Core Insights - The new IPO pricing regulations in Hong Kong have led to a significant increase in interest in new stock offerings, with only 2 out of 24 companies experiencing a decline in share price post-IPO, and 10 companies seeing first-day gains exceeding 100% [1] - Minglue Technology's IPO has garnered substantial attention, with a public offering oversubscribed by 3,399 times, and shares expected to begin trading on November 3, 2025 [1][2] - The IPO valuation of Minglue Technology is approximately HKD 20.357 billion, reflecting a 56% premium over its last funding round [1] IPO Details - Minglue Technology plans to issue 7.219 million Class A shares, with 10% allocated for public sale and 90% for international investors, alongside a 15% over-allotment option [1] - The offering price is set at HKD 141 per share, with an entry fee of approximately HKD 5,696.88 [1] - Post-IPO, the shares available for trading will represent only about 2.745% of the total share capital, indicating a limited float [3][4] Shareholder Structure - Major shareholders include Tencent, Kuaishou, Sequoia China, and Temasek, with Tencent being the largest external shareholder, holding 25.96% of the company [4][6] - The introduction of cornerstone investors has locked in approximately 45.1% of the offering shares, which will not be sold for 270 days post-listing [4][6] Financial Performance - Minglue Technology has experienced fluctuating revenue, with reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion from 2022 to 2024, indicating a lack of consistent growth [10][11] - The company has reduced its net losses significantly, achieving a net profit of RMB 24.87 million in the first half of 2025, following losses in previous years [13][14] Market Position - As the largest data intelligence application software provider in China, Minglue Technology holds a market share of approximately 3.8% [17] - The company's high IPO valuation corresponds to a price-to-sales (P/S) ratio of 14.74 based on its 2024 revenue, which may be difficult to sustain without rapid revenue growth [17]

Group 1 - The company Prudential (02378) announced a share buyback plan, committing £3.1359 million to repurchase 299,800 shares [1]

据悉，滴普科技在公开发售阶段便受到资金热烈追捧，公开发售部分获约23.9万名投资者认购，超额认 购倍数高达7590倍，成为港交所主板历史上超购倍数最高的新股。在昨日的暗盘交易中，滴普科技的股 价一度暴涨100%，多方资金持续流入。 智通财经APP获悉，10月28日，滴普科技(01384)正式登陆港交所主板，挂牌首日表现极为亮眼！股价开 盘即大涨111.93%，报56.5港元/股。盘中股价一度冲高至68.4港元/股，涨幅超过155%。截至收盘，滴普 科技最终报66.8港元/股，涨幅150.56%，总市值达218.19亿港元。 虽然今日恒生指数及恒生科技指数双双收跌，科技股行情整体低迷，但滴普科技仍旧逆势而上，展现了 优质科技资产的强大韧性，也预示着市场资金正加速向高成长性的核心标的集中。 作为一家专注于企业级大模型人工智能应用解决方案的提供商，滴普科技通过其FastData Foil数据融合 平台和Deepexi企业级大模型平台，为企业客户提供数据整合、智能决策与运营支持服务。 截至2025年6月，滴普科技已累计服务283家企业客户，复购客户占比达33.2%，显示出较强的客户黏 性。2025年上半年，公司收入同 ...

