Core Viewpoint - Zhengdan Co., Ltd. (300641) is committed to developing its main business while actively seeking investment opportunities in new economic sectors, supported by a clear capital strategic plan [1] Group 1: Business Development - The company is focused on its core business development while also paying attention to investment opportunities in new economic industries [1] - Management will conduct thorough research and careful evaluation of investment opportunities across the industrial chain and other high-quality sectors [1] Group 2: Strategic Planning - The company has established a clear capital strategic plan to guide its investment activities [1] - A rigorous approach will be maintained, ensuring that risks and returns are fully assessed before advancing related strategies [1] Group 3: Sustainable Development - The company aims to promote sustainable development through its strategic initiatives [1]

IPO动态 下周，10月27日，丰倍生物(603334)将在上交所主板进行申购；10月28日，德力佳(603092)将在上交所 主板进行申购。 港股 热点追踪 乐聚机器人已完成股改正推进IPO计划，刚完成15亿元融资 10月22日，乐聚机器人已完成股改，IPO计划推进中。 近日，乐聚机器人完成近15亿元Pre-IPO轮融资，参投机构包括深投控资本、深圳龙华资本、前海基础 投资等。乐聚机器人表示，本轮融资将用于强化核心技术研发、深化产业链布局、完善产业场景应用， 推动人形机器人迈向大规模量产与多元化场景应用。 A股 本周，A股上会公司共有三家。 新股上市： 新股申购： 本周共有俩只新股进行申购。 天眼查显示，今年9月，乐聚机器人发生市场主体类型变更，从有限责任公司变更为股份有限公司（非 上市、自然人投资或控股），公司名称也从"乐聚（深圳）机器人技术有限公司"变更为"乐聚智能（深 圳）股份有限公司"。 资料显示，乐聚机器人成立于2016年，专注于人形机器人核心技术自主研发与产业化，目前已构建"大 脑-小脑-操作系统-本体"全栈技术体系，陆续推出AELOS（小型）、ROBAN（中型）、KUAVO（大 型）等机器人产 ...

Group 1 - The Hong Kong stock market has been active this year, with an average daily trading volume exceeding 250 billion HKD, and over 60 companies listed in the first nine months, raising a total of 182.9 billion HKD, making it the top global market for IPOs [1][3] - Currently, around 300 listing applications are being processed by the Hong Kong Stock Exchange, with half of them from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [3] - The mutual market access mechanisms, including the Stock Connect programs, are highlighted as a key advantage for Hong Kong, facilitating international capital flow into the mainland market and vice versa since their launch in 2014 [3] Group 2 - The main challenge for the Hong Kong IPO market is to develop a more diversified asset class ecosystem, including fixed income and commodities, to meet the global trend of de-dollarization and investors' demand for diversified asset allocation [4]

Group 1 - The core viewpoint is that Hong Kong's capital market has become a significant highlight globally in 2023, with an average daily trading volume exceeding HKD 250 billion and over 60 companies listed, raising a total of HKD 182.9 billion, ranking first worldwide [1][3] Group 2 - There are currently around 300 companies waiting for listing approval, with half of them from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [3] - The Hong Kong Stock Exchange aims to diversify its asset classes, focusing on expanding fixed income and other asset categories to meet global investors' needs for alternatives to traditional equities [2][3] Group 3 - Factors contributing to the rise of the Hong Kong stock market include China's economic stimulus policies and the emergence of new technology companies, which have attracted significant global investment [4] - The "secret weapon" for attracting capital and enhancing market activity is the interconnectivity mechanisms, such as the Stock Connect programs, which have facilitated cross-border investments and increased participation from both local and mainland investors [4]

Core Insights - The Hong Kong IPO market raised HKD 107.1 billion in the first half of 2025, a sevenfold increase compared to the same period last year, making it the highest globally and the second highest in nearly a decade [1] - A total of 44 new stocks were listed in Hong Kong during the first half of 2025, marking a 47% increase from the first half of 2024, with the main board dominated by retail, consumer goods, and services [1] - The outlook for the second half of 2025 remains positive, with over 200 companies having submitted applications to list in Hong Kong, spanning various industries including traditional sectors and new economy sectors [1][2] Market Trends - The Hong Kong IPO market is experiencing a significant growth trend, supported by high liquidity in the banking system, which provides favorable conditions for companies to list and raise funds [2] - The market is becoming an important platform for Chinese companies to expand their business and raise capital, with many large enterprises listed on A-shares planning to split their Chinese operations to list in Hong Kong [2] - The anticipated influx of policy support and ample liquidity is expected to lead to the most active fundraising wave in nearly four years for the Hong Kong new stock market [2]