Core Viewpoint - Innovation Industry (02788.HK) has launched a global IPO in Hong Kong, aiming to raise approximately HKD 5.495 billion, with a share price range of HKD 10.18 to HKD 10.99, and plans to list on November 24 [2] Group 1: IPO Details - The company plans to issue around 500 million shares, with 450 million shares allocated for international placement and 50 million shares for public offering in Hong Kong [2] - The net proceeds from the IPO will be allocated as follows: approximately 50% for expanding overseas production capacity, 40% for green energy projects, and 10% for working capital and general corporate purposes [2] - The public offering period is from November 14 to November 19, with an entry fee of approximately HKD 5,550 for 500 shares [2] Group 2: Cornerstone Investors - A total of 17 cornerstone investors, including Hillhouse, China Hongqiao, and others, have committed to subscribe to the shares, with a total subscription amount of approximately USD 351 million at the upper end of the price range [3] - The participation of cornerstone investors is expected to enhance market confidence in the company's business and future development [3] - The company has not provided any additional benefits or agreements to cornerstone investors, ensuring equal status for the subscribed shares with all issued shares [3] Group 3: Company Overview - Innovation Industry focuses on the upstream segment of the aluminum industry chain, primarily covering alumina refining and electrolytic aluminum smelting [4] - The company operates in three stages of upstream production: bauxite mining, alumina refining, and electrolytic aluminum smelting [4] - According to CRU, the refining and smelting stages have the highest value in the aluminum industry chain [4] Group 4: Financial Performance - The company's revenue, gross profit, and gross profit margin have shown stable growth over the past three years [4] - Revenue increased from RMB 13.49 billion in 2022 to RMB 15.16 billion in 2024, while net profit rose from RMB 0.913 billion to RMB 2.63 billion during the same period [4] - Gross profit grew from RMB 2.04 billion in 2022 to RMB 4.28 billion in 2024, with gross profit margin improving from 15.1% to 28.2% [4]
创新实业招股，17家基石团力挺，预计募资总额冲年内IPO前十