Core Viewpoint - The company, Xipuni (02583), is set to launch an initial public offering (IPO) from September 19 to September 24, 2025, aiming to issue 10.6 million shares at a price range of HKD 27.0 to 29.6 per share, with a significant portion allocated for international sales [1] Group 1: Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [1] - The company also acts as an ODM manufacturer for various domestic jewelry brands, developing and producing private label watches and jewelry [1] - Xipuni has established long-term relationships with notable ODM clients, including brands like Laofengxiang, China Jewelry, and Zhou Dashi [1] Group 2: Product and Sales Strategy - The product portfolio centers around the flagship brand HIPINE, recognized as a "Shenzhen Famous Brand" since 2022 and listed among the top 100 brands in Shenzhen in 2024 [2] - Sales are primarily conducted through a direct dealer network, leveraging over 3,000 offline retail points to penetrate the market effectively [2] - The company has begun overseas expansion, partnering with a Malaysian distributor to retail HIPINE watches, with plans to extend its reach into the Middle East [2] Group 3: Use of IPO Proceeds - The estimated net proceeds from the global offering are approximately HKD 255 million, assuming a median offer price of HKD 28.3 per share [3] - The allocation of proceeds includes approximately 40.28% for enhancing production capacity, 17.11% for establishing a research and development center in Putian, and 33.24% for expanding the sales network and brand building [3] - About 9.37% of the proceeds will be used for working capital or general corporate purposes [3]