米奥会展拟在香港联交所上市 推进国际化进程

Core Viewpoint - Miao Exhibition plans to apply for an initial public offering of H-shares and list on the Hong Kong Stock Exchange, focusing on the interests of existing shareholders and market conditions [1] Group 1: Company Overview - Miao Exhibition specializes in planning, organizing, promoting, and operating overseas exhibitions, primarily serving Chinese foreign trade enterprises and the exhibition industry [1] - The company has established a brand "Miao Lante," recognized in countries and regions involved in the Belt and Road Initiative, and operates two major brands, Homelife and Machinex, providing trade matching services for over 7,000 Chinese exhibitors annually [1][2] Group 2: International Expansion - Since 2025, Miao Exhibition has increased investment in global market expansion, establishing a wholly-owned subsidiary with an investment of 150 million yuan to focus on resource integration and business development [3] - The company has formed a joint venture with Panex WD International Limited to provide a one-stop solution for clients, including exhibition customer acquisition, overseas warehousing, local distribution, and supply chain finance [3] Group 3: Industry Trends - The Chinese exhibition industry is undergoing a deep transformation, with a slowdown in growth and structural optimization, as indicated by a survey showing a decline in companies participating in exhibitions in Germany and the U.S. [3] - Miao Exhibition has initiated an "export trade flash" action to help Chinese foreign trade enterprises reduce reliance on the U.S. market and quickly expand into non-U.S. markets [3] Group 4: Financial Performance - In the first three quarters of the year, Miao Exhibition reported revenue of 400 million yuan, a year-on-year decrease of 5.67%, and a net profit of 34.63 million yuan, down 49.17% year-on-year, impacted by canceled exhibitions and increased R&D investment in AI [4]