Core Viewpoint - Jihong Co., Ltd. is set to achieve a dual listing in both A-share and H-share markets, with its H-shares expected to be listed on May 27, 2025, aiming to raise approximately HKD 5.08 billion to HKD 7.25 billion [2][5][6] Group 1: H-Share Listing Details - The company has published its H-share prospectus and plans to issue 67.91 million shares, with a price range set between HKD 7.48 and HKD 10.68 [2][5] - The public offering in Hong Kong started on May 19, 2025, and is expected to conclude on May 22, 2025, with the final pricing to be announced by May 26, 2025 [5][6] - Jihong Co. will become an A+H listed company following the successful issuance and trading of its H-shares [6] Group 2: Business Performance and Strategy - The company has transitioned from a packaging business to a dual-driven model that includes cross-border social e-commerce and paper-based fast-moving consumer goods packaging solutions [2][8] - In Q1 2025, Jihong Co. reported a revenue of CNY 1.477 billion, marking an 11.55% year-on-year increase, with net profit reaching CNY 59.16 million, up 38.21% [9] - The cross-border e-commerce segment accounted for over 60% of the company's revenue, indicating a significant shift in business focus [7][9] Group 3: Financial Overview - For the year 2024, Jihong Co. experienced a revenue decline of 17.41% to CNY 5.529 billion, with net profit decreasing by 47.28% to CNY 182 million [8] - The packaging and e-commerce businesses generated revenues of CNY 1.198 billion and CNY 3.366 billion respectively in 2024, with respective year-on-year declines of 10.98% and 20.93% [8] - The company has increased its dividend frequency, distributing a total of CNY 128 million in cash dividends for the year 2024, which is 112.06% of its net profit [6][8]