A+H双平台架构

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从港股到A股 浙江沪杭甬或迎“A+H”双平台时代
Zhong Zheng Wang· 2025-08-21 11:32
转自:中国证券报·中证网 中证报中证网讯(王珞)日前,镇洋发展发布公告称,其控股股东拟推动浙江沪杭甬高速公路股份有限 公司(00576.HK,简称"浙江沪杭甬")通过换股方式吸收合并镇洋发展。 从资本平台到未来格局 从战略层面看,此次吸收合并的背后,是浙江沪杭甬对资本平台的深度布局。公司形成"A+H"双平台架 构,不仅有望提升在A股市场的估值水平,还将拓宽融资渠道,为未来在高速公路建设、并购及多元投 资方面提供更大灵活性。对于股东而言,无论是内资股东获得估值重估,还是H股股东享受持续分红与 稳健经营,这一交易都蕴含着长期利好。 回顾浙江沪杭甬的发展轨迹,可以发现其核心竞争力不仅在于掌握优质高速公路资产,更在于稳健而可 持续的经营哲学。此次吸收合并镇洋发展,短期内或许会带来市场波动,但从长期来看,这是一场以资 本运作为抓手的战略升级,同时保有对主营业务的聚焦与盈利能力的自信。待交易完成,随着整合效果 显现,浙江沪杭甬有望继续巩固行业领先地位,为股东创造更多持久而可观的回报。 短期波动无碍向上趋势 公告发布次日,浙江沪杭甬股价出现下跌。市场的担忧或源于被吸收合并的镇洋发展盈利能力逊色于合 并方,可能摊薄合并后整体 ...
又一A股龙头启动招股 港股IPO好戏连台
Shang Hai Zheng Quan Bao· 2025-06-11 18:41
Group 1 - The core viewpoint of the news is that Haitian Flavor Industry is set to launch a significant IPO in Hong Kong, which is expected to be the largest in the consumer sector this year, attracting major global investors due to its strong performance and market position [1][2] - Haitian Flavor Industry plans to issue 263 million H-shares with a price range of HKD 35.00 to HKD 36.30, aiming for listing on June 19 [1] - The company has attracted cornerstone investors including Hillhouse Capital, GIC, UBS Asset Management, and others, with a total subscription amount nearing HKD 4.7 billion [1] Group 2 - Since its A-share listing in 2014, Haitian Flavor Industry's revenue has grown from RMB 9.8 billion to RMB 26.9 billion, marking a 174% increase, with a 9.53% year-on-year growth in 2024 [1][2] - The company reported a net profit of RMB 6.344 billion in 2024, reflecting a 12.75% increase year-on-year [1] - In Q1 2025, Haitian Flavor Industry achieved a revenue of RMB 8.315 billion, up 8.08% year-on-year, and a net profit of RMB 2.202 billion, increasing by 14.77% [2] Group 3 - Haitian Flavor Industry holds a 4.8% market share in the Chinese seasoning industry, leading in global sales of soy sauce and oyster sauce [2] - The company has developed a product matrix with over 1,400 SKUs, including seven products with annual sales exceeding RMB 1 billion, the highest in the industry [2] - Over the past decade, Haitian Flavor Industry has invested 3% of its revenue annually in R&D, totaling over RMB 5.9 billion, with a record R&D investment of RMB 840 million in 2024 [2] Group 4 - The trend of A-share companies listing in Hong Kong is increasing, with five companies having completed their listings this year, raising approximately HKD 56 billion [3] - There are about 50 A-share companies planning to list in Hong Kong, with 23 having submitted materials or received approval [3] - The rise in Hong Kong IPOs is attributed to policy benefits, market conditions, and the globalization strategies of companies [3]
海天味业IPO受热捧,超豪华基石阵容,顶级机构重仓中国调味品龙头
Zhong Guo Jin Rong Xin Xi Wang· 2025-06-11 02:03
Group 1 - Company Hai Tian Wei Ye has officially launched a global public offering and is set to list on the Hong Kong Stock Exchange on June 19, marking it as the largest IPO in the consumer sector this year and the second largest overall in the Hong Kong market after Ningde Times [1] - The cornerstone investor lineup for the IPO includes prestigious institutions such as Hillhouse Capital, GIC, UBS Asset Management, and Sequoia, with a total subscription of 129 million shares and an investment amount nearing 4.7 billion HKD, representing almost 50% of the offering [1][2] - Hai Tian Wei Ye has demonstrated strong financial performance, with revenue growth from 9.8 billion CNY in 2014 to 26.9 billion CNY in 2024, achieving a 174% increase over ten years, and a 9.53% year-on-year growth in 2024 [2][3] Group 2 - The company is pursuing a global strategy, capitalizing on the growing international demand for Chinese condiments, and has introduced organic and gluten-free products that meet international standards [3][4] - Hai Tian Wei Ye's dual listing in A+H shares is expected to enhance its global brand influence and attract more international investors, facilitating future overseas acquisitions and channel development [4] - The company has established a comprehensive competitive advantage in product quality, brand recognition, distribution channels, and innovation, making it a benchmark in the Chinese condiment industry [4][5] Group 3 - Hai Tian Wei Ye boasts a diverse product matrix with over 1,400 SKUs, including seven products with annual sales exceeding 1 billion CNY, and maintains a leading market position in soy sauce for 27 consecutive years [5][6] - The company invests significantly in R&D, with 840 million CNY allocated in 2024, and has accumulated over 1,000 patents, positioning itself as a leader in the condiment sector [6] - Hai Tian Wei Ye's production capacity reaches 5 million tons annually, supported by four major production bases, and it actively promotes sustainable practices and social responsibility [6]