金岩高岭新材(02693)于2025年11月25日-2025年11月28日招股，拟全球发售2430万股H股，香港公开发 售占10%，国际发售占90%，另有15%超额配股权。每股发售股份7.30港元，每手500股，预期H股将于 2025年12月3日(星期三)上午九时正开始在联交所买卖。 另外，公司已与平煤香港、创力香港、金源香港及德高矿山订立基石投资协议，据此，基石投资者已同 意在遵守若干条件的前提下，按发售价认购或促使其指定实体按发售价认购可购入的若干数目发售股份 (向下约整至最接近每手500股股份的完整买卖单位)，总金额为7621.93万港元。 截至2022年、2023年、2024年12月31日止年度以及截至2024年及2025年5月31日止五个月，公司的收入 分别约为人民币1.904亿元、人民币2.047亿元、人民币2.67亿元、人民币8830万元及人民币1.05亿元，净 利润分别约为人民币2440万元、人民币4360万元、人民币5260万元、人民币1450万元及人民币1800万 元，展现了公司持续的增长和盈利能力。 假设超额配股权未获行使且基于发售价为每股发售股份7.3港元，全球发售净筹约1.243亿港 ...

（来源：IPO热点） 香港资本市场迎来强势复苏，IPO市场交出三年来最亮眼成绩单。 来源：市场资讯 中金公司资本市场部执行负责人施琦近日披露，截至目前香港IPO融资规模已突破300亿美元，较去年 的100亿美元和前年的不足60亿美元实现跨越式增长。更值得关注的是，国际长线资金加速入场，主权 基金等罕见跻身基石投资者阵营，叠加超百家储备项目加持，市场对2026年IPO热潮延续形成强烈预 期。 A+H股成绝对主力：20%项目贡献60%融资额 100家储备项目打底：2026增长确定性拉满 IPO强势表现的可持续性得到扎实储备项目的支撑。施琦透露，目前中金在手的IPO储备项目已超100 家，其中不乏A股头部企业的港股上市计划。"尽管A股IPO节奏逐步放开，但仍有大量头部企业计划赴 港上市，A+H上市热潮有望持续。"她强调，充足的项目储备将确保2026年本港IPO市场保持强劲势 头。 对于此前引发市场热议的未盈利生物医药股"数千倍超购"现象，施琦提示理性风险。她指出，生物医药 赛道国际竞争力提升推动估值重估是重要原因，但行业内企业多处于早期阶段，存在"鱼龙混杂"的情 况，中金对此类项目的内部审核已显著收紧，市场认购情绪 ...

Core Points - LeShuShi Limited (stock code: 2698) has set its final IPO price at HKD 26.20 per share, at the upper limit of the offering range [1] - The global offering consists of 90,884,000 shares, with an overallotment option of 13,632,600 shares, potentially increasing the total to 104,516,600 shares [1] - The total fundraising amount is HKD 2.381 billion, with a net amount of approximately HKD 2.229 billion after deducting issuance costs [1] Subscription Details - The Hong Kong public offering was oversubscribed by 1,813.77 times, with 294,053 valid applications and 41,428 successful allocations [1] - The international placement was oversubscribed by 34.33 times, attracting 277 participants [1] - The final allocation was 10% for the Hong Kong offering (9,088,400 shares) and 90% for the international placement (81,795,600 shares) [1] Cornerstone Investors - The offering received backing from 21 cornerstone investors, including notable institutions such as BA Sprout, Arc Avenue Asset Management, Southern Fund, and Franklin Templeton [2] - Arc Avenue was allocated 5,929,400 shares (6.52% of the offering), while BA Sprout received 4,447,000 shares (4.89%) [2] - The total shares subscribed by cornerstone investors amounted to 41,207,400 shares, representing 6.80% of the total offering, with a lock-up period of six months until May 9, 2026 [2] Listing Information - The joint sponsors for the offering are China International Capital Corporation Hong Kong Securities Limited, CITIC Securities (Hong Kong) Limited, and GF Securities (Hong Kong) Limited [2] - Shares are expected to be listed on the Hong Kong Stock Exchange on November 10, 2025, with a minimum trading unit of 200 shares and an entry fee of approximately HKD 5,293.47 [2]