Market Overview - The Hong Kong stock market failed to maintain its previous day's gains, with the Hang Seng Index closing down 0.33% at 26,346.14 points and a total turnover of HKD 242.7 billion [1] - The Hang Seng China Enterprises Index fell by 0.97% to 9,375.79 points, while the Hang Seng Tech Index dropped 1.26% to 6,093.44 points [1] Blue-Chip Performance - HSBC Holdings (00005) led the blue-chip stocks, rising 4.41% to HKD 106.5, contributing 92 points to the Hang Seng Index [2] - HSBC reported a pre-tax profit of USD 7.3 billion for Q3 2025, a decrease of USD 1.2 billion year-on-year, but a fixed-rate pre-tax profit of USD 9.1 billion, up 3% year-on-year [2][6] - Other notable blue-chip movements included Xinyi Solar (00968) up 4.27% and AIA Group (01299) up 3.4%, while Zijin Mining (02899) fell 5.59% [2] Sector Performance - Large tech stocks generally declined, with Tencent and Alibaba both dropping over 1% [3] - Gold stocks experienced significant declines, with Chifeng Jilong Gold Mining (06693) down over 6% [3] - Hong Kong banking stocks rose against the trend, with HSBC's strong Q3 performance boosting investor confidence [5][6] New Listings - Four new stocks debuted positively, with Dipo Technology (01384) surging 150.56% and Baima Tea (06980) rising 86.7% [4][5] - Dipo Technology's IPO was highly sought after, with a subscription rate of 7,590 times, attracting approximately 239,000 investors [5] Gaming and Gambling Sector - Macau's gaming revenue showed signs of recovery, with October's revenue potentially reaching MOP 23 billion, the highest in 71 months [6] - Notable gains were seen in gaming stocks, with Sands China (01928) up 2.46% and Melco International Development (00200) up 1.24% [6] Notable Stock Movements - Fuyao Glass (06865) saw a strong performance, rising 12.29% after reporting a 21% year-on-year revenue increase [7] - Bilibili (09626) gained 5.31% following the successful launch of its new game, which sold over 200,000 copies shortly after release [8] - China Southern Airlines (01055) rose 3.01% after reporting a 2.23% increase in revenue for the first three quarters of 2025 [10]

智通财经APP讯，鸿盛昌资源(01850)发布公告，于2025年10月28日或前后，本公司接获王乐先生日期为 2025年10月27日的函件(该要求)，要求本公司董事会根据本公司的公司细则第 58条召开本公司股东特别 大会，借以考虑及酌情通过以下决议案为本公司普通决议案： "动议根据本公司的公司细则第83(5)条谨此撤销李俊衡先生担任本公司执行董事职务，自本决议案获通 过后即时生效。" "动议根据本公司的公司细则第83(5)条谨此撤销宣超慧先生担任本公司独立非执行董事职务，自本决议 案获通过后即时生效。" "动议谨此撤销于日期为2025年10月27日有关召开股东特别大会的要求通知至股东特别大会日期之间获 委任加入本公司董事会的各位本公司董事(惟将于股东特别大会上获委任为本公司董事的人士除外)担任 本公司董事职务，自本决议案获通过后即时生效。" "动议根据本公司的公司细则第83(6)条谨此委任王乐先生担任本公司执行董事职务，自本决议案获通过 后即时生效。" "动议根据本公司的公司细则第83(6)条谨此委任叶丽平女士担任本公司独立非执行董事职务，自本决议 案获通过后即时生效。" "动议根据本公司的公司细则第83(6 ...

智通财经APP讯，乐氏国际控股(01529)发布公告，由于其他工作及个人事务，黎嘉浩先生已辞任执行董 事职务，且不再为公司薪酬委员会成员，自2025年10月28日起生效。 ...

Group 1 - Baima Tea officially listed on the Hong Kong Stock Exchange on October 28, 2023, becoming the third Chinese tea company to go public after Tianfu Tea and Lancang Ancient Tea [2] - The company offered 9 million H-shares at an issue price of HKD 50.00 per share, raising a net total of HKD 389.89 million [2] - Baima Tea's stock price surged to HKD 93.35 per share by the end of the trading day, marking an increase of 86.7% and a total market capitalization of HKD 79.35 billion [2][3] Group 2 - Baima Tea's business model includes 3,716 offline stores, with 234 direct stores and a significant portion of revenue coming from franchise sales, which accounted for approximately 50% of total revenue in recent years [4][5] - The average selling price of Baima Tea's products decreased from HKD 694 per kilogram in 2022 to HKD 657 per kilogram by mid-2025, indicating challenges in maintaining high-end pricing [5][6] - The company's marketing expenses have been high, exceeding 30% of revenue, which has impacted profitability [6] Group 3 - The founders of Baima Tea, Wang Wenli and Wang Wenbin, come from a family with a long history in tea production, and the company remains a family-controlled business [7] - The Wang family collectively holds 55.90% of the voting rights in Baima Tea, with a significant portion of shares held post-IPO [7][8] - The family connections extend to other prominent businesses, including the well-known brand Seven Wolves, indicating a network of influential relationships within the industry [8]

