招股书显示，晶合集成是一家全球领先的12英寸纯晶圆代工企业。自2015年成立以来，始终致力于研发 并应用行业先进的工艺，为客户提供覆盖150nm至40nm制程、多种应用的工艺平台晶圆代工业务，并 稳定推进28nm平台发展。 同时，证监会要求其进一步说明发行人境内子公司是否存在《境内企业境外发行证券和上市管理试行办 法》第八条规定的不得境外发行上市的情形。说明发行人募集资金用途涉及境外投资所履行的相关审 批、核准或备案程序情况。说明发行人及下属公司经营范围和实际业务经营是否涉及《外商投资准入特 别管理措施(负面清单)(2024年版)》外资禁止或限制准入领域。 智通财经APP获悉，12月6日，中国证监会公布境外发行上市备案补充材料要求公示(2025年12月1日— 2025年12月5日)。证监会要求晶合集成(688249.SH)补充说明设立及历次股权变动是否合法合规出具明 确结论性意见。据港交所9月29日披露，晶合集成向港交所主板提交上市申请书，中金公司为其独家保 荐人。 ...

来源：市场资讯 （来源：F金融） 对A股企业而言，香港联交所是链接全球资本的重要窗口。H股直接上市、红筹架构、A+H同步发行——多样路径如何选？从成熟国企到新经济独角兽， 都能找到适配方案。 政策暖风下，备案制简化流程，港交所"快速通道"加速审批。6个月完成上市、多元融资工具、全球投资者加持，这些吸引力背后，核心上市条件是什 么？架构搭建、信息披露等合规要点又该如何把控？ 本文梳理港股IPO全流程与关键规则，拆解A+H股发行核心逻辑，助企业精准把握跨境融资机遇。 01 港股IPO典型架构简述 港股IPO（首次公开募股）上市方式多样，不同方式适用于不同类型的企业（如内地企业、香港本地企业、跨国企业等），尤其是内地企业赴港上市时， 会根据自身股权结构、业务性质、融资需求等选择特定路径。以下是港股 IPO 的主要上市方式详解： （一）H股上市 H股是指注册在内地的企业（通常为股份有限公司），经中国证监会批准后，在香港联交所发行股票并上市，股票以港元计价交易。 1.适用主体： 注册在内地的企业（包括国有企业、民营企业），需符合《公司法》《证券法》及香港联交所《上市规则》，且需通过中国证监会的 "境外上市审 批"（20 ...

Market Performance - The Hong Kong stock market showed a rebound on December 5, with the Hang Seng Index returning to the 26,000-point mark, significantly boosting market sentiment [1] - The Hang Seng Index closed at 26,085.08 points, up by 149.18 points, representing a 0.58% increase, with a total trading volume of 210.473 billion HKD [3] - The Hang Seng Technology Index rose by 0.84% to 5,662.46 points, while the National Enterprises Index increased by 1.01% to 9,198.3 points, indicating active trading in technology and non-ferrous metal sectors [3] IPO Market Activity - In the first 11 months of 2025, there were 93 new listings in the Hong Kong securities market, a 52% increase from 61 in the same period last year, with IPO fundraising amounting to 259.4 billion HKD, up 228% from 79.1 billion HKD [3] - The total fundraising amount exceeded 259.8 billion HKD, marking a significant year-on-year increase of 228% [3] - The IPO pipeline consists of 306 companies, with 14 having passed the hearing, indicating a sustained interest in new listings as the year ends [3] Sector Analysis - The leading sectors for IPOs towards the end of the year include new energy vehicles, biomedicine, and high-end manufacturing, with 6 out of the top 10 IPOs coming from A-share listed companies [4] - The dual engines driving the IPO activity in Hong Kong are new consumption and hard technology [4] Future Outlook - According to a report by Ernst & Young, the IPO activities in mainland China and Hong Kong are showing growth on a global scale, with a diversified base of cornerstone investors reflecting the international appeal of Hong Kong stocks [4] - A recent survey by the Australian Institute of Chartered Accountants indicated that 66% of respondents expect an increase in new stock activities in 2026, while 63% anticipate continued economic growth in Hong Kong [4] - It is projected that the new stock fundraising amount in Hong Kong will exceed 300 billion HKD next year, solidifying its position as the leader in global new stock fundraising [5]

