炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：凯瀚财经 本周有2个IPO项目注册生效，其中创业板1个，主板1个。2026年以来，一共有13个项目注册生效，其 中主板5个，创业板5个，科创板3个。 本周北交所有1个项目注册生效，2026年以来一共有10个项目注册生效。 最近两周IPO批文数量又回到每周2个，主要是因为在审项目进入年报更新阶段，沪深交易所上会节奏 有所放缓，注册阶段的库存又接近清理完毕。 2、申报 本周无新增受理项目。 3、上会 嘉晨智能主要从事电气控制系统产品及整体解决方案的研发、生产和销售，2025年净利润6,635万元。 振宏股份主要从事锻造风电主轴和其他大型金属锻件的研发、生产和销售，2025年净利润1.39亿元。 4、终止 本周无终止审查项目。 5、提交注册 本周无提交注册项目。 6、其他 （1）截至1月末，香港交易所在审IPO项目已达414个，超过内地三个交易所的总和。目前内地投行和 律师事务所的招聘需求也多集中于港股业务，但我们认为港股IPO的景气周期可能在今年就会出现拐 点，这个时候才开始去拓展港股业务，类似于2022年去承揽科创板，或者上周三买白 ...

智通财经记者 | 何柳颖 智通财经编辑 | 王姝 近日，上海富友支付服务股份有限公司（下称"富友支付"）再度向港交所递交招股书，联席保荐人为中信证券、申万宏源香港。 这已是富友支付第四次冲刺港股。在2024年4月、2024年11月、2025年5月，富友支付三次向港交所递交上市申请，后均显示为失效状态。 （此前三次向港交所递交上市申请，均失效 图源：港交所） 在更早的时候，富友支付拟谋求A股上市。2015年，富友支付母公司上海富友金融服务集团（下称"富友集团"）与兴业证券签订IPO辅导协议，后辅导终 止。2018年5月，富友支付就A股上市与合资格保荐人订立一份辅导协议，该协议经各方公平磋商后于2021年6月终止。2021年9月，富友支付就A股上市与另 一合资格保荐人订立辅导协议，并于2024年2月终止该协议，转而寻求在香港上市。 富友支付成立于2011年，2013年成为中国银联收单成员机构，属于早期持牌支付机构。在牌照方面，富友支付拥有相当优势，上市路途缘何几度折戟？ 市占率0.8% 招股书显示，自成立以来，截至2025年10月31日，富友支付已处理TPV（总支付交易额）16.34万亿元，处理逾679亿笔支付交 ...

Core Viewpoint - The article highlights the active role of Taikang Life as a cornerstone investor in the Hong Kong IPO market, particularly in sectors like AI, hard technology, biomedicine, and new consumption, indicating a strategic approach to long-term investment rather than opportunistic trading [2][10][12]. Investment Strategy - Taikang Life has participated in seven Hong Kong IPO projects since the beginning of 2026, securing nearly 1 billion HKD in allocations, showcasing its status as the most active insurer in the current market [2][10]. - The company employs a systematic investment strategy that includes cornerstone investments, strategic placements, and secondary market acquisitions, focusing on companies with established industry positions and clear growth paths [3][11][12]. Market Context - The overall insurance sector has shown a marginal shift towards IPOs and equity assets since 2025, driven by a low-interest-rate environment that compresses fixed-income returns, prompting insurers to seek new yield sources [13][14]. - Despite increased participation in IPOs, many insurers remain cautious, with Taikang Life distinguishing itself through a more consistent and strategic approach to investment [13][15]. Leadership Influence - The investment philosophy of Taikang Life is heavily influenced by its founder, Chen Dongsheng, who emphasizes long-term commitment and strategic foresight, having built the company in sectors that promise sustained growth [5][8][9]. Long-term Focus - Taikang Life's investments are not merely opportunistic but are aligned with its long-term liabilities, focusing on sectors that can provide stable returns over extended periods, such as hard technology and healthcare [12][15]. - The company has developed a comprehensive ecosystem around its insurance business, integrating healthcare and wellness services, which enhances its investment strategy and aligns with its long-term goals [9][12]. Conclusion - Taikang Life's proactive stance in the IPO market reflects a well-thought-out strategy that balances risk and return, positioning it as a model for other insurers navigating similar market conditions [16][17].

