Zheng Quan Shi Bao·2025-10-28 14:49Core Viewpoint - The recent IPOs of four companies, including Dipu Technology, Bama Tea, Sany Heavy Industry, and Cambridge Technology, have shown strong performance on the Hong Kong stock market, with significant first-day gains, particularly for Dipu Technology, which saw a closing increase of 150.56% [2][3][4]. Group 1: Company Performance - Dipu Technology's stock surged by 150.56% on its first trading day, following an impressive dark market increase of 94.67% [2][3]. - Bama Tea and Cambridge Technology also performed well, with closing gains of 82.70% and 33.86%, respectively, after dark market increases of 78.80% and 36.90% [4][5]. - Sany Heavy Industry, despite a modest first-day gain of 2.82%, did not experience a drop below its offering price, indicating stable investor confidence [6]. Group 2: Fundraising and Market Trends - Sany Heavy Industry raised approximately HKD 135 billion, making it one of the top three IPOs in Hong Kong this year, following the record HKD 410 billion raised by CATL [7]. - Cambridge Technology raised HKD 46 million, while both Dipu Technology and Bama Tea raised less than HKD 10 million, with amounts of HKD 7.1 million and HKD 4.5 million, respectively [7]. - The overall trend in the Hong Kong IPO market remains strong, with high levels of oversubscription for new listings, particularly for companies like Dipu Technology, which achieved an oversubscription rate of 7569.83 times [9][10]. Group 3: Market Potential and Company Strategies - Dipu Technology focuses on providing enterprise-level AI application solutions, with a projected market size of RMB 386 billion by 2024, expected to grow at a CAGR of 44.0% until 2029 [13][14]. - Despite its growth potential, Dipu Technology reported losses of RMB 5.03 billion, RMB 12.55 billion, and RMB 3.08 billion for the years 2023, 2024, and the first half of 2025, respectively [14].