Group 1 - The company announced that it will hold its third extraordinary general meeting of shareholders on August 25, 2025 [2] - The agenda for the meeting includes the proposal for the company to issue H-shares and list them on the Hong Kong Stock Exchange [2]

Core Viewpoint - Zhengpin Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for market expansion, opening self-operated stores, expanding sales networks, and new product development. The company's revenue is highly dependent on its largest customer, Milk Company [1][8]. Financial Performance - Zhengpin Holdings operates primarily in Hong Kong, focusing on the development, sales, marketing, and distribution of health and beauty supplements and products. The company ranks seventh among local suppliers in Hong Kong with a market share of approximately 1.6% [2][5]. - The projected revenues for the fiscal years 2023, 2024, and 2025 are approximately HKD 43.2 million, HKD 110 million, and HKD 130.2 million, respectively. Corresponding net profits are expected to be HKD 11.3 million, HKD 35.5 million, and HKD 36.3 million [2][3]. Profitability Metrics - The gross profit margins for the fiscal years 2023, 2024, and 2025 are approximately 81.6%, 78.6%, and 75%, indicating a declining trend. This decline is attributed to increased promotional discounts for self-owned brand products and a rise in revenue from third-party brand products, which generally have lower margins [5][6]. Customer and Supplier Dependency - The company relies heavily on its top five suppliers, with total procurement amounts of approximately HKD 6.2 million, HKD 22.2 million, and HKD 22.3 million for the fiscal years 2023, 2024, and 2025, respectively. The largest supplier accounts for about 55.6%, 34.5%, and 27.8% of total procurement [8]. - Revenue from the top five customers is projected to be approximately HKD 39 million, HKD 98 million, and HKD 109 million for the fiscal years 2023, 2024, and 2025, representing about 90.6%, 89.4%, and 83.4% of total revenue. The largest customer, Milk Company, contributes approximately HKD 39 million, HKD 84 million, and HKD 97 million, accounting for about 89.1%, 76.7%, and 74.5% of total revenue [9].

Core Viewpoint - 正品控股有限公司 is seeking to raise funds through an IPO to expand its market presence, open self-operated stores, enhance its sales network, and develop new products, while heavily relying on its largest customer, 牛奶有限公司 [1][6]. Financial Performance - The company reported revenues of HKD 43.193 million, HKD 109.618 million, and HKD 130.215 million for the fiscal years 2023, 2024, and 2025, respectively [3]. - Net profits for the same periods were HKD 11.313 million, HKD 35.483 million, and HKD 36.257 million [3]. - Gross profit margins are projected to decline from approximately 81.6% in 2023 to 75% in 2025 [4][5]. Market Position - 正品控股 ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of about 1.6% [2]. - The company primarily sells its own and third-party branded health and beauty products through retail channels, particularly through 万宁 stores [2]. Customer Dependency - The company derives a significant portion of its revenue from its top five customers, with revenues of approximately HKD 39 million, HKD 98 million, and HKD 109 million for the fiscal years 2023, 2024, and 2025, respectively, accounting for about 90.6%, 89.4%, and 83.4% of total revenue [7]. - The largest customer, 牛奶有限公司, contributed approximately HKD 39 million, HKD 84 million, and HKD 97 million to total revenues for the same periods, representing about 89.1%, 76.7%, and 74.5% of total revenue [7]. Cost Structure - The cost of goods sold is expected to increase, with costs of HKD 7.952 million, HKD 23.432 million, and HKD 32.528 million for the fiscal years 2023, 2024, and 2025, respectively [3]. - Selling and distribution expenses are projected to rise from HKD 14.912 million in 2023 to HKD 36.435 million in 2025 [3].

Group 1 - Fujian Haixi New Drug Creation Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are Huatai International and CMB International [1]