中国经济网北京10月28日讯 滴普科技股份有限公司（以下简称"滴普科技"，01384.HK）今日在港交所 上市，开盘报56.50港元。截至今日收盘，滴普科技报66.80港元，涨幅150.56%。 滴普科技专注于为企业提供企业级大模型人工智能应用解决方案，助力企业大规模高效整合数据、决策 及运营。 根据最终发售价及配发结果公告，滴普科技本次发行发售股份数目为26,632,000股股份，其中，公开发 售的发售股份数目（重新分配后） 为5,326,400股股份，国际发售的发售股份数目（重新分配后）为 21,305,600股股份。滴普科技于上市后已发行的股份数目为326,632,000股股份。 滴普科技本次发行的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为 中信证券（香港）有限公司、民银资本有限公司、国泰君安融资有限公司、浦银国际融资有限公司、交 银国际（亚洲）有限公司。 于2022年、2023年、2024年以及截至2025年6月30日止六个月，滴普科技的收入分别为人民币100.5百万 元、人民币129.0百万元、人民币242.9百万元及人民币132.1百万元，净亏损分别为人民币655.2 ...

Core Insights - Baima Tea officially launched its IPO process, planning to issue 9 million shares at a price of HKD 50 per share, aiming to raise a total of HKD 450 million [1] - After deducting listing-related expenses of HKD 60.11 million, the net fundraising amount is approximately HKD 390 million [1] - The company is set to be listed on the Hong Kong Stock Exchange on October 28, 2025 [1] Group 1 - The successful listing on the Hong Kong market marks the completion of Baima Tea's nine-month journey towards IPO, following two unsuccessful attempts to submit a prospectus for the A-share market [3] - After transitioning to the Hong Kong market, the company submitted its listing application in January 2025 and received listing approval after regulatory review [3] - On the first trading day, the stock opened at HKD 80, a significant increase of 60% from the issue price, with intraday gains reaching 70%, resulting in a market capitalization exceeding HKD 7.2 billion [3] Group 2 - As a leading retail enterprise in the tea industry, Baima Tea has established a comprehensive operational system covering the entire industry chain, including tea planting, product development, standard formulation, and brand retail [3] - The product matrix includes five major tea categories: Oolong, black, red, green, and white tea, along with related products such as tea utensils and tea foods [3] - The company employs a combination of direct sales and franchising to expand its market presence, forming a nationwide sales network [3] Group 3 - The number of stores has shown continuous growth, with a total of 3,585 stores nationwide as of June 30, 2025, an increase of nearly 1,000 from 2,613 at the beginning of 2022 [3] - The proportion of franchised stores has significantly increased, rising from 2,203 at the beginning of 2022 to 3,341, indicating the effective implementation of the company's light-asset expansion strategy [3] - This franchising-focused expansion model reduces operational costs while accelerating market penetration efficiency [3]

配售事项的所得款项净额约为港币1352万元。公司拟将约港币1352万元用作本集团的一般营运资金，用 于支付集团的员工成本、专业费用、租金及一般行政及营运开支。 格隆汇10月28日丨中国上城(02330.HK)发布公告，配售协议所载的所有条件已获达成，而配售事项已于 2025年10月28日完成。合共7547.43万股配售股份已成功由配售代理根据配售协议的条款及条件按每股 配售股份0.180港元的配售价配售予三位承配人，占公司紧接配售事项后经配发及发行配售股份扩大的 已发行股本约16.67%。 ...