Group 1 - The Hong Kong IPO market has seen a significant increase in activity, with 43 IPOs completed in the first half of the year, representing a year-on-year increase of approximately 43% and total fundraising amounting to 106.71 billion HKD, a year-on-year increase of 688.54% [1] - Innovation International has updated its A1 prospectus and submitted a listing application to the Hong Kong Stock Exchange, coinciding with rising aluminum prices and a favorable IPO market environment [1] - The company focuses on high-value upstream segments of the aluminum industry chain, primarily engaged in the production and sales of electrolytic aluminum and alumina [1] Group 2 - As of May 2025, Innovation International has accelerated its green energy initiatives, achieving a total installed capacity of 510 megawatts, including 400 megawatts from wind power and 110 megawatts from solar projects, with most projects already operational [2] - The funds raised will primarily be used to expand overseas electrolytic aluminum smelting capacity, build green energy power stations, and optimize working capital to support global strategies and sustainable development goals [2] - The utilization rate of electrolytic aluminum smelting capacity in China has reached a historical high of 96%, with an expected annual demand gap exceeding one million tons by 2034, positioning Innovation International to capitalize on global aluminum industry opportunities [2]

Core Viewpoint - 正品控股有限公司 has submitted an IPO application to the Hong Kong Stock Exchange, with a strong financial performance highlighted by a compound annual growth rate (CAGR) of 79% in net profit over the past three fiscal years and a gross margin of 75%, although over 70% of its revenue relies on a major client, "Milk Company" [1][2][6]. Financial Performance - The company achieved revenue of HKD 0.43 billion, HKD 1.10 billion, and HKD 1.30 billion for the fiscal years 2023, 2024, and 2025, respectively, with a CAGR of approximately 73.6% [3][4]. - Net profit attributable to shareholders for the same period was approximately HKD 11.31 million, HKD 35.48 million, and HKD 36.26 million, with a CAGR of about 79% [3][4]. - Significant growth was observed in fiscal year 2024, with revenue and net profit increasing by 155% and 214%, respectively, although growth is expected to slow in fiscal year 2025 [3][4]. Market Position - 正品控股 ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of approximately 1.6% [2]. - The company holds the top position in the retail value of deer-related health supplements in Hong Kong, with a market share of about 29.4% [3]. Product Portfolio - The company offers a diverse product range catering to various demographics, focusing on niche markets such as deer-related health supplements, joint pain relief, and topical analgesics [2][3]. - 正品控股 operates six proprietary brands and six third-party brands, with proprietary brands including "正品," "炎痛消," and "Organicpharm" [2]. Sales Channels - The majority of the company's revenue comes from wholesale business, accounting for approximately 89.7%, 93.0%, and 88.8% of total revenue during the reporting period [6]. - Sales to the major client, "Milk Company," represented approximately 89.1%, 76.7%, and 74.5% of total revenue over the three fiscal years, indicating a high dependency on this client [6]. Future Plans - The company plans to use the funds raised from the IPO to expand its business in Taiwan, conduct strategic marketing and promotional activities in Hong Kong, open self-operated stores, and develop new product lines [7].

今年港股IPO市场可谓热闹非凡。 在宁德时代、恒瑞医药、三花智控、海天味业等大型IPO上市的带动下，今年前7个月港股IPO募资额已经超过去年全 年；同时，A股上市公司赴港寻求A+H双重上市的热情高涨，目前已有超过80家A股上市公司处于赴港上市的不同阶 段。 同时，在港股打新赚钱效应提升的背景下，维立志博-B、药捷安康-B等创新药赛道的新股备受投资者追捧，被市场疯 抢！资金量少的还很难中签，当然一些热门新股的打新回报往往也令人欣喜。 目前，医药公司中慧生物-B处于招股期，天岳先进、明基医院均已通过聆讯，处于待上市状态，可见8月的香港新股 市场依然值得期待。 接下来我们一起来看看2025年前7个月港股IPO的具体情况。 01 据Wind数据，2025年1-7月，港股共有52只新股上市，首发募集资金累计约1273.59亿港元，已经超过2024年全年水 平。 今年前7个月登陆港交所的52只新股中，上市首日收涨的有34家，收平的为3家，另有15家在上市首日破发，算下来， 超过65%的新股在上市首日上涨，首日破发率约28.8%，新股首日破发率明显低于前面几年，港股打新赚钱效应提 升。 其中，2025年7月港股上市的9家新 ...

今年港股IPO市场可谓热闹非凡。 在宁德时代、恒瑞医药、三花智控、海天味业等大型IPO上市的带动下，今年前7个月港股IPO募资额已经超过去年全 年；同时，A股上市公司赴港寻求A+H双重上市的热情高涨，目前已有超过80家A股上市公司处于赴港上市的不同阶 段。 同时，在港股打新赚钱效应提升的背景下，维立志博-B、药捷安康-B等创新药赛道的新股备受投资者追捧，被市场疯 抢！资金量少的还很难中签，当然一些热门新股的打新回报往往也让人惊喜。 目前，医药公司中慧生物-B处于招股期，天岳先进、明基医院均已通过聆讯，处于待上市状态，可见8月的香港新股 市场依然值得期待。 接下来我们一起来看看2025年前7个月港股IPO的具体情况。 据Wind数据，2025年1-7月，港股共有52只新股上市，首发募集资金累计约1273.59亿港元，已经超过2024年全年水 平。 今年前7个月登陆港交所的52只新股中，上市首日收涨的有34家，收平的为3家，另有15家在上市首日破发，算下来， 超过65%的新股在上市首日上涨，首日破发率约28.8%，新股首日破发率明显低于前面几年，港股打新赚钱效应提升。 其中，2025年7月港股上市的9家新股里面， ...

