Core Viewpoint - The article highlights the significant price increases of two new stocks, 恒瑞医药 (Hengrui Medicine) and MIRXES-B, during the dark trading period before their listing on the Hong Kong stock market, indicating strong market interest and potential investment opportunities. Group 1: Hengrui Medicine - Hengrui Medicine, a well-established A-share company listed since 2000, has a strong focus on R&D, with a projected R&D investment of 29.4% of total revenue in 2024 [3] - The company has a diverse portfolio with 19 marketed innovative drugs and over 90 in clinical or later stages of development [4] - Hengrui's total revenue is expected to reach RMB 28 billion in 2024, with a compound annual growth rate (CAGR) of approximately 14% since 2014, significantly outpacing the global pharmaceutical market's CAGR of about 4% [4] - The sales revenue from innovative drugs has increased from 38.1% of total revenue in 2022 to 43.4% in 2023, and is projected to reach 46.3% in 2024, while sales from generic drugs are decreasing [4] Group 2: MIRXES-B - MIRXES-B, founded in 2014 and based in Singapore, specializes in miRNA technology for disease screening and diagnostics, particularly in cancer detection [4] - The company is one of the few globally to have received regulatory approval for its molecular cancer screening IVD products, including the first approval for molecular gastric cancer screening [4] - Despite its innovative offerings, MIRXES-B is currently operating at a loss, with losses increasing from USD 0.56 million in 2022 to USD 0.696 million in 2023, and projected losses of USD 0.92 million in 2024 [5] - The subscription ratio for MIRXES-B is significantly lower than that of Hengrui Medicine, with 25 times compared to Hengrui's 409 times [6]

Core Viewpoint - The article discusses the upcoming IPO of FWD Group, led by Richard Li, the son of Li Ka-shing, highlighting its growth and expansion in the insurance sector across Asia-Pacific, particularly its significant customer base from mainland China [3][4][6]. Group 1: Company Overview - FWD Group has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Richard Li as its leader, who has established the company through strategic acquisitions since 2013 [3][5]. - The company has approximately 60,000 policyholders from mainland China, indicating a strong market presence [4][6]. - FWD Group's business model focuses on customer-centric and digital empowerment strategies, leading to rapid growth in the insurance market [5][6]. Group 2: Financial Performance - From 2014 to 2024, FWD Group's annualized new premiums are projected to grow 5.2 times, from $309 million to $1.916 billion [6]. - The company reported net insurance and investment performance of $493 million, $470 million, and $911 million for the years 2022 to 2024, respectively, with a turnaround to profitability expected in 2024 [7]. - The annualized new premium from mainland Chinese visitors has seen a growth of 6.3 times from 2022 to 2024, showcasing the potential for further expansion in this market [7]. Group 3: Market Context - The Hong Kong IPO market is experiencing a resurgence, with significant listings such as CATL and Heng Rui Pharmaceutical, indicating a robust environment for new public offerings [13][14]. - The total fundraising amount from new IPOs in Hong Kong has exceeded HKD 60 billion, marking a more than sixfold increase compared to the previous year [13][15]. - The sentiment among investors has shifted positively, with a growing interest in Hong Kong listings, contrasting with previous perceptions of low liquidity and valuation issues [15].

在深度共话环节，中信建投投资银行委员会执行总经理赵旭、松禾资本合伙人赵亮、启赋资本合伙人唐华林、华商律师事务所合伙人徐舜芝、毕马威中国审 计合伙人徐司辞围绕"港股IPO最新动向带给企业及投资机构的机遇及挑战"开展热烈讨论。从上市中介机构视角出发，嘉宾们就审计实操、募集资金管理、 港股再融资等内容分享见解，并深入探讨港股上市备案规范性要求、港股与A股财务会计处理差异等企业关注的焦点问题。 记者了解到，近年来，赴港上市热度持续攀升。2024年4月，中国证监会发布《五项资本市场对港合作措施》，明确支持内地行业龙头企业赴港上市；同年 10月，香港证监会和港交所联合声明，针对符合资格的A股公司推出快速审批时间表。5月7日，中国证监会主席吴清表示，将创造条件支持优质中概股企业 回归内地和香港股市。如今，香港已成为A股公司境外融资上市及中概股回流上市的首选平台。未来，深证企服中心将持续发挥平台纽带作用，整合深港两 地资源，为更多优质企业提供上市辅导、融资对接等全周期服务，搭建深港金融合作桥梁，助力企业借助资本市场实现跨越式发展。 （本文图片由前海管理局提供） 深圳商报·读创客户端记者 范宏韬 5月16日，在深圳市委金融办、 ...