Core Viewpoint - The low price at which the owner acquired equity can lead to the failure of a company's IPO, highlighting the importance of scrutinizing historical equity transactions [1][14]. Group 1: Company Background - Company A reported annual revenue of 800 million and a net profit of 93 million, but its application for listing on the Growth Enterprise Market was rejected due to the low price at which the owner acquired equity [2]. - The actual controller of Company A, referred to as A, and another party, B, jointly acquired 100% of the company's equity 12 years ago for a total price of 24 million [2]. Group 2: Equity Transactions - A acquired 48% of the equity for 11.52 million, with the funds provided by B, who held the shares on behalf of A at that time [2]. - Nine years after the acquisition, as the company prepared for its IPO, B sold all of his equity at a low price [3]. - B sold 27% of his equity to A and 3% to other executives, after which A resold 13% of the equity to investors at a price nine times higher within two months, earning 49.5 million [4]. Group 3: IPO Application and Rejection - The company began its IPO application one year after these transactions, but the low price at which B transferred equity to A raised questions about the fairness of the transaction [7][8]. - The company claimed that B needed cash urgently and that the valuation was based on net asset premium [9][10]. - However, it was discovered that the price at which B sold the equity was below the company's net asset value, and B had not demanded repayment from A for the funds lent 12 years ago [12][13]. Group 4: Regulatory Concerns - The listing committee expressed doubts about the legitimacy of the low-priced equity transfer and the authenticity of the ownership structure, leading to the rejection of the IPO application [14]. - The company’s failure to clarify the rationale behind the low-priced transfer raised concerns about potential equity holding arrangements, which are prohibited under company law [15].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【深度】奕斯伟港股IPO：业绩增长失速3年净亏损43亿 第一大客户收入占比接近八成 近日，奕斯伟收到证监会关于本次境外上市的备案反馈意见，具体反馈如下： 一、请用通俗易懂的语言说明你公司业务经营模式。 二、请补充说明你公司及子公司经营范围是否涉及《外商投资准入特别管理措施（负面清单）（2024 年版）》领域，本次发行上市前后是否持续符合外资准入政策要求。 三、请补充说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具 明确结论性意见。 四、请补充说明你公司历史沿革中相关股东是否存在股权代持情况。 八、请说明本次拟参与 "全流通" 股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 五、请补充说明国有股东履行国有股标识等国资管理程序进展情况。 六、请补充说明最近 12 个月内新增股东入股价格的合理性，该等入股价格之间存在差异的原因，是否 存在入股对价异常的情况和利益输送。 七、2025 年 1 月及 4 月，谢律豪、荣苏江分别将持有的发行人 4，089，007 股、532，903 股股份无偿 转让给奕想科技 ...

Tony Fernandes表示："毫无疑问这是有策略目的，不仅为取得资金，更为在中国内地及香港扩张业务。 香港经常令我振奋，市场流动性高，你看到目前股市表现理想、显著上升;新加坡股市交投量不大，很 多股票也没甚么买卖。纳斯达克也是好市场，但距离就有点远，与我们不太相关，我们在美国没很多生 意。" 智通财经APP获悉，据报道，马来西亚廉航公司亚洲航空(AirAsia)母公司Capital A行政总裁Tony Fernades向媒体表示，Capital A计划来港上市，目标是在明年6月挂牌。据悉，在今年5月时Capital A已 表示拟寻求在香港进行第二上市。媒体当时更指出，Capital A计划在香港筹集2亿美元。 ...

Tony Fernandes表示："毫无疑问这是有策略目的，不仅为取得资金，更为在中国内地及香港扩张业务。 香港经常令我振奋，市场流动性高，你看到目前股市表现理想、显著上升;新加坡股市交投量不大，很 多股票也没甚么买卖。纳斯达克也是好市场，但距离就有点远，与我们不太相关，我们在美国没很多生 意。" 据报道，马来西亚廉航公司亚洲航空(AirAsia)母公司Capital A行政总裁Tony Fernades向媒体表示， Capital A计划来港上市，目标是在明年6月挂牌。据悉，在今年5月时Capital A已表示拟寻求在香港进行 第二上市。媒体当时更指出，Capital A计划在香港筹集2亿美元。 ...

近期，一则关于DeepSeek（深度求索）公司上市的消息出现在诸多权威的新闻网站。知情人士告诉南 都N视频记者，该消息不实。虚假信源也使得DeepSeek的AI应用成了"受害者"。 这则DeepSeek的IPO假新闻有两个版本：版本一是DeepSeek准备科创板上市，于7月18日发布。该版本 的消息中写道："DeepSeek今日（7月15日）正式宣布，公司已递交科创板上市申请，计划于2025年11月 正式挂牌交易，此次IPO旨在进一步扩大算力租赁业务规模。" 然而经记者核实，上海证券交易所并无DeepSeek的上市申请记录，DeepSeek近期也从未在任何官方渠 道宣布过上市计划。更关键是，DeepSeek背后的公司迄今未进行过股改。股改是一家公司上市的必要 条件。此外，DeepSeek官网显示的服务内容中，并不包含所谓算力租赁业务。 版本二发布7月30日左右，改称DeepSeek提交了北交所上市申报材料，拟于2025年11月正式挂牌。然 而，北京证券交易所官网同样无法查询到DeepSeek的上市申请记录。 上述新闻网站发布的DeepSeek上市消息，共同点是没有明确的署名，消息来源模糊。 虚假的信源也污染了 ...

格隆汇8月1日｜有消息称美国总统特朗普正在召集大型银行高管到白宫与他逐一会面，要求他们就房利 美(Fannie Mae)和房地美(Freddie Mac)的货币化提出方案，包括大规模公开发行股票。 消息称，特朗普要求他们就如何推动上市战略，以及各自银行可能发挥的作用，提出各自建议。 特朗普5月表示，正在着手推动房利美和房地美上市，政府将保留对两者的抵押贷款担保和监督作用。 这两家公司有少量股份在公开市场交易，绝大多数股份由政府持有。 其中，摩根大通行政总裁戴蒙(Jamie Dimon)上周已受邀到访白宫与特朗普会面；高盛行政总裁苏德巍 (David Solomon)周四(7月31日)下午与特朗普会面，而美国银行行政总裁莫伊尼汉(Brian Moynihan)预计 也将在未来数天见特朗普。据悉，其他银行也可能参与会谈。 ...