Core Viewpoint - Xiangjiang Electric (02619.HK) was listed on the Hong Kong Stock Exchange on June 25, with an offering price of HKD 2.86 and a P/E ratio of 5.21 times. Despite a strong subscription demand with a margin multiple exceeding 671 times, the stock price fell over 11% post-listing, indicating potential risks in the Hong Kong IPO market [1]. Company Overview - Xiangjiang Electric focuses on the research, design, production, and sales of electrical and non-electrical home products, with approximately 80% of its revenue derived from electrical home appliances [2]. Financial Performance - The company reported revenues of approximately RMB 1.10 billion, RMB 1.19 billion, and RMB 1.50 billion for the fiscal years 2022, 2023, and 2024, respectively. The gross profit margins were 20.4%, 24.1%, and 21.9% during the same periods, with net profits of approximately RMB 80 million, RMB 121 million, and RMB 140 million [4]. Product Breakdown - The revenue from electrical home appliances includes: - Heating appliances: RMB 459.01 million (41.8%), RMB 499.10 million (42.0%), RMB 757.88 million (50.5%) - Electric appliances: RMB 317.62 million (29.0%), RMB 321.94 million (27.1%), RMB 315.56 million (21.0%) - Electronic appliances: RMB 122.99 million (11.2%), RMB 111.57 million (9.4%), RMB 115.07 million (7.7%) - Non-electrical home products include garden hoses and cookware, contributing 20% to 21.5% of total revenue during the reporting period [3]. Market Presence - Over 90% of Xiangjiang Electric's revenue comes from overseas markets, with sales to the U.S. accounting for 68.8%, 80.6%, and 76.5% of total revenue in the respective fiscal years [4]. Production Facilities - The company has established seven manufacturing bases in China and is expanding internationally with a new facility in Indonesia expected to start production in Q2 2025, and another planned in Thailand for H2 2025 [4]. Client Base - In the fiscal years 2022, 2023, and 2024, four to five of the company's top clients were U.S. companies. The ongoing U.S.-China trade tensions and increased tariffs on Chinese imports may impact the company's export revenues [5].

Group 1 - IFBH International Holdings Ltd, the second-largest coconut water brand globally, launched its Hong Kong IPO on June 20, backed by a 92.4% revenue contribution from China and an 80% year-on-year growth, making it a rare health consumption stock in the 2025 Hong Kong IPO market [1] - In the Chinese market, IFBH holds a 34% retail market share, significantly surpassing its closest competitor by seven times, while in Hong Kong, it has maintained a 60% market share for nine consecutive years [1] - The company operates with a lean team of only 46 employees and utilizes an outsourcing model for production and distribution, resulting in an increase in gross margin from 34.7% in 2023 to 36.7% in 2024 [1] Group 2 - The company's net cash flow from operating activities for 2024 is projected at $41.75 million, reflecting a 55% year-on-year increase, with cash and cash equivalents at $54.82 million, a remarkable growth of 251.4% [1] - IFBH's growth is heavily reliant on the Chinese market, which contributed 92.4% of its revenue, amounting to $146 million in 2024, with an impressive year-on-year growth of 82.3% [1] - The product line is highly concentrated in coconut water, which accounts for 95.6% of revenue, although the company plans to introduce coconut milk in 2025, which currently represents less than 5% of sales [1] Group 3 - The supply chain is entirely dependent on Thai coconut raw materials, with a significant 18% increase in raw material costs in 2024 due to high temperatures and drought [2] - The market share of IFBH's coconut water has dropped from 55.53% in Q1 2024 to 36.42% in Q1 2025, largely due to price wars initiated by local low-cost competitors [2] Group 4 - Despite having a revenue scale of less than 0.5% of Coca-Cola, IFBH demonstrates a growth curve and profitability that exceed industry averages, showcasing its "small but beautiful" high-growth characteristics [3] - The overall market sentiment is favorable, indicating a bullish trend for new stocks, including IFBH coconut water, which is expected to perform well [3] Group 5 - For new investors looking to participate in the Hong Kong IPO, the first step is to open a brokerage account and fund it using an overseas card; internet brokers like Singapore's ChangQiao or Wealth Broker are recommended for convenience [4][5][6] - The investment highlights for IFBH include being a market leader, high growth performance, and a light asset model, capitalizing on the health beverage trend and employing aggressive marketing strategies for category dominance [6]

