One, and Qixinbao, while its B-end services focus on cost reduction, risk management, and opportunity exploration [3]. Group 2: Financial Performance - Revenue growth from 2022 to 2024 shows a consistent upward trend: 2022 revenue was 989 million RMB, increasing to 1.187 billion RMB in 2023 (20% growth), and projected to reach 1.438 billion RMB in 2024 (21.2% growth), resulting in a three-year compound growth rate of 20.6% [5]. - Net profit also increased during the same period: from 284 million RMB in 2022 to 323 million RMB in 2023 (14% growth), and expected to rise to 401 million RMB in 2024 (24% growth), with a three-year compound growth rate of 18.8% [5]. Group 3: IPO and Fundraising - Hehe Information's IPO on the STAR Market raised 1.38 billion RMB, but the actual amount was lower than planned, leading to adjustments in the allocation of raised funds [7][10]. - The company adjusted its planned investment from 1.49 billion RMB to 1.27 billion RMB for various projects, including AI and big data product development [10][11]. Group 4: Project Delays - Several fundraising projects have been delayed, with the timeline for completion extended due to macroeconomic factors and the fast-paced nature of the software industry [12][13]. - Key projects originally scheduled for completion by December 2024 have been postponed to 2026, reflecting the need for more thorough market research and user demand analysis [13]. Group 5: Risk and Compliance - The company acknowledges potential risks associated with user data protection and the rapid development of AI technology, emphasizing compliance with data protection laws and the implementation of relevant policies [15]. - The funds raised from the IPO will be allocated to the development of cutting-edge AI technologies, product development, and the establishment of global operational and marketing networks [15].

Core Viewpoint - INTIG Information Technology Co., Ltd., the parent company of "Scan All-in-One," is seeking to list on the Hong Kong Stock Exchange less than a year after its A-share debut on the Shanghai Stock Exchange [1][4]. Group 1: Company Overview - INTIG Information was founded in 2006 and specializes in artificial intelligence products, offering a comprehensive product portfolio for both C-end users and diverse B-end clients [4]. - The flagship product, "Scan All-in-One," is the largest image text processing AI product globally, serving over 1 billion users across more than 200 countries and regions as of March 31, 2025 [4]. Group 2: Financial Performance - The company reported revenues of 988 million RMB, 1.187 billion RMB, and 1.438 billion RMB for the years 2022, 2023, and 2024, respectively [6]. - Net profits for the same years were 284 million RMB, 323 million RMB, and 401 million RMB [6]. - The gross profit margin has consistently exceeded 80% over the three years [6]. Group 3: Listing Purpose - The intention behind the Hong Kong listing is to advance the company's global strategic layout, enhance its global capital operation capabilities, and improve brand recognition and competitiveness in the industry [6].

Core Viewpoint - Company is a leading global artificial intelligence product firm that has achieved significant milestones in profitability, user scale, and revenue generation across both consumer and business sectors [1][2] Group 1: Company Overview - Company was founded in 2006 by a group of scientists with a mission to enhance efficiency through technological innovation [1] - Core consumer products include ScanWiz, Business Card Genius, and Qixinbao, with ScanWiz being the largest image text processing AI product globally, serving over 1 billion users across more than 200 countries [1] - In the business sector, the company offers TextIn and Qixin Insight, serving clients in nearly 30 industries, including around 160 Fortune Global 500 companies [1] Group 2: Financial Performance - Revenue increased from RMB 988.5 million in 2022 to RMB 1,186.5 million in 2023, representing a 20.0% growth, and is projected to reach RMB 1,438.1 million in 2024, a further increase of 21.2% [2] - Net profit for 2022, 2023, and 2024 is projected at RMB 283.7 million, RMB 323.2 million, and RMB 400.5 million respectively, with gross profit margins exceeding 80% [2] - For the three months ending March 31, 2025, revenue reached RMB 395.0 million, a year-on-year growth of 20.9%, with a net profit of RMB 116.1 million [2] Group 3: Challenges and Risks - The AI industry is characterized by rapid changes, requiring continuous development to meet evolving user and client demands, as well as adapting to fast-paced technological advancements [2][3] - The company faces a dynamic regulatory environment that may impose additional compliance costs and operational complexities [3] - Other challenges include intense industry competition, potential product defects, and high marketing costs [3]

证券代码：688615 证券简称：合合信息 公告编号：2025-031 上海合合信息科技股份有限公司 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 本公司董事会及全体董事保证本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。 上海合合信息科技股份有限公司（以下简称"公司"）已于 2025 年 6 月 26 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股 票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在 香港联交所网站刊登了本次发行的申请资料。该申请资料为公司按照香港证券及 期货事务监察委员会及香港联交所的要求编制和刊发，为草拟版本，其所载资料 可能会适时作出更新和变动，投资者不应根据其中的资料作出任何投资决定。 公司本次发行尚需取得中国证券监督管理委员会、香港证券及期货事务监察 委员会和香港联交所等相关监管机构、证券交易所的批准、核准或备案，该事项 仍存在不确定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬 请广大投资者注意投资风险。 特此公告。 上海合合信息科技股份有限 ...