Core Viewpoint - Lio Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and China Galaxy International as sponsors [1] Group 1: Business Overview - Lio Co., Ltd. operates with a dual core business model of AI-driven digital marketing and smart pumps and systems, creating unique industrial barriers through complementary advantages [1] - In the smart pumps and systems sector, the company ranks second in China and thirteenth globally, establishing itself as the leading provider in the domestic civil pump export market [1] - The company's products are distributed across over 160 countries and regions [1]

Core Viewpoint - Liou Co., Ltd. is officially applying for a dual listing on the Hong Kong Stock Exchange, aiming for A+H listing, supported by leading underwriters Huatai International and China Galaxy International, with core business driven by AI across two major sectors [1] Financial Performance - The company is projected to achieve steady revenue growth from 2022 to 2024, reaching 21.171 billion yuan, indicating strong financial health and risk resilience [1] - The cash flow is stable, with a collection rate exceeding 90% in the pump business and an accounts receivable turnover period of only 93 days in digital marketing [1] Business Segments - In the AI digital marketing sector, the company is expected to rank first in revenue in the Chinese market by 2024, holding an 8.72% share of the advertising agency market, also the highest in the industry [1] - In the smart pump and systems segment, the company ranks second in domestic revenue and thirteenth globally, with the highest export value of civilian pumps in the country [1]

Core Viewpoint - Liou Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, focusing on "AI-driven digital marketing and smart pumps and systems" as its core business model, which creates a unique industrial barrier and supports stable development [1] Group 1: Business Overview - Liou Co., Ltd. operates with a dual-core business model of "AI digital marketing + smart pumps and systems," which allows for complementary advantages and collaborative empowerment [1] - The AI digital marketing segment is projected to achieve the largest revenue scale in China's digital marketing market by 2024, holding a market share of 8.72% in the digital advertising agency sector, ranking first in the industry [1] - The smart pumps and systems segment ranks second in China's pump and system industry and thirteenth globally by revenue in 2024, with the highest export value in the domestic civil pump sector [1] Group 2: Financial Performance - Total revenue for 2022, 2023, and 2024 is projected to be 20.268 billion, 20.471 billion, and 21.171 billion respectively, indicating stable growth [2] - The gross profit margin is expected to remain in the range of 8.4% to 8.9%, reflecting stable profitability [2] - As of June 30, 2025, the current ratio is projected to be 2.3, and the debt-to-asset ratio is 14.2%, indicating a healthy financial structure and strong risk resistance [2] Group 3: Cash Flow Management - The cash flow contribution from the two core businesses is stable, with the pump and system business achieving a cash flow recovery rate exceeding 90% due to a "payment before delivery" settlement model [2] - The digital marketing business effectively controls accounts receivable turnover days, projected to be 93 days in 2024, showcasing outstanding overall working capital management [2]

Core Insights - Lio Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, focusing on "AI-driven digital marketing and smart pumps and systems" as its core business model [1] - The company operates with a dual-core business model that combines AI digital marketing and smart pumps, creating unique industry barriers and providing robust support for stable development [1] Business Performance - Lio's AI digital marketing business is projected to achieve the largest revenue in China's digital marketing market by 2024, holding a market share of 8.72% in the digital advertising agency sector, ranking first in the industry [1] - The smart pumps and systems segment ranks second in China's pump and system industry and thirteenth globally by revenue in 2024, with the highest export value in the domestic civil pump sector [1] Financial Health - Total revenues for 2022, 2023, and 2024 are projected to be 20.268 billion, 20.471 billion, and 21.171 billion yuan respectively, indicating stable growth [2] - The gross profit margin is expected to remain between 8.4% and 8.9%, reflecting stable profitability [2] - As of June 30, 2025, the current ratio is projected to be 2.3, and the debt-to-asset ratio is 14.2%, indicating a healthy financial structure and strong risk resistance [2] Cash Flow Management - The cash flow from the two core businesses is stable, with the pump and system business achieving a cash collection rate exceeding 90% due to a "payment before delivery" settlement model [2] - The digital marketing business optimizes settlement with leading media platforms, effectively controlling accounts receivable turnover days, projected to be 93 days in 2024 [2]