Group 1: Hong Kong IPO Market Overview - The Hong Kong IPO market is currently active, with several companies in the subscription phase, including Shengbeila, Zhouliufu, and Yingtong Holdings [1] - As of June 20, 2023, among the 31 new IPOs this year, 19 saw price increases on the first day, 3 remained flat, and 9 experienced price drops, resulting in a first-day increase probability of approximately 61% and a break-even rate of about 29% [1] Group 2: Zhouliufu (06168.HK) - Zhouliufu is headquartered in Shenzhen and primarily offers gold jewelry and diamond-set products, with gold jewelry making up a significant portion of its offerings [3] - The company has shifted to an outsourcing production model since April 2022, which may reduce costs but poses quality control risks [3] - Gold procurement accounted for approximately 89.7%, 96.9%, and 98.5% of total raw material purchases in 2022, 2023, and 2024, respectively, leading to increased procurement costs due to rising gold prices [3] - The IPO subscription period is from June 18 to June 23, 2025, with a listing date set for June 26, 2025, and a proposed issue price of 24 HKD per share [4] - Zhouliufu's revenue for 2022, 2023, and 2024 was approximately 3.102 billion, 5.15 billion, and 5.718 billion HKD, with corresponding net profits of about 575 million, 660 million, and 706 million HKD [5] - The company has faced challenges with a declining gross margin, which fell from 38.7% in 2022 to 25.9% in 2024, primarily due to increased sales of lower-margin gold jewelry products [5] - Zhouliufu's business heavily relies on franchisees, contributing over 50% of revenue, but faced closures of 674 franchise stores in 2024, up from 490 in 2023 [5] Group 3: Yingtong Holdings (06883.HK) - Yingtong Holdings, based in Hong Kong, specializes in the distribution of perfumes, skincare, cosmetics, and eyewear, with over 80% of its revenue derived from perfume sales [9][10] - The IPO subscription period is also from June 18 to June 23, 2025, with a proposed price range of 2.8 to 3.38 HKD per share [8] - The company has faced challenges due to reliance on brand licensors, with potential impacts on performance if relationships deteriorate [10] - Revenue for Yingtong Holdings during the reporting period was approximately 1.699 billion, 1.864 billion, and 2.083 billion HKD, with stable gross margins around 50% [10] - The company plans to allocate approximately 15% of IPO proceeds to develop its own brand and 55% to expand direct sales channels [11]

Market Overview - The market experienced a decline, with the Wind All A index dropping by 1.2% and the three major Hong Kong indices falling by approximately 2% [1] - The decline was attributed to external factors, particularly the Federal Reserve's decision to maintain interest rates and Jerome Powell's firm stance during the press conference [2][4] Federal Reserve and Economic Indicators - The unemployment rate appears stable, but inflation risks are expected to rise due to tariffs, leading to a continued pause in interest rate cuts [2] - The G7 summit discussions were reportedly unproductive, with trade negotiations between the US and Europe extended to July 9, increasing the likelihood of ongoing trade conflicts [2] Hong Kong Market Dynamics - The Hong Kong market saw a significant drop, with the AH premium index returning above 130 after seven trading days [4] - The low HIBOR rate has contributed to excessive liquidity in the Hong Kong banking market, benefiting small-cap and growth stocks [4][10] IPO Market Activity - The recent IPO of Haitian Flavor Industry in Hong Kong attracted nearly HKD 400 billion in subscriptions, significantly surpassing previous IPOs [5][6] - The low financing costs due to HIBOR being near zero have encouraged leveraged investments in IPOs, leading to high subscription rates [7][9] Investment Risks in IPOs - Despite high initial interest, many investors in the Haitian IPO may face losses due to the stock's performance on its debut [11] - The historical high rate of IPO failures in Hong Kong raises concerns for investors considering leveraged positions in new listings [12][14] Future Market Trends - The current low HIBOR rate may reverse due to the strong Hong Kong dollar triggering a weak-side convertibility guarantee, potentially leading to liquidity withdrawal by the Hong Kong Monetary Authority [15][16] - This potential shift in liquidity could prompt leveraged funds to exit the market, contributing to further declines in overheated sectors [17] Sector-Specific Updates - In the Hong Kong market, Pop Mart announced a pre-sale model, which negatively impacted the secondary market prices of its products [20] - Ping An Life has increased its stake in Postal Savings Bank, now holding over 12% of the H-shares, indicating a focus on high-dividend and large technology stocks in the Hong Kong market [21]

