Group 1: IPO Information - Jihong Co., Ltd. (02603.HK) is conducting an IPO with a subscription period from May 19 to May 22, offering a total of 67.91 million shares, with 10% for public offering and 90% for international placement [1] - The IPO price range is set between 7.48 and 10.68 HKD, with a market capitalization estimated between 3.386 billion and 4.835 billion HKD and a price-to-earnings ratio of 21 times [1] - The minimum subscription amount is 5,394 HKD, with the listing date scheduled for May 27 [1] Group 2: Company Overview - Jihong Co., Ltd. was established in 2003 and is headquartered in Xiamen, Fujian, initially focusing on fast-moving consumer goods packaging before transitioning to cross-border e-commerce in 2017 [2] - The company ranks second in China's B2C export e-commerce sector with a market share of 1.3% and first in the paper packaging sector with a market share of 1.2% as of 2024 [2] - Jihong's cross-border social e-commerce business utilizes a "goods find people" model, leveraging platforms like Meta and TikTok for targeted advertising [2] Group 3: Financial Performance - Jihong's revenue for 2022, 2023, and 2024 was 5.376 billion, 6.695 billion, and 5.529 billion RMB, respectively, with net profits of 172 million, 332 million, and 184 million RMB [3] - In Q1 2025, the company reported revenue of 1.477 billion RMB, reflecting a year-on-year growth of 11.55%, with a net profit of 59.16 million RMB [3] - By 2024, the cross-border e-commerce segment contributed 60.9% of total revenue, while the packaging business accounted for 38% [4] Group 4: Operational Insights - Jihong's packaging business offers a comprehensive solution from design to logistics, serving well-known clients like Yili and Luckin Coffee, with a low industry concentration (top five players hold only 4.5% market share) [3] - The company has a cash balance of 786 million RMB but faces pressure with accounts receivable reaching 522 million RMB, which is over 286% of its profit [5] - The dual business model helps mitigate risks, while AI technology enhances operational efficiency [5] Group 5: Market Sentiment and Pricing Strategy - The IPO price range of 7.48-10.68 HKD represents a discount of 33%-53% compared to the A-share price of 14.63 RMB, indicating a significant pricing strategy aimed at attracting investors [6] - The expected oversubscription rate is high, with estimates suggesting a potential oversubscription of 15 to 50 times, which could lead to a significant price adjustment [6]

Group 1: Company Developments - Jihong Co., Ltd. (吉宏股份) has launched its IPO in Hong Kong, with subscription ending on May 22. The share price ranges from HKD 7.48 to HKD 10.68, aiming to raise approximately HKD 725 million at the upper price point [1] - Pige Biopharmaceuticals (派格生物医药) has also initiated its IPO, with a share price set at HKD 15.60 and a global offering of 19.2835 million shares. The company focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder sector [4] - Jianbei Miao Miao (健倍苗苗) expects a significant increase in annual profit, projecting a rise of no less than 50% for the year ending March 31, 2025, driven by effective brand management and strong sales performance in its core brands [5] Group 2: Market Trends - The successful IPOs of Jihong Co. and Pige Biopharmaceuticals may stimulate renewed interest in the cross-border e-commerce and biotechnology sectors within the Hong Kong stock market [1][4] - The strong performance of CATL (宁德时代) in the dark market, with an increase of 8.29% to HKD 284.8, reflects high market expectations for its upcoming IPO, indicating robust interest in the renewable energy sector [3] Group 3: Market Performance - The Hang Seng Index closed at 23,332.72, with a slight decline of 0.05% on May 19, indicating a mixed sentiment in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.50% and 0.09%, respectively, suggesting a cautious market environment [6]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. is in the process of issuing H-shares and listing on the Hong Kong Stock Exchange, with significant milestones achieved in the application and approval process [1][2][3]. Group 1: Issuance and Listing Process - The company submitted its application for H-share issuance to the Hong Kong Stock Exchange on February 6, 2024 [1]. - The company received a notice from the China Securities Regulatory Commission regarding the overseas issuance and listing on January 24, 2025 [1]. - The listing hearing was held by the Hong Kong Stock Exchange Listing Committee on April 30, 2025 [1]. Group 2: H-share Offering Details - The total number of H-shares for global offering is set at 67,910,000 shares, with 10% allocated for public offering in Hong Kong and 90% for international offering [4]. - The price range for the H-share issuance is preliminarily set between HKD 7.48 and HKD 10.68 [4]. - The public offering in Hong Kong commenced on May 19, 2025, and is expected to conclude on May 22, 2025, with the issuance price to be announced by May 26, 2025 [4]. Group 3: Additional Information for Investors - The H-share prospectus was published on May 19, 2025, in compliance with applicable Hong Kong laws and regulations [3]. - The prospectus aims to provide information to the public and qualified investors in Hong Kong, while A-share investors are advised to refer to the company's announcements on domestic exchanges [3]. - The H-shares are expected to be listed and commence trading on the Hong Kong Stock Exchange on May 27, 2025 [4].