Core Viewpoint - Yifeng New Materials Co., Ltd. has submitted its prospectus to the Shenzhen Stock Exchange's ChiNext after withdrawing its application for the Sci-Tech Innovation Board four years ago, despite facing a decline in revenue over three consecutive years from 2022 to 2024 [1][2]. Company Background and Core Risks - Established in 2011, Yifeng New Materials specializes in the research, production, and sales of sulfides, with the actual controllers holding a combined 49.96% stake. However, the company faces two significant inherent risks: a fragile core business and a heavy reliance on related parties [3][5]. - The global market size for its core product, thiourea, is projected to be approximately 851 million yuan in 2024, indicating limited growth potential despite holding a 26% market share. The company has attempted to pivot to optical new materials, but this segment contributes less than 30% of total revenue, highlighting its dependence on a declining traditional market [5][6]. IPO Journey and Underwriter Relationships - Yifeng New Materials has faced challenges in its capital journey, having previously attempted an IPO on the Sci-Tech Innovation Board in November 2021, which ended in withdrawal. The current attempt on the ChiNext marks its second effort [7]. - The underwriting firm for this IPO is Zhongtai Securities, which has a long-standing relationship with the controlling shareholders, raising questions about the independence and diligence of the underwriting process [10]. Governance, Operations, and Business Issues - The company has a complex history of shareholding, with the actual controller previously using up to 35 named shareholders for shareholding representation, reflecting governance issues and a lack of transparency. Additionally, a suspicious low-price share transfer occurred just before the IPO, warranting regulatory scrutiny [11]. - Significant turnover in the core management team in 2023 coincided with a decline in revenue, raising concerns about the stability of the company's strategic direction and operational effectiveness [12]. - The reported increase in gross margin from 34.98% to 39.49% is attributed to the divestiture of low-margin auxiliary businesses rather than genuine improvements in core product competitiveness, casting doubt on the sustainability of this margin enhancement [13][14]. Financial Data and Anomalies - The latest financial data in the prospectus reveals several concerning details beyond revenue decline, indicating potential underlying issues with operational quality and financial health [15]. Historical Issues and Regulatory Concerns - The company's historical reliance on related-party transactions and shareholding complexities have cast a shadow over its current IPO efforts. Regulatory bodies have previously scrutinized the company's pricing and sales practices, particularly regarding its foreign sales revenue [16]. Conclusion - The situation surrounding Yifeng New Materials presents a complex picture of unresolved governance issues, declining business performance, and financial anomalies. Investors and regulators are encouraged to look beyond the company's claimed global market share and critically assess its governance, business sustainability, and the implications of its financial data [17].

Summary of Key Points Core Viewpoint - The A-share IPO market is active with three companies approved for listing, while the Hong Kong IPO market continues to thrive, particularly in the innovative drug and high-end manufacturing sectors, with several key players making significant moves [2][6]. Group 1: A-share IPO Approvals - Three companies received approval for IPOs this week: Guangdong Huahui Intelligent Equipment Co., Ltd., Anhui Xinfeng New Energy Technology Co., Ltd., and Shandong Chunguang Technology Group Co., Ltd. [2][3][4]. - Huahui Intelligent focuses on high-end intelligent equipment and has seen rapid revenue growth, projecting over 4.2 billion yuan in revenue for 2024 and over 620 million yuan in net profit [3]. - Xinfeng Technology specializes in thermal management components for electric vehicles, with projected revenues of 6 billion yuan in 2024 and 13.81 billion yuan in 2025 [4][5]. - Chunguang Group leads in the production of soft magnetic ferrite powder, with revenues of 10.15 billion yuan in 2022 and a planned fundraising of 7.51 billion yuan for its IPO [5]. Group 2: Hong Kong IPO Market Activity - The Hong Kong IPO market welcomed five new listings, including four companies and one on the Sci-Tech Innovation Board, covering diverse sectors such as chemical new materials and cardiovascular medical devices [6][7]. - Guoen Technology debuted on the Hong Kong Stock Exchange, raising approximately 1 billion HKD, with plans for expansion in Thailand and domestic production [6]. - Beixin Life, the first medical device company listed on the Sci-Tech Innovation Board, saw its stock price surge by 183.33% on its first day, focusing on cardiovascular intervention devices [7]. - Leading companies in the PCB equipment sector, such as Dazhu CNC, raised significant funds for expansion into Southeast Asia, while Zhuozheng Medical and Muyuan Foods had mixed performances post-listing [8]. Group 3: Upcoming IPOs and Market Trends - The Hong Kong IPO market continues to be driven by hard technology, with companies like Danuo Pharmaceutical and Xian Dao Intelligent preparing for their listings, focusing on innovative drugs and lithium battery equipment [9][10]. - Danuo Pharmaceutical is set to raise funds for global clinical advancements, with its core product showing promising clinical data [9]. - Xian Dao Intelligent aims to raise 41.66 billion HKD, with a significant projected profit increase of 424% by 2025, expanding its services beyond lithium battery equipment [10]. - Wolong Nuclear Materials is also preparing for an IPO, focusing on new materials and global capacity expansion, with a fundraising target of up to 27.34 billion HKD [11].