Core Insights - Liou Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, focusing on "AI-driven digital marketing and smart pumps and systems" as its core business [1] - The company operates under a dual-core business model that combines AI digital marketing and smart pumps, creating unique industry barriers and providing robust support for stable development [1] Business Performance - Liou Co., Ltd. is projected to achieve revenues of 20.268 billion yuan, 20.471 billion yuan, and 21.171 billion yuan for the years 2022, 2023, and 2024 respectively, indicating a stable growth trend [2] - The gross profit margin is maintained within the range of 8.4% to 8.9%, reflecting stable profitability [2] Market Position - In the digital marketing sector, Liou Co., Ltd. is expected to lead the Chinese market with a market share of 8.72% in 2024, ranking first in the industry [1] - The smart pumps and systems segment ranks second in China and thirteenth globally, with the company being the top exporter in the domestic civil pump sector [1] Financial Health - As of June 30, 2025, the current ratio is 2.3, and the debt-to-asset ratio is 14.2%, indicating a healthy financial structure and strong risk resistance [2] - The cash flow from both core businesses is stable, with the pump and system business achieving a cash collection rate exceeding 90% due to a "payment before delivery" settlement model [2]

Group 1 - Sichuan Baili Tianheng Pharmaceutical Co., Ltd., WeDoctor Holdings Limited, Betta Pharmaceuticals Co., Ltd., Dajin Heavy Industry Co., Ltd., and LEO Group Co., Ltd. submitted listing applications to the Hong Kong Stock Exchange on September 29, aiming for a main board listing [1]. Group 2 - The companies are seeking to raise capital through the issuance of H-shares, with each H-share having a par value of RMB 1.00 [4][10][16]. - The underwriting process involves several joint sponsors, including Goldman Sachs, J.P. Morgan, Morgan Stanley, and CITIC Securities, among others [4][10][12].

Group 1 - The company, LEO Group Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are Huatai International and China Galaxy International [1]

Core Insights - The phenomenon of "deposit migration" among residents and enterprises is gaining attention due to the continuous decline in deposit interest rates and the advantages of wealth management products [1][8] - There is a noticeable trend of decreasing investment in wealth management products by listed companies, with a significant drop in cash deposits [1][4] Group 1: Deposit Migration - In August, new resident deposits decreased by 600 billion yuan year-on-year, marking a continuous negative growth for two months, while non-bank deposits increased by 5.5 billion yuan [1] - The "seesaw effect" between resident and non-bank deposits highlights the ongoing discussions around the "deposit migration" phenomenon [1] Group 2: Decline in Wealth Management Scale - As of September 26, 2023, 1,095 listed companies held a total of 12,395 wealth management products, with a subscription amount of 779 billion yuan, a year-on-year decrease of 13.04% [2] - The subscription amounts for wealth management products in 2023 and 2024 are projected to be 1,295.49 billion yuan and 1,216.66 billion yuan, respectively, indicating a downward trend [2] Group 3: Changes in Wealth Management Structure - Despite the overall decline in wealth management scale, the structure is becoming more diversified, with a growing preference for products linked to bonds, equities, and mixed assets [4][8] - The subscription amount for securities company wealth management products has reached 52.02 billion yuan, a year-on-year increase of 7.74% [4] Group 4: Factors Influencing the Shift - The decline in wealth management scale is attributed to strict controls on fund turnover and the limitations on bank structured deposits [3] - The low efficiency of traditional deposit models, influenced by declining interest rates, has led companies to seek more effective asset allocation strategies [7][8] Group 5: Increased Interest in Direct Securities Investment - Over 70 listed companies have announced plans to use idle funds for securities investment, indicating a shift towards direct investment as a means to enhance fund utilization and profitability [9] - The trend towards professionalization and diversification in the wealth management market is expected to continue, with companies dynamically adjusting their fund allocations [9]

Core Insights - As of September 29, a total of 566 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - The stock with the longest duration of net outflow is Suda Co., Ltd., which has seen outflows for 30 consecutive days, followed by Kaifa Electric with 21 days [1] - The largest total net outflow amount is from Liao Co., Ltd., with a cumulative outflow of 3.514 billion yuan over nine days [1] Summary by Category Stocks with Longest Net Outflow Duration - Suda Co., Ltd. has the longest net outflow duration at 30 days [1] - Kaifa Electric follows with 21 days of net outflow [1] Stocks with Largest Net Outflow Amount - Liao Co., Ltd. has the highest net outflow amount of 3.514 billion yuan over nine days [1] - Xian Dao Intelligent follows with a net outflow of 3.250 billion yuan over five days [1] Stocks with Highest Net Outflow Proportion - ST Yigou has the highest proportion of net outflow relative to trading volume, with a recent decline of 9.90% over the past seven days [1] Additional Notable Stocks - Other notable stocks with significant net outflows include O-film Technology with 3.152 billion yuan over six days and Tuo Wei Information with 2.103 billion yuan over seven days [1]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 LEO Group Co., Ltd. 利歐集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據經香港公司註冊處處長 登記的本公司招股章程作出投資決定，而招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公 ...