Company Overview - Zhida Technology is a company specializing in home electric vehicle charging stations, holding the largest market share in China at 13.6% and a global market share of 9.0% [6][7] - The company has been operating at a loss since its inception in 2010, with revenues declining due to price wars [6][7] Financial Performance - Zhida Technology's revenues for 2022, 2023, and 2024 were recorded at CNY 697 million, CNY 671 million, and CNY 593 million respectively [6][7] - The net losses for the same years were CNY 25 million, CNY 58 million, and CNY 236 million, with further losses of CNY 32 million and CNY 17 million for the first three months of 2024 and 2025 [7] Market Activity - Zhida Technology's IPO saw a subscription rate of 5,440 times, ranking fifth among new stocks this year [6] - The final offering price was set at the lower end of the range at HKD 66.92 per share, raising approximately HKD 400 million, with a net amount of about HKD 326 million after expenses [7] Comparison with Other Companies - Jin Ye International Group, another newly listed company, achieved a subscription rate of 11,465 times, making it the highest in 2025 [4][6] - Despite a significant increase of 464% in its stock price, Jin Ye International Group's total market capitalization remains around HKD 1.1 billion [6]

Core Viewpoint - The recent stock transfer of Xipuni (02583) from Ping An Securities (Hong Kong) to China International Capital Corporation Hong Kong Securities indicates a significant market activity, with a total transfer value of HKD 325 million, representing 3.28% of the company's shares [1] Group 1: IPO Details - Xipuni conducted its IPO from September 19 to September 24, aiming to globally offer 10.6 million shares, with 10% allocated for Hong Kong and 90% for international investors, plus a 15% over-allotment option [1] - The total margin subscription on the first day reached approximately HKD 492 million, with a subscription multiple of about 15.69 times [1] - On September 23 and 24, the margin totals surged to HKD 15.552 billion and HKD 45.939 billion, respectively, with over-subscription multiples of 495.65 times and 1464.14 times [1] - The final over-subscription multiple at the end of the offering was recorded at 2505.9 times [1]

Group 1 - The company, 澳亚集团 (02425), announced the acceptance of 370,565,309 shares in its rights issue, which represents approximately 132.26% of the total 280,185,244 shares offered [1] - The rights issue was oversubscribed by 90,380,065 shares, accounting for about 32.26% of the total shares offered [1] - All conditions outlined in the rights issue prospectus have been met, making the rights issue unconditional as of July 28, 2025 [1] Group 2 - The total amount raised from the rights issue is approximately HKD 314 million, before deducting professional fees and other expenses, with a net amount of about HKD 309 million [1]

Group 1 - In 2024, a total of 70 companies listed on the Hong Kong Stock Exchange, with an average oversubscription rate of 354.91 times, significantly higher than the average of less than 13 times in 2023 [2] - Five companies achieved oversubscription rates exceeding 1,000 times, including Caohua Group (6,083.63 times), Jinko Electronics (5,677.83 times), Youbo Holdings (2,503.03 times), Yuanxu Technology (2,480.61 times), and Carrot (1,347.27 times) [2][3] - Three companies had oversubscription rates below 1 time, namely Chabaidao (0.50 times), Suteng Juchuang (0.58 times), and Ruqi Travel (0.60 times) [2] Group 2 - Caohua Group, established in 1999, is a diversified supplier of health and beauty products, leveraging the celebrity effect of its founder, Guo Jinan, to rapidly capture market share [4] - From 2021 to 2023, Caohua Group reported revenues of 154 million, 186 million, and 228 million, with an average annual growth rate of 24.03%, and net profits of 19 million, 25 million, and 36 million, with an average annual growth rate close to 45% [4] - However, after its listing, Caohua Group's stock price only increased by 10.40% on the first day and has since faced a decline, with a closing price of 1.95 HKD per share, down over 60% from its peak [4][5] Group 3 - The company's 2024 annual report indicated a revenue of 227 million, a year-on-year decline of 2.28%, and a net profit of 12 million, a decrease of nearly 70% [5] - The significant drop in performance raises questions about the company's ability to reverse its fortunes and whether its operational strategy will change in light of declining earnings [5]