Group 1 - The Hong Kong capital market is experiencing a strong recovery, with 108 IPOs completed in 2025, raising approximately HKD 277.1 billion, a year-on-year increase of over 216%, making it the largest IPO market globally [1][2] - Ernst & Young (EY) successfully supported 39 companies in their IPOs on the Hong Kong Stock Exchange, maintaining a leading market share in IPO audit services [1][2] - The market is seeing increased participation from mainland investors, with a shift towards a more mature and efficient ecosystem, where listing is viewed as a strategic move for governance upgrade and global expansion [2][3] Group 2 - Various forums have been organized in cities like Suzhou, Chengdu, Ningbo, Hefei, and Wuhan to provide support for companies preparing for IPOs, focusing on compliance, financial readiness, and strategic insights [3][11][17][23][28] - Key discussions at these forums included the importance of financial models, legal compliance, and the need for a robust governance structure to ensure long-term success post-IPO [5][7][9][12][16] - The forums emphasized the necessity for companies to proactively build compliance capabilities and address potential issues early in the IPO process [3][11][23][25][34] Group 3 - The 2025 IPO market is characterized by structural differentiation, where companies with core technological advantages can achieve reasonable valuations despite short-term losses [11][30] - The focus on sustainable growth and the ability to tell a compelling business story is becoming increasingly important for attracting investor interest [5][30] - The upcoming year 2026 is anticipated to be a turning point for the Hong Kong market, with expectations of deeper institutional reforms and a return to value-based investing [36][37]

来源：市场资讯 （来源：弗若斯特沙利文） 2025年12月18日，来自韩国的科郦有限公司（简称"科郦"）首次向港交所递交招股书，拟在香港主板上 市，独家保荐人为中金公司。 公司是中国最大的儿科医药销售服务供货商，2024年收入2.82亿美元，净利润0.22亿美元；2025年上半 年收入1.43亿美元，同比下滑近三成，净利润0.22亿美元，同比下滑超五成。 公司是一家源自韩国，主要业务位处中国且正拓展国际业务版图的综合医疗健康解决方案供货商，致力 于透过数字解决方案推动医药供应链升级，同时促进生物健康与多功能营养领域的创新发展。 于往绩记录期间，公司主要从事以下业务线：医药营销、推广与销售业务；母婴及营养补充品的研发、 生产与分销业务。 根据弗若斯特沙利文（Frost & Sullivan）报告，按2024年的收益计，公司在中国医药营销、推广与销售 市场排名前十，且是中国最大的儿科医药营销、推广与销售服务供货商，约占中国市场15.9%的显着份 额。 公司的销售网络遍布中国内地31个省份，涵盖所有省会城市及地级市。截至2025年6月30日，公司拥有 超过1,500家分销商的医药营销、推广与销售网络，覆盖约110, ...

Group 1: Frost & Sullivan's Market Position - Frost & Sullivan has been a leader in providing industry advisory services for companies going public in Hong Kong, achieving a market share of 72% by assisting 83 companies in 2025 [1] - The firm has a strong track record, having helped nearly 3,000 companies successfully list in Hong Kong and abroad, maintaining a leading position in the investment consulting sector for the past decade [11][13] - Frost & Sullivan's reports are widely referenced in IPO documents and market research reports for leading companies in A-shares and the Sci-Tech Innovation Board [11][13] Group 2: Client Services and Expertise - The company offers comprehensive advisory services, including market positioning, competitive advantage identification, and communication facilitation with investors and regulatory bodies [10] - Frost & Sullivan has established a robust platform for connecting investment needs, collaborating closely with top investment banks, audit firms, law firms, and industry leaders [11][12] - The firm focuses on various sectors, including digital infrastructure, healthcare, new energy, and consumer electronics, ensuring extensive coverage of China's economic landscape [12][13] Group 3: Specific Company Profiles - Nanhua Futures Co., Ltd. is recognized as a leading futures company in China, providing services based on deep understanding of client needs in both domestic and international markets [3] - Ming Kee Hospital Group is the largest private profit-oriented hospital group in East China, holding a market share of 1.0% in the region and ranking seventh nationally among similar groups [5] - Huazhan Biotechnology focuses on wound healing and tissue repair, developing drugs related to platelet-derived growth factors as part of its core research pipeline [8]