Core Viewpoint - The newly listed stocks Tianyu Semiconductor and Yujian Xiaomian both experienced significant declines on their debut, indicating a trend of new stocks underperforming in the Hong Kong market [1][10]. Group 1: Stock Performance - Tianyu Semiconductor (2658) dropped by 24.97%, closing at 43.52 HKD with a market capitalization of 171 billion HKD and a price-to-earnings ratio of -32 [2]. - Yujian Xiaomian (2408) fell by 27.27%, closing at 5.12 HKD with a market capitalization of 36 billion HKD and a price-to-earnings ratio of 42.6 [3]. - Both stocks had poor performance in the dark market prior to their official listing, with declines exceeding 14% [3]. Group 2: Subscription and Demand - Yujian Xiaomian had an oversubscription rate of 425.97 times, while Tianyu Semiconductor had a lower rate of 60.63 times, indicating weaker demand for the latter [4][6]. - The allocation for retail investors was limited to 10% for both companies, which theoretically supports stock price stability [8]. Group 3: Investor Backing - Tianyu Semiconductor is backed by prominent investors including Huawei and BYD, while Yujian Xiaomian has a diverse group of investors including industry players like Country Garden and Jiumaojiu [4][9]. - Both companies attracted cornerstone investors, with Tianyu Semiconductor raising 1.2 billion RMB and 30 million HKD from two cornerstone investors, while Yujian Xiaomian secured 2.2 million USD from six cornerstone investors [8][9]. Group 4: Fundraising and Market Trends - Tianyu Semiconductor raised a net amount of 1.673 billion HKD, while Yujian Xiaomian raised 617 million HKD [10]. - The trend of new stocks breaking below their issue price is increasing, with 7 out of 15 newly listed stocks since November experiencing this fate, indicating a nearly 50% breakage rate [10].

Core Viewpoint - Anker Innovations has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for product innovation, market strategy enhancement, and supply chain management improvements [1][3]. Group 1: IPO Details - Anker Innovations filed its IPO application on December 2, 2025, with CICC, Goldman Sachs, and JPMorgan as joint sponsors [1]. - The funds raised will be used for product iteration, R&D, global market strategies, supply chain upgrades, brand influence enhancement, and working capital [1]. Group 2: Financial Performance - The company reported steady revenue and net profit growth, with revenues reaching 24.71 billion yuan and net profits at 2.21 billion yuan in 2024 [5]. - However, in the first three quarters of 2025, the company experienced a significant cash outflow of -865 million yuan, attributed to aggressive inventory accumulation in anticipation of future sales [5]. Group 3: Inventory and Cash Flow Concerns - Anker Innovations' inventory surged over 90% from 32.33 billion yuan at the end of 2024 to 61.47 billion yuan by the end of Q3 2025, with inventory turnover days increasing to 107.8 days [5]. - The company’s net debt ratio rose to 7.7% by Q3 2025, with bank loans nearly doubling from 8.81 billion yuan at the end of 2023 to 17.25 billion yuan [5]. Group 4: Market Position and Product Lines - Anker Innovations operates major global brands including Anker, eufy, and soundcore, holding a 5% market share in the global mobile charging products market as of 2024 [3]. - The majority of the company's revenue comes from overseas markets, particularly North America, which accounted for 50.9%, 47.9%, 48.1%, and 45.2% of total revenue during the reporting periods [4]. Group 5: R&D and Marketing Expenditure - Despite claiming a focus on "extreme innovation," Anker's R&D spending has been less than half of its sales and distribution expenses in recent years [1][7]. - The company has a strong reliance on third-party manufacturing partners, which has led to quality control issues and product recalls [7].

