Core Viewpoint - Wuhan Dazhong Dental Medical Co., Ltd. (Dazhong Dental) has submitted its second listing application to the Hong Kong Stock Exchange, aiming to raise funds for expansion and upgrades in the Central China region [1][2]. Company Overview - Dazhong Dental was founded in 2007 by Yao Xue and operates 92 institutions, including 4 hospitals, 80 outpatient departments, and 8 clinics, primarily in Hubei and Hunan provinces [2][3]. - The company holds the largest market share of approximately 2.6% among private dental service providers in Central China, based on 2023 revenue [2]. Business Model and Services - Dazhong Dental focuses on community-centered dental care, offering comprehensive dental services, dental implant services, and orthodontic services [2][3]. - The revenue from comprehensive dental services accounts for over 50% of the total revenue, with dental implants and orthodontics being the second and third largest revenue sources, respectively [2]. Financial Performance - Dazhong Dental's revenue for 2022, 2023, and 2024 was reported as 409 million yuan, 442 million yuan, and 407 million yuan, respectively, with net profits of 43.3 million yuan, 50.1 million yuan, and 41.9 million yuan [3]. - The gross profit margin decreased from 38.1% in 2023 to 37.4% in 2024 [3]. Market Challenges - The company faced challenges in 2023-2024 due to slower-than-expected economic recovery post-pandemic, leading to consumer spending downgrades and increased competition among dental service providers [5][14]. - The average transaction price for Dazhong Dental's three main business segments has declined [5]. Investment and Financing - Dazhong Dental has previously received investments from institutions such as CITIC Securities and Zhongyuan Jiupai, but these investors exited or reduced their stakes before the listing application [12][13]. - The company repurchased 8.3793 million shares from these investors for a total of 121 million yuan, citing differing opinions on the company's development as the reason for the exits [13]. Industry Context - The Hong Kong government is actively promoting the return of Chinese concept stocks, and the Hong Kong Stock Exchange has simplified the listing process, which may benefit Dazhong Dental [14]. - However, the company may face increased operational pressure due to ongoing medical procurement policies and intensified competition from larger players like Tongce Medical [14].

大中华私募股权市场显现回暖迹象。5月28日，在香港会议展览中心举行的大中华私募股权峰会(GPES) 上，证券时报记者观察到种种积极信号：资金募集规模回升、港股IPO市场活跃度提升、机构投资动作 明显增加。这场由香港创业及私募投资协会主办的行业盛会，吸引了逾600位创投及私募股权投资专业 人士、政府官员和企业高管参与。与会人士围绕私募信贷、退出策略等议题展开深入讨论，普遍对市场 持续复苏持乐观态度。 市场数据也显示，2024年大中华区私募市场正逐步走出低谷。根据贝恩公司《2025年中国私募股权市场 报告》，在经历连续两年下滑后，中国私募股权投资总额2024年实现7%的小幅增长，达到470亿美元。 这一回升主要得益于超大额交易(单笔超10亿美元)数量的增加。 港交所陈翊庭： 超150家企业正排队等候上市 香港IPO市场的强劲表现成为峰会讨论焦点。港交所CEO陈翊庭在峰会上表示，今年全球最大新股宁德 时代（300750）上市后，香港新股市场将继续受惠A+H股上市，以及美国预托证券(ADR)回流。她还表 示，目前有超过150家企业正排队等候上市，当中有不少属于集资规模超过10亿美元的超大型企业。 针对市场高度关注的中 ...

Group 1 - Morgan Stanley's research report indicates that improvements in the Hong Kong Stock Exchange's new listing channels and the potential return of Chinese concept stocks (with a total market value of $237 billion for 26 unlisted Chinese concept stocks) will benefit the long-term development of the Greater China stock market, with an expected 6% increase in earnings per share for the Hong Kong Stock Exchange by 2026 if all return to the Hong Kong market [1] - The Hong Kong stock market is experiencing a surge in technology company listings, with several core technology firms preparing to list in Hong Kong, positioning the exchange as a global technology capital hub [1] - The Shenzhen Financial Management Bureau has revealed plans to promote Greater Bay Area companies to list in Hong Kong and encourage H-share companies to return to the Shenzhen Stock Exchange, further deepening the financial market connectivity between the two regions [1] Group 2 - CITIC Securities points out that Hong Kong's capital market has formed a complete and developed financial system, with significant weights in finance, real estate, technology, and consumer sectors [1] - Benefiting from the global reassessment of Chinese assets and national policy support, the Hong Kong stock market is becoming a strategic location for global capital allocation of Chinese technology assets [1] - With the optimization of Hong Kong's listing rules (18A, 18C, and "Special Line for Technology Enterprises"), high-quality Chinese technology companies are accelerating their listings in Hong Kong, pushing the market into a new era of Chinese technology [1] Group 3 - Continuous inflow of southbound funds has led to the highest allocation ratio of active equity funds in Hong Kong stocks in nearly five years by the first quarter of 2025, with the technology sector increasingly becoming an important entry point for investing in China's technological rise [1] - The improvement in liquidity in the Hong Kong market, combined with the trend of Chinese concept stocks returning amid US-China tensions, has significantly increased the weight of the technology industry, with leading companies in core fields such as semiconductors, new energy, and cloud computing gathering in Hong Kong, highlighting its strategic position in the technology sector [1]

