Core Viewpoint - Zhengpin Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for market expansion, opening self-operated stores, expanding sales networks, and new product development. The company's revenue is highly dependent on its largest customer, Milk Company [1][7]. Financial Performance - Zhengpin Holdings' revenue for the fiscal years 2023, 2024, and 2025 is projected to be HKD 43.193 million, HKD 109.618 million, and HKD 130.215 million, respectively. Corresponding net profits are expected to be HKD 11.313 million, HKD 35.483 million, and HKD 36.257 million [2][3]. - The gross profit margins for the same fiscal years are approximately 81.6%, 78.6%, and 75%, indicating a declining trend [4][6]. Market Position - Zhengpin Holdings ranks seventh among local suppliers of health and beauty supplements in Hong Kong, with a market share of about 1.6% as of 2024 [2]. - The company relies on outsourcing production to suppliers and primarily distributes its own and third-party brand products through retail stores like Mannings [2][4]. Customer and Supplier Dependency - The company’s revenue is significantly reliant on its top five customers, with revenues from these clients for the fiscal years 2023, 2024, and 2025 being approximately HKD 39 million, HKD 98 million, and HKD 109 million, respectively, accounting for about 90.6%, 89.4%, and 83.4% of total revenue [7]. - The largest customer, Milk Company, contributes approximately HKD 39 million, HKD 84 million, and HKD 97 million to total revenue for the same years, representing about 89.1%, 76.7%, and 74.5% of total revenue [7].

近日，动力电池企业A股上市公司欣旺达公告称，公司正筹划发行H股股票并在香港交易所上市。 今年以来，港股市场日益火爆，吸引了众多动力电池产业链A股公司前来二次上市，或是港股首次上市。至 此，国内动力电池产业链企业宁德时代、比亚迪、中创新航、瑞浦兰钧、正力新能等已成功登陆港交所，加上亿纬 锂能、欣旺达均已公布了赴港上市计划，国内动力电池TOP10企业中有约七成已在港股上市或正在加速赴港上市。 港股上市成为潮流 据不完全统计，今年以来，已有23家电池产业链企业官宣港股上市动态，有3家已成功登陆港股，15家递交招 股书，5家释放冲刺信号。其中，宁德时代在港交所二次上市募资353亿港元，以断层式优势摘得今年以来全球上半 年最大IPO桂冠；正力新能港股IPO上市市盈率约260倍，为2025年港股上半年上市公司最高。 与此同时，2025年的港交所被业内形容为"被挤爆"。数据显示，上半年港交所收到的IPO申请约200份，较去年 同期增长7倍。截至6月30日，2025年的港交所共有43家企业成功IPO，较去年同期增加13家；IPO融资规模达 1067.13亿港元（约合人民币974.25亿元），已超过去年全年IPO融资规模881 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Jiangsu Riyu Solar Materials Co., Ltd. regarding its recent listing application on the Hong Kong Stock Exchange, focusing on shareholder pricing, compliance of equity incentive plans, and other regulatory matters [1][2]. Group 1: Regulatory Requirements - The CSRC has asked the company to clarify whether its business scope involves areas listed in the "Negative List of Foreign Investment Access (2024 Edition)" [1]. - The company must explain the rationale behind the pricing of newly added shareholders in the last 12 months and whether there are any signs of interest transfer [1]. - The company is required to provide details on the compliance of its implemented equity incentive plans, including participant relationships with other stakeholders and the legality of the plans [1][2]. Group 2: Company Overview - Jiangsu Riyu is a supplier of conductive silver paste and metallization paste, focusing on the manufacturing and supply of conductive photovoltaic silver paste for various types of solar cells [2]. - The company is recognized as a global leader in conductive photovoltaic silver paste, projected to rank first among the top five manufacturers by revenue in 2024 [2]. - In the fiscal year 2024, the company is expected to account for approximately 4.8% of the total revenue and sales in the global conductive photovoltaic silver paste market [2]. Group 3: Financial Performance - The company has experienced rapid growth in revenue and net profit from the fiscal year 2022 to 2024, with compound annual growth rates of 141.3% and 925.6%, respectively [3]. - The revenue figures for the fiscal years 2022, 2023, and 2024 are approximately 393 million RMB, 1.594 billion RMB, and 2.285 billion RMB, while net profits for the same years are 877,000 RMB, 59.659 million RMB, and 92.241 million RMB [3].

