在东鹏饮料二度闯关港交所的背后，折射出企业所面临的产品结构单一化焦虑、股东减持压力以及国际化拓展难题。华安证券研报指出，倘若此次赴港上 市顺利成行，将为企业开辟资本国际化的新通道，然而这些深层挑战能否得到有效缓解，仍需时间检验。 光速二战港交所 "累了困了，就喝东鹏特饮。" 这句广告曾风靡大街小巷，是很多人开车、运动、上班时的好搭子。作为"国产红牛"，东鹏特饮被称作是功能饮料界的"原地续命神器"。 据港交所官网最新信息显示，"东鹏特饮"的母公司，已正式向港交所递交主板上市申请，由华泰国际、摩根士丹利与瑞银集团共同担任本次发行的联席保 荐人。 值得注意的是，东鹏饮料曾在2025年4月3日首次向港交所提交上市申请，但相关招股文件于同年10月3日到期失效。在失效仅一周后，这家被誉为"国产红 牛"的企业便光速递表，再度启动赴港上市进程。 东鹏饮料早在2021年就已成功登陆A股市场，摘得"功能饮料第一股"称号，而此次赴港递表，意味着公司正在积极谋求"A+H"。 自2021年A股上市以来，东鹏饮料市值曾一度突破千亿大关。截至2025年10月10日，其股价收报311.68元/股，总市值已攀升至约1620.8亿元。 然而，亮 ...

□ 大河财立方 记者 徐兵 近日，科大智能、五芳斋、海亮股份等多家A股公司密集宣布筹划赴港发行H股。这一现象并非孤例， 据媒体统计，今年以来，已有超过130家A股公司发布相关公告，其中不乏宁德时代、恒瑞医药等龙头 企业。这股赴港上市潮，折射出企业对国际化的迫切需求，也揭示了资本市场开放进程中的深层逻辑。 赴港上市已不仅是融资手段，更是企业实施国际化战略的必修课。硬科技企业需要在全球能源转型和产 业竞争中加快跑位，消费品牌则希望借助香港的国际舞台重塑形象、拓展市场。宁德时代直言要"把握 全球能源转型窗口期"，五芳斋、海澜之家则强调"品牌国际化"，这些目标背后，都是企业对外部市场 空间的渴求。对于志在全球的企业而言，香港这一"桥梁市场"成为最优选项。 港股制度优势和政策红利，正在成为这场热潮的双重驱动。港股上市通常6至8个月即可完成，且再融资 工具灵活多样。特别是在监管新规优化后，港股上市门槛进一步降低，审批周期缩短，公众持股比例要 求下调，都显著减轻了企业的顾虑。可以说，监管层释放的制度红利，与企业的战略需求形成了合力。 但值得注意的是，赴港上市并非"零成本"的战略选择。一方面，港股市场整体估值偏低，企业若缺乏 ...

今年以来，海外资金加速流入新兴市场，估值不断升温的港股成为企业上市的热门地。据德勤统计，前 三季度港交所以超过1800亿港元的融资额在全球各大交易所中排名第一。赴港上市的大军中不乏深圳企 业，它们借助H股发行机会引入国际投资者，积极推进全球化发展。（深圳特区报） 来源：智通财经 ...

Core Insights - There has been a significant influx of overseas capital into emerging markets this year, with Hong Kong stocks becoming a popular choice for companies looking to go public [1] - According to Deloitte, the Hong Kong Stock Exchange ranked first globally in terms of fundraising, with over 180 billion HKD raised in the first three quarters [1] - A total of 66 new stocks were listed in Hong Kong during the first three quarters, raising over 180 billion HKD, a substantial increase compared to only 45 new stocks raising less than 60 billion HKD in the same period last year [1] - The increase in fundraising is attributed to the concentration of large new stock issuances from mainland China, with CATL's H-share raising 41 billion HKD, making it the largest new stock issuance globally this year [1] Company Highlights - Among the successful companies that went public in Hong Kong, four are from Shenzhen: Chow Tai Fook, Peak Technology, Daheng New Epoch Technology, and Health 160 [1] - Peak Technology successfully issued shares to establish an "A+H" dual listing structure, becoming the first stock in the Hong Kong semiconductor industry focused on motor drive control chips [1] - Peak Technology raised a total of 2.259 billion HKD, which will enhance its research and development capabilities and expand its overseas sales network, thereby increasing its competitiveness in the global market [1]

齐鲁晚报·齐鲁壹点 通讯员 万发真 李璐 张纪珍 朱剑锋 李晓 从技术引进到自主创新，从市场国际化到企业国际化，临工正以更加自主、自信的姿态开启全球化新征 程，书写一段中国高端制造企业走向全球的崭新叙事。 王志中表示，临工在产品技术、生产制造、企业管理、人工智能、信息化等方面，已经在市场竞争中具 备了相对优势，也具备了和国际品牌同台竞争的实力。临工将更坚决地推进"全面国际化"，不仅仅是卖 产品，更是将研发、营销、服务、配件、财务管理等全面推向全球。 "我们计划到2030年，外籍员工数量占集团总人数的三分之一左右，真正实现人才结构的国际化。"王志 中说，"临工已进入国际市场高速发展阶段，欢迎全球合作伙伴搭乘临工发展快车，共享临工发展成 果。" 临工提出了"海外再造一个新临工"的战略目标，即海外业务要达到与现在国内业务规模相当的水平，这 需要实现从"市场国际化"向"企业国际化"的根本转变。 如今，一个更加自主、更加国际化的临工正在亮相世界舞台。在中国制造业全球化升级的大背景下，临 工的探索与实践，无疑将成为中国高端制造企业国际化进程中的一个重要案例。 轮子是'巩固基本盘，开拓新增长点'；"另一个轮子是'加速全球化 ...