来源：环球总财 #港股IPO##资本市场# 【#港股IPO募资2600亿，引爆全球资本市场#】 临近岁末，香港首次公开募股（IPO）市场的火热势头丝毫未减，行业普遍预期这股强劲活力将至少延续至2026年。 数据显示，今年前11个月，港股市场共有91家企业成功上市，得益于一系列大型IPO项目的驱动，合计募集资金高达 2598.89亿港元。这一数字不仅标志着港交所时隔四年，IPO筹资额再度突破2000亿港元大关，更使其一举超越全球其 他交易所，登顶2025年全球IPO募资额榜首，创下历史新高度。其中，宁德时代、紫金黄金国际、三一重工和赛力斯 等巨头均跻身今年全球十大IPO项目之列。 在这场资本盛宴中，中资券商的角色愈发举足轻重，已然占据港股IPO承销市场的主导地位。今年以来，共有38家保 荐机构参与香港新股发行，其中超过半数为中资背景。中金公司、中信证券和华泰证券强势占据承销榜单前三名，其 保荐项目数量显著领先于传统外资大行，重塑了市场格局。 五大特征勾勒市场全貌，巨量IPO与万倍认购同现 其次，从发行节奏看，港股IPO呈现明显的季节性特征，每年3月至6月及9月至11月为传统发行旺季，这两个时间段上 市的企业合计 ...

Core Insights - LeMo Technology Service Co., Ltd. successfully listed on the Hong Kong Stock Exchange on December 3, 2025, with a share price of HKD 40.00, raising a total of HKD 222 million [3][4] - The company is recognized as the leading provider of machine massage services in China, with over 48,000 service points and more than 533,000 massage machines deployed across 31 provincial-level regions and 337 cities [3][4] - The public offering received significant market interest, with a subscription rate of 7,324.29 times, allowing the company to achieve a high-end pricing within the offering range [3][4] Company Highlights - LeMo Technology launched the "LeMo Bar" brand in 2016, focusing on providing machine massage services in commercial complexes, cinemas, and transportation hubs [3] - The company has served over 174 million identifiable consumers, solidifying its market position [3] - According to Frost & Sullivan, LeMo Technology ranks first among all machine massage service providers in China by transaction volume for three consecutive years from 2022 to 2024 [3] Project Highlights - Shenwan Hongyuan played a crucial role in the successful IPO by leveraging its comprehensive financial services and extensive experience in the Hong Kong market [3][4] - The project team customized a marketing strategy and organized high-quality investor meetings to effectively communicate the company's investment value [4] - The successful issuance reflects Shenwan Hongyuan's strength in the Hong Kong IPO market and its commitment to serving the real economy [4]

行业龙头成首选 港交所官网数据显示，2025年，国际投资者的市场参与度进一步提升且更加多元化，主要投资者类型包 括公募基金、私募基金、战略投资基金、对冲基金及主权财富基金等。以紫金黄金国际的IPO为例，共 有26名全球基石投资者（包括来自北美、亚洲、欧洲和中东的优质投资者）参与认购，其认购份额占发 售股份的约一半。 在刘伯伟看来，国际投资者看好港股并非偶然，而是多重积极因素叠加形成。"市场的转折点大约始于 2025年春节前后，后续因宁德时代（300750）（宁德时代新能源科技股份有限公司）等标志性IPO的成 功而彻底点燃。"刘伯伟提到，此前两年，市场陷入对投资亏损的担忧中，2025年，局面发生了根本转 变：一方面，市场对中国经济的预期改善；另一方面，宁德时代等龙头项目带来的可观收益，让投资者 重拾信心。 "今年的一系列IPO成功案例具有示范意义。"刘伯伟表示，目前，参与港股IPO的国际投资者构成愈发 多元化，涵盖了美国、欧洲、中东、新加坡等多元化的机构投资者，而非单一来源的推动。 国际投资者将资金押注在哪些企业？刘伯伟提到，国际投资者的偏好非常清晰：行业龙头是首选。"无 论是港股IPO申购还是二级市场表现，都 ...

