Core Viewpoint - Jihong Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first company in Xiamen to achieve "A+H" listing, which is expected to enhance its industry competitiveness and brand influence [1][4]. Company Overview - Jihong Co., Ltd. was established in 2003 in Xiamen and specializes in color printing packaging design and production, covering various sectors including fast-moving consumer goods, food packaging, and electronics packaging [4]. - The company has transformed into a dual-driven enterprise based on technology, innovation, and digital empowerment, with cross-border social e-commerce and paper-based fast-moving consumer goods packaging solutions [4]. Financial Performance - For 2024, Jihong Co., Ltd. is projected to achieve total revenue of 5.529 billion RMB and a net profit of 184 million RMB [6]. - The revenue from the cross-border social e-commerce business is expected to be 3.366 billion RMB, accounting for 60.9% of total revenue, while the paper packaging business is projected to generate 2.099 billion RMB, making up 38.0% of total revenue [6]. - The gross margin of the cross-border social e-commerce business has improved from 40.5% in 2022 to 43.8% in 2024, contributing to the overall increase in the company's gross margin [6]. IPO Details - Jihong Co., Ltd. raised approximately 522 million HKD through its IPO, with around 40% of the funds allocated for overseas market expansion, 35% for technology development, 15% for expanding brand portfolio and developing existing self-owned brands, and the remaining 10% for working capital and general corporate purposes [6].

Group 1: Company Overview - Jihong Co., Ltd. (吉宏股份) is a leading player in the cross-border social e-commerce sector and has established itself as a key provider of paper packaging products for fast-moving consumer goods (FMCG) since its founding in 2003 [1][4] - The company went public on the Shenzhen Stock Exchange in July 2016 and expanded its business into cross-border social e-commerce in 2017, which has since become its primary revenue source [1][4] - Jihong Co., Ltd. aims to leverage its dual business model of cross-border social e-commerce and paper packaging to create synergies and mitigate risks [4] Group 2: Market Performance and Financials - Jihong Co., Ltd. reported total revenues of CNY 5.376 billion, CNY 6.695 billion, and CNY 5.529 billion for the years 2022, 2023, and 2024 respectively, with net profits of CNY 172 million, CNY 332 million, and CNY 184 million during the same period [6] - In Q1 2025, the company achieved revenue of CNY 1.477 billion, representing a year-on-year growth of 11.55%, with a net profit of CNY 59.16 million, up 38.21% [6] Group 3: IPO and Fund Utilization - The company has set the final price for its H-share IPO at HKD 7.68 per share, with trading expected to commence on May 27, 2025 [1] - Proceeds from the IPO will be allocated as follows: approximately 40% for overseas market expansion, 35% for technology development, 15% for brand expansion, and 10% for working capital [7][8] Group 4: Industry Trends and Growth Potential - The cross-border social media e-commerce sector in China is rapidly reshaping global trade, with a projected market size of USD 927.6 billion by 2029, accounting for 11.4% of the global B2C e-commerce market [3] - The Asian e-commerce market, particularly outside of China, is expected to show significant growth potential due to factors such as a large population base, increasing internet penetration, and a growing middle class [2][3]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. has officially launched its IPO plan on the Hong Kong Stock Exchange, aiming for listing on May 27, 2025, to further expand its capital market presence [1] Group 1: IPO Details - The IPO price range is set between HKD 7.48 and HKD 10.68, with a global offering of 67.91 million H-shares, potentially raising approximately HKD 725 million at the highest price [1] - Key cornerstone investors, including Timber Kangaroo, Yulong International, and Ms. Shen Zhenyu, have committed to subscribe for a total of HKD 155 million worth of shares [1] Group 2: Financial Performance - Revenue for the years 2022, 2023, and 2024 reached RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion respectively, with a notable decline in 2024 revenue compared to 2023 [2][3] - Despite a 20.93% year-on-year decline in the cross-border social e-commerce business revenue in 2024, it still accounted for a significant portion of the company's total revenue, amounting to RMB 3.366 billion [2] - The company's gross profit and gross margin for 2024 were RMB 2.419 billion and 43.8% respectively, indicating a strong profitability despite revenue fluctuations [2][3] Group 3: Ownership Structure - The company has a family-oriented ownership structure, with founder and general manager Ms. Zhuang Hao holding 18.09% of the shares, alongside her husband Zhang Ping, who co-controls the company [4] - Other significant shareholders include Zhuang Shu and He Jingying, who also hold substantial stakes in the company [4] Group 4: Future Outlook - The upcoming listing on the Hong Kong Stock Exchange is expected to provide Jihong Technology with broader financing channels and a more diversified investor base, supporting its ongoing business development and innovation [7] - The company aims to become a leading global provider of fast-moving consumer goods packaging and cross-border e-commerce services, maintaining a commitment to innovation, pragmatism, and efficiency [7]

