本公告僅作參考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。潛在投資者於決定是否 投資發售股份前應閱覽招股章程，以獲得下文所述有關全球發售的詳細資料。發售股份的投資決定應以招股章程 所載資料為唯一依據。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區）發佈、刊發或派發。 本公告並不構成亦不屬於在美國境內或於任何其他司法管轄區購買或認購證券的任何要約或招攬的一部分。本公 告所述證券並無亦不會根據1933年美國《證券法》（經不時修訂）（「美國《證券法》」）或美國任何州或其他司法管轄區 的證券法登記。證券不得在美國境內或向美國人士或為其賬戶或利益（定義見S規例）提呈發售、出售、質押或以 其他方式轉讓，惟獲豁免遵守美國《證券法》登記規定或不受該等規定所規限的交易則除外。證券僅可依據S規例 在美國境外以離岸交易方式提呈發售、出售及交付。 就全球發售而言，中國國際金融香港證券有限公司作為穩定價格操作人（「穩定價格操作人」）（或其聯屬人士或代 其行事的任何人士）可代表承銷商在香港或其他地區適用法律及監管規定的許可範圍內超額分配或進行交易，以 於上市日期後一段有限期間內按穩 ...

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 - The article highlights the increasing trend of cornerstone investments in Hong Kong IPOs, indicating a strong interest from long-term capital, particularly in new economy enterprises, which is seen as a vote of confidence in the market's future potential [1][14]. Group 1: Cornerstone Investment Trends - Cornerstone investors are crucial in Hong Kong IPOs, committing to purchase large amounts of shares at the issue price and agreeing to lock up their shares for a certain period, typically at least six months [3]. - In 2025, 89 IPO companies are expected to introduce cornerstone investors, with total investments reaching approximately 1,066 billion HKD, marking a historical high [3][5]. - In January 2026, all 13 new IPOs in Hong Kong included cornerstone investors, with total investments amounting to 185.21 billion HKD, a significant increase of 13.3 times compared to the previous year [3][5]. Group 2: Investor Composition - The composition of cornerstone investors includes insurance funds, foreign institutions, and leading private equity firms, with notable participants such as Taikang Life, Temasek, BlackRock, and Morgan Stanley [1][7][8]. - Insurance funds have shown a marked increase in participation, with 15.58 billion HKD in cornerstone subscriptions across 10 IPOs this year, compared to 26.20 billion HKD across 12 IPOs in 2025 [7]. Group 3: Sector Preferences - Long-term capital, including insurance funds and sovereign wealth funds, tends to favor large IPOs and industry leaders, particularly in sectors like artificial intelligence, high-end manufacturing, semiconductors, and biomedicine [10][12]. - New economy leaders are particularly attractive to capital, with significant investments in companies like Zhiyuan, Biran Technology, and others, reflecting a strong interest in sectors aligned with national strategic directions [10][11]. Group 4: Market Dynamics - The active participation of long-term capital in cornerstone investments is viewed as a confidence vote in the ongoing economic transformation and upgrading in China [14]. - The Hong Kong market is becoming a vital window for global capital to allocate Chinese assets, with improved investment quality and market mechanisms attracting significant foreign investment [15].

港股 IPO 投资指南 20260204 摘要 2025 年港股 IPO 市场募资规模全球第一，同比增长超 300%，上市首 日平均涨幅近 40%，A 股公司赴港上市占比约 50%，基石投资者占比 提升至 77%，外资参与度达 35%，打新收益率上升，破发率下降，表 明市场热度及投资者参与度显著提升。 港股 IPO 市场火爆受益于制度调整，如降低流通市值要求、加速审核流 程及科技类企业专线；全球流动性宽松，HYBRID 利率下降降低融资成 本，美元走低带来资金流入；二级市场良好表现正向影响一级市场融资 意愿。 预计 2026 年港股 IPO 项目储备充足，排队企业约 400 家，预计总上市 比例约 30%，总融资规模约 3,000 亿港币，同比增长 10%，与 2021 年水平相当，表明 2026 年仍是布局港股 IPO 的重要机会。 港股 IPO 流程包括材料准备期、监管审查期（6-9 个月，或有 2-3 轮反 馈）、市场推介期和后市支持阶段（绿鞋机制稳定股价）。 港股 IPO 发行份额分为国际配售（机构及高净值个人）和公开发售（公 众投资者），回拨机制平衡两部分份额，新机制分为 A（继续回拨思 路）和 B ...

Core Insights - The cornerstone investment market in Hong Kong has seen a significant increase in activity since the beginning of 2026, with strong interest from long-term capital [1] - In 2025, a record 89 IPO companies in Hong Kong attracted cornerstone investors, with a total investment amount of approximately HKD 1,066 billion [1] - In January 2026, all 13 newly listed stocks in Hong Kong attracted cornerstone investors, with total investments reaching HKD 185.21 billion, marking a substantial year-on-year increase of 1,233% [1] Investment Composition - The investor composition includes insurance funds, foreign institutions, leading private equity firms, and industrial capital, all actively participating in cornerstone investments [2] - Insurance funds have shown a notable increase in participation, engaging in cornerstone subscriptions for 10 IPOs in Hong Kong, totaling HKD 15.58 billion [1][2] - In 2025, insurance funds participated in 12 cornerstone subscriptions, amounting to HKD 26.20 billion [1] Market Dynamics - Recent policies have encouraged long-term capital to enter the market, optimizing the investment environment and extending assessment periods, which supports insurance funds in diversifying their investment channels [1] - The increase in IPO activity and the availability of quality investment targets, combined with the pressure on traditional fixed-income asset returns, have driven insurance funds to explore cornerstone investments [1] Focus on New Economy Leaders - New economy leaders have become a focal point for cornerstone investment, with significant amounts raised by companies such as Zhizhu, Biran Technology, and others in January 2026 [2] - Zhizhu, an AI model company, attracted a total of HKD 29.84 billion from multiple institutions, while Biran Technology garnered HKD 28.99 billion, accounting for 63.96% of its global offering [2] - Other companies like MINIMAX-WP, Zhaoyi Innovation, and Haowei Group also saw substantial participation, with each attracting no less than HKD 20 billion from at least 10 institutions [2]

