均胜电子（600699）(600699.SH)公告，公司正在进行申请发行境外上市外资股(H股)并在中国香港联交 所主板上市的相关工作。联交所上市委员会于2025年10月16日举行上市聆讯，审议公司本次发行上市的 申请。 公司本次发行上市的联席保荐人已于2025年10月17日收到联交所向其发出的信函，其中指出联交所上市 委员会已审阅公司的上市申请，但该信函不构成正式的上市批准，联交所仍有对公司的上市申请提出进 一步意见的权力。 ...

Core Viewpoint - The company, Hanwei Technology (300007.SZ), plans to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange to enhance its global strategy, accelerate overseas business development, and improve its international brand recognition [1] Group 1 - The company aims to deepen its global strategic layout [1] - The initiative is intended to accelerate the development of overseas business [1] - The company seeks to enhance its international brand awareness [1] Group 2 - The plan includes creating a diversified capital operation platform [1] - The goal is to further strengthen the company's capital strength and overall competitiveness [1] - The company is currently discussing the details of the H-share issuance and listing with relevant intermediaries [1]

Core Viewpoint - Qianli Technology (601777.SH) has submitted an application for the issuance of overseas listed shares (H-shares) and listing on the main board of the Hong Kong Stock Exchange on October 16, 2025 [1] Group 1 - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website [1] - The application documents were prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The information contained in the application materials is a draft version and may be updated and revised in due course [1]

Core Insights - The red-chip structure has become the preferred option for Chinese companies to access overseas capital markets due to its flexible financing channels and efficient listing paths [1] Group 1: Preparation Phase - The foundation of the structure involves compliance checks and entity planning, including a thorough review of domestic assets, business qualifications, intellectual property ownership, and related party transactions to avoid equity flaws or compliance risks [3] - Companies must determine the registration location of the offshore holding entity based on the regulatory requirements of the intended listing destination, with common choices being tax-friendly regions like the Cayman Islands and British Virgin Islands (BVI) [3] - It is essential to clarify the shareholder structure in advance, specifying the equity ratios and exit mechanisms for the founding team and investors to facilitate the subsequent structure setup [3] Group 2: Core Setup Phase - The first step involves registering two layers of Special Purpose Vehicles (SPVs) in the chosen offshore region, with the top layer as the listing entity (usually registered in the Cayman Islands) and the lower layer as the holding entity (typically registered in BVI), creating a control chain of "Cayman Company → BVI Company → Domestic Entity" [3] - Control over domestic operations can be achieved through "Variable Interest Entity (VIE)" agreements or equity acquisitions, with VIE being common in light asset and foreign-restricted industries (e.g., internet, education) to transfer operational decision-making and profit rights [3] - For industries with relaxed foreign access, direct equity acquisition of domestic entities by the offshore SPV can complete the equity control loop, while ensuring compliance with foreign exchange registration (e.g., ODI filing) for cross-border fund flows [3] Group 3: Finalization Phase - The focus during this phase is on compliance review and structure optimization, requiring companies to engage cross-border legal and accounting teams to audit structural documents (e.g., articles of association, control agreements, acquisition agreements) to ensure adherence to domestic and foreign regulatory requirements [4] - Companies must also complete financial statement consolidation and tax planning to ensure the structure operates efficiently during subsequent financing and listing processes [4] - The establishment of a red-chip structure involves multiple professional fields, including cross-border law, foreign exchange, and taxation, making the process complex with a low margin for error [4]

Core Viewpoint - Dongshan Precision plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy, brand recognition, and overall competitiveness [2]. Group 1: H-share Issuance - The company aims to raise funds for project production, new capacity construction, technological transformation, loan repayment, and general corporate purposes [3]. - The base issuance scale is set at no more than 10% of the total share capital post-issuance, with an overallotment option of up to 15% [3]. Group 2: Shareholder Actions - The controlling shareholder, Yuan Yongfeng, has released a pledge on 33.72 million shares, accounting for 1.84% of the total share capital [4]. - As of the announcement date, Yuan Yongfeng and his associates hold a total of 33.26% of the company's shares, with 17.57 million shares pledged, representing 9.59% of the total share capital [4]. Group 3: Risk Management - The company states that the release of the pledge does not involve new financing arrangements and that the pledge risk is under control [5]. - In case of any potential pledge risks, the controlling shareholder will consider measures such as additional pledges, guarantees, and margin deposits [6].

