Core Viewpoint - Aux Group is set to launch its IPO on the Hong Kong Stock Exchange, with a total issuance expected to reach approximately 2.74 billion shares, aiming to raise between 33.15 billion to 47.73 billion HKD, potentially becoming the largest non-A to H IPO in 2025 [1][2]. Fundraising and Market Confidence - The initial fundraising target was set at 6-8 billion USD, but the actual issuance structure indicates that this target cannot be met without fulfilling multiple conditions, reflecting a lack of market confidence in the company's valuation [2][3]. - The maximum fundraising amount is 47.73 billion HKD (approximately 6.09 billion USD), contingent on the highest pricing and full exercise of both the 15% adjustment and over-allotment options [2]. Cornerstone Investors - Aux Group has attracted five cornerstone investors, with a total subscription amount of 9.74 billion HKD, representing only 24.5% of the total issuance, which is below the average level for similar IPOs in the Hong Kong market [3][4]. - Notably, there are no foreign institutional investors among the cornerstone investors, contrasting with other IPOs of similar scale that typically include foreign participation [4][6]. Valuation and Market Position - The company's estimated market capitalization at the midpoint of the pricing range is approximately 26.5 billion HKD, with projected P/E ratios of 8.3x for 2024 and 7.8x for the trailing twelve months [7][8]. - Comparatively, leading companies in the home appliance sector have higher average P/E ratios, indicating that Aux Group's valuation does not adequately reflect its fundamental weaknesses [7][9]. Financial Health and Risks - Aux Group's gross margin for its air conditioning business is significantly lower than that of its competitors, and nearly 50% of its revenue comes from OEM operations, which may limit its pricing power and profit margins [8][9]. - The company has faced scrutiny over its dividend policy, having declared a substantial dividend prior to the IPO, raising questions about its fundraising motives and financial stability [9].
奥克斯电气启动港股IPO全球发售：募资目标缩水 基石无外资站台 估值折让不足 IPO安全垫缺失