Core Viewpoint - Heng Rui Medicine has successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 390 billion, marking the largest pharmaceutical IPO of the year [1][9]. Company Overview - Heng Rui Medicine's IPO price was set at HKD 44.05, with the stock opening nearly 30% higher on its debut [1]. - The company was founded by Sun Piaoyang, who has been instrumental in its growth from a small pharmaceutical factory to a leading player in the Chinese pharmaceutical industry [2][4]. - The company has a strong financial position, with cash and cash equivalents amounting to approximately CNY 21.4 billion and no bank loans [8]. Financial Performance - For the first three quarters of 2024, Heng Rui Medicine reported revenues of CNY 20.19 billion and a net profit of CNY 4.62 billion, with net profit reaching a historical high [8]. - The sales revenue from innovative drugs accounted for 47.7% of total revenue, indicating a significant contribution from generic drugs [8]. - The proportion of innovative drug sales increased from 38.1% in 2022 to 43.4% in 2023 [8]. Strategic Intentions - The IPO is part of Heng Rui Medicine's strategy to expand internationally and enhance its global presence, with plans to use the proceeds for new production and R&D facilities both in China and overseas [9]. - The company aims to optimize its capital structure and diversify its financing channels through the H-share issuance [9]. Market Context - The Hong Kong Stock Exchange has seen a surge in IPO activity, with around 150 applications currently under review, including several leading enterprises [1][14]. - The overall fundraising in the Hong Kong market has exceeded HKD 60 billion this year, significantly higher than the previous year [14].

上证报中国证券网讯（记者 徐潇潇）日前，深圳证监局、深圳市委金融办等多个部门开展了星耀鹏城"益企上市深证同行"赴港上市培训会。根据港交所环 球上市服务部副总裁陆琛健介绍，港交所随着市场变化动态创新上市机制，从8A章节、18A章节、18C章节到最新开设的"科企专线"，为港股市场发展不断 注入新动能。 中信建投证券投资银行委员会执行总经理赵旭表示，香港资本市场具备更便捷的再融资通道、更宽松的募集资金监管环境、更丰富的全球并 购手段、更多元的人才激励方式。 晶泰控股是港股18C规则下发行第一股的公司，其投融资副总裁何飞宏分享了相关经验："18C章节适应于新一代信息技 术、先进硬件及软件、先进材料、新能源及节能环保、新食品及农业技术等行业及领域。18C制度将对全国资本市场和特专科技产业发挥积极作用。"他表 示，"港股IPO应充分考虑发行窗口的选择、公司长期发展的愿景和逻辑、投资者结构等多维度因素。" 谈及中概股回流香港流程及架构，华商律师事务所高 级合伙人徐舜芝称，中概股回流香港以双重主要上市以及二次上市为主。在备案新规指导下，境内企业境外上市应关注备案主体、备案时限、安全审查、保 密要求、出资情况等方面。 近期，港 ...

Group 1 - The core viewpoint is that Chinese companies are increasingly issuing overseas, with significant IPOs and large-scale placements in the Hong Kong market, indicating a recovery in the market [2][3] - UBS highlights that the successful placements of major projects like BYD and Xiaomi demonstrate the Hong Kong stock market's capability to support top-tier corporate financing and reflect the strong fundamentals of these companies [2] - The trend of A-share companies choosing to list in Hong Kong is driven by the institutional investor base and financing convenience offered by the Hong Kong market [3] Group 2 - UBS reports a downward trend in the AH premium index, which decreased from around 150 in early 2024 to 134.9 by May 25, 2025, indicating a shift in trading preferences towards H-shares among domestic investors [3] - The Hong Kong stock market remains attractive due to its low valuations and the need for international funds to diversify their investments, supported by its depth and liquidity [4] - There is an expectation of a continued trend of Chinese companies returning to the Hong Kong market for secondary listings, particularly among those that have been exclusively listed in the U.S. [3]

Group 1 - Pony.ai plans to submit a confidential IPO application to the Hong Kong Stock Exchange, which has led to a 17% increase in its ADR trading in the US [2] - The acceleration of Pony.ai's listing plans is closely related to the ongoing trend of Chinese companies returning to the Hong Kong market [3] - The Hong Kong Stock Exchange has introduced a new mechanism allowing technology and biotech companies to submit IPO applications confidentially, aligning with Pony.ai's current plans [4] Group 2 - The trend of Chinese companies returning to Hong Kong has been highlighted by recent events, including Zeekr's announcement to privatize and delist from the US market [3] - Approximately 30 Chinese companies are eligible for listing in Hong Kong, which could potentially increase the average daily trading volume by about 1% [4] - The founders of Pony.ai have voluntarily extended their share lock-up period by 540 days, covering approximately 22.9% of the company's total equity, reflecting their confidence in the company's long-term strategy [6]