Group 1: Core Themes of the Conference - The 2025 World Cantonese Business Conference focused on modern industrial system construction, high-quality development projects, international cooperation, youth innovation, and financial support for development [1][4][8] - The conference gathered renowned Cantonese business leaders, experts, and scholars to discuss industrial upgrading and open cooperation opportunities [1][4] Group 2: International Cooperation and Global Market Expansion - Cantonese businesses have historically played a significant role in China's internationalization, evolving from product exports to global supply chain establishment [4][5] - The need for innovation and unique technological capabilities is emphasized for Cantonese businesses to remain competitive in the changing international landscape [5][6] - Businesses are encouraged to integrate local economic development with their operations when expanding internationally, fostering collaboration and cultural respect [5][6] Group 3: Modern Industrial System Development - Guangzhou's economic output has surpassed 3 trillion yuan, with six advanced manufacturing clusters and seven service industry clusters each exceeding 100 billion yuan [6][7] - The city is focusing on five future industrial sectors, including intelligent vehicles, biomedicine, new displays, low-altitude economy, and artificial intelligence [6][7] - Systematic policies and strong support for resources are crucial for the elevation of industrial capabilities in Guangdong [6][7] Group 4: Financial Support for High-Quality Development - Guangdong's financial system is actively supporting the transformation and upgrading of industries, with a significant increase in loans to private and small enterprises [7][8] - As of August, the loan balance for private enterprises reached 8.68 trillion yuan, with a year-to-date increase of 275.9 billion yuan [7][8] Group 5: Youth Engagement and Innovation - The conference highlighted the role of youth in driving innovation and contributing to high-quality development in the Greater Bay Area [11][12] - Young Cantonese entrepreneurs are encouraged to build collaborative platforms to share resources and enhance collective strength in supporting national strategies [11][12] Group 6: Regional Development and Cultural Integration - Cantonese businesses are actively participating in regional development initiatives, such as supporting industries in Tibet through resource development and cultural preservation [12] - The integration of local culture and economic activities is seen as vital for sustainable development and community engagement [12]

Core Viewpoint - Zhejiang Wufangzhai Industrial Co., Ltd. is planning to list H-shares in Hong Kong to accelerate its international strategy and enhance its overseas business presence [1][6] Group 1: Company Overview - Wufangzhai, established in 1921, is recognized as a "Chinese Time-honored Brand" and became the first publicly listed company in the zongzi (sticky rice dumpling) sector three years ago [1][3] - The company operates in both food production and restaurant services, with its main revenue derived from glutinous rice products, including zongzi, mooncakes, and other rice-based items [3][4] Group 2: Financial Performance - In the first half of the year, Wufangzhai reported a revenue of 1.592 billion yuan, a year-on-year increase of 0.66%, and a net profit of 195 million yuan, reflecting a decline of 16.7% [3][4] - The main business revenue was 1.556 billion yuan, with zongzi contributing 1.331 billion yuan, accounting for over 85.53% of total revenue [3][4] Group 3: Market Challenges - The zongzi business is facing increasing competition due to diversified consumer demands, leading to a decline in profitability [6][4] - The number of distributors decreased by 42 to 620, with distributor revenue declining by 4.55% year-on-year [4][6] Group 4: International Expansion Strategy - Wufangzhai aims to expand its overseas market presence, having successfully entered new markets such as South Korea, UAE, and Thailand, and obtained export qualifications for non-zongzi products [6][7] - The company has established subsidiaries in countries like Singapore, France, Japan, and Australia to facilitate its international strategy [6][7] Group 5: Consumer Demographics - The primary target demographic for Wufangzhai's international expansion is overseas Chinese, as zongzi is a traditional festive food that may not appeal to foreign consumers [6][7] - The company recognizes the potential of its restaurant offerings, which include a variety of Chinese dishes, to attract a broader customer base in international markets [9]