Core Viewpoint - Transsion Holdings, a budget smartphone manufacturer listed on the Shanghai STAR Market, is reportedly considering a secondary listing in Hong Kong with a potential fundraising target of up to $1 billion [2][3]. Group 1: Company Overview - Transsion Holdings has rapidly risen by focusing on budget smartphones priced between $100 and $200, establishing a dominant position in the African market and ranking among the top five global smartphone manufacturers [3][5]. - The company has faced challenges due to increased competition from domestic smartphone manufacturers in Africa and setbacks in new market expansions [3][6]. Group 2: Financial Performance - The company's revenue growth was robust until the first half of last year, achieving a 38% year-on-year increase to 34.6 billion yuan, but it experienced a significant downturn in the second half, with an 8.3% decline [7]. - In the first quarter of this year, Transsion reported a 25.5% year-on-year drop in revenue to 13 billion yuan, down from 17.4 billion yuan in the same period last year, and a 70% decline in net profit to 497 million yuan [7]. - The gross margin decreased from 21.4% to 19.3%, while competitors like Xiaomi and Apple reported gross margins of 22.8% and 35.9%, respectively [7]. Group 3: Market Challenges - Transsion's market share in Africa fell from 52% to 47% in the first quarter, ending a seven-quarter growth streak, while Southeast Asia and the Middle East saw declines of 20% and 30% in shipment volumes, respectively [7][8]. - The company is shifting its strategy from "growth at all costs" to pursuing higher-margin products, which may improve its situation in the second half of the year [8]. Group 4: IPO Considerations - Despite its current challenges, Transsion is encouraged by the booming IPO market in Hong Kong, which has attracted many Chinese companies for secondary listings [5][8]. - The potential Hong Kong listing could provide a new investment channel for investors in the Chinese smartphone manufacturing sector, although the company may need to issue shares at a price lower than its STAR Market valuation to raise the targeted $1 billion [8].

Core Viewpoint - The Hong Kong IPO market is experiencing a structural recovery in 2024, driven by policy benefits, improved liquidity, and heightened compliance challenges for companies seeking to go public [1] Group 1: Market Dynamics - Policy benefits are being released as the Hong Kong Stock Exchange optimizes listing rules, such as the 18C chapter for specialized technology companies, and lowers the threshold for technology enterprises, attracting sectors like biomedicine, AI, and new economy businesses [1] - Continuous inflow of southbound funds is improving liquidity, indicating a window for valuation recovery [1] - Compliance challenges are escalating, with stricter regulatory requirements on ESG disclosures, related party transactions, and the compliance of equity structures, leading to a reduced margin for error in the listing preparation process [1] Group 2: Training Program - A training program titled "Immersive Training for Breaking Through the Full Chain of Hong Kong Listing" is scheduled for August 2-3, 2025, in Shanghai, aimed at helping companies navigate the IPO process [1] - The program will cover strategic preparation, core documentation, valuation practices, compliance challenges, and post-listing value management [12][14][16] Group 3: Expert Instructors - The program features experienced instructors, including CFOs and lawyers with extensive backgrounds in Hong Kong IPOs and capital markets [2][5][7] - Instructors have been involved in successful IPO projects and possess deep knowledge of listing regulations, corporate governance, and information disclosure requirements [2][5][7]

