Group 1 - The core viewpoint of the articles highlights the significant stock performance of 卓越睿新 (Zhuoyue Ruixin), which has seen its share price rise nearly 5% to reach a new high of 164.5 HKD, with a total market capitalization approaching 11 billion HKD [1] -卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008, and launched its brand "Smart Tree" in 2013 [1] - According to Frost & Sullivan,卓越睿新 ranks second in the Chinese higher education digital teaching market by revenue, holding a market share of 4.0%, and ranks first in the digital teaching content production market with a market share of 7.3% [1] Group 2 - The trading data from the first two days of卓越睿新’s listing indicates a classic "fund-driven" scenario, with a price fluctuation of 83.73% and a cumulative increase of 75.36% [2] - The stock's performance is characterized by high volatility and a consistent upward trend, contrasting with typical new stock listings that often experience intense market fluctuations [2] - Market interpretations suggest that the stock price movement is a strategic push to meet the inclusion criteria for the Hong Kong Stock Connect, supported by clear rules and strategic logic [2]

Core Viewpoint - 卓越睿新 (02687) has seen a significant increase in stock price, rising nearly 130% from its IPO price, indicating strong market interest and confidence in the company's growth potential in the digital education sector [1] Company Overview - 卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008 and launched its brand "智慧树" in 2013 [1] - According to Frost & Sullivan, by 2024, the company ranks second in revenue within China's higher education digital teaching market, holding a market share of 4.0% [1] - In the digital teaching content production market for higher education in China, the company ranks first with a market share of 7.3% [1] Market Performance - The stock price reached a high of 155 HKD, with a current trading price of 153.1 HKD and a trading volume of 17.4 million HKD, resulting in a total market capitalization exceeding 10 billion HKD [1] - The trading data following the company's IPO is characterized as a "fund-driven" narrative, with the establishment of a clear price target of 152.1 HKD and a review date set for December 31, 2025 [1] - This price target has created a quantifiable value anchor for the market, leading to a consensus that the company is making efforts to meet the requirements for inclusion in the Hong Kong Stock Connect [1]

Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, highlighted by the strong performance of new listings such as Baoji Pharmaceutical-B, which saw its stock price surge over 115% in pre-listing trading [1][2]. Group 1: Baoji Pharmaceutical-B - Baoji Pharmaceutical-B's stock price reached 56 HKD in dark pool trading, a 112.28% increase from its offering price of 26.38 HKD [2][3]. - The company raised 2.6921 billion HKD in margin financing, indicating an oversubscription rate of 2690.8 times against its public offering amount of 1 million HKD [1]. - The IPO attracted significant cornerstone investors, including prominent institutions that collectively subscribed for 200.6 million HKD, accounting for 20.06% of the total fundraising [4]. Group 2: Company Overview - Established in 2019 and headquartered in Shanghai, Baoji Pharmaceutical is a biotechnology company focused on developing and providing recombinant biopharmaceuticals [4]. - The company has a pipeline of 12 in-development products, including three core products, with one recently approved for market and others in various stages of clinical trials [4]. Group 3: Financial Performance - Baoji Pharmaceutical has not yet achieved profitability, with projected revenues of 6.93 million HKD and 6.16 million HKD for 2023 and 2024, respectively, and net losses of 160 million HKD and 364 million HKD [5]. - In the first half of 2025, the company expects a revenue increase to 41.99 million HKD, a year-on-year growth of 2716.23%, although it will still incur a net loss of 183 million HKD [5]. Group 4: Market Trends - The Hong Kong IPO market has been robust, with 91 companies completing IPOs in the first 11 months of the year, raising a total of 259.889 billion HKD, a 228% increase year-on-year [10]. - The average oversubscription rate for Hong Kong IPOs in 2025 reached 1675 times, a significant increase compared to previous years, indicating heightened investor interest [10]. - The average first-day return for new listings in 2025 was 38%, a substantial increase of 347 percentage points from the previous year, with the first-day loss rate dropping to 23.08%, the lowest in five years [10].

Core Viewpoint -卓越睿新 (02687) has experienced significant stock price appreciation since its listing, with an increase of over 120% from its IPO price of 67.5 HKD, reflecting strong market interest and investor confidence in the company's growth potential in the digital education sector [1] Company Overview -卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008 and launched its brand "智慧树" in 2013 [1] -According to Frost & Sullivan, the company ranks second in revenue within the Chinese higher education digital teaching market, holding a market share of 4.0% for 2024 [1] -The company leads the market in the digital teaching content production segment, with a revenue ranking of first and a market share of 7.3% [1] Stock Performance -卓越睿新’s stock rose by 87% on its first trading day and continued to increase by over 17% in the following morning session, reaching a high of 148.9 HKD [1] -As of the latest update, the stock price is reported at 142.5 HKD, with a trading volume of 24.0066 million HKD and a total market capitalization approaching 10 billion HKD [1]

Group 1 - The core point of the article is the successful listing of卓越睿新 (02687) on the stock market, with shares priced at HKD 67.50 and a total issuance of 6.6667 million shares, raising approximately HKD 394 million in net proceeds [1] - As of the report, the stock has increased by 23.85%, trading at HKD 83.6 with a transaction volume of HKD 74.0574 million [1] -卓越睿新 is recognized as a leading provider of digital solutions for higher education institutions in China, focusing on digital educational content and teaching environments [1] Group 2 - According to Frost & Sullivan, the top five companies in the Chinese higher education digital market hold a combined market share of 12.9% as of 2024 [1] -卓越睿新 ranks second in revenue among all companies in the Chinese higher education digital teaching market with a market share of 4.0% for 2024 [1] - In the digital content production market for higher education in China, the company holds the first position with a market share of 7.3% [1]

