Group 1: IPO Market Overview - Since 2025, the Hong Kong stock market has seen 86 new IPOs, raising approximately 2508.84 million HKD [1] - In the past week (November 16 to November 22), there was 1 listing, 3 companies in the IPO process, 4 companies undergoing hearings, and 6 companies that submitted applications [1][2] - The average issuance market value of the last 10 new listings is 631.20 million HKD, with an average PE ratio of 28.72 [23] Group 2: Recent IPOs - Zhongwei New Materials (2698.HK) successfully listed on the Hong Kong Stock Exchange on November 17, with a first-day closing price down 0.12% and a total market value of 353.95 million HKD [4][3] - The stock price of Zhongwei New Materials has dropped 16% in its first week of trading [1] - The average first-day increase for recent IPOs is 40.38%, indicating a cooling trend in the AH new stock market [23] Group 3: Upcoming IPOs - Three companies, including Innovation Industry, Quantitative Group, and Haiwei Co., are currently in the IPO process, with expected listing dates between November 24 and November 28, 2025 [5][9] - Innovation Industry completed its IPO with a subscription ratio exceeding 3600 times, indicating strong investor interest [8] - Haiwei Co. has a subscription ratio exceeding 800 times as of November 23, 2025 [10] Group 4: Companies Undergoing Hearings - Four companies passed hearings in the past week, including Naxin Microelectronics, LeMo Technology, Yujian Xiaomian, and Jinyan High-tech [11][12][13][15] - Naxin Microelectronics reported a revenue of 1.524 billion RMB in the first half of 2025, with a year-on-year growth of 80% [11] - LeMo Technology's revenue for 2024 was nearly 800 million RMB, with a growth of 36% [12] Group 5: Companies Submitting Applications - Six companies submitted applications to the Hong Kong Stock Exchange, including Liying Intelligent Manufacturing, Mandi International, and others [16] - Liying Intelligent Manufacturing reported a revenue of 44.26 billion RMB in 2024, with a year-on-year growth of nearly 30% [17] - Mandi International, a spin-off from Sanofi Pharmaceutical, reported a revenue of 1.455 billion RMB in 2024, with a growth of nearly 20% [18]

Core Viewpoint - Lingyi Zhizao has submitted an application for an H-share IPO on the Hong Kong Stock Exchange, aiming to enhance its investment in AI hardware and intelligent manufacturing sectors [1][2]. Group 1: Company Overview - Lingyi Zhizao is an AI hardware intelligent manufacturing platform company, established in 2006 and listed on the Shenzhen Stock Exchange in 2018, providing one-stop intelligent manufacturing services and solutions globally [1][2]. - The company focuses on emerging applications such as humanoid robots, AI glasses, extended reality devices, foldable screens, and servers [2]. Group 2: Financial Performance - According to the prospectus, Lingyi Zhizao's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were CNY 34.50 billion, CNY 34.15 billion, CNY 44.26 billion, and CNY 37.59 billion respectively [3][4]. - The net profit figures for the same periods were CNY 1.56 billion, CNY 2.01 billion, CNY 1.76 billion, and CNY 1.97 billion respectively [3][4]. Group 3: Market Position - Based on Frost & Sullivan data, Lingyi Zhizao ranks first in the global AI terminal device high-precision components market and third in the global AI terminal device high-precision intelligent manufacturing platform market as of 2024 [3]. - The company has established itself as a key player in the AI hardware ecosystem, serving major clients in the AI terminal device, new energy vehicle, and social networking sectors [3].

Core Viewpoint - The company, Lingyi Technology, has submitted an application for an H-share IPO on the Hong Kong Stock Exchange to enhance its investment in AI hardware and intelligent manufacturing sectors [2][9]. Group 1: Company Overview - Lingyi Technology is an AI hardware intelligent manufacturing platform established in 2006 and listed on the Shenzhen Stock Exchange in 2018, providing one-stop intelligent manufacturing services and solutions globally [2][4]. - The company focuses on humanoid robots, AI computing servers, and terminal devices, having achieved mass production in robot assembly and developed core technologies such as servo motors and motion controllers [4][9]. Group 2: Market Position and Financial Performance - According to Frost & Sullivan, Lingyi Technology ranks first in the global AI terminal device high-precision components market and third in the AI terminal device high-precision intelligent manufacturing platform market [5]. - The company's revenue for 2022, 2023, 2024, and the first three quarters of 2025 was 34.50 billion, 34.15 billion, 44.26 billion, and 37.59 billion RMB, respectively, with net profits of 1.56 billion, 2.01 billion, 1.76 billion, and 1.97 billion RMB [5][6]. Group 3: Market Trends and Growth Opportunities - The global high-precision intelligent manufacturing platform market is projected to grow from $262.8 billion in 2020 to $301.9 billion in 2024, with a compound annual growth rate (CAGR) of 3.5% [8]. - The company aims to enhance its R&D capabilities and production capacity through the IPO, focusing on AI computing servers, humanoid robot hardware, and AI optical communication infrastructure to capture emerging market opportunities [9].