Group 1: ETF Market Overview - The total scale of ETFs in Shanghai and Shenzhen has exceeded 4.3 trillion yuan, with Shanghai ETFs totaling over 3.14 trillion yuan and Shenzhen ETFs exceeding 1.15 trillion yuan, showing steady growth from the previous month [1] - The first batch of 10 Sci-Tech Innovation Bond ETFs was launched on July 17, attracting significant market attention and reshaping the market landscape for bond ETFs, which are becoming an important force in the secondary market [1] Group 2: A-Share Companies Going Public in Hong Kong - Ten A-share listed companies have successfully gone public in Hong Kong this year, raising approximately 70% of the total fundraising amount for new listings in the Hong Kong stock market [1] - A total of 78 A-share companies have either submitted applications to the Hong Kong Stock Exchange or announced plans to list in Hong Kong, covering various industries such as pharmaceuticals, power equipment, food and beverage, and finance [1] - The practice of issuing new shares at a discount in Hong Kong has been broken, with companies like CATL achieving premium issuance, marking a significant shift in the market [1] Group 3: A-Share Buyback Activity - The A-share buyback market remains active, with many companies announcing large buyback plans, primarily for employee stock ownership plans or equity incentive plans [2] - As of July 28, 688 A-share companies or significant shareholders have obtained buyback financing loans, totaling approximately 140.97 billion yuan [2] Group 4: Corporate Governance and Management Changes - Huizhou Intelligent announced the resignation of director Chen Youde due to being identified as a dishonest executor by the court [5] - Aojie Technology reported the resignation of two directors, with no impact on the normal operation of the board [6] - Shiming Technology disclosed that its actual controller and chairman, Lu Yong, has been placed under detention due to personal matters, but the company's operations remain unaffected [7] - Jiangte Electric announced a change in its actual controller to Wang Xin and Zhu Jun, with stock resuming trading on July 29 [8]

Group 1 - The core viewpoint of the article is that AUX Electric Co., Ltd., a leading player in the air conditioning industry, is preparing for a significant IPO on the Hong Kong Stock Exchange after previously submitting its application in January 2025 [1][3] - AUX claims to be the "fifth largest air conditioning supplier globally" and has a history dating back to the 1990s when it adopted aggressive pricing strategies to gain market share [1][4] - The company has achieved nearly 30 billion yuan in annual revenue, although it still lags behind major competitors like Midea and Gree, which reported revenues of 407.2 billion yuan and 190 billion yuan respectively in 2024 [3][4] Group 2 - AUX has expanded its business internationally, reaching over 150 countries and regions, but still faces significant gaps in revenue compared to domestic leaders [3][4] - The competitive landscape has evolved from a focus on high-quality, high-priced products to price wars and diversified competition, with AUX maintaining a strong market presence through innovative strategies [4] - The upcoming IPO represents a potential turning point for AUX, especially following a substantial dividend payout of 3.794 billion yuan prior to its first IPO attempt [3]

Group 1 - UBTECH announced its fifth equity financing since its IPO, aiming to raise approximately HKD 24.73 billion by issuing about 30.16 million new H-shares at HKD 82.00 per share, which is a discount of about 9.14% from the closing price on July 21, 2025 [1] - The total amount raised by UBTECH, including the IPO, has reached HKD 55.82 billion, corresponding to approximately 13.85% of the company's total share capital post-financing [1] Group 2 - GoerTek submitted a prospectus to the Hong Kong Stock Exchange for its subsidiary, GoerTek Microelectronics, aiming for a listing on the main board, marking its second attempt after a previous application lapsed on January 20, 2025 [2] - GoerTek Microelectronics holds a 4.3% market share in the global sensor market, ranking fourth, and a 43.0% share in the acoustic sensor market, ranking first [2] Group 3 - Xiechuang Data announced plans for an IPO in Hong Kong to enhance its international strategy and overseas financing capabilities, focusing on IoT smart terminals and data storage devices [3] - The company, which was listed on the Shenzhen Stock Exchange in July 2020, currently has a market capitalization of approximately RMB 27.51 billion [3] Group 4 - Dongyang Sunshine Pharmaceutical's absorption merger plan was approved with over 99% support at a shareholder meeting, marking a significant step in its listing process, with plans to officially list on August 7 [4] - This merger represents the first case of an H-share absorption merger and privatization listing on the Hong Kong Stock Exchange, avoiding new share issuance while achieving asset integration [4] Group 5 - The Hang Seng Index closed at 25,130.03, with a gain of 0.54% on July 22 [5] - The Hang Seng Tech Index and the National Enterprises Index also saw increases of 0.38% and 0.39%, closing at 5,606.83 and 9,075.60 respectively [5]