Group 1 - The Hong Kong IPO market is experiencing a surge, with 40 new stocks raising HKD 102.1 billion in the first half of 2025, marking a 33% increase in the number of new listings and a 673% increase in total funds raised compared to the same period last year [1][2] - Major contributions to the fundraising total come from four large A+H stocks and one H-share, including CATL (HKD 41 billion), Hengrui Medicine (HKD 9.9 billion), and others [2] - The overall sentiment in the IPO market is positive, with expectations for continued recovery in the second half of 2025, supported by over 170 pending listing applications [2][3] Group 2 - The enthusiasm for IPOs is reflected in the high oversubscription rates, with 97% of IPOs receiving oversubscription this year, and 76% of those oversubscribed by more than 20 times [3][5] - Notable IPOs this year include a record oversubscription for companies like Mijia Ice City and CATL, with Mijia Ice City seeing a subscription amount of HKD 1.83 trillion [3][4] - The decline in the first-day listing failure rate to around 29% is the lowest in five years, indicating improved market conditions [5] Group 3 - The current IPO boom is supported by three main factors: policy incentives for A+H listings, capital inflow from international markets, and a recovery in market sentiment driven by advancements in technology [6][8] - High-performing IPOs share characteristics such as being industry leaders, having scarcity value, receiving cornerstone investor backing, being dual-listed A+H companies, and having high public subscription enthusiasm [8][9] - Despite the positive trends, there are concerns about the sustainability of returns as more participants enter the market, potentially leading to increased valuations and lower quality IPOs [9][10]

Core Viewpoint - Haitian Flavor Industry, a leading soy sauce company in China, successfully listed on the Hong Kong stock market on June 19, raising over HKD 10 billion, setting a record for IPOs in the consumer sector this year, surpassing Mixue Ice City. However, its debut was underwhelming, with a slight increase of only 0.55% on the first day, nearly facing a drop below the issue price [2][6]. Fundraising and Subscription Details - The final offer price for Haitian Flavor was set at HKD 36.30, at the top of the pricing range of HKD 35.00 to HKD 36.30. The subscription enthusiasm was exceptionally high, with retail investors showing a subscription multiple of 918.15 times and institutional investors at 22.93 times, surpassing the previous record set by CATL [3][4]. - The total number of applications received was 172,096, with 379,668 valid applications. The number of shares available for public offering was 15,794,300, which accounted for 19.81% of the total global offering [4]. Investor Participation - A significant number of well-known domestic and international institutions participated as cornerstone investors, including Sinopec (Hong Kong), Kuwait Investment Authority, and UBS Asset Management, among others [4][5]. Market Position and Performance - Haitian Flavor is the leading condiment company in China, holding a market share of 4.8% in the Chinese condiment market, which is projected to reach approximately RMB 498.1 billion in 2024. The company has maintained its position as the largest condiment enterprise in China for 28 consecutive years [6][7]. - In terms of specific products, Haitian Flavor ranks first in both the Chinese and global markets for soy sauce and oyster sauce, with market shares of 13.2% and 40.2% in China, respectively [6][7]. Future Plans - Following the fundraising, Haitian Flavor plans to allocate approximately 20% of the net proceeds for product development and technological upgrades, 30% for capacity expansion and supply chain digitalization, and 20% for enhancing its global brand image and sales channels [7].

Core Viewpoint - Haitan Weiye, a leading soy sauce company in China, successfully listed on the Hong Kong stock market on June 19, raising over HKD 10 billion, setting a record for the consumer sector IPO in Hong Kong this year, surpassing previous records held by Mixue Ice City [1][6]. Group 1: Listing Performance - On its debut, Haitan Weiye's stock price increased slightly by 0.55%, but it nearly broke below the issue price during trading [2][3]. - The final offering price was set at HKD 36.30, which was at the top of the pricing range [6][7]. - The stock's performance in the dark market prior to the official listing showed a price of HKD 37.7, indicating a 3.9% increase compared to the listing price, but this was lower than other A-share leaders' dark market performances [10]. Group 2: Subscription Demand - The subscription demand for Haitan Weiye was exceptionally high, with retail investors showing a subscription multiple of 918.15 times and institutional investors at 22.93 times, surpassing the demand seen for Ningde Times [5][8]. - The total number of applications received was 172,096, with 379,668 valid applications [8]. Group 3: Market Position and Strategy - Haitan Weiye is the leading condiment company in China, holding a 4.8% market share in the Chinese condiment market, which is projected to reach approximately CNY 498.1 billion in 2024 [10][12]. - The company plans to allocate approximately 20% of the raised funds for product development and technology upgrades, 30% for capacity expansion and supply chain digitalization, and 20% for enhancing its global brand image and sales channels [11]. Group 4: Product Leadership - In the soy sauce segment, Haitan Weiye ranks first in both the global and Chinese markets, with a market share of 13.2% in China and 6.2% globally [12]. - The company also leads in the oyster sauce market with a 40.2% share in China and 24.1% globally, and ranks first in the basic seasoning market in China with a 4.6% share [12].

