Group 1 - Vittoria, a Hong Kong financial consulting and IPO sponsorship service provider, has reduced the proposed transaction size for its upcoming IPO [1] - The company now plans to issue 1.8 million shares at a price range of $4 to $5 per share, raising $8 million, down from a previous plan to issue 2.3 million shares [1] - The revised financing amount represents a 20% decrease from earlier expectations [1] Group 2 - Vittoria operates through its wholly-owned subsidiary Red Solar, providing listing sponsorship, securities-related services, and financial and compliance consulting [1] - The company is actively involved in the Hong Kong equity capital market, serving private and listed companies in Hong Kong, mainland China, and Southeast Asia [1] - Established in 2017, Vittoria reported revenue of $4 million for the 12 months ending June 30, 2025, and plans to list on NASDAQ under the ticker symbol VTA [1]

Group 1 - A growing number of local Hong Kong companies are listing in the United States, with approximately 31 companies having already listed on NASDAQ this year, and at least 27 more in the application process [2] - Among the listed companies, there are several capital market intermediaries, including brokers, financial printing firms, and investor relations service providers [2] - According to Ryan's statistics, as of August 15, 2025, 10 Hong Kong brokerage firms have applied for U.S. listings this year, with 4 already listed and 6 still in process [2] Group 2 - The reasons for the influx of intermediaries to the U.S. market include lower listing thresholds, faster and easier listing processes, and relatively lower initial IPO costs compared to Hong Kong [3] - The U.S. listing requirements are less stringent, with some companies facing lower performance expectations than those on Hong Kong's GEM (Growth Enterprise Market) [3] - The U.S. operates under a registration system that requires only disclosure, while Hong Kong has a dual filing system that necessitates approval from both the Hong Kong Stock Exchange and the Securities and Futures Commission [3]

Core Viewpoint - Hongxin Supermarket is undergoing a listing hearing on the Hong Kong Stock Exchange, with Choyao Capital as its sole sponsor. The company operates primarily in the Jiangsu province, focusing on wholesale and retail of daily consumer goods under the "Hongxin Long" brand [1]. Group 1: Company Overview - Hongxin Supermarket is headquartered in Yangzhou and operates 51 supermarkets and 109 convenience stores in Jiangsu province as of March 11, 2025, with a significant concentration in Yangzhou [1]. - The company offers a variety of daily consumer products, including fresh food, grains, oils, and household items, catering to customer needs through 16 or 24-hour convenience store operations [1]. - Hongxin Supermarket employs standardized branding, centralized purchasing, inventory control, and unified management strategies to benefit from economies of scale and streamline operations [1]. Group 2: Market Position - According to industry reports, Hongxin Supermarket ranked second among supermarket operators in Yangzhou by sales in 2023, holding a market share of approximately 9.1% [1]. - In the Suzhong region, the company ranked fifth among supermarket operators by sales in 2023, with a market share of about 2.3% [1]. - The company is estimated to rank around 20th among supermarket operators in Jiangsu province by sales in 2023, with a market share of approximately 0.4% [1]. Group 3: Revenue Contribution - The retail business was the primary source of revenue for the company in the fiscal years 2021 and 2022, but the wholesale business caught up in the fiscal year 2023 and is expected to surpass retail in the first nine months of 2024 [2]. - Food products are the main category contributing to revenue for both wholesale and retail segments [2].

宏信龙递表港交所，绰耀资本为独家保荐人。 在连锁店管理方面，该公司采用标准化的品牌形象及店铺设计、集中采购、集中存货控制及配送以及零 售店铺统一管理的策略。该等统一措施使该公司能够从规模经济中获益，精简运营，并为顾客提供可预 测的购物体验。鉴于电子商务在中国日益普及，于往绩记录期间，该公司为零售店铺设立两个小程 序"龙会易购"及"宏信龙当日达"。 截至2025年1月15日，该公司在江苏省经营52间超市及107间便利店，其中49间超市及106间便利店位于 扬州市，3间超市及1间便利店位于泰州市。除超市及便利店外，该公司亦于扬州经营两个商城，即江都 商城及宏信龙购物中心。 根据行业报告，按销售额计，该公司于2023年在扬州超市运营商中排名第二，市场份额约为9.1%，按 销售额计，该公司于2023年在江苏中部地区的超市运营商中排名第五，市场份额约为2.3%，按2023年 的销售额计，于江苏省超市营运商中排名第20位左右，市场份额约为0.4%。 校对：王锦程 公司为一家总部设于扬州的超市及便利店连锁运营商，主要集中在江苏省苏中地区以"宏信龙"品牌经营 零售业务及批发业务。该公司的超市提供各种日常消费品（大致可分为生鲜 ...