Core Viewpoint - Hongxing Cold Chain (Hunan) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for expansion and modernization of its operations [1][3]. Company Overview - Hongxing Cold Chain, headquartered in Changsha, Hunan Province, is the largest frozen storage service provider in Central China and Hunan Province. The company was established in 2006 and transformed into a joint-stock company in December 2019 [1][3]. IPO Fund Utilization - The net proceeds from the IPO will be used to construct a new processing plant and cold storage facilities, upgrade existing equipment and IT infrastructure, and seek strategic acquisitions and partnerships over the next three years [3]. Market Demand - The cold chain market in China is substantial, driven by the country's large population and increasing demand for fresh, safe, and high-quality food as income levels and living standards rise [3]. Expansion Plans - Hongxing Cold Chain plans to build a new processing plant and cold storage facilities with a total design capacity of approximately 100,000 cubic meters or over 20,000 tons of usable capacity within the next three years [3]. Current Operations - The company operates two cold storage bases in Changsha, Hunan. The southern base was established in 2008, and the northern base was built in 2015 [3]. Financial Metrics - For the southern cold storage base, the average monthly storage fee per ton from 2022 to 2024 is projected to decrease from 79.4 RMB to 66.9 RMB. The northern base's fees are expected to fluctuate between 59.5 RMB and 51.5 RMB during the same period [3][4]. - The southern base's total available capacity is expected to increase from 130,352 tons in 2022 to 206,594 tons in 2024, while the northern base remains stable at 24,000 tons [4]. - The utilization rate for the southern base is projected to decrease from 98.9% in 2022 to 90.5% in 2024, while the northern base's utilization is expected to decline from 85.0% to 67.8% [4].

长江商报消息 ●长江商报记者 潘瑞冬 "宁王"港股IPO再进一步。 5月6日早间，宁德时代（300750.SZ）发布公告称，正在进行申请发行境外上市外资股（H股）股票并 在香港联交所主板挂牌上市的相关工作，刊发H股发行聆讯后资料集。 业绩面上，今年一季度宁德时代营收重回增长，净利高速增长。根据一季报，公司实现营业收入847.05 亿元、归母净利润139.63亿元。粗略计算，今年一季度，宁德时代日赚1.55亿元。 港股上市稳步推进 宁德时代港股上市事宜正在顺利推进中。 回溯公告，2024年12月，宁德时代正式宣布拟赴港上市。今年2月11日，宁德时代向香港联交所递交了 上市申请，并于同日在联交所网站刊登了申请资料。3月25日，宁德时代收到中国证券监督管理委员会 出具的《关于宁德时代新能源科技股份有限公司境外发行上市备案通知书》。4月10日，香港联交所上 市委员会举行上市聆讯，审议了宁德时代本次发行并上市的申请。港交所官网信息显示，公司通过港交 所主板上市聆讯。 5月6日，宁德时代发布公告，刊发境外上市外资股（H股）发行聆讯后资料集。 据悉，此次港股上市募集的资金将重点用于海外产能扩张、国际业务拓展及境外营运资金补 ...