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for five companies, all of which are set to list in Hong Kong, with two of them already listed in the US market [1][4]. Group 1: Company Summaries - **Xiaoma Zhixing** plans to issue up to 102,146,500 ordinary shares for listing on the Hong Kong Stock Exchange. The company is headquartered in Guangzhou and specializes in autonomous driving systems for taxis and trucks. As of the first half of 2025, it reported revenues of $35.43 million and a net loss of $96.09 million [1][4][5]. - **Wenyan Zhixing** intends to issue up to 102,428,200 ordinary shares for its Hong Kong listing. The company develops autonomous driving systems and software, holding licenses in seven countries. In the first half of 2025, it reported revenues of $2 billion and a net loss of $7.92 billion [1][6][5]. - **Yujian Xiaomian** aims to issue up to 235,108,000 ordinary shares for its Hong Kong listing. The company operates a chain of Chinese restaurants, primarily offering Chongqing noodles. As of April 5, 2025, it had 374 restaurants in mainland China and 6 in Hong Kong. Revenue figures from 2022 to 2024 were $418 million, $801 million, and $1.154 billion, with corresponding net profits of -$35.97 million, $45.91 million, and $60.70 million [1][8][5]. - **Qingsong Jiankang** plans to issue up to 36,496,400 ordinary shares for its Hong Kong listing. The company provides digital health services and health insurance solutions. Revenue figures from 2022 to 2025 were $394 million, $490 million, $945 million, and $656 million, with net profits of -$9.10 million, $97.17 million, $8.99 million, and $86.05 million [1][10][5]. - **Tudatong** intends to merge with TechStar Acquisition Corporation to achieve a listing on the Hong Kong Stock Exchange, issuing up to 190,240,000 ordinary shares. The company specializes in the development and production of automotive-grade lidar for advanced driving assistance systems and autonomous driving. Revenue figures from 2022 to 2024 were $66.30 million, $121 million, and $160 million, with net losses of $188 million, $219 million, and $398 million [1][11][5].

Core Viewpoint - Mindray Medical (300760.SZ) plans to issue overseas listed foreign shares (H-shares) and list on the main board of the Hong Kong Stock Exchange to enhance its capital strength and support its internationalization strategy [1] Group 1 - The company aims to deepen its international strategy and create an international capital operation platform [1] - The issuance will consider the interests of existing shareholders and the conditions of domestic and foreign capital markets [1] - The company will complete the issuance and listing within 24 months after the shareholders' meeting resolution or within an extended period if agreed [1]

格隆汇10月14日丨迈瑞医疗(300760.SZ)公布，为满足公司业务发展需要，深入推进国际化战略，打造 国际化资本运作平台，进一步提升公司资本实力，经公司充分研究论证，公司拟发行境外上市外资股 （H股）股票并在香港联合交易所有限公司（简称"香港联交所"）主板挂牌上市。公司将充分考虑现有 股东的利益和境内外资本市场的情况，在股东会决议有效期内（即经公司股东会审议通过之日起24个月 或同意延长的其他期限）选择适当的时机和发行窗口完成本次发行并上市。 ...

北京商报讯（记者 丁宁）10月14日晚间，迈瑞医疗（300760）发布公告称，公司于10月14日召开第八 届董事会第十四次会议，审议通过了《关于公司发行H股股票并在香港联合交易所有限公司上市的议 案》《关于公司发行H股股票并在香港联合交易所有限公司上市方案的议案》等相关议案。 迈瑞医疗表示，为满足公司业务发展需要，深入推进国际化战略，打造国际化资本运作平台，进一步提 升公司资本实力，经公司充分研究论证，公司拟发行境外上市外资股（H股）股票并在香港联交所主板 挂牌上市。公司将充分考虑现有股东的利益和境内外资本市场的情况，在股东会决议有效期内选择适当 的时机和发行窗口完成本次发行并上市。 ...

迈瑞医疗公告，公司于2025年10月14日召开第八届董事会第十四次会议，审议通过了《关于公司发行H 股股票并在香港联合交易所有限公司上市的议案》等相关议案。为满足公司业务发展需要，深入推进国 际化战略，打造国际化资本运作平台，进一步提升公司资本实力，公司拟发行境外上市外资股（H股） 股票并在香港联合交易所有限公司主板挂牌上市。公司将充分考虑现有股东的利益和境内外资本市场的 情况，在股东会决议有效期内选择适当的时机和发行窗口完成本次发行并上市。本次发行并上市尚需提 交公司股东会审议，并需要取得中国证券监督管理委员会、香港证券及期货事务监察委员会和香港联交 所等相关政府部门、监管机构、证券交易所的批准、核准或备案。 ...