大肉签首日暴涨92%！7月创新药新股被疯抢，港股IPO持续火爆 原创 阅读全文 格隆汇新股 ...

"由于港股IPO审核周期短，对于国内投资机构来说，也就多了一个高效率的退出渠道。我们也鼓励那 些短期内无法完成A股IPO的项目公司去香港IPO。"一位股权投资机构的人士对第一财经称。 也有多位投行人士告诉记者，此轮港股IPO热潮主要由多重因素共同驱动，包括港股估值修复预期与流 动性改善、政策支持与上市制度优化、中概股回归与二次上市需求持续等，已调配资源，加大港股IPO 项目挖掘力度，积极参与港股IPO市场。 MACD金叉信号形成，这些股涨势不错！ 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！ 【#赴港上市持续火热#，#6月来8家企业A股IPO未果后转道港股#】赴港上市热之下，一些在A股市场 撤否的拟IPO企业，转战港股IPO；也有多数A股上市公司积极筹备港股上市事宜。 据不完全统计，自6月以来，有8家企业在A股IPO未果后转道港股。A股上市公司寻求在港股二次上市 方面，根据Wind数据，今年以来至7月30日，已有10家A股上市公司在港股上市。另外，还有多数A股 上市公司正在加快赴港上市步伐。 责任编辑：常福强 ...

今年1月，大行科工首度向港交所递表时，其"大手笔"的分红就曾引发外界关注。不过，此次大行科工 递交的招股书中显示，今年4月，大行科工再度大手笔分红，报告期内已累计达6000万元，其中大部分 流向公司创始人、实控人、持股近90%的控股股东韩德玮。而与此同时，除自有工厂产能始终无法得到 补充外，大行科工还自曝从2022年至今欠缴员工社保660万元。 就上述问题，南都湾财社记者近日多次联系大行科工相关负责人并发送采访函，但截至目前未收到回 复。 业绩数据"突飞猛进" 六成产能靠代工"顽疾"仍在 时隔约半年，大行科工再度向IPO发起冲刺。 近日，港股IPO板块披露了大行科工最新提交的招股书。这已是这家折叠自行车"龙头"年内第二次递 表。根据证监会国际合作司发布的大行科工上市备案通知书，大行科工拟发行不超过910万股境外普通 股。 根据招股书，其旗下的主要产品为折叠自行车。业绩方面，大行科工2022年-2024年及2025年前四个月 的营业收入分别为2.54亿元、3亿元、4.51亿元和1.85亿元，净利润分别约为3143.4万元、3485万元、 5229.9万元和2152.8万元。 由此计算，大行科工近年来业绩增长可谓 ...

近日，江苏中慧元通生物科技股份有限公司通过港交所聆讯。该公司曾计划在科创板上市，之后转战港 股。 赴港上市热之下，一些在A股市场撤否的拟IPO企业，转战港股IPO；也有多数A股上市公司积极筹备港 股上市事宜。 据不完全统计，自6月以来，有8家企业在A股IPO未果后转道港股。A股上市公司寻求在港股二次上市 方面，根据Wind数据，今年以来至7月30日，已有10家A股上市公司在港股上市。另外，还有多数A股 上市公司正在加快赴港上市步伐。 "由于港股IPO审核周期短，对于国内投资机构来说，也就多了一个高效率的退出渠道。我们也鼓励那 些短期内无法完成A股IPO的项目公司去香港IPO。"一位股权投资机构的人士对第一财经称。 也有多位投行人士告诉记者，此轮港股IPO热潮主要由多重因素共同驱动，包括港股估值修复预期与流 动性改善、政策支持与上市制度优化、中概股回归与二次上市需求持续等，已调配资源，加大港股IPO 项目挖掘力度，积极参与港股IPO市场。 赴港上市持续火热 6月以来，有多家企业在A股IPO未果后转战港股，并有了新进展。 还有些公司则在筹备阶段。7月25日晚间，首创证券（601136.SH）官宣赴港上市计划，拟发 ...

出品：新浪财经上市公司研究院 作者：君 7月17日，中国证监会国际合作司发布关于大行科工（深圳）股份有限公司（下称"大行科工"）境外发行上市备案通知书。通知显示，大行科工拟发行不超 过910万股境外上市普通股并在香港联合交易所（下称"联交所"）上市。7月22日，大行科工正式向联交所递交上市申请，独家保荐人为中信建投国际。 据招股书披露，大行科工拟将募集资金用于：（1）生产系统现代化及扩大运营规模；（2）强化经销网络及策略性品牌发展；（3）加强研发能力；（4）营 运资金及其他一般企业用途。 近年来，大行科工业绩亮眼，营收、净利润逐年快速增长。然而，大行科工的业务模式却暗藏隐忧。一方面，大行科工销售高度依赖第三方经销商，造成存 货积压，占总资产的四成以上，减值风险较严峻。另一方面，大行科工仅有一家工厂，且常年超负荷运转，自行车主要靠外包生产，质量问题频发。 此外，现年83岁高龄的创始人韩德玮控制大行科工九成股权，并担任执行董事、董事长兼总经理，负责监督及管理集团的总体战略规划、经营方针及日常营 运。这种"一言堂"架构，引发市场对大行科工治理水平的质疑。大行科工于今年1月首次递交招股书，3个月后即突击清仓式分红20 ...

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].