Core Viewpoint - The Hong Kong stock market is becoming an important platform for mainland companies to expand financing channels and enhance internationalization, with a significant increase in IPO activities and foreign investment interest [1][4]. Group 1: Market Activity - As of October 21, 11 A-share listed companies have successfully listed on the Hong Kong stock market, with 78 more in the queue for approval, indicating a strong trend towards the "A+H" dual-platform strategy [1]. - Cambridge Technology (603083) is set to list on October 28, attracting a cornerstone investment of $290 million from 16 global investment institutions, accounting for 48.89% of the total shares issued [1][2]. Group 2: Investment Trends - There is a noticeable increase in foreign investment enthusiasm for Chinese assets, with long-term funds from Europe and the U.S., as well as sovereign funds from the Middle East, actively participating in cornerstone investments and IPOs in Hong Kong [1][3]. - The cornerstone investment trend is not limited to Cambridge Technology; other companies like Zijin Mining and Mixue Ice City have also attracted significant investments, highlighting the growing interest from top-tier institutions in quality Hong Kong IPO projects [3]. Group 3: Company Performance - Cambridge Technology has shown steady revenue growth over the past three years, with projected revenue of approximately 2.034 billion yuan for the first half of 2025, reflecting a year-on-year increase of about 24% [2]. - The company maintains a gross profit margin above 20%, indicating strong growth potential [2]. Group 4: Industry Outlook - The ongoing optimization of regulatory policies, active southbound capital flows, and the acceleration of quality enterprises listing in Hong Kong are expected to sustain the vibrancy of the IPO market [4]. - The continuous entry of capital giants is transforming the Hong Kong market from a fundraising platform to a value discovery hub, fostering a more internationalized and market-oriented capital ecosystem [4].

Core Viewpoint - The announcement highlights a cornerstone investment agreement between Meidong Automotive and Seres, along with CICC, indicating a strategic move to diversify revenue sources and provide sustainable returns to shareholders [1] Group 1: Investment Details - Meidong Automotive has agreed to invest a total of 20 million USD in Seres through the cornerstone investment agreement [1] - The investment will be made at the issue price for the shares being subscribed [1] Group 2: Strategic Significance - The board believes that the transaction under the cornerstone investment agreement is strategically significant for the company [1] - The investment is expected to diversify the company's revenue sources [1] - It aims to provide continuous investment returns to shareholders [1]

Core Viewpoint - The company has entered into a cornerstone investment agreement with Seres and CICC, committing to invest a total of 20 million USD in investor shares, which is seen as strategically significant for diversifying revenue sources and providing sustainable returns to shareholders [1] Group 1 - The cornerstone investment agreement is set to be executed on October 23, 2025 [1] - The total investment amount for the investor shares is 20 million USD [1] - The board believes that the transaction will enhance the company's business outlook and prospects [1]

Core Viewpoint - Hesai Technology's stock price has dropped significantly, reaching a new low since its listing, indicating potential challenges in market performance and investor sentiment [1]. Group 1: Stock Performance - Hesai Technology's stock closed at HKD 171.40, with a decline of 4.725%, and hit an intraday low of HKD 166.80, marking a new record low since its IPO [1]. - The stock price has fallen below the initial public offering price [1]. Group 2: IPO Details - Hesai Technology was listed on the Hong Kong Stock Exchange on September 16, 2025, with a total of 19,550,000 shares offered globally, including 1,955,000 shares for the Hong Kong public and 17,595,000 shares for international investors [1]. - The final offer price was set at HKD 212.80, with a maximum indicative price of HKD 228.00, raising a total of HKD 4,160.24 million, and a net amount of HKD 4,005.25 million after expenses [3]. Group 3: Use of Proceeds - Approximately 50% of the net proceeds from the IPO is planned for research and development investments, 35% (around HKD 1,297.1 million) for production capacity investments, 5% for business development, and 10% for working capital and general corporate purposes [3]. Group 4: Cornerstone Investors - Major cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund, with HHLRA being the largest investor contributing USD 50 million [4].