陈翊庭提到，目前港交所对接的储备项目中主要包含三类：已经在亚洲市场上市，现寻求融资的公司； 美国市场回流的中概股；以及新兴的独角兽和创新企业。 21世纪经济报道记者 张伟泽 实习生 莫林卫 香港报道 5月28日，港交所行政总裁陈翊庭在大中华私募投资高峰会上表示，目前有超150家企业正排队等候在港 上市，其中不少是集资规模超10亿美元的超大型企业。除此之外，香港在上市企业的后续融资中也表现 出色。自年初至今，融资额已接近200亿美元。 她提到，在过去几周中，她与很多在美国上市的中国企业有过沟通，他们都表示投资者要求这些公司制 定"PlanB"，以应对被摘牌的风险。这是中概股回流香港的主要推动因素。同时，进入港股通也吸引中 概股回流香港。港股市场特有的"港股通"机制可为企业带来增量资金，这对公司估值提升与二级市场流 动性改善具有显著助益。 对于第三类企业，陈翊庭指出，港交所从2018年开始推出了"18章系列"的上市规则，允许满足条件的未 盈利企业来港上市。此前港交所倾向于成熟的公司上市，但如今观念已显著改变，港交所认为需要精准 定制适合特定类型公司的上市框架。未来"18章系列"上市规则仍有可能扩展。 陈翊庭指出， ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activities in 2023, with total fundraising exceeding 76 billion HKD, a more than sevenfold increase compared to the same period last year, positioning it as the top global fundraising venue for IPOs in 2025 [2][3]. Group 1: IPO Market Performance - As of May 21, 2023, HKEX has welcomed 23 new listings, including notable companies like Mixue Ice City and CATL, which have set new records for IPO subscriptions and fundraising [2]. - The fundraising amount in Hong Kong has approached 90% of the total for the previous year, reflecting a strong recovery in the IPO market [2]. - HKEX has received nearly 100 IPO applications and is processing around 150 applications, indicating a robust pipeline of potential listings [3]. Group 2: Policy Changes and Market Reforms - The launch of the "Tech Company Fast Track" aims to streamline the listing process for technology and biotech companies, allowing confidential submissions and creating a "green channel" for these firms [4][5]. - HKEX has been progressively adjusting its policies to attract more high-growth tech companies, including the introduction of new listing frameworks and lowering entry barriers for specialized tech firms [4][5]. - Recent reforms to the IPO pricing mechanism are considered the most comprehensive in three decades, aimed at enhancing market competitiveness and improving the efficiency of new stock pricing [5]. Group 3: Trends in Listings - There is a notable trend of companies opting for "A+H" listings, with over 40 companies already applying or announcing plans to list in Hong Kong after being listed in mainland China [6]. - The return of Chinese concept stocks to Hong Kong is anticipated, with many companies considering dual listings or secondary listings in response to favorable market conditions [6][7]. - International companies, including those from Singapore and Thailand, are also increasingly choosing HKEX for their listings, further diversifying the market [7]. Group 4: Financial Performance and Future Outlook - HKEX has reported record financial results, with total revenue and other income reaching 22.4 billion HKD in 2024, a 9% increase from 2023 [8]. - The first quarter of 2025 saw HKEX achieving historical highs in both revenue and profit, with revenue of nearly 6.9 billion HKD, a 32% year-on-year increase [8]. - Strategic initiatives are underway to enhance liquidity and market vitality, including partnerships to expand the range of fixed income and currency products [9].

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].