Group 1: Hong Kong IPO Market - The Hong Kong IPO market continues to thrive with four companies currently in the process of going public, including Pagoda Biotech and Jihong Technology [1] - The listing of CATL on May 20 is the largest IPO globally this year, contributing to a total fundraising amount exceeding HKD 60 billion, which is over six times the amount from the same period last year [1] - The Hong Kong government reports that the IPO market is robust, with the fundraising scale currently leading globally [1] Group 2: Pagoda Biotech - Pagoda Biotech plans to globally offer 19.2835 million H-shares at a price of HKD 15.6 per share, aiming to raise approximately HKD 301 million [1] - The company focuses on innovative therapies for chronic diseases, particularly in the field of metabolic disorders [2] Group 3: Jihong Technology - Jihong Technology plans to globally offer 67.91 million H-shares with a price range between HKD 7.48 and HKD 10.68, targeting a maximum fundraising of approximately HKD 725 million [2] - The company is recognized as the first A+H share in AI-driven cross-border social e-commerce, providing comprehensive packaging solutions for fast-moving consumer goods [2] Group 4: MIRXES - MIRXES is set to launch its IPO from May 15 to May 20, with plans to offer 46.62 million shares at HKD 23.30 each, aiming to raise up to HKD 1.086 billion [2] - The company specializes in RNA technology for disease screening and diagnostics, focusing on non-invasive blood-based tests for early disease detection [3] Group 5: Heng Rui Pharmaceutical - Heng Rui Pharmaceutical has initiated its global IPO, planning to issue nearly 225 million H-shares with a price range of HKD 41.45 to HKD 44.05, targeting a maximum fundraising of HKD 13 billion [3][4] - The company has attracted several top-tier institutional investors, securing a total of USD 533 million in cornerstone investments [4]

Core Viewpoint - The ongoing trend of A-share companies listing in Hong Kong continues, with Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") recently passing the hearing process for its IPO, highlighting its significant achievements in the cross-border social e-commerce sector [1][2]. Group 1: Company Overview - Jihong Co. operates as a cross-border social e-commerce enterprise, focusing on a "data-driven, technology-driven" model that enhances customer shopping experiences by significantly reducing the time needed to find products [1]. - The company utilizes a "goods find people" business model, primarily targeting overseas consumers with a diverse range of Chinese consumer goods, leveraging major social media platforms for advertising [1][2]. Group 2: Business Performance - In the first quarter of 2025, Jihong Co. reported a revenue of 1.477 billion yuan, representing a year-on-year growth of 11.55%, while net profit reached 59.16 million yuan, up 38.21% year-on-year [3]. - The company has established six brands, including SENADA BIKES and Veimia, and has fulfilled over 48 million orders for approximately 17 million consumers, with a signing rate between 84.9% and 88.4% [2]. Group 3: Market Position and Strategy - According to a report, Jihong Co. ranks second among Chinese B2C export e-commerce companies in terms of revenue generated from social media e-commerce in Asia, holding a market share of 1.3% [2]. - The company is expanding its business in the Middle East, with plans to establish packaging production bases and trade platforms in Ras Al Khaimah, UAE, and Salalah, Oman, which will help mitigate tariff uncertainties and support long-term growth in the region [3].

Core Viewpoint - The company, Jihong Technology Co., Ltd., is preparing for an IPO in Hong Kong, driven by its dual business model of cross-border social e-commerce and paper packaging for fast-moving consumer goods, which presents both opportunities and challenges [1][2]. Business Overview - The company's main businesses include cross-border social e-commerce and paper packaging for fast-moving consumer goods. The e-commerce segment utilizes dynamic data analysis and a "goods find people" model to promote mainland Chinese products to global consumers through social media advertising [3][4]. - The paper packaging business offers a one-stop service for fast-moving consumer goods companies, covering the entire process from design to logistics, with a focus on environmentally friendly packaging [4]. Market Position - In terms of market positioning, the cross-border social e-commerce business focuses on the Asian market, while the paper packaging business targets the mainland Chinese fast-moving consumer goods market. By 2024, Jihong is projected to rank second among Chinese B2C export e-commerce companies in terms of revenue generated from social media e-commerce in Asia, and first in the mainland paper packaging market for fast-moving consumer goods [4]. Financial Performance - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with profits of RMB 172 million, RMB 332 million, and RMB 185 million [5]. - The cross-border social e-commerce business accounts for a significant portion of total revenue, with contributions of 57.8%, 63.6%, and 60.9% from 2022 to 2024, and a gross margin of 59.1%, 63.1%, and 60.5% during the same period. The paper packaging business shows stable growth with gross margins of 15.2%, 18.8%, and 17.9% [6]. Investment Value - Jihong possesses certain advantages in its industry, particularly in the application of AI technology and supply chain management within its cross-border social e-commerce business, which includes the self-developed Giikin system that enhances operational efficiency [7]. - The paper packaging business has established long-term partnerships with leading fast-moving consumer goods companies, holds a significant market share, and possesses numerous patents and software copyrights, indicating strong technical capabilities [8].