2025年12月24日，北京宇信科技集团股份有限公司（下称"宇信科技"或"公司"）正式向港交所递交主板上市申请，华泰国际、法国巴黎银行为联席保荐 人。 作为国内银行IT解决方案领域的头部服务商，宇信科技此次冲击"A+H"双资本平台。市场对其的期待与审视也达到了前所未有的高度。 招股书显示，宇信科技的历史可追溯至1999年，创始人洪卫东先生成立北京宇信鸿泰科技发展有限公司，2006年10月，公司以"北京宇信易诚科技有限公 司"的名称成立，2015年8月改制为股份有限公司。 根据灼识咨询报告，按收入计算，公司于2022年至2024年连续三年在所有中国公司中于银行类金融科技解决方案市场排名第二及在中国上市公司中排名第 一，2024年的市场份额为2.1%。 集成业务暴增暴降致收入失稳 靠裁员降本带动利润增长 宇信科技最新财务数据呈现的"冰火两重天"，成为市场关注的核心疑点。招股书及财报数据显示，公司营收在2023年短暂冲高后，2024年遭遇断崖式下 滑，而净利润却连续两年逆势增长，这种背离背后是盈利质量的严重透支。 招股书披露，2022年至2024年，宇信科技营收分别为42.81亿元、51.99亿元、39.54亿元。 ...

上证报中国证券网讯（记者 秦春刚）12月30日，上海汉得信息技术股份有限公司（以下简称"汉得信息"）披露公告，公司已于12月29日正式向香港联交所 递交境外上市股份（H股）发行上市申请，标志着汉得信息正式启动"A+H"双资本平台布局。 12月30日，上海汉得信息技术股份有限公司披露公告，公司已于12月29日正式向香港联交所递交境外上市股份（H股）发行上市申请，标志着汉得信息正式 启动"A+H"双资本平台布局。 作为国内数字化服务领域的领军企业，汉得信息自2011年登陆深交所创业板以来，已构建起覆盖全球的服务网络，在日本、新加坡、美国等9个国家设立境 外子公司，具备成熟的全球服务交付能力。 2025年10月24日，公司第六届董事会第四次（临时）会议审议通过相关议案，授权管理层启动H股发行上市前期筹备工作，明确本次发行申请旨在满足业务 发展需要，深入推进公司战略布局，优化海外业务布局并打造国际化资本运作平台。 ...

Core Viewpoint - Nanhua Futures Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, establishing an "A+H" dual capital platform to enhance its global development strategy [1] Group 1: Company Overview - Nanhua Futures shares rose over 10% in the afternoon trading session, with a current price of HKD 10.17 and a trading volume of HKD 17.37 million [1] - The company aims to utilize the net proceeds from its H-share listing to strengthen its capital base in key regions, with specific allocations for various markets [1] Group 2: Fund Allocation - 30% of the raised funds will be allocated to enhance operations in Hong Kong and expand into Malaysia [1] - 30% will be directed towards the UK and European markets [1] - 20% is planned for North American business development [1] - 10% will be used to expand operations in Singapore, with the remaining 10% allocated for general corporate purposes and working capital [1] Group 3: Business Performance - Nanhua Futures' overseas business is identified as a core competitive advantage, with projected overseas financial business revenue of CNY 654 million in 2024, representing a year-on-year growth of 15.3% [1] - The overseas revenue is expected to account for 48.3% of total revenue, significantly higher than industry peers [1] - The company and its subsidiaries hold derivatives trading and clearing licenses in major markets such as Hong Kong, the US, the UK, and Singapore, ensuring comprehensive coverage of key global futures trading hours [1]

Core Insights - The enthusiasm for A-share companies to list in Hong Kong has surged since 2025, with a significant increase in the "A+H" dual listing model, as evidenced by 19 A-share companies successfully listing in Hong Kong by December 28, 2025, a 533% increase from 3 companies in 2024 [1][2][3] Group 1: Market Trends - Over 160 A-share listed companies have disclosed plans for Hong Kong listings in 2025, covering key sectors such as new energy, healthcare, and smart home technology [2][3] - The speed of companies listing in Hong Kong has accelerated, with some achieving "announcement to listing" within the same year, exemplified by Nanhua Futures, which took only 11 months from announcement to listing [2] - The total number of companies listed in Hong Kong reached 111 in 2025, raising a total of approximately 2,786.78 million HKD, with A-share companies contributing about 1,399.93 million HKD [3] Group 2: Strategic Implications - The Hong Kong Stock Exchange has implemented significant reforms in 2025, enhancing its role as a capital hub connecting mainland China and global markets, which supports A-share companies in their globalization strategies [4] - Companies are increasingly viewing Hong Kong listings as a key part of their global strategy, aiming for resource integration, brand enhancement, and competitive advantage [4] - The dual listing model is expected to broaden financing channels for companies, align governance and disclosure standards with international norms, and enhance global brand recognition [5]

