GXSH(SZ:000716) Xin Lang Zheng Quan·2025-08-25 02:53Group 1 - The core viewpoint of the articles highlights the significant shift in the Hong Kong stock market regarding the 18C specialized technology companies, with a notable decline in IPO activity and increasing challenges for these companies to commercialize successfully [1][9][11] - In 2024, the Hong Kong Stock Exchange implemented reforms that lowered the minimum market capitalization requirements for 18C companies, with commercialized companies' threshold reduced from HKD 60 billion to HKD 40 billion, and non-commercialized companies from HKD 100 billion to HKD 80 billion [1][9] - Despite the lowered thresholds, the market has seen no successful IPOs for 18C companies in 2025, with 12 companies having submitted applications but facing significant hurdles in the current market environment [9][11] Group 2 - Three listed 18C companies have engaged in active fundraising through secondary offerings, with Crystal Technology raising a total of HKD 32.2 billion, significantly exceeding its IPO fundraising scale [4] - Black Sesame Intelligence has experienced a 31% decline in stock price since its IPO, despite a positive earnings forecast, indicating a disconnect between market expectations and actual performance [6] - Yujiang, the smallest company by market capitalization at IPO, has seen its stock price increase by 188%, yet its financial performance remains weak, raising concerns about its sustainability as a specialized technology firm [7][11] Group 3 - The financial performance of the listed 18C companies shows a disparity between revenue growth and profitability, with many companies struggling to maintain a balance between innovation and short-term financial results [12] - Research and development expenditures among the companies vary significantly, with Crystal Technology and Black Sesame Intelligence investing heavily compared to Yujiang, which has reduced its R&D spending [8][12] - The overall market sentiment towards 18C companies remains cautious, as evidenced by the lack of successful IPOs and the challenges faced by companies in meeting both market expectations and regulatory requirements [9][11]