Core Viewpoint - The recent progress of Anhui Jinyan Kaolin New Materials Co., Ltd. (referred to as "Jinyan High-tech") in its application for a mainboard listing on the Hong Kong Stock Exchange marks a significant development for New Third Board companies seeking to go public in Hong Kong [1]. Company Overview - Established in 2012, Jinyan High-tech is a company in the coal-based kaolin industry, integrating the entire value chain from mining, research and development, processing, to production and sales [2][3]. - According to data from Frost & Sullivan, Jinyan High-tech ranks fifth among coal-based calcined kaolin companies in China by revenue, with a market share of 5.4% in 2024. It is also the largest producer of precision casting mullite materials in China, holding a market share of 19.1% [2]. Product and Resource Details - The company primarily produces precision casting mullite materials and refractory mullite materials, which are essential for high-precision component casting in industries such as automotive, aerospace, and medical [3]. - Jinyan High-tech fully owns the Shuli Kaolin Mine in Huai Bei City, Anhui Province, known for its rich coal-based kaolin resources. As of May 31, 2025, the estimated total resource amount of the mine is approximately 18.649 million tons, with proven resources of 2.366 million tons and inferred resources of 7.292 million tons [3]. Financial Performance - The company's revenue from 2022 to 2024, as well as the first five months of 2025, is reported as follows: RMB 190 million, RMB 205 million, RMB 267 million, and RMB 105 million, respectively. Corresponding net profits are RMB 24.423 million, RMB 43.617 million, RMB 52.602 million, and RMB 18.032 million [5]. Shareholding Structure - Prior to the listing, the shareholding structure of Jinyan High-tech includes Anhui State-owned Assets Supervision and Administration Commission holding 60.13% through Huai Bei Mining Group and its subsidiary, while Huai Bei City State-owned Assets Supervision and Administration Commission holds 39.87% through Huai Bei Investment [4]. Market Trends - The trend of New Third Board companies going public in Hong Kong has accelerated, with several companies successfully listing and achieving significant stock price increases post-listing [5].

Core Insights - Recent companies such as Jintian Animation, Bama Tea, and Shenghuo Technology have reignited the trend of listing in Hong Kong after delisting from the New Third Board [1] - Successful transitions to the Hong Kong market by companies like Pop Mart and Smoore International have established them as prominent players, with Pop Mart's market capitalization exceeding 300 billion HKD [1] - The "New Third Board + H-share" model offers a unique dual-platform financing path for certain enterprises [1] Industry Trends - The Hong Kong Stock Exchange has become a significant destination for companies transitioning from the New Third Board, alongside the Beijing Stock Exchange [1] - The increasing number of New Third Board companies entering the Hong Kong market is creating a distinctive landscape [1]

Core Insights - Recent surge in companies from the New Third Board, such as Jintian Animation, Bama Tea, and Shenghuo Technology, seeking to list in Hong Kong, indicating a trend towards international capital markets [1][2] - Successful transitions of companies like Pop Mart and Smoore International to Hong Kong have set benchmarks for others, showcasing the potential value of such moves [4] Company Developments - Jintian Animation has submitted its IPO application to the Hong Kong Stock Exchange, focusing on IP-based fun food products, with projected revenues of 596 million RMB in 2022, increasing to 877 million RMB by 2024 [2] - Bama Tea is set to list at a maximum price of 50 HKD, with a strong market position in the Chinese tea industry, particularly in oolong and black tea, and has received backing from major investment firms [3] - Pop Mart has demonstrated significant growth since its Hong Kong listing, with a revenue increase of 245%-250% year-on-year, and a market capitalization reaching 309.4 billion HKD [4] Market Trends - The "New Third Board + H-share" model is gaining traction, allowing companies to leverage both domestic and international capital markets simultaneously [6][7] - Companies like Tian Tu Investment have successfully utilized this model, maintaining flexibility in financing while gaining international recognition [7] Expert Opinions - Experts suggest that while listing in Hong Kong can enhance brand visibility and resource integration, some companies may resort to this option due to challenges in listing on domestic exchanges [8]

Core Viewpoint - Xunzhong Communication Technology Co., Ltd. is on the verge of an IPO on the Hong Kong Stock Exchange, aiming to become a leading player in the "New Third Board + H-share" market, following other companies like Tiantu Investment and Huige Environmental Protection [1][2] Group 1: Company Overview - Xunzhong is a leading full-stack cloud communication service provider in China, with its core business being Communication Platform as a Service (CPaaS), which accounts for over 80% of its revenue [2] - The company has been a pioneer in providing cloud communication services in China and is one of the few providers offering AI-driven communication services [2] Group 2: Financial Performance - Xunzhong's revenue for 2022, 2023, and 2024 is projected to be approximately 810 million, 916 million, and 917 million yuan respectively, with a compound annual growth rate (CAGR) of 6.45% [2] - The net profit for the same years is estimated to be around 75 million, 77 million, and 51 million yuan [2] Group 3: Market Activity - Several other companies from the New Third Board are also pursuing listings on the Hong Kong Stock Exchange, including Yinxiang Co., Jinxun Co., and Baogai New Materials [3][4] - Yinxiang Co. has received a filing notice for its H-share issuance, focusing on cultural tourism projects, with its main product being the performance "Impression·Da Hong Pao," which has been performed over 6200 times [3] - Jinxun Co. is involved in copper production and trading, with plans to expand its capacity in the Democratic Republic of the Congo and Zambia [4] - Baogai New Materials is a high-tech enterprise specializing in polymer composite materials, with a strong market position in cable trench cover products [5]