Core Viewpoint - The Hong Kong IPO market has experienced unprecedented subscription enthusiasm in 2023, with record oversubscription rates and significant increases in both the number of new listings and total fundraising amounts compared to the previous year [1][2]. Group 1: IPO Market Performance - In the first three quarters of 2023, Hong Kong is expected to see 66 new listings, raising a total of HKD 182.3 billion, a 47% increase in the number of new listings and a 228% increase in fundraising compared to the same period last year [1]. - The average first-day return for new IPOs in Hong Kong was 33% in the first half of 2023, significantly higher than the 9% recorded in the same period last year [4]. - The top five new IPOs in 2023 were all large-scale projects raising over HKD 10 billion, with total fundraising for these top five increasing by 135% year-on-year to HKD 98.7 billion [5]. Group 2: Market Dynamics and Trends - The Hong Kong IPO market is benefiting from dual support from policies and capital, with measures from the China Securities Regulatory Commission encouraging leading enterprises to list in Hong Kong [2]. - The average daily trading volume in the Hong Kong stock market has remained above HKD 200 billion, contributing to an overall increase in company valuations [2]. - The financing amounts in the Hong Kong IPO market are diversified across various sectors, with manufacturing leading at 37%, followed by consumer and energy/resource sectors at 20% and 16%, respectively [6]. Group 3: Future Outlook - Deloitte forecasts that the strong momentum in the Hong Kong IPO market will continue into the fourth quarter of 2023, with over 80 new listings expected in 2025, raising between HKD 250 billion and HKD 280 billion [1]. - The Hong Kong government is exploring ways to optimize the "same share, different rights" listing rules to attract more overseas companies for secondary listings [3]. - The market is expected to see continued inflow of overseas capital, particularly as the Federal Reserve enters a rate-cutting cycle, which will support large IPOs in Hong Kong [1][2].

Group 1 - The Hong Kong IPO market has seen unprecedented subscription enthusiasm this year, with record oversubscription rates, including a leading 7558 times for a major IPO [1] - Deloitte's report indicates that Hong Kong is expected to maintain its position as the top global fundraising venue, with 66 new listings and a total fundraising amount of HKD 182.3 billion in the first three quarters of this year, representing a 228% increase from HKD 55.6 billion in the same period last year [1][4] - The report forecasts that over 80 new listings will occur in Hong Kong in 2025, with total fundraising expected to be between HKD 250 billion and HKD 280 billion [1] Group 2 - Six large IPOs are anticipated in the first three quarters of this year, including five A+H shares and one spin-off project, alongside four other large IPOs [4] - The China Securities Regulatory Commission has introduced measures to support leading domestic companies in listing in Hong Kong, which, along with simplified approval processes, is expected to drive strong momentum in the Hong Kong IPO market [4][5] - The average first-day return for new IPOs in Hong Kong this year is 33%, significantly higher than 9% in the same period last year, indicating improved market sentiment [7] Group 3 - The top five new IPOs in Hong Kong this year have all raised over HKD 10 billion, contrasting with only one such instance in the same period last year, leading to a 135% increase in total fundraising to HKD 98.7 billion [8] - The manufacturing sector has the highest fundraising share at 37%, followed by the consumer sector at 20% and the energy and resources sector at 16% [10] - The diverse industry distribution of the current IPO market reflects a mature and balanced market ecosystem, enhancing its attractiveness to foreign capital [11]

Core Viewpoint - Zijin Gold International, spun off from Zijin Mining, is positioned as a leading market-oriented gold mining company, focusing on exploration, mining, and sales of gold [3][4]. Financial Performance - From 2022 to 2024, Zijin Gold's revenue is projected to grow from $1.818 billion to $2.990 billion, reflecting a compound annual growth rate (CAGR) of 28.2%. Net profit is expected to increase from $290 million to $621 million, with a CAGR of 46.2% [5]. - In the first half of 2025, the company reported revenue of $1.997 billion, a year-on-year increase of 42.86%, and net profit of $625 million, up 125.6%, surpassing the total profit for 2024 [6]. IPO Details - Zijin Gold International is conducting an IPO from September 19 to 24, with a global offering of 349 million shares, 10% of which is allocated for Hong Kong [9]. - The offering price is set at HKD 71.59 per share, with an entry fee of approximately HKD 7,231 for a board lot of 100 shares [9]. - The IPO has attracted 29 cornerstone investors, accounting for 50% of the subscription, indicating strong market interest [10]. Market Context - The gold sector has seen significant growth this year, with many gold stocks doubling in value, making Zijin Gold's IPO the second largest in Hong Kong this year, following CATL [10].