Group 1: Hong Kong IPO Market - The Hong Kong IPO market continues to thrive with four companies currently in the process of going public, including Pagoda Biotech and Jihong Technology [1] - The listing of CATL on May 20 is the largest IPO globally this year, contributing to a total fundraising amount exceeding HKD 60 billion, which is over six times the amount from the same period last year [1] - The Hong Kong government reports that the IPO market is robust, with the fundraising scale currently leading globally [1] Group 2: Pagoda Biotech - Pagoda Biotech plans to globally offer 19.2835 million H-shares at a price of HKD 15.6 per share, aiming to raise approximately HKD 301 million [1] - The company focuses on innovative therapies for chronic diseases, particularly in the field of metabolic disorders [2] Group 3: Jihong Technology - Jihong Technology plans to globally offer 67.91 million H-shares with a price range between HKD 7.48 and HKD 10.68, targeting a maximum fundraising of approximately HKD 725 million [2] - The company is recognized as the first A+H share in AI-driven cross-border social e-commerce, providing comprehensive packaging solutions for fast-moving consumer goods [2] Group 4: MIRXES - MIRXES is set to launch its IPO from May 15 to May 20, with plans to offer 46.62 million shares at HKD 23.30 each, aiming to raise up to HKD 1.086 billion [2] - The company specializes in RNA technology for disease screening and diagnostics, focusing on non-invasive blood-based tests for early disease detection [3] Group 5: Heng Rui Pharmaceutical - Heng Rui Pharmaceutical has initiated its global IPO, planning to issue nearly 225 million H-shares with a price range of HKD 41.45 to HKD 44.05, targeting a maximum fundraising of HKD 13 billion [3][4] - The company has attracted several top-tier institutional investors, securing a total of USD 533 million in cornerstone investments [4]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co., 002803.SZ) is set to go public on the Hong Kong Stock Exchange, leveraging its "data + technology" model to drive growth in cross-border e-commerce and packaging services, with projected revenues exceeding 5 billion RMB from 2022 to 2024 and a peak net profit of 332 million RMB [1][2][6]. Group 1: Company Overview - Jihong Co. focuses on ToC precision marketing cross-border social e-commerce and ToB comprehensive marketing design packaging services, establishing a differentiated competitive edge through AI technology [2][6]. - The company has formed deep partnerships with leading fast-moving consumer goods (FMCG) brands such as Yili and Luckin Coffee, and has achieved a leading position in emerging markets like Southeast Asia and the Middle East [2][6][15]. - Jihong Co. ranks second among B2C export e-commerce companies in China with a market share of 1.3% and leads in the paper-based FMCG sales packaging sector with a market share of 1.2% [8][12]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 5.376 billion RMB, 6.695 billion RMB, and 5.529 billion RMB, respectively, with corresponding net profits of 172 million RMB, 332 million RMB, and 184 million RMB [6][15]. - In Q1 2025, Jihong Co. reported a revenue of 1.477 billion RMB, an increase of 11.55% year-on-year, and a net profit of 59 million RMB, up 38.21% year-on-year [15][17]. Group 3: Market Dynamics - The paper-based sales packaging industry is experiencing rapid growth, with the market size expected to reach 613.1 billion RMB by 2024 [9][10]. - The market for paper-based FMCG sales packaging has grown from 145.6 billion RMB in 2020 to an estimated 170.3 billion RMB in 2024, with projections to reach 222.7 billion RMB by 2029 [10][12]. - Environmental policies are enhancing competitive advantages, as the Chinese government promotes the use of eco-friendly alternatives in packaging [12][14]. Group 4: Strategic Initiatives - Jihong Co. plans to invest in technology iteration and overseas capacity expansion through its IPO proceeds, focusing on self-owned brands and eco-friendly packaging to expand its global footprint [1][4][18]. - The company has established a strategic partnership with VENU STRADING FZCO to build a sales network in the Middle East and Africa, focusing on packaging production and trade platforms [16]. - Jihong Co. aims to enhance its market competitiveness through the development of self-owned brands, leveraging its accumulated marketing data and technological advantages [15][17].