Core Viewpoint - Geely has announced the privatization of Zeekr, its electric vehicle brand, just under a year after its IPO on the New York Stock Exchange, aiming to enhance operational flexibility and resource integration in response to market challenges [3][4][10]. Group 1: Privatization Announcement - Geely submitted a non-binding proposal to acquire all outstanding shares of Zeekr at a price of $2.566 per share or $25.66 per American Depositary Share [3][4]. - Geely currently holds approximately 65.7% of Zeekr's shares, and if the privatization is completed, Zeekr will become a wholly-owned subsidiary of Geely [4][10]. Group 2: Strategic Rationale - The chairman of Geely, Li Shufu, stated that the privatization is a response to "intense market competition and increasingly complex economic conditions," aiming to integrate automotive operations and enhance innovation and profitability [6][10]. - Analysts suggest that this move aligns with Geely's "Taizhou Declaration," which emphasizes strategic focus, resource integration, and operational efficiency [9][10]. Group 3: Market Context - Zeekr's sales for 2024 have surpassed 220,000 units, with annual revenue exceeding 80 billion yuan, representing a significant portion of Geely's total revenue from new energy vehicles [10][11]. - The privatization will allow Zeekr's financial data to be consolidated into Geely's financial statements, enhancing Geely's narrative in the electric and intelligent vehicle sector [11][12]. Group 4: Challenges in the U.S. Market - The U.S. market environment has become increasingly challenging for Chinese companies, with the Foreign Companies Accountability Act posing risks of delisting for firms that fail to meet audit requirements [14][15]. - Zeekr's stock performance has been underwhelming, with its market capitalization declining significantly since its IPO, prompting Geely to consider a strategic exit from the U.S. market [16][17]. Group 5: Future Implications - The privatization of Zeekr is seen as a critical step in Geely's broader strategy to streamline operations and enhance competitiveness in the rapidly evolving automotive landscape [12][18]. - There is a prevailing sentiment that Zeekr's return to private ownership will facilitate better resource allocation and operational agility, crucial for navigating the current market dynamics [17][18].

Monetary Policy and Economic Measures - The central bank announced a comprehensive reduction in the reserve requirement ratio by 0.5 percentage points, expected to release approximately 1 trillion yuan in long-term liquidity [2] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, likely leading to a similar drop in the Loan Prime Rate (LPR) [2] - The measures aim to stabilize market expectations and support the development of the real economy, with the Shanghai Composite Index rising by 0.8% to 3342.67 points on the announcement day [2][3] Public Fund Industry Reform - The China Securities Regulatory Commission (CSRC) introduced an action plan to promote high-quality development in public funds, shifting focus from "scale" to "returns" [4] - Key changes include linking management fees to fund performance, with lower fees for underperforming funds and potential increases for those exceeding benchmarks [4][5] - As of the end of April, public funds managed 32.5 trillion yuan, with over 50% of pension assets under management [4][5] Trade and Export Performance - In April, China's exports grew by 9.3% year-on-year, while imports turned positive with a 0.8% increase [9] - The total value of goods trade for the first four months reached 14.14 trillion yuan, a 2.4% increase compared to the previous year [9] - Exports to the U.S. saw a significant decline of 21.0%, while exports to ASEAN countries increased by 20.8% [9] Automotive Industry Standards - The Ministry of Industry and Information Technology is seeking public input on new safety standards for automotive door handles, focusing on emergency access and safety in accidents [10] - The proposed standards aim to enhance the safety and visibility of hidden door handles, addressing concerns raised by recent traffic incidents [10][11] Private Sector Investment - The National Development and Reform Commission plans to launch approximately 3 trillion yuan in quality projects this year, encouraging private sector participation in major infrastructure projects [13] - The initiative aims to leverage the flexibility and innovation of private enterprises to enhance project execution and create jobs [13] Stock Market and Corporate Actions - Geely Automobile announced plans to acquire all shares of Zeekr Intelligent Technology, leading to its delisting from the NYSE and a focus on consolidating its automotive business [18] - This move reflects Geely's strategy to enhance its competitiveness in the smart electric vehicle sector amid increasing market pressures [18]

21世纪经济报道特约记者庞华玮 广州报道近期，中概股回流的议题再度引发市场关注。 5月7日，证监会主席吴清在国新办新闻发布会上明确表态，将"创造条件支持优质中概股回归内地和香 港股市"，并宣布深化跨境监管合作等开放举措。 极氪或成为美国滥施关税背景下中概股回流的"第一股"。 同日，吉利汽车控股有限公司（下称"吉利汽车"）宣布，计划收购极氪智能科技有限公司（下称"极 氪"）已发行全部股份。吉利汽车目前持有极氪约65.7%的股份，如交易完成，极氪将与吉利汽车实现 完全合并，实现私有化并于纽交所退市。极氪计划私有化并从美股退市，或成为此轮中概股回流的"第 一股"。 业内认为，在美国滥施关税的影响下，中概股"回流潮"出现的可能性较大。与此同时，当前国内政策环 境不断优化，正创造条件支持优质中概股企业回归内地和香港股市。 极氪拟从美股退市 5月7日，在香港上市的吉利汽车宣布，计划收购在美国纽约证券交易所上市的极氪已发行全部股份。 根据吉利汽车公告，其收购所有已发行及发行在外的极氪股份及美国存托股票，建议购买价为每股极氪 股份2.57美元或每股美国存托股票25.66美元，该价格较最后交易日美国存托股票于纽交所的收市交易价 ...

