作为配售的一部分，我们已与两位基石投资者(分别为Choy Joo Seong先生(Choy先生)、及Tan Nam Joo 先生(Tan先生)订立基石投资协议(基石投资协议)，基石投资者同意在若干条件规限下，可以每份700万 港元按发售价认购该数目的股份(向下调整至最接近每手4000股股份)(基石配售)。 我们为一家于马来西亚拥有超过16年经验的土木工程承包商，专门为马来西亚政府或政府关联公司拥有 或启动的大型交通基础建设工程作为承包商提供桥樑工程服务。凭藉我们于土木工程行业的声誉及经 验，我们策略性地将土木工程服务范围扩展至与桥樑工程具有相同工程程序的防洪工程。 于2023财年、2024财年、2024年首6个月及2025年首6个月，我们分别取得收益约7680万令吉、1.33亿令 吉、6980万令吉及7400万令吉。本集团于2023财年取得净亏损约1450万令吉，于2024财年、2024年首6 个月及2025年首6个月分别取得净溢利约2620万令吉、1210万令吉及320万令吉。 BBSB INTL(08610)于2025年12月31日至2026年1月8日招股，公司拟发售1.25亿股，其中，公开发售占 10% ...

于2025年12月17日，公司与东方资产管理订立全权委托投资管理协议，据此，公司同意委任东方资产管 理为管理人，以提供服务。 中视金桥(00623)发布公告，于2025年12月17日，公司(作为投资者)与深圳迅策、独家保荐人及整体协调 人订立基石投资协议，据此，公司同意按发售价认购投资者股份。基石投资金额为1000万美元，不包括 与投资者股份有关的经纪佣金及征费。 ...

于2025年12月17日，公司与东方资产管理订立全权委托投资管理协议，据此，公司同意委任东方资产管 理为管理人，以提供服务。 智通财经APP讯，中视金桥(00623)发布公告，于2025年12月17日，公司(作为投资者)与深圳迅策、独家 保荐人及整体协调人订立基石投资协议，据此，公司同意按发售价认购投资者股份。基石投资金额为 1000万美元，不包括与投资者股份有关的经纪佣金及征费。 ...

Core Viewpoint - The company, Zhihui Mining, is set to launch an initial public offering (IPO) of 122 million H-shares, with a price range of HKD 4.1 to HKD 4.51 per share, aiming to raise approximately HKD 471 million for business enhancements and operational capabilities [1][3]. Group 1: IPO Details - The IPO will take place from December 11 to December 16, 2025, with shares expected to start trading on December 19, 2025 [1]. - The offering consists of approximately 10% for public sale in Hong Kong and 90% for international investors [1]. - The company has secured cornerstone investment agreements, with investors committing to purchase shares at the maximum price of HKD 4.51, totaling around HKD 224 million [2]. Group 2: Use of Proceeds - The net proceeds from the IPO are estimated to be around HKD 471 million, which will be allocated as follows: - Approximately 29.2% for enhancing mining capabilities - Approximately 23.4% for increasing exploration investments within Tibet mining rights - Approximately 18.7% for improving ore processing and optimizing concentrate production - Approximately 14.0% for investing in and acquiring growth potential assets - Approximately 7.7% for working capital and general corporate purposes before 2030 - Approximately 7.0% for repaying bank loans before 2026 [3]. Group 3: Financial Performance - The company's total revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the seven months ending July 31, 2025, were approximately RMB 482 million, RMB 546 million, RMB 301 million, and RMB 257 million, respectively [4]. - Gross profit figures for the same periods were approximately RMB 175 million, RMB 218 million, RMB 105 million, and RMB 85.7 million, with corresponding gross profit margins of about 36.2%, 39.9%, 34.7%, and 33.4% [4]. - Net profit for the respective periods was approximately RMB 118 million, RMB 155 million, RMB 55.9 million, and RMB 51.7 million, with net profit margins of approximately 24.4%, 28.3%, 18.5%, and 20.2% [4].