在低利率与"资产荒"的双重压力下，保险资金的资产配置呈现出新动向。 1月28日，中国最大的休闲食品饮料连锁零售商鸣鸣很忙在港交所主板挂牌上市，发行价为每股236.60港元，总计募集资金36.7亿港元。值得关注的是，在其 引入的8名基石投资者中，泰康人寿赫然在列，获配1000万美元的基石投资份额。 这并非个例，而是险资加速掘金港股IPO的一个缩影。据东方财富Choice数据统计，2026年开年以来，已有泰康人寿、平安人寿、新华资产（香港）、大家 人寿等4家险资机构参与了7家港股公司的IPO基石投资，认购金额合计达9.88亿港元，热度创下同期新高。 | | | 2026年险资参与港股 | | | --- | --- | --- | --- | | 序号 | 公司名称 | 险资基石投资者 | 认购 | | l | 鸣鸣很忙 | 泰康人寿 | | | 2 | 兆易创新 | 泰康人寿 | | | | | 新华资产(香港) | | | 3 | 蒙威集团 | 大家人寿 | | | 4 | MINIMAX-WP | 泰康人寿 | | | 5 | 瑞博生物 | 泰康人寿 | | | 6 | 智谱 | 泰康人寿 | | | 7 ...

2026年1月13日至14日，瑞银集团在上海举办以"新前沿：识变局,谋增长"为主题的第26届瑞银大中华研 讨会（GCC）。 期间，瑞银全球投资银行亚太股票资本市场联席主管胡凌寒介绍道，2025年中国香港市场融资规模创近 十年新高，IPO、再融资、配售、可转债等各类产品发行量和融资额均表现亮眼，后市表现亦值得期 待。受益于南向资金及全球资金（欧洲、中东、美国等）持续流入香港及大中华区市场，市场流动性达 到近年最佳水平。 同时，MSCI中国指数估值相较于全球指数的折让收窄，恒生指数全年上涨近三成，涨幅为过去十年第 二高，体现出全球投资者和资金往中国的回流情况之下对市场的支持。 2025年，港股市场表现火热。胡凌寒介绍，外资机构重新回归中国香港市场扮演基石投资者角色，也有 外资机构首次参与港股基石投资，中资机构同样保持活跃，反映出境内外资金对中国香港市场的长期信 心。 她表示，在香港市场，基石投资通常设有六个月的股份锁定期。这一安排意味着投资者不仅对锁定期 间，而是对至少九至十二个月甚至更长时间的投资周期抱有积极预期。因此，愿意以基石身份参与的投 资人，往往体现出对标的公司及市场前景具备较强的长期信心。尤其在欧洲、 ...

Group 1 - The company BBSB INTL (08610) plans to conduct an IPO from December 31, 2025, to January 8, 2026, offering 125 million shares, with 10% for public sale and 90% for placement [1] - The expected share price is between HKD 0.6 and HKD 0.7, with trading set to begin on January 13, 2026, at 9:00 AM Hong Kong time [1] - The company has over 16 years of experience as a civil engineering contractor in Malaysia, focusing on large-scale transportation infrastructure projects, particularly bridge engineering [1] Group 2 - For the fiscal years 2023, 2024, the first six months of 2024, and the first six months of 2025, the company reported revenues of approximately MYR 76.8 million, MYR 133 million, MYR 69.8 million, and MYR 74 million, respectively [1] - The company incurred a net loss of approximately MYR 14.5 million in fiscal year 2023, but achieved net profits of approximately MYR 26.2 million, MYR 12.1 million, and MYR 3.2 million in the subsequent periods [1] - The company has entered into cornerstone investment agreements with two investors, allowing them to subscribe for shares at a price of HKD 7 million each, subject to certain conditions [2] Group 3 - The estimated net proceeds from the share sale, assuming a share price of HKD 0.65, will be approximately HKD 56 million (around MYR 30.2 million) [2] - Approximately 65.2% of the proceeds will be used to strengthen the company's financial position, covering subcontracting costs, material costs, and machinery rental costs [2] - About 19.8% of the proceeds will be allocated for expanding the workforce to support regional growth, while 5.0% will be used for upgrading information systems and internal processes [2]

Group 1 - The company, Zhongshi Jinqiao (00623), announced a cornerstone investment agreement on December 17, 2025, with Shenzhen Xunzhi and the exclusive sponsor and overall coordinator, agreeing to subscribe for shares at the issue price [1] - The cornerstone investment amount is set at 10 million USD, excluding brokerage commissions and fees related to the investor's shares [1] - On the same date, the company entered into a discretionary investment management agreement with Oriental Asset Management, appointing them as the manager to provide services [1]

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。 ...