Summary of Key Points Core Viewpoint - The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, passed hearings, and are in the process of going public. Group 1: Companies Submitting Applications - Demy Pharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange, focusing on skin health with projected revenues of approximately RMB 3.84 billion, RMB 4.73 billion, and RMB 6.18 billion for 2022, 2023, and 2024 respectively, while incurring losses of RMB 55.17 million, RMB 4.70 million, and RMB 106 million [4] - Zhongwei New Materials Co., Ltd. submitted its prospectus, specializing in new energy battery materials with revenues projected at RMB 30.34 billion, RMB 34.27 billion, and RMB 40.22 billion for 2022, 2023, and 2024 respectively, and net profits of RMB 1.54 billion, RMB 2.10 billion, and RMB 1.79 billion [4] - Hehui Optoelectronics submitted an application, ranking second globally in AMOLED semiconductor display panel manufacturing, with revenues of approximately RMB 4.19 billion, RMB 3.04 billion, and RMB 4.96 billion for 2022, 2023, and 2024, and losses of RMB 1.60 billion, RMB 3.24 billion, and RMB 2.52 billion [5] - Suzhou Rebo Biotechnology Co., Ltd. submitted its listing application, currently having six self-developed siRNA drugs in clinical trials, with projected net losses of RMB 437 million and RMB 282 million for 2023 and 2024 [6] - Naxin Microelectronics submitted an application, ranking fifth in China's analog chip market, with revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, and profits of RMB 250 million, losses of RMB 305 million, and losses of RMB 403 million [7] - Guanghetong Wireless Co., Ltd. submitted its prospectus, being the second-largest wireless communication module provider globally, with revenues of RMB 5.20 billion, RMB 5.65 billion, and RMB 6.97 billion for 2022, 2023, and 2024, and net profits of RMB 365 million, RMB 565 million, and RMB 677 million [8] - Hongxing Cold Chain (Hunan) Co., Ltd. submitted its application, ranking second in frozen food trading services in Central China, with revenues of RMB 237 million, RMB 202 million, and RMB 234 million for 2022, 2023, and 2024, and net profits of RMB 79 million, RMB 75 million, and RMB 83 million [9] - Three Squirrels submitted a listing application, being the largest online nut snack enterprise in China, with revenues of RMB 7.29 billion, RMB 7.12 billion, and RMB 10.62 billion for 2022, 2023, and 2024, and net profits of RMB 129 million, RMB 220 million, and RMB 408 million [10] Group 2: Companies Passing Hearings - Junda Co., Ltd. passed the hearing, being a leading photovoltaic cell manufacturer with projected revenues of RMB 11.09 billion, RMB 18.61 billion, and RMB 9.92 billion for 2022, 2023, and 2024, and net profits of RMB 821 million, RMB 816 million, and losses of RMB 591 million [11] - Green Tea Group Limited passed the hearing, ranking third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, with revenues of RMB 2.38 billion, RMB 3.59 billion, and RMB 3.84 billion for 2022, 2023, and 2024, and profits of RMB 17 million, RMB 296 million, and RMB 350 million [12] - Shanghai Auntie passed the hearing, being the fourth largest fresh tea drink network in China, with revenues of RMB 2.20 billion, RMB 3.35 billion, and RMB 3.29 billion for 2022, 2023, and 2024, and net profits of RMB 149 million, RMB 388 million, and RMB 329 million [13]

Core Viewpoint - Baima Tea Industry has submitted an IPO application to the Hong Kong Stock Exchange, marking a new chapter in its 30-year brand development journey [1] Group 1: Company Overview - Baima Tea Industry is a national chain brand enterprise in the tea sector, focusing on the research, design, standard output, and retail of tea and related products [3] - The company owns well-known tea brands such as "Baima Tea," "Xinjihao," and "Wanshanhong," and holds a significant market position due to its strong brand heritage and extensive sales network [3] - According to a report by Frost & Sullivan, Baima Tea ranks first in the Chinese tea market by the number of chain specialty stores and also leads in the high-end tea market, as well as in the oolong and black tea segments [3] Group 2: Financial Performance - Baima Tea has shown steady growth in recent years, with revenues of 1.818 billion yuan in 2022, 2.122 billion yuan in 2023, and 1.647 billion yuan in the first three quarters of 2024 [4] - The net profits were 166 million yuan in 2022, 206 million yuan in 2023, and 208 million yuan in the first three quarters of 2024, indicating strong resilience and market adaptability despite a slowdown in revenue growth in 2024 [4] - The company operates a "direct + franchise" sales model, with over 3,500 chain specialty stores across mainland China, and a growing number of franchise stores, which reached 3,224 by the end of September 2024 [4] Group 3: IPO Journey - Baima Tea's IPO journey has faced challenges, having previously attempted listings on various platforms including the Shenzhen Stock Exchange and the New Third Board, but withdrew its applications [6] - The current IPO aims to raise funds for expanding production bases, enhancing brand value, broadening product offerings, and improving digital operations [6] - A successful listing on the Hong Kong Stock Exchange would provide Baima Tea with a broader capital platform, reinforcing its leading position in the industry and facilitating national expansion [8]