Core Viewpoint - The recent bull market in Hong Kong's innovative drug sector has led to inflated valuations and speculative behavior among companies seeking IPOs, raising concerns about potential valuation bubbles in the market [2][9]. Group 1: Market Dynamics - The Hong Kong stock market has seen a surge, prompting companies to rapidly seek funding and IPO opportunities [2][3]. - Companies are increasingly claiming to be on the verge of IPOs, with some even inflating their business models to attract investment [4][5]. - The lack of clear IPO standards in Hong Kong has made it challenging for investors to assess the true value of companies [4][6]. Group 2: Investment Behavior - Investors are exhibiting a frenzied approach to funding, with some willing to invest without negotiating terms, driven by the fear of missing out on potential gains [4][7]. - There are reports of companies engaging in practices like mini IPOs to manipulate market perception and maintain valuations [7][8]. - The phenomenon of companies inflating their valuations post-IPO has led to significant market volatility, with some stocks experiencing drastic declines shortly after listing [8][9]. Group 3: Future Outlook - Companies in the innovative drug sector are optimistic about their prospects, with many planning to increase their valuations in anticipation of future market conditions [9]. - There is uncertainty regarding when the current valuation bubble in the Hong Kong innovative drug sector will burst, as companies continue to chase inflated market expectations [9][10].

Group 1 - The Shanghai Gold ETF (159830) has seen a strong performance, rising 1.29% with a trading volume exceeding 36 million yuan, and its latest circulation scale is 1.261 billion yuan, making it the largest in the Shenzhen market for similar products [1] - The Shanghai Gold ETF closely tracks the Shanghai Gold (SHAU.SGE) and has a management fee of 0.25% and a custody fee of 0.05%, both lower than the average for similar products, and supports T+0 trading [1] - The recent surge in international gold prices is attributed to multiple factors, primarily driven by the Federal Reserve's interest rate cuts, with COMEX gold futures reaching 3744.0 USD/oz and domestic gold contracts reporting a year-to-date increase of over 35% [2] Group 2 - The long-term upward trend in the precious metals market is supported by liquidity from the Federal Reserve's rate cuts, diversified gold purchasing demand from global central banks, and heightened risk aversion due to geopolitical conflicts [3] - Technical analysis indicates that New York gold has support around 3550 USD and may test levels near 3800 USD, suggesting that pullbacks present buying opportunities within a long-term bull market for gold and silver [3] - The IPO market for resource companies in Hong Kong has been active since 2025, with several companies, including Zijin Mining International, expected to boost valuations in the precious metals sector as gold prices continue to rise [2]

作者：喜乐 9月17日，奇瑞汽车股份有限公司（股票代码：9973.HK）正式启动港股招股，计划于9月23日确定发行价，并于9月25日在港交所主板 挂牌上市。这一动作不仅标志着国内最后一家未上市的头部整车企业正式登陆资本市场，更意味着奇瑞历经20年的上市征程终于迎来 收官——自2004年起，奇瑞曾多次探索上市路径，包括计划通过安徽巢东股份借壳、与江淮汽车推进交叉持股、尝试港股与A股直接 上市等，但均因市场环境、业务调整等原因未能成行。正如奇瑞汽车董事长尹同跃此前所言，公司过去长期埋头技术创新，资本市场 运作经验较少，此次IPO也成为其资本市场的"破冰之旅"。 从发行规模看，奇瑞本次全球发售2.97亿股H股，发行结构为"10%香港公开发售+90%国际配售"，并附带15%超额配股权（绿鞋机 制）；发行价格区间定为27.75港元/股-30.75港元/股，对应募资规模82.5亿港元-105.2亿港元，公司市值区间为1600亿港元-1787亿港 元。若最终采用高端定价且全额行使绿鞋机制，其募资规模将超越2022年的中创新航，成为2022年至今非"A to H"模式下港股最大 IPO。 从市场地位来看，此次IPO至少已成为 ...

