Group 1 - The core viewpoint of the news is that Aux Electric (02580) has successfully completed its IPO subscription with significant oversubscription, indicating strong investor interest [1] - Aux Electric recorded a total subscription of HKD 82.3 billion, with the public offering being oversubscribed by 456 times against a target fundraising amount of HKD 180 million [1] - The company plans to issue 207 million shares, with 5% allocated for public offering, and the share price range set between HKD 16 to HKD 17.42, aiming to raise up to HKD 3.609 billion [1] Group 2 - Aux Electric is one of the top five air conditioning providers globally, involved in the design, research, production, sales, and service of both residential and central air conditioning systems [2] - The company has a market share of 7.1% in the global air conditioning market and is the leading brand in China's mass-market home air conditioning sector with a market share of 25.7% [2] - From 2022 to 2024, Aux Electric is expected to achieve a compound annual growth rate (CAGR) of 30.0% in sales, significantly outpacing the global air conditioning market's CAGR of 4.6% during the same period [2] - The company's overseas market development is robust, with overseas revenue accounting for 57.1% of total revenue for the three months ending March 31, 2025 [2]

Group 1: Company Performance - Gree Electric Appliances reported a 2024 annual revenue of approximately 190.04 billion yuan, a year-on-year decline of 7.31%, but net profit increased by 10.91% to 32.185 billion yuan [4] - Midea Group's total revenue for 2024 was about 409.1 billion yuan, reflecting a year-on-year increase of 9.5%, with a net profit of approximately 38.5 billion yuan, up 14.3% [4] - Gree's market share in the home air conditioning online retail sector was 25.40%, ranking first in the industry, while its central air conditioning market share exceeded 15%, maintaining the top position for 13 consecutive years [1][2] Group 2: Market Competition - Both Gree and Midea claim to hold the top market share in various categories, with Midea stating a 35.9% offline and 33.2% online market share in home air conditioning [2][3] - The data discrepancies between Gree and Midea stem from different metrics used in their reports, with Gree focusing solely on its brand while Midea includes multiple brands under its umbrella [3] Group 3: Leadership and Governance - Gree's chairperson, Dong Mingzhu, received an annual salary of 14.372 million yuan and additional cash dividends of 200 million yuan, raising concerns about executive compensation amid the company's revenue decline [4] - Dong Mingzhu was re-elected as chairperson during the 2025 shareholder meeting, marking the beginning of her fifth three-year term, while Zhang Wei was appointed as the new president of Gree [14][16] - Dong Mingzhu's controversial remarks regarding hiring practices and her criticism of competitors have drawn significant media attention and public backlash [5][10][12]