Group 1 - Shenzhen Wanrun Technology Co., Ltd. has invested 100 million RMB to establish Shenzhen Wanrun Storage Technology Co., Ltd., holding 100% ownership [1] - Shenzhen Wanrun Storage Technology Co., Ltd. was established on August 8, 2025, with a registered capital of 100 million RMB [1] - The company operates in the computer, communication, and other electronic equipment manufacturing industry [1] Group 2 - The legal representative of Shenzhen Wanrun Storage Technology Co., Ltd. is Liu Yuan [1] - The company is located in Shenzhen and engages in various activities including manufacturing of computer hardware and software, integrated circuit design and sales, and communication equipment manufacturing [1] - The company also provides data processing and storage support services, technical services, and software development and sales [1]

Core Viewpoint - The Hong Kong stock market is experiencing a significant revival in IPO activities, with the total financing amount expected to exceed the entire previous year by mid-2024, largely driven by the return of international long-term capital [1][2]. Group 1: IPO Market Dynamics - The IPO market in Hong Kong has seen a strong recovery since 2025, with financing scale now ranking first globally, attributed to favorable economic policies in China, advancements in technology, and faster regulatory approvals for mainland companies [2][3]. - Predictions suggest that if the total IPO scale in Hong Kong for 2025 reaches between $20 billion and $25 billion, approximately 80% of this will come from A-share companies [3]. - The number of international long-term investors participating in Hong Kong IPOs has increased significantly, with participation rising from 3-5 investors per project in 2023 to over 20 in recent listings [3]. Group 2: Supply and Demand in the Market - Despite the renewed interest in the Hong Kong market, there is a supply shortage of quality projects, leading to difficulties for institutional investors in securing cornerstone shares [4]. - Over 40 A-share companies are currently planning to list in Hong Kong, with more than 20 already having submitted applications to the Hong Kong Stock Exchange [5][6]. Group 3: Investor Preferences and Market Characteristics - Investors are increasingly favoring companies with clear profitability, strong business models, and lower risks, with consumer and industry-leading companies being the most sought after [6]. - The existence of price differentials between A-shares and H-shares should be viewed calmly, as the two markets operate under different ecological conditions, and the supply-demand dynamics dictate their respective prices [7][8].