Group 1 - The company plans to globally offer 10.5854 million H-shares, with 1.0586 million shares available in Hong Kong and 9.5268 million shares for international offering, along with a 15% over-allotment option [1] - The expected pricing range for the shares is HKD 18.9 to 20.9 per share, with a trading unit of 200 shares, and the shares are anticipated to start trading on June 10, 2025 [1] - The company is a leading producer of food-grade glycine and sucralose, holding the top position in the global food-grade glycine manufacturing industry based on sales volume and revenue in 2023, with a market share of approximately 5.1% in volume and 3.1% in revenue [2] Group 2 - The company has established cornerstone investment agreements with Reynold Lemkins Group (Asia) Limited and He Win Holdings Limited, agreeing to subscribe for shares up to HKD 60 million, with a total of 2.9848 million shares at a price of HKD 19.9 per share [3] - Assuming the over-allotment option is not exercised and the shares are priced at HKD 19.9, the total proceeds from the global offering are estimated to be approximately HKD 210.6 million, with net proceeds expected to be around HKD 174.3 million after listing expenses [4] - The intended use of the net proceeds includes approximately 21.3% for the construction of a production line for isomaltulose in Thailand, 55.3% for the production of algal dietary fiber and serine, 13.4% for enhancing R&D capabilities, and 10.0% for working capital and general corporate purposes [4]

Group 1 - The number of companies listed in both A-share and H-share markets has surged, driven by improved market liquidity and an optimized policy environment [1] - Southbound funds and overseas risk-averse capital have significantly enhanced liquidity in the Hong Kong stock market, leading to a substantial narrowing of the price difference between A and H shares [1] - Leading A-share companies are increasingly considering listing in Hong Kong due to the reduced pricing discrepancies between issuers and investors [1] Group 2 - There is a noticeable change in the mindset of cornerstone investors in the Hong Kong market, with increased interest from institutions in cornerstone investments and heightened enthusiasm from overseas long-term capital [1] - Companies like CATL (宁德时代), Haitian Flavoring and Food (海天味业), and Hansoh Pharmaceutical (恒瑞医药) are highlighted as leaders in their respective segments, attracting global long-term capital due to their high-quality operational status and the narrowing of the A-H share price gap [1]

Group 1 - The report highlights a significant decline in IPO activity in China, with 2024 witnessing only 217 new IPOs, a 44% decrease year-on-year, and a total fundraising amount of 139.9 billion yuan, down 64% compared to the previous year, marking the lowest point in nearly a decade [4][7][13] - The decline in IPOs is attributed primarily to policy changes, particularly the introduction of stricter regulations following the "National Nine Articles" in April 2024, which increased the scrutiny of IPO applications and included measures against certain practices like pre-listing dividends [5][6] - The average fundraising amount for new IPOs in 2024 was 645 million yuan, slightly higher than in 2017, but overall, it represents the second-lowest average in the past decade [7][10] Group 2 - In 2024, the proportion of companies choosing to list abroad increased, with 54% of IPOs occurring on foreign exchanges, marking a significant shift from previous years [10][16] - The report notes that the Hong Kong Stock Exchange remains the preferred choice for Chinese companies, while the number of companies listing on U.S. exchanges reached a decade-high of 24% in 2024 [10][16] - The report indicates that the average time from company establishment to IPO has increased, with only 4.65% of companies taking less than three years to go public, highlighting the lengthy process involved in achieving an IPO [43][46] Group 3 - The manufacturing sector dominated the IPO landscape in 2024, with 62 companies in advanced manufacturing and 34 in traditional manufacturing successfully listing, accounting for a significant portion of new IPOs [32][33] - The report emphasizes the differences in industry preferences between A-shares and foreign listings, with traditional manufacturing heavily favoring A-shares, while sectors like artificial intelligence showed a preference for Hong Kong listings [32][33] - The report also notes that over half of the new IPO companies in 2024 had received venture capital funding prior to going public, indicating a strong reliance on external capital for growth [29][30] Group 4 - The report identifies a trend of increasing participation from cornerstone investors in IPOs, with an average of 46% of the fundraising amount in 2024 coming from cornerstone investments, particularly in the Hong Kong market [19][22] - The types of cornerstone investors have diversified, including traditional financial institutions, state-owned enterprises, and even individual angel investors, reflecting a broader interest in supporting new listings [21][22] - The report highlights that the largest IPOs in 2024 were predominantly from companies listing in Hong Kong, with Midea Group raising 30.668 billion HKD, marking the largest IPO of the year [52][55]