Zhong Guo Jing Ji Wang·2025-11-24 09:01Core Viewpoint - Innovation Industry Group Limited (referred to as "Innovation Industry") has successfully listed on the Hong Kong Stock Exchange, opening at HKD 15.20 and closing at HKD 14.59, marking a 32.76% increase from its final offering price of HKD 10.99 [1][2][3]. Summary by Category Company Overview - Innovation Industry focuses on the upstream aluminum industry chain, specifically in alumina refining and electrolytic aluminum smelting [1]. - The company was founded in 2012 by Cui Lixin and is headquartered in Hohhot, Inner Mongolia [12]. IPO Details - The total number of shares offered was 500,000,000, with 50,000,000 shares available for public sale and 450,000,000 shares for international sale [2][3]. - The final offering price was set at HKD 10.99, raising a total of HKD 5,495.0 million, with a net amount of HKD 5,312.8 million after deducting estimated listing expenses of HKD 182.2 million [2][3]. Use of Proceeds - The funds raised from the IPO will be utilized for expanding overseas production capacity, green energy projects, working capital, and general corporate purposes [3]. Financial Performance - Revenue for the years 2022, 2023, 2024, and for the five months ending May 31, 2025, were RMB 13,489.7 million, RMB 13,814.7 million, RMB 15,163.2 million, and RMB 7,213.5 million respectively [8]. - Net profit for the same periods were RMB 912.9 million, RMB 1,080.6 million, RMB 2,629.5 million, and RMB 855.5 million respectively [9]. Cash Flow - The net cash flow from operating activities for the years 2022, 2023, 2024, and for the five months ending May 31, 2025, were RMB 1,869.1 million, RMB 4,554.2 million, RMB 3,461.8 million, and RMB 832.9 million respectively [10][11]. Shareholder Structure - Prior to the IPO, Cui Lixin controlled 100% of the voting rights through a wholly-owned subsidiary [13]. - The company has a high proportion of related party transactions, with significant revenue coming from Innovation New Materials, which is controlled by Cui Lixin [13]. Financial Ratios - As of September 30, 2025, the company reported a net current liability of RMB 6.775 billion and a debt-to-asset ratio of 84.8% [14].