会议最后，民生银行协同民银国际，与部分参会企业举行了港股服务签约仪式。多家与会企业嘉宾表 示，本次研讨会多维度解读并交流了企业赴港上市的一系列重要话题，在获取香港资本市场的最新信息 的同时，了解了民生银行为客户赴港上市打造的全周期、全场景、全生态的产品和服务体系，希望银企 紧密携手、深化合作，共谱中国企业资本市场新篇章。 通讯员：民生宣 会上，民生银行总行、民银国际、民生银行香港分行分别就民生银行服务企业赴港上市机制、境内外商 业银行及投资银行相关产品和服务作专题分享，提出为企业赴港上市提供"融资+融智+融商"的一体化 服务，提升金融服务实体经济质效。 在圆桌论坛环节，民生银行、民银国际相关负责人还与投资机构和企业代表一道，围绕港股上市路径和 时机选择、上市估值及发行定价、上市后再融资及市值管理等话题进行了深入讨论，为参会企业提供了 实用的经验指南。 12月3日，民生银行在深圳举办"潮涌香江，扬帆世界"企业赴港上市研讨会，40余家企业、投资机构及 合作机构齐聚一堂，民生银行副行长李稳狮出席会议。与会嘉宾围绕港股市场动态、最新政策解读、上 市各阶段金融需求等议题进行了分享和交流。 ...

Core Viewpoint - Minsheng Bank hosted a seminar titled "Tide Surging in Hong Kong, Setting Sail for the World" in Shenzhen, focusing on the dynamics of the Hong Kong stock market and the financial needs of companies going public in Hong Kong [1] Group 1: Seminar Highlights - Over 40 enterprises, investment institutions, and partner organizations attended the seminar, with Minsheng Bank's Vice President Li Wenshi present [1] - Discussions included the latest policies, financial needs at various stages of listing, and the bank's integrated services for companies going public in Hong Kong, which encompass financing, intelligence, and business support [1] Group 2: Expert Insights - Minsheng Bank, Minsheng International, and the Hong Kong branch provided specialized insights on their services for companies seeking to list in Hong Kong, emphasizing the enhancement of financial services for the real economy [1] - A roundtable forum featured discussions on listing paths, timing, valuation, pricing, post-listing refinancing, and market value management, offering practical guidance for participating companies [1] Group 3: Collaboration and Future Prospects - The seminar concluded with a signing ceremony for Hong Kong stock services between Minsheng Bank, Minsheng International, and several participating companies [1] - Attendees expressed appreciation for the multi-dimensional insights shared during the seminar, highlighting the importance of collaboration between banks and enterprises to explore new opportunities in the Chinese capital market [1]

Core Insights - The Hong Kong IPO market is set to be revitalized in 2025, driven by a surge of mainland companies listing in Hong Kong, which is expected to be the main engine for the market's growth [1]. Group 1: IPO Activity - As of November 27, 2025, a total of 217 companies have completed the listing application process for Hong Kong, with an additional 260 companies still in the application phase [1]. - Among the 217 companies that completed their applications, 170 have already gone public, with 23 listings in 2023, 61 in 2024, and 86 in 2025 to date [3]. - The Hong Kong Stock Exchange has welcomed 92 companies this year, with 86 of them being from mainland China, raising a total of 2,052 million HKD [3]. Group 2: Fundraising and Company Performance - The three largest fundraising companies from mainland China are CATL (Ningde Times) raising 35.657 billion HKD, Seres (Sailis) raising 14.283 billion HKD, and Sany Heavy Industry raising 13.453 billion HKD [3]. - The average application processing time for the 217 companies was 166 days, with 8 companies completing the process in less than 50 days [2]. - The fastest applications were completed by CATL (25 days), Ningbo Joyson (31 days), and Meilian Group (34 days), while the longest took over 597 days [2]. Group 3: Geographic Distribution - The 86 mainland companies listed are distributed across 19 provinces, with Shanghai, Guangdong, Jiangsu, and Beijing each contributing over 10 companies [4]. - The majority of the listings were through IPOs, accounting for 98% of the total, with only 2 companies using alternative methods to list [4].

Core Points - Igor is advancing its internationalization strategy by planning to issue H shares and apply for listing on the Hong Kong Stock Exchange [1][3] - The company held its seventh board meeting on November 24, where it approved the proposals for issuing H shares and listing on the Hong Kong Stock Exchange [3] - As of the announcement date, Igor is actively working with intermediaries to facilitate the issuance and listing process, with further details to be discussed [3] Company Overview - Igor was established in October 1999 and was listed on the Shenzhen Stock Exchange in December 2017 [3] - The company focuses on the research, development, production, and sales of power supply and power component products for industrial and consumer sectors [3] - Igor specializes in energy and information industries, utilizing power electronics technology, with applications in photovoltaic power generation, industrial control, and data centers [3] Industry Context - As of now, 12 photovoltaic companies have announced plans to list in Hong Kong, including leading firms like JA Solar and Sungrow Power [3] - JunDa Co. has already successfully listed on the Hong Kong Stock Exchange in May 2023 [4] - A detailed list of companies planning to list in Hong Kong includes various firms with different stages of the listing process [5]