Core Viewpoint - Avita Technology is set to upgrade its models to Huawei's QianKun Intelligent Driving ADS4 in the third quarter of this year, indicating a strategic partnership and technological advancement in its vehicle offerings [1] Group 1: Product Upgrades - Avita 06 will be upgraded to Huawei's QianKun Intelligent Driving ADS4 in Q3 of this year [1] - Models Avita 11, 12, and 07 are also scheduled for upgrades in the same timeframe [1] Group 2: Financial Strategy - Avita Technology will not pursue any financing plans before its IPO in Hong Kong [1]

Core Viewpoint - Sichuan Xin He Hua Chinese Medicine Co., Ltd. is attempting to list on the Hong Kong Stock Exchange after multiple failed IPO attempts, highlighting significant underlying issues that need to be addressed [1][5]. Financial Performance - Xin He Hua's revenue for 2022, 2023, and 2024 is approximately 780 million, 1.146 billion, and 1.249 billion yuan respectively, with corresponding net profits of 77.4 million, 104 million, and 89.1 million yuan [3]. - The company is experiencing a decline in profit margins, with gross profit margin decreasing from 21.1% in 2022 to 17.1% in 2024, particularly in toxic medicinal slices, which fell from 29.7% to 19.1% [3]. - The operating cash flow for 2024 is reported at -46,700 yuan, with trade receivables amounting to 5.58 billion yuan, representing 44.7% of revenue, indicating cash flow pressure [5]. Company Background - Established in 2001 and headquartered in Chengdu, Xin He Hua is one of the largest suppliers of Chinese medicinal slices, ranking second in China by revenue in 2023 [3]. - The company has a diverse product range, including toxic and ordinary medicinal slices, with operations extending beyond China to countries like Vietnam and Malaysia [3]. IPO History - Xin He Hua's IPO journey has been tumultuous, with the first attempt in 2010 being halted due to allegations of financial fraud, which claimed that a significant portion of its revenue was derived from fictitious transactions [4]. - The company made another attempt in 2020 but withdrew its application due to concerns over its core product competitiveness and internal controls [4]. Industry Challenges - The Chinese medicinal slice industry faces challenges such as price volatility in raw materials, which directly impacts pricing and costs [6]. - Xin He Hua's reliance on a limited product range poses risks; any changes in market demand or supply chain disruptions could significantly affect its performance [6].

Core Viewpoint - The Hong Kong stock market is experiencing a surge in listings, particularly in the lithium battery sector, influenced by tightened IPO regulations in A-shares and the globalization strategies of large enterprises [1][9]. Company Overview - Zhengli New Energy (03677.HK), a Chinese lithium-ion battery manufacturer, successfully listed on the Hong Kong Stock Exchange on April 14, 2023, with a closing price increase of 1.45%, reaching a total market capitalization of HKD 21.05 billion [1][3]. - The company was founded on February 26, 2019, and focuses on the research, production, and sales of power batteries, energy storage batteries, and aviation batteries [3]. Financial Performance - Zhengli New Energy reported consecutive losses from 2021 to 2023 but is projected to turn a profit in 2024. The revenue figures for 2021 to 2024 are approximately CNY 1.499 billion, CNY 3.29 billion, CNY 4.162 billion, and CNY 5.13 billion, respectively, with corresponding net profits of CNY -402 million, CNY -1.72 billion, CNY -590 million, and CNY 91.014 million [3][12]. Market Position - The listing of Zhengli New Energy has established a "three giants" structure in the Hong Kong lithium battery market, alongside existing players, China Innovation Aviation and Ruipu Lanjun. Their respective installed capacities for 2024 are projected to be 36.5 GWh, 12.1 GWh, and 9.9 GWh, with market shares of 6.6%, 2.2%, and 1.8% [7][8]. Competitive Landscape - The lithium battery sector is witnessing a competitive landscape characterized by both oligopolistic and diversified competition, with leading companies leveraging technological advantages and brand influence to capture significant market shares [8][12]. - Several lithium battery companies, including CATL and others, are planning to list in Hong Kong, indicating a trend towards increased capital market activity in this sector [9][10]. Future Outlook - The Hong Kong market is anticipated to become a new "value discovery" hub for the lithium battery industry, particularly for mid-sized companies that face challenges in A-share financing [12].