Core Viewpoint - Lingyi Technology has submitted its listing application to the Hong Kong Stock Exchange, with Cathay Pacific Securities as the sole sponsor, indicating a strategic move to enhance its market presence and capital base [1]. Group 1: Company Overview - Lingyi Technology's market value has increased by 69.45% in 2025, with profits for the first three quarters surpassing the entire profit of 2024 [3][11]. - The company is a leading AI hardware intelligent manufacturing platform, with a comprehensive product matrix covering core materials, precision components, modules, and assembly, applied in cutting-edge fields such as AI terminal devices and robotics [9]. Group 2: Financial Performance - Revenue figures for Lingyi Technology from 2022 to 2025 are as follows: 345.03 billion, 341.54 billion, 442.6 billion, and 375.9 billion respectively, with profits of approximately 15.6 million, 20.14 million, 17.61 million, and 19.66 million [11]. - The AI hardware business is the main revenue driver, contributing 407.8 billion in 2024, a year-on-year increase of 32.8%, accounting for 92.1% of total revenue [11]. Group 3: Market Position and Globalization - Lingyi Technology ranks first in the global high-precision components market for AI terminal devices and third in the global AI intelligent manufacturing platform market, reflecting its strong competitive position [9]. - The proportion of overseas revenue has increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, indicating a significant global expansion [12]. Group 4: Challenges and Future Plans - The company's gross margin has declined from 19.8% in 2022 to 14.4% in 2024, attributed to rising raw material costs, intensified industry competition, and changes in product structure [13]. - The upcoming H-share listing aims to raise funds for enhancing R&D capabilities, upgrading production capacity, strategic investments, and expanding domestic and international production infrastructure [14].

Core Viewpoint - Lingyi Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Cathay Securities as the sole sponsor, following a significant increase in its market value and profitability in 2025 [1][2]. Company Overview - Lingyi Technology's history traces back to its wholly-owned subsidiary, Lingsheng Electronics, established in China, with its current controlling shareholder and CEO, Fang Qinqin, becoming the controlling shareholder in 2011 [3]. - The company went public through a reverse acquisition of Guangdong Jiangfan Magnetic Materials in February 2018, with a stock code of 002600.SZ [4]. Financial Performance - Lingyi Technology's market capitalization increased by 69.45% in 2025, reaching a total market value of 95 billion yuan as of November 21, 2025 [2][7]. - The company's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were 34.5 billion yuan, 34.2 billion yuan, 44.3 billion yuan, and 37.6 billion yuan, respectively, with profits of approximately 1.56 billion yuan, 2.01 billion yuan, 1.76 billion yuan, and 1.97 billion yuan [8]. Business Segments - AI hardware business is the main revenue source, contributing 40.78 billion yuan in 2024, a year-on-year increase of 32.8%, accounting for 92.1% of total revenue [8]. - The company's overseas revenue share increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, indicating a more significant global presence [8]. Profitability Metrics - Lingyi Technology's gross margin declined from 19.8% in 2022 to 14.4% in 2024, with a total decrease of 5.4 percentage points over three years [9]. - The company attributes the decline in gross margin to rising raw material costs, intensified industry price competition, and changes in product structure [10]. Future Plans - The funds raised from the H-share listing will primarily be used to enhance R&D capabilities, upgrade production capacity, make strategic investments and acquisitions, expand domestic and international production infrastructure, and supplement working capital [10].

雷递网 雷建平 11月21日 广东领益智造股份有限公司（简称："领益智造"）日前递交招股书，准备在港交所上市。 领益智造已在A股上市，截至今日收盘，股价为13元，市值为950亿元。 招股书显示，领益智造2022年、2023年、2024年营收分别为345亿元、341.54亿、442.6亿；毛利分别为68.2亿元、63.94亿元、63.93亿元； 领益智造于2022年概无向其权益股东宣派或派付股息。于2023年，领益智造向其权益股东宣派股息10.17亿元。2024年，公司向其权益股东宣派股息2.1 亿。截至2025年9月30日止九个月期间，领益智造向其权益股东宣派股息2.86亿，其中1.4亿元已于同期派付。 在《2025胡润女企业家榜》中，领益智造实控人曾芳勤以695亿元跻身榜单第6名的高位，成为年度前十的新面孔。 9个月营收375.9亿 利润19.66亿 领益智造是一家AI硬件智能制造平台，致力于提供一站式智能制造服务及解决方案。自搭上"果链"成为消费电子巨头后，领益智造从涉足光伏、新能源汽 车产业，到投身于机器人、服务器等AI终端产业，一直在不断前行。 领益智造打造了覆盖从核心材料、精密功能件、模组到精品组装 ...