Core Viewpoint - The insurance capital's participation as cornerstone investors in Hong Kong IPOs has surged significantly this year, with subscription amounts exceeding HKD 3.44 billion, approximately three times that of the same period last year, indicating a shift in investment strategy amidst low interest rates and asset scarcity [1][2]. Group 1: Investment Trends - Insurance funds are increasingly focusing on "hard technology" and new consumption sectors, including automotive, digital solutions, home appliances, semiconductors, and energy storage devices [3][10]. - Major insurance companies like Taikang Insurance and China Pacific Insurance have actively participated in multiple IPOs, with Taikang alone investing over HKD 1.4 billion across five companies [2][3]. Group 2: Market Dynamics - The Hong Kong IPO market has seen a revival, with a total fundraising amount of HKD 182.9 billion in the first three quarters of 2025, making it the highest globally [10]. - The number of IPO applications being processed has reached a record high of 289, reflecting a robust market environment [10]. Group 3: Risks and Challenges - Despite the potential for increased returns, cornerstone investments carry risks such as market volatility, liquidity constraints due to lock-up periods, and uncertainties related to the Hong Kong dollar's exchange rate and interest rate environment [1][11]. - The rapid technological changes in the hard tech sector pose challenges for insurance companies' existing research and investment frameworks, making it difficult to adapt to fast-evolving market conditions [11].

Core Viewpoint - SANY Heavy Industry (600031) is launching an IPO for 580 million H-shares, with a price range of HKD 20.3 to 21.3, aiming to raise approximately HKD 11.926 billion for global expansion and R&D enhancement [1][3]. Group 1: Company Overview - Founded in 1994, SANY Heavy Industry is a leading global player in the engineering machinery sector, focusing on the R&D, manufacturing, sales, and service of a full range of machinery products [1]. - The company ranks as the third largest globally and the largest in China based on cumulative revenue from core engineering machinery products from 2020 to 2024 [1]. - SANY's products are sold in over 150 countries, with 57.4% of total revenue coming from international markets as of April 30, 2025 [1]. Group 2: Financial Performance - The company has demonstrated strong financial resilience, with revenues of RMB 80.839 billion, RMB 74.019 billion, RMB 78.383 billion, and RMB 29.426 billion for the years 2022, 2023, 2024, and the first four months of 2025, respectively [4]. - Gross margin improved from 22.6% in 2022 to 26.4% in 2023, reaching 27.1% in the first four months of 2025 [4]. - Net margin increased from 5.5% in 2022 to 6.2% in 2023, further rising to 11.8% in the first four months of 2025 [4]. Group 3: Use of Proceeds - Approximately 45% of the net proceeds from the IPO will be allocated to expanding the global sales and service network [3]. - About 25% will enhance R&D capabilities, focusing on smart and low-carbon technologies [3]. - 20% will be used to expand overseas manufacturing capacity and optimize production efficiency, while 10% will support working capital and general corporate purposes [3].

Core Viewpoint - Hesai Technology's stock price has significantly declined, reaching a new low since its listing, indicating potential challenges in market performance and investor confidence [1]. Group 1: Stock Performance - Hesai Technology's stock closed at HKD 169.20, down 6.83%, with an intraday low of HKD 168.30, marking a new record low since its IPO [1]. - The stock has fallen below its initial public offering price [1]. Group 2: IPO Details - Hesai Technology was listed on the Hong Kong Stock Exchange on September 16, 2025, with a total of 19,550,000 shares offered globally, including 1,955,000 shares for Hong Kong and 17,595,000 shares for international investors [1]. - The final offer price was HKD 212.80, with a maximum public offer price of HKD 228.00, raising a total of HKD 4,160.24 million, and a net amount of HKD 4,005.25 million after expenses [3]. Group 3: Use of Proceeds - Approximately 50% of the net proceeds from the IPO are planned for research and development investments [3]. - About 35% (approximately HKD 1,297.1 million) is allocated for production capacity investments to ensure the delivery of high-performance products [3]. - 5% is designated for business development to accelerate expansion, and 10% is for working capital and general corporate purposes [3]. Group 4: Cornerstone Investors - Major cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund [3]. - HHLRA is the largest cornerstone investor, contributing USD 50 million, followed by Taikang Life with USD 28 million and WT Asset Management with USD 30 million [4].