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," plans to list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas business layout, aiming for high-quality development and diversified capital operations [1] Group 1: Company Overview - Founded in 1921, Wufangzhai is one of the first "Chinese Time-honored Brands" and was listed on the Shanghai Stock Exchange in August 2022 [1] - The company primarily engages in the research, production, and sales of glutinous rice-based foods, with a product range that includes zongzi, mooncakes, tangyuan, pastries, egg products, and other rice-based items [1] Group 2: Financial Performance - In 2024, Wufangzhai reported a revenue of 2.251 billion yuan, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of 142 million yuan, down 14.24% [1] - The core zongzi product line generated revenue of 1.579 billion yuan in 2024, reflecting an 18.64% decline year-on-year [1] - For the first half of 2025, the company achieved a revenue of 1.592 billion yuan, a slight increase of 0.66%, while the net profit attributable to shareholders was 195 million yuan, down 16.7% [1] Group 3: International Expansion Strategy - Wufangzhai aims to enhance its international strategy and overseas business layout, with plans to establish a presence in markets such as Singapore, France, Japan, South Korea, UAE, and Thailand [2][3] - The company has already set up a Singapore investment company and a restaurant company, and has received export qualifications for non-zongzi products [2] Group 4: Challenges in International Markets - Currently, Wufangzhai's revenue from overseas markets is relatively small, accounting for approximately 0.7% of total revenue in 2024 and decreasing to about 0.4% in the first half of 2025 [3] - The company faced challenges with its mooncake products being rejected in South Korea due to non-compliance with local standards, highlighting the need for careful navigation of international regulations and market conditions [4]

Economic Overview - In 2024, Guangdong's GDP reached 14.16 trillion yuan, while Jiangsu's GDP was 13.7 trillion yuan, narrowing the gap to 462.6 billion yuan. Jiangsu's real growth rate of 5.8% significantly outpaced Guangdong's 3.5% [2] - By the first half of 2025, Jiangsu's GDP was 669.68 billion yuan, and Guangdong's was 687.25 billion yuan, further reducing the economic gap to 175.76 billion yuan, the smallest in nearly six years [2] Infrastructure Investment - Since 2019, Jiangsu has shown a clear upward trend in infrastructure investment growth, while Guangdong's investment has been declining. In 2024, Jiangsu's infrastructure investment growth was 13.3%, compared to Guangdong's mere 0.2% [2][3] - Jiangsu's county-level state-owned enterprises (SOEs) have significantly larger financing scales compared to Guangdong, with Jiangsu's county SOEs financing 8.54 trillion yuan through 481 enterprises, while Guangdong's 49 enterprises financed only 1.54 trillion yuan [3] Development Models - Jiangsu's development model is characterized by "government-led, park-driven, and debt-supported," while Guangdong's model emphasizes "market-led, private enterprise-driven, and global layout" [5] - Jiangsu's unique fiscal system allows county-level governments significant financial autonomy, enabling them to mobilize resources effectively, unlike Guangdong, where only a few cities have similar fiscal arrangements [5][8] Financing Mechanisms - Jiangsu has a special financial support mechanism for county-level investment companies, allowing them to obtain funds at costs below 3%, creating a sustainable funding loop for infrastructure projects [6] - In contrast, Guangdong's financing relies heavily on government special bonds, raising concerns about its future economic sustainability [3][6] Cultural and Risk Factors - The cultural differences between Jiangsu and Guangdong affect their economic governance, with Jiangsu's model being more reliant on government intervention, while Guangdong's market-oriented approach fosters greater entrepreneurial spirit [9][10] - Guangdong's historical financial issues have led to a more cautious approach to debt, limiting its ability to replicate Jiangsu's high-leverage investment strategies [10][19] Consumer Market Potential - Guangdong's large domestic market, with a retail sales total of 4.79 trillion yuan in 2024, provides significant opportunities for industrial development, emphasizing the importance of building a consumer market [11][12] - The province's manufacturing sector is diverse, with a complete industrial chain, making it well-positioned to transition from "Made in Guangdong" to "Brand from Guangdong" [11][14] Internationalization and Reform - Guangdong needs to enhance its internationalization efforts, drawing lessons from Japan's overseas investment strategies to support its manufacturing sector [15][17] - The province should explore institutional reforms to enhance its role as a "co-legislator" in national policy-making, particularly in areas like cross-border finance and professional services [18][19]

Group 1 - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] - Huang Dongwen, Vice President of Media Operations at Phoenix Satellite Television, discussed the internationalization of Chinese brands and the launch of the integrated service brand "Phoenix Goes Global" [3] - China has maintained its position as the world's leading trading nation for seven consecutive years, with a total import and export volume increase of approximately 2 trillion yuan last year, equivalent to the foreign trade volume of a medium-sized country [3] Group 2 - Despite the expansion in scale, the quality of brands remains a critical issue for Chinese enterprises in the internationalization process, with Chinese companies' average profit levels being only about 40% of those of U.S. companies [4] - The Brand Finance data indicates that U.S. brands account for 52.9% of the value in the global top 500, while Chinese brands only account for 15%, highlighting the need for improvement in brand value and global operational efficiency [4] - Huang emphasized that true international brands must transcend their cultural origins and establish deep connections with consumers from diverse backgrounds, citing McDonald's as an example of successful localization [4] Group 3 - Phoenix Satellite Television aims to promote Chinese culture and facilitate international exchanges, positioning itself as a key channel for China's national image dissemination [5] - The company seeks to collaborate with more enterprises as "brand partners" to explore new chapters in global development [5]