Group 1 - The company, Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd., has officially launched its IPO subscription in Hong Kong, with Agricultural Bank of China International as the sole sponsor [1] - The main business of the company is divided into two segments: digital teaching content services and products, and digital teaching environment services and products, with the former contributing over 80% of total revenue [3] - The company has shown continuous revenue growth from 400 million yuan in 2022 to 848 million yuan in 2024, with a notable increase in the knowledge graph business, which is expected to generate 340 million yuan in 2024, accounting for 40.1% of total revenue [3] Group 2 - The company holds a 4.0% market share in the highly fragmented Chinese higher education digital teaching market, ranking second overall, and first in the digital teaching content production segment with a 7.3% market share [4] - The company has delivered over 44,000 digital education content products, covering 12 recognized subject categories and 92 majors, establishing a strong brand barrier among higher education clients [4] - The competitive landscape is characterized by low industry concentration, leading to potential pricing competition and increased bargaining power for clients, necessitating ongoing investment in R&D and services [4] Group 3 - The company's financial performance has shown significant volatility, with a net profit exceeding 100 million yuan in 2024 after returning to profitability in 2023, but it also faces seasonal revenue patterns [5] - In the first half of 2025, the company recorded revenue of 275 million yuan but incurred an operating loss of 127 million yuan, closely linked to the purchasing cycles of its primary clients, universities [5] - Cash reserves decreased from 230 million yuan at the end of 2024 to 53.05 million yuan by mid-2025, indicating substantial cash flow pressure for a company with annual revenue of 800 million yuan [5]

Group 1 - The company,卓越睿新, plans to conduct an initial public offering (IPO) from November 28 to December 3, 2025, offering 6.6667 million H-shares with a price range of HKD 62.26 to HKD 76.10 per share [1] - The expected net proceeds from the global offering, assuming a share price of HKD 69.18, is approximately HKD 404.5 million, with 36.7% allocated for research and development [1] - The company is a leading provider of digital solutions for higher education institutions in China, focusing on digital educational content and teaching environments [2] Group 2 - According to Frost & Sullivan, the company ranks second in the Chinese higher education digital teaching market with a market share of 4.0% and first in the digital content production market with a market share of 7.3% [2] - The company has delivered over 44,000 digital education content products and covers 12 recognized subject categories and 92 majors [2] - Financial performance shows revenues of approximately 400 million, 653 million, and 848 million yuan from 2022 to 2024, with net profits of -59.11 million, 81.42 million, and 105 million yuan respectively [3]

上海卓越睿新數碼科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：02687 全 球 發售 獨家保薦人、獨家整體協調人、 獨家全球協調人、獨家賬簿管理人及聯席牽頭經辦人 上海卓越睿新數碼科技股份有限公司 重要提示 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD. 上海卓越睿新數碼科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份數目 ： 6,666,700股H股 香港發售股份數目 ： 666,700股H股（可予重新分配） 國際發售股份數目 ： 6,000,000股H股（可予重新分配） 最高發售價 ： 每股H股76.10港元，另加1%經紀佣金、 0.0027%證監會交易徵費、0.00015%會財 局交易徵費及0.00565%聯交所交易費（須 於申請時繳足，多繳股款可予退還） 面值 ： 每股H股人民幣1.00元 股份代號 ： 2687 獨家保薦人、獨家整體協調人、獨家全球協調人、 獨家賬簿管理人及聯席牽頭經辦人 聯席牽頭經辦人 香港交易及結算所有限公司 ...

Core Viewpoint - Shanghai Able Digital Science & Tech Co., Ltd. (卓越睿新) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of digital education solutions for higher education institutions in China [3]. Business Overview - Established in 2008, the company focuses on developing, delivering, and operating digital education content and services, covering all critical aspects of education such as teaching, learning, assessment, and management [3]. - The company has delivered over 44,000 digital education content products and ranks first among the top five players in China's higher education digitalization market by revenue [3][7]. Client Base - The primary clients of the company are higher education institutions, including universities, colleges, and vocational schools, with 251 customer service centers across 95 cities in China [4]. Revenue Sources - Revenue is mainly derived from digital teaching content services and products, including digital course development, knowledge graph development, and virtual simulation development [5]. - The company has seen significant growth in digital course development, with 12,304 courses delivered in 2024 and 3,540 in the first half of 2025 [5]. Market Position - The company holds a 4.0% market share in the Chinese higher education digitalization market and a leading 7.3% share in the digital teaching content production market [7]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 400 million, RMB 653 million, RMB 848 million, and RMB 275 million respectively, with net profits of RMB -59 million, RMB 81 million, RMB 105 million, and RMB -99 million [15][16]. Shareholder Structure - The major shareholders include Wang Hui and Ge Xin, who collectively hold 38.44% of the company, with other notable shareholders being Sina and Baidu [10][11]. Management Team - The board consists of 9 members, including 3 executive directors and 3 independent non-executive directors, with Wang Hui serving as the chairman [12][14]. IPO Advisory Team - The IPO advisory team includes Agricultural Bank of China International as the sole sponsor and PwC as the auditor, among others [17].