Group 1 - Nanjing has seen a surge in companies applying for listings on the Hong Kong Stock Exchange, with 13 companies currently in the queue [2][8] - Notable companies that have successfully listed include Yaojie Ankang and Nanjing Weili Zhibo, both in the biopharmaceutical sector [2][11] - The industrial robot sector in Nanjing is thriving, with Estun Automation leading the market with a 10.5% share, contributing to a domestic robot market growth [4][6] Group 2 - Estun Automation plans to issue H-shares and has submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in its global capital strategy [6][7] - Four-dimensional Intelligent Technology also submitted its prospectus on the same day as Estun, indicating a strong interest in the Hong Kong market [6][7] - The Nanjing Jiangbei New Area has been particularly active in fostering innovative pharmaceutical companies, with multiple firms successfully listing or applying for listings [9][13] Group 3 - The Jiangbei New Area has implemented supportive policies to assist companies in their overseas listing efforts, including a 1 billion yuan investment fund for companies planning to list abroad [15] - The collaboration between Nanjing's municipal financial office and the Hong Kong Stock Exchange has enhanced the capital market cooperation, leading to an increase in new listings [15]

Core Viewpoint - Transsion Holdings plans to issue H-shares and list them within 24 months following the shareholders' meeting resolution, amid previous market speculation about a potential Hong Kong listing [2][4] Group 1: Company Overview - Transsion Holdings is recognized as the "King of African Mobile Phones," being one of the first domestic smartphone manufacturers to enter the African market [4] - The company has established manufacturing centers in Ethiopia, India, and Bangladesh, with products available in over 70 countries and regions globally [4] - According to IDC data, Transsion Holdings holds an 8.6% market share in the global smartphone market for 2024, ranking fourth, and leads in smartphone shipments in Africa, Pakistan, Bangladesh, and the Philippines [4] Group 2: Financial Performance - For the first three quarters of the year, Transsion Holdings reported revenue of 49.54 billion yuan, a year-on-year decline of 3.33%, and a net profit of 2.148 billion yuan, down 44.97% year-on-year [4] - In the third quarter, the company experienced a revenue increase of 22.6% year-on-year, but net profit decreased by 11.06% [4] - The decline in net profit is attributed to market competition and supply chain cost impacts, leading to a decrease in gross margin [4] Group 3: Future Plans - The company intends to adjust pricing and product structure in response to cost changes and market competition to maintain a healthy gross margin [4] - The issuance of H-shares and listing is subject to approval from the shareholders' meeting and relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [4] - Transsion Holdings is actively discussing the details of the H-share issuance and listing with relevant intermediaries [4] Group 4: Industry Context - Transsion Holdings is part of a broader trend of A-share consumer electronics companies pursuing listings in Hong Kong, following others like Lens Technology, Lixun Precision, and GoerTek [5]

Core Insights - The event "Rongyi Shang" aimed at facilitating Chengdu enterprises to go public in Hong Kong was recently held, supported by Deloitte China and attended by over 300 representatives from various sectors [1][2] Group 1: Event Overview - The event was organized by the Chengdu Municipal Committee Financial Committee Office and aimed to accelerate the pace of Chengdu enterprises going public in Hong Kong, particularly in the biomedicine, technology, and consumer sectors [1] - Deloitte China, along with other supporting institutions, provided expertise on the Hong Kong listing process, helping local companies expand their overseas financing channels [1][2] Group 2: Expert Contributions - Deloitte China sent four listing experts to share insights on key considerations for Hong Kong listings, including the listing hearing process and critical steps for biomedicine, technology, and consumer companies [2] - Key speakers included representatives from various regulatory and intermediary institutions from both Hong Kong and mainland China, who provided guidance on preparing for Hong Kong listings [1][2] Group 3: Key Considerations for Listing - The focus of the discussions included the importance of financial compliance, internal controls, and clear governance structures to enhance the likelihood of successful listings [6][7] - Specific challenges faced by biomedicine companies in financial preparations for Hong Kong listings were highlighted, emphasizing the need for thorough financial work [9] - Financial concerns for technology and consumer companies were also addressed, with particular attention to revenue recognition, data verification, and industry-specific disclosure rules [11]