在经历三年沉寂后，香港首次公开募股（IPO）市场正迎来强劲复苏，吸引了包括Millennium Management和Jane Street Group在内的全球顶级投资机构重返，它们以基石投资者的身份高调入局，为 市场注入了关键的信心与动力。 据Dealogic数据显示，对冲基金巨头Millennium Management LLC、量化交易公司Jane Street Group以及 资产管理公司M&G Investments Ltd.等机构今年均在香港IPO中担任了基石投资者，这是它们至少十年来 首次扮演该角色。这一转变标志着全球资本对香港作为国际金融中心前景的重新评估。 这些顶级投资者的回归，正值香港IPO市场募资额创下四年新高之际。在经历了此前关于中国市场"是 否仍值得投资"的疑虑后，今年的强劲反弹正重新点燃市场的乐观情绪。根据彭博汇编的数据，今年迄 今香港新股上市募资总额已达337亿美元，是去年112亿美元的三倍。 基石投资者在IPO中获得预先确定的股份配额，并承诺在锁定期内（香港通常为六个月）持有这些股 份。与常规认购不同，基石投资者的参与会被公开披露，这不仅能提升上市公司的形象，也能彰明投资 机 ...

Group 1 - The company, Jinyan Gaoling New Materials (02693), plans to conduct an initial public offering (IPO) from November 25 to November 28, 2025, offering 24.3 million H-shares at a price of HKD 7.30 per share, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The company has entered cornerstone investment agreements with several entities, committing to a total investment of approximately HKD 76.22 million, contingent upon certain conditions [1] - The net proceeds from the global offering are estimated to be around HKD 124.3 million, with approximately 70.8% allocated for deep processing projects of mullite-based aluminum silicate materials, 20.6% for establishing a new materials engineering research center, 0.6% for repaying bank loans, and 8.0% for working capital and general corporate purposes [1] Group 2 - The company specializes in coal series kaolin in China and possesses an integrated capability across the entire value chain from mining, R&D, processing to production and sales [2] - According to Frost & Sullivan, the company ranks fifth in the market with a 5.4% market share in the revenue of coal series calcined kaolin companies in China [2] - The company's revenue for the years ending December 31 for 2022, 2023, and 2024 was approximately RMB 190.4 million, RMB 204.7 million, and RMB 267 million respectively, with net profits of approximately RMB 24.4 million, RMB 43.6 million, and RMB 52.6 million, indicating sustained growth and profitability [2]

Core Viewpoint - The Hong Kong capital market is experiencing a strong recovery, with the IPO market achieving its best performance in three years, driven by significant foreign investment and a robust pipeline of projects for future listings [1][2][4]. Group 1: IPO Market Performance - The total IPO financing in Hong Kong has surpassed $30 billion, a significant increase from $10 billion last year and less than $6 billion two years ago [1]. - A+H share listings have emerged as the dominant force, with 17 A+H IPOs contributing over $18 billion, accounting for 60% of the total market financing [1]. - Key sectors driving this financing include technology and high-end manufacturing, highlighting the market's support for critical areas of the real economy [1]. Group 2: Foreign Investment Participation - Foreign capital has played a crucial role in the IPO recovery, with cornerstone investments in Hong Kong IPOs reaching $12 billion, of which foreign investment accounts for 42% [2]. - Notably, international long-term investors and sovereign funds have become more active, with examples like CATL's Hong Kong international placement where foreign funds made up over 60% [2]. Group 3: Market Mechanisms and Trends - The new IPO mechanism introduced in August has invigorated the market, allowing for a fixed public subscription ratio of 10%-60%, which has increased institutional investor allocations and reduced selling pressure [3]. - Since the implementation of the new rules, 22 out of 25 new stocks have opted for the new mechanism, with 21 of them seeing price increases on their first trading day [3]. Group 4: Future Outlook and Project Pipeline - The sustainability of the IPO market's strong performance is supported by a solid pipeline of over 100 reserve projects, including plans from leading A-share companies to list in Hong Kong [4]. - The ongoing trend of companies returning to Hong Kong from the U.S. is providing additional support to the market, helping to alleviate potential delisting risks [3][4]. Group 5: M&A Market Dynamics - The M&A market is also thriving, with a reported 52 Chinese-related M&A projects this year, totaling $54.8 billion, capturing a 14% market share [5]. - There is a noticeable shift in M&A targets from traditional Western markets to Southeast Asia and regions along the Belt and Road, focusing on smaller projects valued below $300 million [5][6].

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]