Group 1 - The Hong Kong stock market has seen a surge in investment opportunities this year, with a notable increase in IPO activities, as evidenced by a 720% increase in fundraising in the first five months [1] - As of June 16, 31 new stocks have been listed in Hong Kong this year, with 18 experiencing positive returns on their first trading day, while 9 stocks faced a decline, resulting in a 29% failure rate, which is a significant decrease compared to the previous two years [1] - The stock "Ying En Biological" recorded a remarkable first-day increase of 116.7%, indicating potential profits of around HKD 10,000 for investors who subscribed to one lot [1] Group 2 - As of May 30, there are 158 companies in the "processing" status for IPO applications, with approximately 60 companies announcing or applying for dual listings in both A and H shares [2] - The recent strong performances of companies like CATL, 恒瑞医药, and 吉宏控股 have attracted significant attention and investment in A+H new stocks [2] Group 3 - The IPO process in Hong Kong requires investors to have a Hong Kong bank account and a securities account, as A-share accounts cannot participate in Hong Kong IPOs [6] - The typical IPO process involves a 30-day period for the company to open the subscription process after passing the Hong Kong Stock Exchange hearing, with the subscription period lasting 3 to 6 days [7] - The distribution mechanism for public offerings divides investors into two groups: Group A (small investors) and Group B (large investors), with shares allocated equally between the two groups [13] Group 4 - The "return mechanism" allows for a portion of shares initially allocated to international placements to be reallocated to public offerings when demand is high, which can significantly increase the chances of winning shares for retail investors [9] - Historical data shows that companies with a "return mechanism" tend to perform better on their first trading day, with a lower failure rate [10][11] Group 5 - The average subscription multiple for new stocks in Hong Kong has reached 148 times this year, the highest since 2019, indicating strong market interest [21] - Factors influencing the success of IPOs include the reputation of the underwriter, the presence of cornerstone investors, and the green shoe mechanism, which helps stabilize stock prices post-IPO [20][21]

继机构投资者在国际发售时表现出浓厚兴趣后，散户投资者也在香港发售环节积极响应，共同掀起认购热潮。 据了解，在16日结束的香港公开发售环节，孖展认购金额高达近4000亿港元，较公开发售起始集资额5.73亿 港元超购约695倍。其中，富途、辉立、老虎国际及耀才等券商分别借出2174亿港元、930亿港元、313亿港 元及168亿港元孖展资金。鉴于市场的热烈反响，海天味业计划全额行使超额配售权，增发6%股份，并拟以 36.3港元的招股价上限定价，预计总集资额将攀升至约101.5亿港元。值得注意的是，其H股招股价较A股前一 日收盘价折让约19%。 在此前结束的国际发售中，海天味业同样收获颇丰，吸引了一众实力强劲的基石投资者。高瓴资本、新加坡政 府投资公司、瑞银资管、加拿大皇家银行、中信产业基金、红杉等8家顶级机构和主权财富基金纷纷参与认 购。这些基石投资者合计认购不超过1.29亿股H股，占发售股份总数近50%，认购金额近47亿港元。这一规模 使海天味业成为2023年以来，继宁德时代、美的集团港股IPO之后，基石投资者认购规模第三大的港股IPO项 目。 按照计划，海天味业将于6月19日正式在港交所挂牌上市。 "作为调味品 ...

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with a continued profit-making effect from "new share subscriptions" Group 1: IPO Market Performance - Since 2025, 31 new stocks have been listed in Hong Kong, with only 9 experiencing a decline on their first day, resulting in a 29.03% failure rate. In the first half of 2024, 70 new stocks were listed, with 25 breaking below their issue price, leading to a 35.71% failure rate [1][2] - New stocks related to "new consumption" and "hard technology" have shown strong performance, with 13 stocks rising over 10% on their debut, including Ying'en Biotechnology, which surged by 116.70% [1][2] Group 2: Characteristics of Successful IPOs - Successful IPOs often feature leading companies in popular industries, particularly in "technology + consumption" sectors, including emerging consumer goods and advanced technology fields [1][2] - A-share companies going public in Hong Kong have also performed well, with no A-share company experiencing a decline on their first day this year. Notably, Ningde Times raised 41 billion HKD [2][3] - The quality of cornerstone investors significantly impacts the performance of new stocks, with reputable investors providing a strong endorsement of the company's fundamentals and future prospects [3][4] Group 3: Subscription Demand - High subscription multiples are a key characteristic of successful new stocks in Hong Kong, with some stocks experiencing subscription multiples exceeding 5000 times, as seen with the "Snow King" Mixue Group [4]