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 ...

下午，赴港上市培训活动正式举办。宝安区企业服务中心杨海栋主任致辞介绍，宝安区精准服务企业， 常态化开展上市培育活动，构建诉求多层级快速协调处理机制，全力扫清企业上市障碍；同时，通过建 立上市培育库、优化企业培育体系，全方位助力企业发展壮大。 活动现场，港交所上市服务部副总裁陆琛健对港交所市场动态及上市政策进行深入解读。中信建投证券 投资银行委员会执行总经理赵旭带来A股上市公司香港上市的专题分享。港交所上市企业晶泰控股融资 副总裁何飞宏则分享了港股18C规则相关的宝贵经验。 活动现场。主办方供图 人民网深圳5月19日电 (刘森君)5月16日，深圳市深证中小企业服务中心(以下简称"深证企服")联合深圳 前海股权交易中心等服务机构，在前海举办"星耀鹏城"赴港上市培训会。百余家意向赴港上市的深圳企 业代表、私募基金管理人参与活动。 当日上午，深证企服率先召开赴港上市闭门交流会。7家深圳市上市后备企业高管与会交流，港交所专 家针对企业代表的提问一一解答，并建立起后续持续对接与沟通的渠道。 深度共话环节，来自投资机构、律所等的多位嘉宾，围绕"港股IPO最新动向带给企业及投资机构的机 遇及挑战"主题，进行了热烈讨论。 深证 ...

Group 1 - The core point of the article is that CATL is set to launch the largest IPO in Hong Kong in nearly three years, with plans to raise approximately 307.18 billion HKD (around 290 billion RMB) by issuing 117.9 million H-shares at a maximum price of 263 HKD per share [1] - CATL's IPO will only dilute existing shareholders' equity slightly, with the new shares representing just 2.61% of the expanded share capital [1][2] - The IPO has attracted significant interest from cornerstone investors, with 65.7% of the shares being subscribed by 23 cornerstone investors, including major foreign and domestic institutions [2] Group 2 - Retail investors have shown strong enthusiasm, with total subscription amounts exceeding 1.4 trillion HKD (approximately 1.292 trillion RMB), indicating high demand for CATL's shares [2] - CATL plans to allocate 90% of the funds raised from the IPO to the construction of its energy storage projects in Hungary, with a total planned investment of approximately 7 billion euros (around 56 billion RMB) [3] - The European market presents a unique opportunity for CATL, as there are currently no strong local battery manufacturers, positioning CATL as a key player in the region [4] Group 3 - The successful IPO of CATL may create challenges for other battery manufacturers in Hong Kong, as the increased market attractiveness of CATL could make it more difficult for smaller firms to secure financing [5]

