米奥会展赴港上市申请递交，新业务聚焦供应链与新兴市场

Core Viewpoint - The company, Miao Exhibition (300795), has submitted a listing application to the Hong Kong Stock Exchange for a dual listing and is establishing a supply chain subsidiary to expand its cross-border e-commerce business, focusing on emerging markets like Southeast Asia [1][2]. Recent Events - The company officially submitted its listing application to the Hong Kong Stock Exchange in late December 2025, aiming for a dual listing, which may impact its capital structure and market attention, with future hearings and listing timelines to be monitored [2]. Business Progress - In November 2025, the company established a holding subsidiary, "Pan-Ao (Ningbo) Supply Chain Management Co., Ltd.," to enhance its cross-border e-commerce supply chain capabilities, expected to commence operations in January 2026. The business plan for 2026 focuses on promoting industrial exhibitions in emerging markets such as Southeast Asia and the Middle East, with anticipated revenue and profit growth of over 20% for the year [3]. Financial Situation - In early February 2026, the company's stock price experienced short-term fluctuations, with a net inflow of main funds of 983,900 yuan on February 5, leading to a 2.14% increase in stock price; however, on February 4, there was a net outflow of 159,400 yuan, resulting in a 2.04% decrease. Fund flows are influenced by market sentiment and trading activity. Additionally, the company's Q3 2025 financial report indicated a year-on-year decline in revenue and net profit, with an increase in employee cost ratio, necessitating attention to future performance improvement [4].