SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-09-05 15:55Group 1: Market Overview - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching HKD 132.9 billion in the first eight months, a 50% increase compared to the total for 2024, marking a four-year high [1] - The secondary market for Hong Kong stock offerings is even more robust, with fundraising reaching HKD 190.5 billion, which is 3.8 times higher than the total for 2024, and the average fundraising per project is HKD 1.1 billion [1] Group 2: Company Performance - NIO's recent HKD 40.3 billion secondary offering, completed in March 2025, had a 9.5% discount, the highest among offerings over HKD 25 billion this year, reflecting market concerns over its ongoing losses and operational challenges [5] - NIO's net loss for the first half of 2025 reached HKD 12 billion, a 16% year-on-year increase, highlighting its struggles compared to peers like Li Auto and Xpeng, which have shown improved profitability [5][6] - Horizon Robotics, in contrast, successfully raised HKD 47.2 billion in a secondary offering less than a year after its IPO, indicating strong market confidence in its growth potential [7] Group 3: Financial Comparisons - NIO has raised a total of HKD 81.3 billion through 11 financing rounds since its U.S. listing in 2018, the highest among its peers, but its stock price has been on a downward trend since its Hong Kong listing in March 2022 [6] - Horizon Robotics reported a 65% year-on-year revenue growth in 2024, with a 67% increase in the first half of 2025, driven by rapid delivery of autonomous driving chips [8] Group 4: Strategic Focus - NIO aims to deliver between 87,000 and 91,000 vehicles in Q3 2025, targeting revenues of HKD 21.81 billion to HKD 22.88 billion, but analysts question the feasibility of these goals given the high costs associated with its battery swap model [6] - Horizon Robotics plans to use its recent fundraising to accelerate business expansion and enhance R&D capabilities, focusing on partnerships and technological advancements in the autonomous driving sector [9]