证券代码：002803 证券简称：吉宏股份 公告编号：2025-033 厦门吉宏科技股份有限公司 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 公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 厦门吉宏科技股份有限公司（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"）主板挂牌上市（以下简 称"本次发行上市"）相关工作。 2024 年 2 月 6 日，公司首次向香港联交所递交本次发行上市申请，并于同日 在香港联交所网站刊登了申请资料；2025 年 1 月 24 日，公司收到中国证券监督 管理委员会出具的《关于厦门吉宏科技股份有限公司境外发行上市备案通知书》 （国合函〔2025〕156 号）；2025 年 4 月 30 日，香港联交所上市委员会举行上市 聆讯，审议公司本次发行上市申请；2025 年 5 月 8 日，公司在香港联交所网站刊 登了本次发行聆讯后资料集。 鉴于本次发行上市 H 股招股说明书的刊发目的仅为提供信息予香港公众人 士和合资格的投资者，公司将不会在境内证券交易所的网站和符合 ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant milestone in its development and aiming to leverage international capital for further expansion in the cross-border e-commerce sector [2][3][4]. Company Overview - Jihong Co. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016, with the stock code 002803.SZ [4]. - The company focuses on providing marketing strategies, product design, process design, technical planning, transportation, and logistics services [4]. - Jihong Co. has established deep partnerships with leading fast-moving consumer goods (FMCG) brands such as Yili and Luckin Coffee, enhancing its competitive edge through technology [4][5]. Financial Performance - Jihong Co.'s revenue for 2022, 2023, and 2024 was reported at RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with corresponding net profits of RMB 172 million, RMB 332 million, and RMB 184 million [4]. - For the first quarter of 2025, the company achieved revenue of RMB 1.477 billion, a year-on-year increase of 11.55%, and a net profit of RMB 59 million, up 38.21% year-on-year [13][15]. Market Position - Jihong Co. ranks second among B2C export e-commerce companies in China, holding a market share of 1.3%, and is the leading provider in the paper-based FMCG sales packaging sector with a market share of 1.2% [6][11]. - The paper-based FMCG sales packaging market in China is projected to grow from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024, driven by increasing investment in packaging by the FMCG industry [8]. Strategic Initiatives - The company is focusing on AI-driven cross-border e-commerce, self-brand development, and expanding its packaging business internationally [13]. - Jihong Co. has formed a strategic partnership with VENUSTRADINGFZCO to establish a joint venture in the UAE, aiming to enhance its presence in the Middle East and Africa [14]. Industry Trends - The paper-based packaging industry is experiencing rapid growth, supported by environmental policies and technological advancements [10][11]. - The market for paper-based FMCG sales packaging is expected to continue expanding, with a projected market size of RMB 222.7 billion by 2029 [8].

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the easing of trade tensions between China and the US, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - The Chinese government is set to introduce a series of financial policies in May to stabilize the market and bolster investor confidence, including potential interest rate cuts and reserve requirement ratio reductions [2] Macro Focus - Hong Kong's GDP grew by 3.1% in Q1 2025, maintaining the annual forecast [4][9] - The US consumer confidence index hit a historical low, with inflation expectations rising significantly [4][9] - Japan's economy contracted by 0.2% in Q1, missing expectations [4][9] Corporate News - Contemporary Amperex Technology Co., Ltd. (CATL) priced its H-shares at 263 HKD, with plans to raise funds through a private equity investment in carbon neutrality [10] - Haitian Flavor Industry Co., Ltd. is reportedly preparing for an IPO to raise approximately 1 billion USD [10] - The biotechnology company, Paige Biopharma, is seeking to raise 300 million HKD through its IPO [10] - The advertising firm, Jihong, plans to raise up to 730 million HKD in its IPO [10] Industry Insights - The shipping and export sectors are expected to benefit from the reduction in tariffs, leading to increased shipments [7] - The financial sector is adapting to new public fund regulations, which will guide asset allocation closer to the CSI 300 index [7] - The domestic demand sector is anticipated to improve as trade tensions ease, potentially boosting economic growth in mainland China [7] Investment Climate - The Hong Kong IPO market has raised over 60 billion HKD this year, making it the largest globally [9] - The real estate market in mainland China is showing signs of stabilization, which could benefit large banks [8] - The consumer market is experiencing shifts, with a notable increase in the acceptance of new energy vehicles, reaching a penetration rate of 8.7% [9]

Group 1 - The company plans to globally offer 67.91 million shares, with 6.79 million shares for Hong Kong and 61.12 million shares for international sale [1] - The subscription period is from May 19 to May 22, with a maximum offer price of HKD 10.68 per share and an entry fee of approximately HKD 5,393.85 for 500 shares [1] - The total expected fundraising amount is HKD 617 million, with a net amount of HKD 505 million, which will be used for technology development, enhancing data analysis capabilities, and expanding revenue sources [1] Group 2 - The company has introduced cornerstone investors including Shen Zhenyu, Yulong International Capital Limited, and Timber Kangaroo Capital Limited, who will subscribe to approximately 14.55 million shares at the offer price [1] - The company is expected to be listed on the main board on May 27, 2025, with China International Capital Hong Kong Securities Limited and CMB International Capital Limited as joint sponsors [1] Group 3 - The company's main business includes professional design services, software development, IT consulting, and sales of various medical devices and consumer products [2] - The company reported net profits of CNY 345 million, CNY 182 million, and CNY 59.16 million for the fiscal years 2023, 2024, and the first quarter of 2025, with year-on-year changes of 87.57%, -47.28%, and 38.21% respectively [3]

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]