Core Viewpoint - Fourth Paradigm (06682) has submitted an application to the China Securities Regulatory Commission (CSRC) for the implementation of H-share full circulation, which has been accepted by the CSRC [1] Group 1 - The company has applied for the conversion of 13.7792 million domestic shares held by certain non-controlling shareholders into H-shares [1] - The converted H-shares are intended to be listed on the Hong Kong Stock Exchange [1]

Core Viewpoint - The company, 百望股份 (06657), has received approval from the Hong Kong Stock Exchange for the listing and trading of 135 million H-shares, which corresponds to the maximum number of domestic shares that will be converted and listed by November 17, 2025 [1] Summary by Category - **Company Announcement** - 百望股份 announced that it has received approval for the listing and trading of 135 million H-shares [1] - The approval is set to take effect by November 17, 2025 [1] - **Market Implications** - The conversion and listing of H-shares may enhance the company's capital structure and provide additional liquidity in the market [1] - This move could potentially attract more investors and increase the company's visibility in the market [1]

Core Viewpoint - Shanxi Installation (02520) announced the approval of a proposal to convert 1 billion domestic shares into H-shares, representing approximately 72.81% of the company's total issued share capital as of the announcement date [1] Group 1 - The company's board of directors has reviewed and approved the conversion of 1 billion domestic shares into H-shares [1] - The proposed H-share full circulation requires filing with the China Securities Regulatory Commission and approval from the Hong Kong Stock Exchange [1]

Core Viewpoint - The company, Yunji (02670), has submitted an application to the China Securities Regulatory Commission (CSRC) on November 18, 2025, to convert all of its unlisted domestic shares into H-shares, aiming for a listing on the main board of the Hong Kong Stock Exchange [1] Group 1: Application Details - The application for conversion and listing does not require a separate shareholders' meeting for approval according to the company's articles of association [1] - The conversion will occur after obtaining all necessary approvals from the CSRC and the Hong Kong Stock Exchange, as well as complying with applicable laws and regulations [1] Group 2: Company Benefits - The company believes that participating in H-share full circulation will have positive implications for both the company and its shareholders [1] - Post-conversion and listing, the proportion and market value of tradable H-shares will increase, leading to a more diversified shareholder structure [1] - The company's corporate image and reputation are expected to benefit from the conversion and listing process [1] Group 3: Future Opportunities - After the conversion and listing, the company may be included in the Stock Connect programs (Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect), which will expand its investor base [1] - Strengthening connectivity with mainland Chinese exchanges is anticipated to attract more domestic and international investors [1]

Core Viewpoint - The company, Cloudwalk (02670), has submitted an application to the China Securities Regulatory Commission (CSRC) on November 18, 2025, to convert all its unlisted domestic shares into H-shares, aiming for a listing on the main board of the Hong Kong Stock Exchange [1] Group 1: Company Actions - The conversion and listing of unlisted shares into H-shares will enhance the tradable proportion and market value of the company's H-shares [1] - The company believes that participating in the full circulation of H-shares will have positive implications for both the company and its shareholders [1] - The company will not hold a separate shareholders' meeting for the approval of the conversion and listing, as per its articles of association [1] Group 2: Market Implications - The conversion and listing are expected to diversify the shareholder structure of H-shares and improve the company's corporate image and reputation [1] - Following the conversion and listing, the company may be included in the Stock Connect programs (Shanghai-Hong Kong and Shenzhen-Hong Kong), which will increase the number of investors and strengthen connectivity with mainland Chinese exchanges [1]

Core Viewpoint - Xuan Zhu Bio-B (02575) has submitted a filing application to the China Securities Regulatory Commission (CSRC) for the proposed implementation of full circulation of H-shares, converting a total of 357,245,794 unlisted shares into H-shares on a one-to-one basis [1] Group 1 - The company plans to convert 357,245,794 unlisted shares into H-shares, which will then be listed and traded on the Stock Exchange of Hong Kong [1] - The conversion is subject to the completion of all filing requirements, including approval from the CSRC and the Stock Exchange of Hong Kong [1] - The company aims to comply with all applicable laws, regulations, and rules during this process [1]

Core Viewpoint - The company has announced a proposal for full circulation of H-shares, converting 357,245,794 unlisted shares held by six shareholders into H-shares, which represents approximately 68.9733% of the total issued shares as of the announcement date [1] Group 1 - The board of directors approved the implementation of the H-share full circulation proposal on November 14, 2025 [1] - The conversion of unlisted shares into H-shares is subject to obtaining all necessary approvals, including filing with the China Securities Regulatory Commission [1] - The company plans to apply for the listing and trading of these H-shares on the main board of the Stock Exchange of Hong Kong [1]

Core Viewpoint - Ying Tai Medical (01501) has submitted a filing to the China Securities Regulatory Commission (CSRC) for the implementation of full circulation of its H-shares, indicating a strategic move to enhance liquidity and market presence [1] Summary by Relevant Sections - **H-share Conversion** - The company has applied to convert a total of 71.7866 million domestic shares held by certain shareholders into H-shares for listing on the Hong Kong Stock Exchange [1] - **Regulatory Approval** - The conversion of domestic shares into H-shares will occur once all necessary filings and approvals from regulatory bodies, including the CSRC and the Stock Exchange, are obtained, ensuring compliance with applicable laws and regulations [1] - **Shareholder Meeting Requirement** - According to the company's articles of association, there is no need to convene a shareholder meeting to approve the conversion and listing of the shares [1]

Core Insights - Baima Tea's stock price has experienced significant volatility since its listing, with a peak increase of 86.7% on the first day, followed by a nearly 50% decline in the subsequent trading days, resulting in a market capitalization drop of approximately 53.72 billion HKD [1][2] Company Overview - Baima Tea is a national chain brand enterprise engaged in the research, design, standard output, and retail of various tea products, covering all categories of tea and related products [1] - According to its prospectus, Baima Tea ranks first in high-end tea sales revenue in China for 2024 and holds multiple segment sales championships [1] Market Position - Despite leading positions in several segments of the high-end tea market, Baima Tea's market share is relatively low, accounting for 1.7% of the total market, which is projected to reach 103.1 billion CNY in 2024 [2] - The top five companies in the high-end tea market collectively hold a market share of 5.6% [2] Franchise Expansion - There are signs of slowing expansion among Baima Tea's franchisees, with a significant decrease in the number of new franchise stores added in 2024 compared to 2023 [2] - The number of directly franchised stores increased by only 5 in 2024, a sharp decline from 265 in 2023 [2] Financial Performance - For the first half of 2025, Baima Tea reported a revenue of 1.063 billion CNY, a year-on-year decline of 4.2%, and a net profit of 120 million CNY, down 17.8% year-on-year [4] - The revenue decrease is attributed to a reduction in sales from self-operated offline stores [5] Stock Liquidity - Baima Tea announced a full circulation plan for H-shares shortly after its listing, which involves converting 31.9331 million domestic shares into H-shares, potentially increasing the total tradable shares from 52.9869 million to 84.92 million [5]

Core Viewpoint - Dekang Agriculture (02419) has submitted an application to the China Securities Regulatory Commission (CSRC) to convert certain domestic shares into H-shares, aiming for listing and trading on the Hong Kong Stock Exchange after obtaining all necessary approvals [1] Group 1 - The application was submitted on November 10, 2025 [1] - The conversion of domestic shares to H-shares is contingent upon receiving approvals from the CSRC and the Hong Kong Stock Exchange, as well as compliance with applicable laws and regulations [1] - Following the conversion, the company will apply for the listing and trading of these H-shares on the Hong Kong Stock Exchange [1]