Core Insights - Aolian Service Group Co., Ltd. submitted its Hong Kong IPO prospectus on March 21, 2025, which became invalid after six months on September 21, 2025, with Agricultural Bank of China International as the sole sponsor [1] Company Overview - Aolian Service is an independent provider of business and urban space services as well as community living services, primarily focused in Guangdong Province, China [2] - The company is headquartered in Guangzhou and has been providing community living services to residential communities since 2010, expanding its services to business and urban space sectors in 2014, thereby diversifying its revenue sources [2] - Aolian Service has extended its footprint to 25 provinces in China and ranks 16th in total revenue and 11th in net profit among the top 100 independent property management service providers in China for 2024, according to data from the China Index Academy [2]

Core Viewpoint - The company, AmLogic, is pursuing an IPO in Hong Kong while facing declining revenue and net profit growth, raising concerns about its recent acquisition of a loss-making company for 316 million yuan [1][5]. Group 1: Acquisition Details - AmLogic acquired a company, ChipMinds, which has incurred losses exceeding 130 million yuan over the past year and a half, with revenue barely reaching 670,000 yuan [1][3]. - The largest shareholder of ChipMinds, Sun Dian, holds 60.57% of the equity, yet the transaction price for his stake was only 1.12 million yuan, with 21.8% of his shares transferred at zero cost [3]. - Other shareholders, holding 39.43%, will receive 315 million yuan, indicating a significant disparity in the valuation of the company [3]. Group 2: Financial Performance - AmLogic's revenue growth is projected to decline from 28.33% in the first half of 2024 to only 10.42% in 2025, while net profit growth is expected to drop from 96.06% to 37.12% [5]. - The acquisition of ChipMinds, despite its minimal revenue contribution, could negatively impact AmLogic's net profit due to the integration of ChipMinds' losses [5][7]. Group 3: Strategic Implications - AmLogic claims the acquisition is aimed at enhancing its technology capabilities, particularly in communication, as ChipMinds has developed six chip products [5]. - However, the competitive landscape in the Wi-Fi RF chip market is challenging, with established players already dominating, raising questions about ChipMinds' ability to succeed [5][7]. - The acquisition may lead to significant goodwill on AmLogic's balance sheet, which could result in impairment losses if ChipMinds fails to become profitable [7].

证券时报记者 吴瞬 按照这一募资规模计算，紫金黄金国际将成为2025年以来，港股市场上仅次于宁德时代的第二大IPO。此前宁德时 代港股上市时，预计募资310亿港元，但实际募资超过410亿港元，而目前排名第二的恒瑞医药实际募资为113亿港 元。 证券时报记者统计发现，2025年以来共有赤峰黄金、南山铝业国际和佳鑫国际资源3家资源型企业在港成功上市。 而在港股今年已递表的资源型新股名单中，仍有金浔股份、智汇矿业、创新国际、金岩高新、建邦高科5家公司。 值得注意的是，从目前寻求赴港上市的资源型企业来看，其上市目的多为开发国际市场或收购海外项目，因此更 为国际化、投资者来源更加多元的香港资本市场成为这些企业的不二选择。 如赤峰黄金此前表示，赴港上市是为满足公司业务发展的需要，进一步提升公司治理水平和核心竞争力，深入推 进公司全球化战略。 南山铝业此前也表示，通过分拆，南山铝业国际将借助香港资本市场融资登陆国际资本市场，独立上市将有助于 南山铝业国际进一步深耕印尼及周边市场业务，持续开拓印尼铝土矿资源，通过提升在东南亚区域的影响力以更 好地践行"一带一路"倡议，提升拟分拆资产的国际市场影响力以及上市公司的综合竞争力。 ...

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource companies going public [1][2] - Zijin Gold International, a spin-off from Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [3][4] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [3][5] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, while Jiexin International Resources is notable for being dual-listed in both Hong Kong and Kazakhstan [3][4] Group 3 - Several resource companies, including Jinxun Co., Zhihui Mining, and Jinyan High-tech, are currently in the process of seeking IPOs in Hong Kong, primarily to develop international markets and acquire overseas projects [4][5] - The trend indicates a growing preference for the Hong Kong capital market among resource companies due to its internationalization and diverse investor base [4][5]