Core Viewpoint - The company Lingyi iTech has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence in the AI and low-altitude economy sectors while facing challenges in profit margins [1][4]. Group 1: Company Overview - Lingyi iTech was established in 2006 and went public on the Shenzhen Stock Exchange in February 2018, initially focusing on consumer electronics die-cut products [1]. - The company has developed a comprehensive product matrix covering core materials, precision components, modules, and assembly, with applications in AI hardware, automotive, and low-altitude economy sectors [1]. - According to Frost & Sullivan, Lingyi iTech ranks first in the global AI terminal device high-precision components market with a market share of 6.7% and third in the high-precision intelligent manufacturing platform market with a 1.5% share [1]. Group 2: Financial Performance - Revenue from AI hardware business constituted 91.2%, 89.9%, 92.7%, and 87.6% of total revenue from 2022 to the first three quarters of 2025, while automotive and low-altitude economy business contributed 3.1%, 4.1%, 4.8%, 4.5%, and 5.2% respectively [1]. - The company's revenue for 2022, 2023, and 2024 was reported at 34.503 billion, 34.154 billion, and 44.26 billion yuan, with net profits of 1.571 billion, 2.023 billion, and 1.755 billion yuan respectively [4]. - In 2023, revenue decreased by 0.35% year-on-year, while net profit increased by 26.78%. In 2024, revenue grew by 30.48% year-on-year, but net profit decreased by 14.42% [4]. Group 3: Profit Margins - The company's gross margin has been declining, with figures of 19.8%, 18.7%, and 14.4% from 2022 to 2024. The gross margin for AI hardware was 21.2%, 20.6%, and 16.2%, while for automotive and low-altitude economy it was 3.3%, 1.9%, and 0.6% [2][3]. - The decline in gross margin is attributed to a competitive pricing strategy aimed at capturing market share for new products that have not yet achieved full economies of scale [4]. Group 4: IPO Purpose - The funds raised from the IPO will be used to enhance R&D capabilities, increase production capacity through equipment investment, support strategic investments and acquisitions, expand production facilities domestically and internationally, and for working capital and general corporate purposes [5].

Core Viewpoint - Lingyi Zhizao is planning to go public in Hong Kong, aiming to raise approximately $1 billion [1] Group 1 - The company is expected to utilize the funds raised from the IPO for expansion and development initiatives [1] - Lingyi Zhizao's listing is part of a broader trend of technology companies seeking capital in Hong Kong [1] - The IPO is anticipated to attract significant investor interest due to the company's growth potential in the technology sector [1]

Group 1 - The core viewpoint of the article is that Lingyi iTech is planning to go public in Hong Kong and aims to raise approximately $1 billion [1] Group 2 - The company is expected to utilize the funds raised from the IPO for expansion and development purposes [1]

Core Insights - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. (Lingyi Intelligent Manufacturing) has submitted its prospectus to the Hong Kong Stock Exchange, with Guotai Junan Securities as its sole sponsor [2] - The company is positioned as an AI hardware intelligent manufacturing platform, providing comprehensive smart manufacturing services and solutions globally [2] - Lingyi Intelligent Manufacturing ranks first in the global market for high-precision components for AI terminal devices and third in the high-precision intelligent manufacturing platform sector [2] Financial Performance - Revenue for Lingyi Intelligent Manufacturing from 2022 to 2024 is projected to be 34.503 billion yuan, 34.154 billion yuan, and 44.260 billion yuan respectively, with net profits of 1.56 billion yuan, 2.014 billion yuan, and 1.761 billion yuan [2][3] - For the first three quarters of 2025, the company reported revenue of 37.590 billion yuan, a year-on-year increase of 19.25%, and a profit of 1.966 billion yuan, up 39.64% [2][3] Cost Structure - The cost of sales as a percentage of revenue has been relatively stable, with 80.2% in 2022, 81.3% in 2023, and projected at 85.6% in 2024 [3] - Gross profit margins have shown slight fluctuations, with 19.8% in 2022, 18.7% in 2023, and an estimated 14.4% in 2024 [3] Leadership and Ownership - The company is led by Zeng Fangqin, who has extensive experience in enterprise management and intelligent manufacturing, having founded Lingyi Technology in 2012 [4] - Zeng Fangqin and Ling Sheng Investment hold approximately 58.64% of the company's issued share capital, making them the controlling shareholders [3] Recognition - Zeng Fangqin was ranked sixth on the 2025 Hurun Richest Women in China list, with a wealth of 69.5 billion yuan, making her the second richest woman in Shenzhen [5][6][7]