Core Viewpoint - Three companies submitted IPO applications to the SEC, with two from China seeking to list on NASDAQ, indicating a trend of Chinese firms entering the U.S. capital markets [1]. Company Summaries 1. Xin Cheng - Xin Cheng Consulting Limited, under Thrive Capital Group Co., Ltd, filed for an IPO with the ticker symbol EFTY, aiming to raise between $5.6 million and $8.4 million by offering 1.4 million shares at a price range of $4 to $6 per share [2][3]. - The company, headquartered in Hong Kong, provides comprehensive investor relations services, including public relations management and due diligence [3]. - Financial performance shows revenue growth from $630,000 in 2023 to $2.53 million in 2024, with net income increasing from $32,696 to $852,499 in the same period [3]. - The ownership structure indicates that Kit Shing Cheung holds 94.94% of the shares prior to the IPO [7]. 2. Hang Feng International - Hang Feng International Asset Management Limited, under Hang Feng Technology Innovation Co., Ltd, also filed for an IPO with the proposed ticker FOFO, seeking to raise $5.5 million by offering 1.38 million shares at $4 each [8][9]. - The company is based in Hong Kong and operates primarily in corporate management consulting and asset management services [9]. - Financial data reveals a revenue increase from $119,534 in 2023 to $2.03 million in 2024, with a turnaround in net income from a loss of $919,173 to a profit of $866,769 [10]. - Qian Fenglei holds 75.61% of the shares before the IPO [15].

亚洲首次公开募股：香港复苏，东盟落后。 ◆ 经过长时间的放缓，香港的首次公开募股（IPO）正在复苏 。中国大陆公司现在在香港筹集的股权比在国内更多。 ◆ 2024年，印度是全球最大的首次公开募股（IPO）市场，按 交易量计算位居世界首位，按价值计算位居第二，并且有望 迎来又一个强劲的年份。 ◆ 在东盟地区，首次公开募股（IPO）活动放缓，马来西亚除 外。在新加坡，退市公司的数量多于首次公开募股。 飞航荷兰人 香港反弹。 经过数年的平淡活动，香港的IPO市场今年有所回升，反映了股市的逆 转。今年迄今为止，公司筹集的资金量是2024年同期总额的两倍多，未来几个月的I PO项目管道也是有三年以来最繁忙的。按目前的运行速度，我们预计今年IPO筹集 的资金总额将达到170亿美元，超过过去三年中每年的筹集金额。 缺乏大型上市交易。 中国本土市场在去年新资本市场政策实施后有所放缓。然而，2 024年中国本土IPO产生了卓越的回报。有趣的是，2024年中国企业在香港筹集的资 金多于在本土交易所筹集的资金。这种趋势可能延续到2025年。台湾在超过十年里没 有大型IPO，但今年小型上市的速度有所加快。韩国的小型IPO也很常见，但 ...

Group 1 - eToro Group raised nearly $620 million through an IPO, with its stock price increasing by 29% on the first day of trading, closing at $67, above the IPO price of $52 [1] - The company's market capitalization exceeded $5.5 billion following the IPO, which reflects a rebound in the U.S. IPO market after previous delays due to tariff-related market volatility [1] - eToro's co-founder and CEO Yoni Assia noted that investor feedback remained positive, indicating that tariffs did not significantly impact the company's business [1] Group 2 - eToro sold 11.92 million shares at $52 each, increasing the offering size from an initial 10 million shares, with the pricing above the expected range of $46 to $50 [1] - The IPO was oversubscribed by more than 20 times, indicating strong demand for the shares [1] - BlackRock-managed funds expressed interest in purchasing up to $100 million worth of eToro stock at the IPO price [2] Group 3 - eToro, founded in 2007, provides a platform for users to trade stocks and cryptocurrencies, and previously attempted to go public via a SPAC merger at a valuation of $10.4 billion [3] - The company reported projected net revenue of $787 million and net profit of $192 million for 2024, a significant increase from the previous year's revenue of $557 million and net profit of $15.3 million [3] - The IPO was led by Goldman Sachs, Jefferies, UBS, and Citigroup, with eToro's stock listed on the Nasdaq under the ticker ETOR [4]