Core Viewpoint - Luker Technology, a smart lock company, has submitted its IPO application to the Hong Kong Stock Exchange, facing significant financial and competitive pressures despite its market position as the third-largest player in China's smart lock industry with a market share of 5.8% in 2024 [3][15]. Financial Performance - The company's revenue for 2023 and 2024 is projected to be 1.015 billion and 1.086 billion RMB, respectively, reflecting a modest growth rate of approximately 7% [6][7]. - For the first nine months of 2025, revenue reached 774 million RMB, an 11.5% increase from 694 million RMB in the same period of the previous year [6][7]. - Gross profit for 2023 and 2024 is expected to be 316 million and 383 million RMB, with a gross margin of 31.1% and 35.2% respectively [7]. - The profit for the first nine months of 2025 was 32 million RMB, compared to 6.83 million RMB in the same period of the previous year, indicating a profit margin of 4.1% [6][7]. Revenue Structure - The ODM (Original Design Manufacturer) business contributed 476 million RMB, accounting for 61.6% of total revenue in the first nine months of 2025, showing significant growth compared to 350 million RMB in the previous year [9]. - Revenue from self-owned brand consumer products declined to 159 million RMB, representing 20.5% of total revenue, down from 193 million RMB in the same period last year [10]. - Revenue from self-owned brand commercial solutions remained stagnant at 121 million RMB, nearly unchanged from 130 million RMB in the previous year [10]. Competitive Landscape - The company has lost its leading position in the smart lock industry, with competitors surpassing it in market share and sales volume [14]. - Negative consumer feedback regarding product quality and service experience has been accumulating, with nearly 1,000 complaints reported on consumer platforms, highlighting issues such as product malfunctions and poor after-sales service [15]. Management Actions - In response to financial pressures, the company's board, led by founder Chen Bin, has implemented significant salary reductions for executives, with total director compensation dropping from 10.3 million RMB in 2023 to 2.4 million RMB in the first nine months of 2025 [21][22]. - This drastic salary cut is seen as a strategy to optimize financial metrics and demonstrate commitment to overcoming challenges, although it raises concerns about the stability and motivation of the management team [22][23].

Group 1 - The core point of the article is that Syngenta Group, a subsidiary of China National Chemical Corporation, plans to launch an IPO in Hong Kong this year, potentially raising up to $10 billion, which could be one of the largest IPOs globally this year [1][4] - Syngenta Group is a leading agricultural technology company with a strong influence in crop protection, seed development, and agricultural technology innovation, serving major agricultural markets worldwide [3] - The company’s business model combines stable cash flow with long-term growth potential, making it attractive to investors amid ongoing global food security and agricultural efficiency demands [3] Group 2 - The choice of Hong Kong for the IPO is seen as a pragmatic response to current international capital flows and regulatory changes, with Hong Kong optimizing its IPO listing system and attracting international investors [3][6] - The IPO may adopt a phased approach, with the final fundraising amount being flexible based on market conditions and investor interest, which could enhance the success rate and market stability [4] - Successful fundraising would help Syngenta optimize its capital structure, lower financial costs, and support further R&D investments and global market expansion [4] Group 3 - The agricultural and agrochemical industry faces external challenges such as global agricultural price fluctuations, stricter environmental regulations, and changes in the international trade environment, which may impact profitability and market expectations [5] - Investors are increasingly focusing on companies' technological barriers, product upgrade capabilities, and responses to policy and cyclical fluctuations rather than just short-term performance [5] Group 4 - If Syngenta successfully completes the IPO, it could positively impact the Hong Kong capital market by increasing financing scale and international attention, enhancing Hong Kong's presence in global capital markets [6] - The IPO could serve as a demonstration effect for other competitive Chinese companies considering listing in Hong Kong, improving the investor structure by attracting long-term capital [6] - The news of Syngenta's potential IPO reflects the ongoing demand for high-quality large assets in the global capital market, with industry leaders likely to attract capital more easily [6]

Group 1 - Seven IPOs and six SPACs were priced this week, indicating a robust activity in the capital markets [2] - Veradermics, a biotech company focused on hair loss, successfully priced its upsized IPO above the expected range, raising $256 million at a valuation of $612 million [2]

Company Overview - Once Upon a Farm, co-founded by actress Jennifer Garner, specializes in organic food for children and was valued at $844.9 million during its IPO debut [1][3] - The company offers a variety of packaged food products for children, including cold-pressed pouches, pantry snacks, frozen meals, and oat bars [3][4] IPO Details - The company's shares opened at $21, which is 17% higher than the initial offer price of $18 [1][3] - Approximately 11 million shares were sold within the marketed range of $17 to $19, raising about $198 million [1] Market Context - Consumer-focused companies are showing increased optimism regarding the IPO market this year, following a downturn caused by President Trump's tariffs last year [2]

Core Insights - Donovan Jones is an IPO research specialist with 15 years of experience analyzing investment opportunities for U.S. IPOs [1] - He leads the investing group IPO Edge, which provides actionable information on growth stocks through various resources [1] Group 1: IPO Edge Services - IPO Edge offers first-look IPO filings, previews on upcoming IPOs, and an IPO calendar for tracking future listings [1] - The platform includes a database of U.S. IPOs and a guide to IPO investing, covering the entire IPO lifecycle from filing to listing [1]