Group 1 - The company plans to go public in Hong Kong in 2025, aiming to raise between $2 billion to $3 billion (approximately 14.5 billion to 21.8 billion RMB) [1] - If successful, the company will join the ranks of other major players in the Apple supply chain, further expanding its international financing channels [1] - The company has rapidly expanded its business through acquisitions, including a controlling stake in German automotive wiring giant LEONI AG and a purchase of ODM assets from Wistron Technology [1] Group 2 - In the first three quarters of 2024, the company achieved revenue of 177.177 billion RMB, a year-on-year increase of 13.67%, and a net profit of 9.075 billion RMB, up 23.06% year-on-year [1] - The company expects its full-year net profit for 2024 to reach between 13.1 billion to 13.7 billion RMB, with a growth rate of 20%-25% [1] - Despite stable performance, 75.24% of the company's revenue comes from Apple, indicating significant customer concentration risk [1] Group 3 - The Hong Kong IPO market has seen a significant recovery since 2025, with the first quarter's fundraising amount ranking fourth globally [2] - The company's A-share stock price experienced volatility following the announcement, with a single-day drop of 9.99% on April 3, raising concerns about its high valuation and the stability of Apple orders [2] - Analysts believe that breakthroughs in automotive electronics and enterprise communications will open new growth avenues for the company, with overseas revenue from its communications business reaching 25% [2]

星标 ★ IPO日报 精彩文章第一时间推送 2025年第一季度刚刚过去，港股IPO市场继续火热， 首发上市15家企业，募资177亿港元，相比去年同期增长超过270%。其 中包括蜜雪冰城在内的6家公司实际募资超过10亿港元。 值得一提的是，2025年第一季度港股新增51家上市申请，其中11家为A股已上市公司，占比接近四分之一。 制图：佘诗婕 募资额增长270% 东方财富Choice数据统计显示， 截至2025年3月31日，港股市场有15家公司首发IPO，共实际募集资金约177亿港元（约相当于165.37 亿人民币）。相比2024年同期，首发上市的公司数量增加了3家，募资资金规模也相应增加了129.16亿港元，同比增长超过270%。 其中，40% 的IPO企业来自消费品市场，20%来自工业市场，13%来自能源及天然资源市场。 也就是说，港股出现大量首次向港交所递交IPO申请的企业，且这一数量显著增多。 目前，港股共有120家企业在IPO申报阶段，较2024年年底86家有显著增加。 其中包括大家耳熟能详的京东工业、周六福、先导智 能、宁德时代、八马茶业、海天调味、恒瑞医药、北京同仁堂、麦德龙、沪上阿姨、绿茶集团、曹 ...

锚定豪华高端品牌、出海+新车矩阵有望持续、港股IPO 有望持续提高公司盈利质量。2024 年问界销量 39 万辆，同比+265%，其中M5/M7/M9 分别为3.9/19.4/15.6 万辆。2024 年，公司旗舰SUV 问界M9 发布 12 个月累计大定突破20 万辆，连续9 个月蝉联中国市场50 万以上月度销冠，彰显品牌豪华定位。自 2025 款问界M9 与M8 开启预订以来，一周内M9/M8 的预订量突破了3万台/5.8 万台，两款车型的小定 总量累计超8.8 万台，新品周期蓄力向上。 展望后续，公司港股IPO 有望加速国际化步伐，持续提高盈利质量。 事件：2025 年3 月31 日，公司发布2024 年年报。2024 年，公司实现营业收入1452 亿元，同比+305%； 实现归母净利润59 亿元，同比+343%；实现扣非归母净利润56 亿元，同比+216%。同日，公司发布关 于筹划发行H 股股票并上市相关事项的提示性公告、控股子公司增资扩股并引入战略投资者的公告。 公司业绩同比高增，毛利率逐季提升，股东回报优异。业绩端，公司Q4 实现收入385 亿元，同比 +101%；Q4 实现归母净利润19 亿元， ...