Group 1 - Chime has submitted an application for an IPO on NASDAQ under the ticker "CHYM," emphasizing that it is a technology company rather than a bank [1] - The company reported a net profit of $12.9 million and revenue of $518.7 million for the quarter ending in March, with revenue growth of 32% [1] - Chime has 8.6 million active members, a year-over-year increase of approximately 23%, with average revenue per active member rising from $231 to $251 [1] Group 2 - Approximately two-thirds of Chime's members consider it their "primary financial partner," defined as users who have made at least 15 transactions or received at least $200 in qualifying direct deposits in the past month [2] - Chime offers free access to over 45,000 ATMs, claiming a larger network than the top U.S. banks combined [2] - The company was founded in 2012 and is headquartered in San Francisco, employing 1,465 people, with notable investors including Crosslink Capital and DST Global [3]

截至5月14日，宁德时代已获得机构下单超500亿美金，折合约3902港元，剔除基石认购部分，已经超额 认购30倍。宁德时代除了公开发行的1.179亿股外，还有1770万股的额外授权发售、1770万股的绿鞋， 若是这两项额外授权都使用，宁德时代此次的募资额可达410亿港元。这将使其成为今年全球募资额最 大的IPO。（腾讯新闻一线） ...

Group 1 - eToro Group raised nearly $620 million in its IPO, with a share price set at $52, exceeding the initial price range [1][2] - The IPO pricing gives eToro a market valuation of approximately $4.3 billion, and a fully diluted valuation of nearly $5 billion when including employee stock options [1][2] - The company initially planned to issue 10 million shares with a price range of $46 to $50, but due to significant oversubscription, the final pricing exceeded the upper limit [1] Group 2 - eToro's offering includes 5.96 million shares sold by various stakeholders, including its CEO and co-founder Yoni Assia, and a reserved 500,000 shares for targeted placement [2] - The company, founded in 2007, provides a platform for trading assets including stocks and cryptocurrencies, and previously attempted to go public via a merger with a special purpose acquisition company at a valuation of $10.4 billion [2] - eToro's financial projections for 2024 include net revenue of $787 million and a net profit of $192 million, showing significant growth from the previous year's revenue of $557 million and profit of $15.3 million [2]

无锡烨隆精密机械股份有限公司（以下简称"烨隆股份"）的首次公开募股（IPO）之旅近日画上了句号，但其上市之路却充满了曲折。 烨隆股份早在2023年3月便已递交了招股书，同年9月成功通过IPO审核。然而，令人意外的是，在此后的近两年里，其上市进程却陷入了停滞。直到2025 年5月8日，烨隆股份的IPO最终被终止。 吴云娇和吴云烨均为1980年代末至1990年代初出生，拥有美国永久居留权，且均具备本科学历。两人自2010年代起便在烨隆股份或其前身担任要职，积累 了丰富的行业经验。 尽管烨隆股份在业务发展和财务表现上取得了一定的成绩，但其IPO的终止无疑给公司的未来发展带来了不确定性。对于这一结果，市场各方也给出了不 同的解读和分析。 从财务表现来看，烨隆股份在过去几年的业绩相对稳定。招股书显示，其2020年至2022年的营业收入分别为10.82亿元、11.77亿元和11亿元；净利润分别 为1亿元、1.08亿元和1.03亿元。然而，值得注意的是，公司的存货账面价值也在逐年攀升，从2020年的2.2亿元增长至2022年的3.54亿元，占当期期末流动 资产的比例也相对较高。 | 项目 | 2022.12.31/ | 2 ...

Core Viewpoint - The Shenzhen Stock Exchange has accepted and subsequently terminated the application for the initial public offering (IPO) of Haobo Window Control, following the company's request to withdraw its application [2][3]. Group 1: Company Overview - Haobo Window Control is a research-driven provider of system window control devices and overall solutions, focusing on the R&D, production, and sales of these devices [2]. - The company was originally planning to issue no more than 15 million shares, accounting for at least 25% of the total share capital post-IPO [3]. Group 2: Shareholding Structure - Sun Zhaoxia directly holds 49.06% of the company's shares, making her the controlling shareholder, while her husband, Li Zengbang, holds 4.85% and serves as the chairman [3]. - Together, Sun Zhaoxia and Li Zengbang control 94.58% of the voting rights through their direct holdings and investments via Bojia Investment and Haobo Investment [3]. Group 3: Fundraising and Investment Plans - The company intended to raise 570 million yuan (approximately 57 million) to fund the Haobo Window Control Intelligent System Industrial Park [4]. - The total investment for the industrial park project is estimated at 57.86 million yuan [4].