Core Viewpoint - Tianyu Semiconductor is set to launch its global offering on November 27, with an expected listing on the Hong Kong Stock Exchange on December 5, at an issue price of HKD 58.00 per share, raising between HKD 17.4 billion and HKD 20.1 billion [1][3][27] Group 1: IPO Details - The IPO will consist of 30,070,500 H-shares, with 3,007,050 shares available for Hong Kong public offering and 27,063,450 shares for international offering [2][15] - The underwriting syndicate includes 17 firms, with CITIC Securities as the sole sponsor and CICC, CMBI, and others as joint global coordinators [1][2] Group 2: Valuation and Investment History - Since 2021, Tianyu Semiconductor has completed seven rounds of financing, raising a total of CNY 1.464 billion, with its valuation skyrocketing from CNY 900 million in 2021 to CNY 15.2 billion in November 2024, a nearly 17-fold increase [3][16] - The IPO valuation is set at HKD 22.8 billion, reflecting a 50% increase from the previous round, but the corresponding price-to-sales ratio of 40 times is significantly higher than peers like SMIC and Hua Hong Semiconductor [3][16] Group 3: Investor Participation - The cornerstone investor participation is low, with only two investors, Guangdong Original Forest and Glory Ocean, committing a total of HKD 160 million, representing only 9.3% of the offering size [3][18] - Both cornerstone investors lack prior experience in cornerstone investments, indicating a cautious market sentiment towards the company's valuation [3][18] Group 4: Financial Performance and Challenges - The company has shown unstable financial performance, with revenues of CNY 437 million, CNY 1.171 billion, and CNY 520 million from 2022 to 2024, and net profits fluctuating significantly [7][21] - Despite a 180% increase in sales volume in the first three quarters of 2025, revenue growth is hindered by declining product prices and inventory clearance strategies [21][22] Group 5: Inventory and Cash Flow Issues - The company faces significant inventory pressure, with total inventory rising from CNY 134 million in 2022 to CNY 441 million in 2023, leading to a substantial inventory impairment of CNY 352 million in 2024 [10][24] - Cash flow remains tight, with operating cash flow of only CNY 61 million against revenues of CNY 2.57 billion in early 2025, necessitating reliance on external financing [12][26] Group 6: Market Outlook and Risks - The company's market capitalization post-IPO may not meet the HK Stock Connect threshold of HKD 10 billion, potentially limiting liquidity and trading activity [5][19] - The overall outlook for Tianyu Semiconductor's IPO is challenging, with high valuations, liquidity concerns, and operational pressures requiring close monitoring by investors [27]

Core Insights - The Hong Kong IPO market showed a marginal recovery in November 2025, with a notable concentration of listings towards the end of the month [2][18] - A total of 53 companies submitted listing applications, with 25 of them in the last week of November [2][18] - 12 new companies successfully listed on the Hong Kong Stock Exchange during this period [2][18] Listing Performance - The top three performers on their first trading day were 旺山旺水 (Wangshan Wangshui) with a gain of 145.73%, 明略科技 (Minglue Technology) at 106.10%, and 量化派 (Quantitative Party) at 88.78% [2][19][21] - Conversely, the companies with the largest declines were 海伟股份 (Haiwei Co.) at -22.97%, 文远知行 (Wenyan Zhixing) at -9.96%, and 小马智行 (Xiaoma Zhixing) at -9.28% [2][19][21] Fundraising Highlights - The top three companies in terms of fundraising were 赛力斯 (Sailis) with approximately 14.283 billion HKD, 小马智行 (Xiaoma Zhixing) at 6.707 billion HKD, and 创新实业 (Innovation Industry) at 5.495 billion HKD [2][19][26]