Core Viewpoint - Innovation Industry Group Limited, a leading integrated producer of electrolytic aluminum and alumina in China, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 54.95 billion through the issuance of 500 million shares at HKD 10.99 each, with a significant post-listing price increase of 36.49% to HKD 15 per share [1][2]. Group 1: Company Overview - Innovation Industry was established in 2012 and is one of China's top twelve electrolytic aluminum producers, focusing on alumina refining and electrolytic aluminum smelting [1][2]. - The company has a designed production capacity of 788.1 thousand tons per year for electrolytic aluminum and 1200 thousand tons per year for alumina as of November 6, 2023 [1]. Group 2: Financial Performance - The company reported revenues of RMB 134.9 billion, RMB 138.15 billion, RMB 151.63 billion, and RMB 72.14 billion for the fiscal years 2022, 2023, 2024, and the first five months of 2025, respectively, indicating steady growth [2]. - The net profit for the same periods was approximately RMB 9.13 billion, RMB 10.81 billion, RMB 26.3 billion, and RMB 8.56 billion, showing slight fluctuations [2]. Group 3: Shareholding Structure - After the IPO, the actual controller and major shareholder, Cui Lixin, holds 75% of the shares through Bloomsbury Holding, while public shareholders own 25% [2]. Group 4: Use of Proceeds - Approximately 50% of the net proceeds from the global offering will be used to expand overseas production capacity, including the construction of an electrolytic aluminum smelting plant [3]. - About 40% of the net proceeds is expected to fund green energy projects, including the establishment of green energy power stations [3]. - The remaining 10% will be allocated for working capital and general corporate purposes [3].

Core Viewpoint - Innovation Industry (02788.HK), an electrolytic aluminum producer from Hohhot, Inner Mongolia, is set to launch its IPO from November 14 to November 19, 2025, with a listing date on November 24, 2025 [3][4]. Summary by Relevant Sections IPO Details - The company plans to issue 500 million shares, representing 25% of the total shares post-IPO, with 90% allocated for international offering and 10% for public offering [4][5]. - The share price is expected to range from HKD 10.18 to HKD 10.99, with a maximum fundraising target of approximately HKD 54.95 billion [4][5]. - The entry fee for investors is HKD 5,550.42 for a board lot of 500 shares [4]. Financial Projections - Assuming a median share price of HKD 10.58 and full exercise of the over-allotment option, the total estimated expenses for the IPO are around HKD 197.5 million [5]. - The net proceeds from the IPO are projected to be approximately HKD 51.13 billion, with 50% allocated for expanding overseas production capacity, 40% for green energy projects, and 10% for working capital and general corporate purposes [5][9]. Company Background - Established in 2012, Innovation Industry focuses on high-value segments of the aluminum industry chain, primarily producing and selling electrolytic aluminum and alumina [8]. - The company is the third-largest electrolytic aluminum producer in North China and the twelfth largest in China, with a designed production capacity of 788,100 tons of electrolytic aluminum and 1.2 million tons of alumina annually [9]. - The company has a high self-sufficiency rate in electricity, approximately 88%, compared to the industry average of 57%, and is expanding its renewable energy capacity with ongoing projects in wind and solar power [9].