Core Insights - Mark Lore, a billionaire entrepreneur, is focused on building Wonder, a virtual food hall aimed at revolutionizing food delivery and dining experiences [2][3][28] - Lore's ambition is to create a platform that meets all food delivery needs for families, integrating various food options through an AI-driven application [3][10] - The company plans to expand its physical presence significantly, with a target of 90 locations by the end of 2025 [5][28] Company Overview - Wonder operates 39 locations across six states, primarily in New Jersey and New York, with plans to increase to 90 by the end of 2023 [2][5] - The company has raised $1.5 billion in funding and has made strategic acquisitions, including Blue Apron and Grubhub, to enhance its service offerings [2][26] - Wonder aims to become the "Amazon of the food industry," providing a diverse range of meal options through its app [2][3] Business Model and Strategy - Wonder's business model includes a mix of in-house prepared meals and partnerships with existing restaurants, offering over 500 menu items at each location [10][27] - The company utilizes AI to personalize meal recommendations based on individual preferences and dietary needs [3][10] - Lore emphasizes the importance of adapting the business strategy based on market feedback, shifting from a delivery-only model to incorporating physical locations [27][28] Market Challenges - The food delivery industry is highly competitive, with significant challenges in maintaining food quality and customer loyalty [27][28] - Wonder's ratings on Google vary widely, indicating inconsistency in food quality, which poses a risk to customer retention [27][28] - Despite ambitious growth plans, the timeline for an IPO has been adjusted to 2029, reflecting the uncertainties in achieving sustainable profitability [28]

Core Insights - The global IPO market in 2024 showed resilience amidst uncertainties, with a total of 1,215 companies going public, raising $121.0 billion, slightly lower than 2023 levels [4][5][25] - The Americas and EMEIA regions experienced growth, while the Asia-Pacific region struggled to maintain stability, reflecting a divergence in regional performance [4][5][25] Group 1: Global IPO Trends - In 2024, the total IPO activity was 1,215, a decrease of 10% from 2023, with total proceeds of $121.0 billion, down 4% [2][4] - The Americas saw a significant increase in IPOs, with 205 companies listed, a 37% rise, and proceeds of $33.1 billion, up 45% [2][4] - The Asia-Pacific region faced a 35% decline in IPO numbers, with only 488 companies listed, and a 51% drop in proceeds to $34.9 billion [2][4] Group 2: Regional Performance - EMEIA region's IPO activity increased by 17%, with 522 companies listed and proceeds rising by 64% to $53.2 billion [2][4] - The Americas achieved the highest IPO activity since 2021, driven by strong performances in health and life sciences [5][8] - India emerged as the leading country in IPO volume, nearly doubling the number of IPOs compared to the US, while the US regained the top position in IPO proceeds [7][8] Group 3: Sector Dynamics - Technology, industrial, and consumer sectors dominated the IPO landscape, accounting for approximately 60% of total IPOs by both number and proceeds [12][21] - The defense sector showed continuous growth, with 19 IPOs in 2024, reflecting increased investor interest due to geopolitical tensions [13][21] - The health and life sciences sectors are expected to lead IPO activities in 2025, alongside technology and industrial sectors [21][22] Group 4: Cross-Border Listings - Cross-border listings increased to 113 in 2024, up from 83 in 2023, although the average deal size decreased by 48% [14][15] - The US remained the preferred destination for international listings, with 101 transactions, representing 89% of cross-border IPOs [14][15] - Foreign issuers accounted for over half of the US public companies, reaching a historical high, despite contributing only 18% to total transaction value [14][15] Group 5: Impact of Political Policies - Post-election policies are expected to create opportunities for domestic IPOs while introducing uncertainties for candidates from global trade partners [17][18] - The clarity of policies following elections typically stabilizes market sentiment, fostering a favorable environment for IPOs [17][18] - The anticipated economic policies under the second Trump administration may boost US IPO activities, particularly in energy, industrial, and technology sectors [18][21]