Group 1 - Lakala (300773) executed two block trades on July 22, 2025, totaling 200,000 shares with a transaction amount of 4.892 million yuan, at an average price of 24.46 yuan, representing a 12.01% discount to the closing price of 27.80 yuan on that day [1] - The stock price of Lakala showed limited volatility on the same day, opening at 27.72 yuan, reaching a high of 28.15 yuan, a low of 27.69 yuan, and closing at 27.80 yuan, with a trading volume of 1.12 billion yuan and a turnover rate of 5.47% [1] - According to the Q1 report, Lakala's revenue for the quarter was 1.299 billion yuan, a year-on-year decrease of 13.01%, and the net profit attributable to shareholders was 101 million yuan, down 51.71% year-on-year [1] Group 2 - Shareholder reduction actions have continued to attract market attention, with shareholder Sun Haoran reducing holdings by 10.923 million shares from June 19 to July 17, lowering his stake from 8.88% to 7.50%, in line with the reduction plan disclosed in May [1] - Lenovo Holdings plans to reduce its holdings by no more than 23.643 million shares within three months starting from July 23 [1] Group 3 - Lakala has been in the spotlight due to its plans for a Hong Kong stock listing and exploration of stablecoin business, with an announcement on June 16 indicating progress in H-share issuance to apply for a stablecoin license and communication with the Hong Kong Monetary Authority regarding related opportunities [2] - Following this news, Lakala's stock price surged from 23 yuan to 35.97 yuan in mid-June, marking an increase of over 50%, although it has recently retreated amid market adjustments [2]

Core Viewpoint - The article discusses the handling of special shareholder rights in the context of companies applying for listing on the Hong Kong Stock Exchange, emphasizing the need for compliance with the Hong Kong Stock Exchange's regulations and the negotiation dynamics between the listing companies and their investors [4][20]. Summary by Sections Special Shareholder Rights Scope and Principles - The number of domestic companies applying for Hong Kong listings has significantly increased since 2024, leading to the necessity of addressing how special shareholder rights are managed [4]. - Companies must terminate or arrange special rights according to the Hong Kong Stock Exchange's Listing Rules and the new listing applicant guidelines [4][5]. - The handling of these rights is primarily guided by the opinions of overseas lawyers involved in the listing process, although domestic lawyers play a crucial role in drafting related agreements [4][19]. Handling of Special Shareholder Rights - According to the Listing Guidelines, special rights not applicable to all shareholders must be revised or terminated before listing [5]. - Special rights include preemptive rights, buyback rights, and liquidation preferences, which generally need to be terminated before the company submits its listing application [8][9]. - The treatment of these rights is stricter in Hong Kong compared to A-share listings, where certain arrangements can be retained under specific conditions [6][7]. Specific Handling Methods for Common Special Rights - Common special rights and their handling methods include: - Preemptive rights must terminate upon listing [9]. - Buyback rights need to be terminated before the listing application is submitted [9]. - Rights related to board nominations can continue if already appointed before listing [10]. - Financial compensation arrangements must be structured to avoid being linked to the listing price or market value [17][18]. Common Issues Regarding Buyback Rights - Buyback rights are a core special right for investors and must be terminated before the listing application is submitted [11]. - The article discusses the potential for a restoration mechanism for these rights if the listing application is rejected or withdrawn [12][13]. - The duration for re-filing a listing application is typically six months, and investors may negotiate terms to ensure their rights are not indefinitely terminated [13][14]. Impact on Corporate Restructuring - Companies must transition from limited liability to joint-stock companies before applying for a Hong Kong listing, which may involve terminating buyback rights to avoid accounting issues [16]. - The handling of special rights during this restructuring phase is critical to ensure compliance with accounting standards and regulatory requirements [16]. Work Mechanism in Projects - The termination of special shareholder rights is a collaborative effort between domestic and overseas lawyers, with input from accountants and sponsors [19]. - The process involves drafting agreements and negotiating terms to ensure compliance with the Hong Kong Stock Exchange's requirements [19]. Conclusion - Proper management of special shareholder rights is essential for companies seeking to list on the Hong Kong Stock Exchange, balancing compliance with shareholder interests is crucial for successful market entry [20].