Core Viewpoint - The article discusses the significant move by Geely Automobile to acquire all shares of Zeekr Technology, marking a major shift in the Chinese automotive industry amidst rising tariff tensions and discussions about "Chinese concept stocks returning" [2][4]. Group 1: Acquisition and Merger Details - Geely plans to submit a non-binding offer to Zeekr on May 7, 2025, which, if completed, will lead to Zeekr's privatization and delisting from the NYSE [4]. - The merger is seen as a strategic adjustment within the rapidly developing Chinese automotive sector, symbolizing a return to Geely's core operations [4][12]. - Geely's public relations indicated that privatizing Zeekr would create a unified listing platform, enhancing the competitiveness of its passenger vehicle business [4][12]. Group 2: Financial Performance and Challenges - Zeekr has faced significant financial losses since its inception, with cumulative losses reaching 26.22 billion RMB from 2021 to 2024 [7]. - In 2024, Zeekr reported total revenue of 75.91 billion RMB, a 47% increase year-on-year, with automotive sales revenue of 55.32 billion RMB, up 63% [10]. - Despite the revenue growth, Zeekr's net loss for 2024 was 5.79 billion RMB, indicating ongoing financial challenges [10]. Group 3: Strategic Implications - The merger is expected to help Zeekr define its future strategic direction in response to global market challenges [10][30]. - The consolidation of Zeekr and Lynk & Co. under Geely aims to streamline operations and enhance market positioning in the competitive electric vehicle sector [23][30]. - The article highlights the necessity for automotive companies to optimize resource allocation and improve competitiveness in a rapidly evolving market landscape [30].

美国与英国达成新贸易协议 当地时间5月8日美国总统特朗普在白宫宣布，美国与英国达成一项新的贸易协议，部分撤回特定领域的 关税，进一步扩大双方产品的市场准入。特朗普表示，协议最终细节将在接下来几周内敲定。 特朗普又一次公开引导民众"买股票"。 当地时间5月8日，美股三大指数集体收涨，纳指涨超1%，大型科技股出现普涨。消息面上，美国与英 国达成一项新的贸易协议，部分撤回了特定领域的关税。美国总统特朗普公开表示，如果贸易协议与减 税措施得以实现，"你最好现在就去买股票"。 三大指数集体收涨 当地时间周四，美股三大指数集体收涨，纳斯达克指数上涨1.07%，道琼斯指数上涨0.62%，标普500指 数上涨0.58%。其中，大型科技股出现普涨，特斯拉和英特尔涨超3%，亚马逊、谷歌涨超1.5%，微软涨 超1%，英伟达和Meta均小幅上涨，而奈飞下跌0.95%，ARM下跌超6%。 中概股多数上涨，纳斯达克中国金龙指数上涨0.97%，亚朵、声网涨超6%，名创优品、迅雷涨超4%， 理想汽车、极氪、蔚来涨超3%，阿里巴巴、小鹏汽车涨超2%，哔哩哔哩、爱奇艺、微博、百度涨超 1%，亿咖通科技下跌约12%。 近期，随着吉利汽车计划收购极 ...

Group 1 - The article highlights that President Trump publicly encouraged the public to "buy stocks" if trade agreements and tax cuts are realized, indicating a bullish sentiment in the market [2][9]. - On May 8, U.S. stock indices collectively rose, with the Nasdaq up 1.07%, Dow Jones up 0.62%, and S&P 500 up 0.58%, driven by a rally in large tech stocks [4][3]. - The article notes that the recent trade agreement between the U.S. and the U.K. involves the reduction of certain tariffs and the expansion of market access for various products, which has positively influenced investor sentiment [6][5]. Group 2 - The article mentions that Bitcoin prices surged past $100,000, marking a significant increase of approximately 4% on May 8, attributed to reduced concerns over global trade following the U.S.-U.K. trade agreement [7]. - The article discusses the implications of the trade agreement, including the U.K. agreeing to purchase $10 billion worth of Boeing aircraft, which is expected to bolster trade relations [6]. - It also highlights that the Nasdaq Golden Dragon Index, which tracks Chinese stocks listed in the U.S., rose by 0.97%, with several Chinese companies experiencing significant gains [4].