Core Viewpoint - Cambridge Technology is facing scrutiny over its upcoming Hong Kong IPO due to concerns about the timing of its fundraising in relation to significant share reductions by major shareholders and inconsistencies in its financial data [1][11][12]. Financial Performance - Cambridge Technology reported fluctuating revenues and net profits from 2022 to 2024, with revenues of RMB 3.786 billion, RMB 3.087 billion, and RMB 3.652 billion, reflecting year-on-year growth rates of 29.66%, -18.46%, and 18.31% respectively [2][3]. - The net profits for the same period were RMB 171 million, RMB 95 million, and RMB 167 million, with year-on-year growth rates of 154.93%, -44.59%, and 75.42% respectively [2][3]. IPO Fundraising Purpose - The company plans to use the proceeds from the Hong Kong IPO to enhance production capacity for optical modules, broadband, and wireless solutions, as well as to improve R&D capabilities and supplement working capital [2][6]. - The specific amount to be raised has not yet been disclosed [2]. Previous Fundraising Issues - Cambridge Technology's previous fundraising projects have faced delays and changes, with the most significant project, the optical module project, experiencing multiple extensions and currently being integrated into a new project [3][4][5]. - The optical module project was initially set to be completed in one year but has now been extended to five years without generating expected benefits [4][5]. Supplier Data Discrepancies - There are notable discrepancies between the procurement data reported in the company's annual report and the Hong Kong IPO prospectus, raising questions about the reliability of the financial data [8][9]. - For instance, the procurement amounts for the top five suppliers differ significantly between the two documents, with the annual report showing lower totals compared to the IPO prospectus [8][9]. Shareholder Actions - The controlling shareholders plan to reduce their holdings by up to 3% through block trades and open market transactions, which has raised investor concerns about the timing of the IPO and the potential implications for company governance [11][12][13]. - The company has stated that the reduction in shareholding is based on the shareholders' business needs and is not directly related to the IPO [12][13].

讯众股份作为一家新三板挂牌公司，在经历了多次A股上市失败及并购未果后，再次转战港股IPO。尽 管其业务定位为云通信服务提供商，但综合其财务数据、业务模式及历史问题，本次港股IPO潜藏多重 风险。 财务风险与流动性危机 2024年11月，北京亚康因买卖合同纠纷提起诉讼，要求讯众股份退还6540万元款项。尽管公司反诉主张 合同无效，但案件尚未判决，若败诉可能进一步加剧现金流压力，并影响投资者信心。 股权分散与控制权隐患 实际控制人朴圣根直接持股27.36%，发行后降至21.3%，股权结构分散。北交所在2022年问询中曾质疑 其控制权稳定性，指出若主要股东形成一致行动关系，可能削弱实际控制人影响力。此外，公司多次配 股融资导致股权稀释，未来治理稳定性存疑。 行业竞争与技术迭代压力 中国云通信市场竞争激烈，2023年市场CR5占比仅20.9%，讯众股份以1.8%的份额排名第四。行业技术 迭代迅速，CPaaS业务面临UCaaS（统一通信服务）和CCaaS（云联络中心）的替代风险，而公司在研 发投入上逐年缩减（2024年研发费用占比仅4.1%），可能难以应对技术升级需求。 公司经营活动现金流自2016年起连续八年为负，累 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the overseas listing and full circulation of unlisted shares for Shanghai Zhida Technology Development Co., Ltd. [1] Group 1: Company Actions - The company plans to issue up to 20,627,100 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - A total of 24 shareholders intend to convert their combined 53,809,907 unlisted shares into overseas listed shares for trading on the Hong Kong Stock Exchange [1]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 宁德时代方面表示， 本次募资所得的90%将投向匈牙利项目第一期及第二期建设， 进一步提升本地化供 应能力。目前宁德时代海外布局的产能主要包括德国工厂、匈牙利工厂、与Stellantis合资的西班牙工厂 及印尼电池产业链项目。 本文来源：储能前沿 宁德时代于2月11日正式向港交所递交A1申请文件，3月25日获中国证监会境外发行上市备案通知书，创 近年境外发行备案最快纪录。按照5月20日上市计算，宁德时代从申报到上市仅3月余。 宁德时代2024年营收为3620.13亿元，和上年同期相比（同比）减少9.70%；归属于上市公司股东的净 利润为507.45亿元，同比增加15.01%。值得一提的是，尽管净利润依然可观，但宁德时代在去年的营收 是自2018年上市以来首次出现同比下滑。 宁德时代的港股IPO正在如火如荼地进行中，目前展现出极高的市场热度。 2025年第一季度报告，宁德时代营收为847.05亿元，和上年同期相比（同比）增加6.18%；归属于上市 公司股东的净利润为139.63亿元，同比增加32.85%；综合毛利率达24. ...