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 Dynamics - This week, three companies are scheduled for IPO in the A-share market [1] - Two new stocks are available for subscription this week [2] Upcoming New Stock Subscriptions - On October 27, Fengbei Biotechnology (603334) will be available for subscription on the Shanghai Stock Exchange main board; on October 28, Delijia (603092) will also be available for subscription [3] Market Highlights - Leju Robotics has completed its corporate restructuring and is advancing its IPO plan, having recently secured nearly 1.5 billion yuan in Pre-IPO financing from investors including Shenzhen Investment Control Capital and Shenzhen Longhua Capital [5] - The company aims to enhance core technology research and development, deepen industry chain layout, and promote large-scale production and diversified applications of humanoid robots [5] - Leju Robotics, established in 2016, focuses on the independent research and development and industrialization of core humanoid robot technologies, having developed a comprehensive technology system and launched various robot products [5] Recent Listings and Approvals - On October 21, Jianxin Superconducting successfully passed the review for listing on the Sci-Tech Innovation Board [6] - On October 22, Marco Polo (001386) was listed on the Shenzhen Stock Exchange main board [6] - On October 24, Chaoying Electronics (603175) was listed on the Shanghai Stock Exchange main board [6] Hong Kong Market Insights - Hong Kong Exchanges and Clearing CEO, Charles Li, noted that approximately 300 companies are waiting for IPO approval, with half from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [7] - From January to September, over 60 companies listed in Hong Kong, raising a total of 182.9 billion HKD, ranking first globally [7] - The increase in IPO activity is attributed to economic stimulus policies and the emergence of new technology companies [8] Market Connectivity - The mutual market access mechanisms, including the Shanghai-Hong Kong Stock Connect, are highlighted as a key factor in attracting capital inflow and enhancing market activity [8] - The influx of exciting new tech companies has drawn global investor attention, contributing to the vibrancy of both the Hong Kong and mainland markets [8]

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]