Core Viewpoint - XinAo Gas Co., Ltd. has made significant progress in its major asset restructuring project, completing foreign exchange registration for overseas direct investment, which is a crucial step towards privatizing its subsidiary XinAo Energy Holdings and achieving a listing of H-shares [1] Group 1: Restructuring Details - The restructuring involves privatizing XinAo Energy by offering a payment of "24.5 HKD in cash + 2.94 H-shares of XinAo" for each share of XinAo Energy [1] - After the transaction, shareholders of XinAo Energy will hold H-shares of XinAo, and XinAo Energy will be delisted from the Hong Kong Stock Exchange, becoming a wholly-owned subsidiary of XinAo [1] Group 2: Business Strategy and Market Position - XinAo Gas is the largest private city gas company in China by retail gas sales volume, holding approximately 6.1% market share, ranking third among all market participants [2] - The privatization and subsequent listing strategy aims to enhance the integration of XinAo and XinAo Energy, improving competitive capabilities and resource allocation in response to market changes [2] - The restructuring is expected to create a more competitive "A+H" dual capital platform, facilitating deep collaboration from upstream to downstream in the natural gas supply chain [2] Group 3: Operational Efficiency and Market Expansion - The integration is anticipated to significantly reduce operational costs and improve resource efficiency by directly connecting the extensive distribution network with upstream resources [2] - The restructuring will address long-standing issues of competition between affiliated companies and broaden financing channels through the Hong Kong capital market, attracting international capital [2] - Post-listing, the management will need to balance the interests of A-share and H-share shareholders while maximizing synergies and leveraging the international advantages of the Hong Kong market [3]

Core Viewpoint - Yuxin Technology Group has submitted a prospectus for a Hong Kong IPO, marking the initiation of its A+H dual capital platform strategy to support its global expansion [1][2] Company Overview - Founded in 1999, Yuxin Technology is a financial technology solution provider operating in both domestic and international markets, serving a wide range of financial institutions with product-oriented full-stack technology solutions [1] - The company has established a solid market position and gained industry recognition through over 20 years of experience and a comprehensive product portfolio [1] Business Structure - Yuxin Technology's core revenue comes from three main segments: banking technology solutions, non-banking technology solutions, and operational services [1] - The banking and non-banking technology solutions include credit business, digital banking, financial regulation, data services, and intelligent finance, while operational services focus on ecosystem cooperation and partnerships [1] Financial Performance - The financial data in the prospectus indicates a fluctuating revenue trend, with revenues of 4.281 billion yuan, 5.199 billion yuan, 3.954 billion yuan, and 2.183 billion yuan for the years 2022 to 2024 and the first three quarters of 2025, respectively [1] - Revenue is projected to decline by 24% in 2024, primarily due to a strategic shift towards larger, higher-value projects and a reduction in lower-margin integration business, which saw revenue drop from 1.7 billion yuan in 2023 to 740 million yuan in 2024 [1] Profitability - Despite significant revenue decline, Yuxin Technology's profitability has improved, with net profits of 253 million yuan, 330 million yuan, 384 million yuan, and 257 million yuan for the years 2022 to 2024 and the first three quarters of 2025, with a 16.5% increase in net profit for 2024 [2] - The volatility in revenue highlights the uncertainty of client orders, particularly for large integration projects, posing challenges to the company's business sustainability [2] Strategic Initiatives - The funds raised from the Hong Kong IPO will primarily be used to accelerate global expansion, advance AI and other advanced technology research, and potential investments and acquisitions [2] - Yuxin Technology has already begun operations in Southeast Asia and signed multiple overseas projects, marking a significant step in its internationalization efforts [2] - The establishment of the A+H dual capital platform is seen as a crucial measure to address industry competition and business sustainability challenges while pursuing global fintech development opportunities [2] Future Challenges - The company faces multiple challenges in its internationalization efforts, including localization adaptation, cross-border compliance, and geopolitical issues [2] - Balancing revenue scale with profit quality while consolidating transformation results will be key to achieving long-term development [2]

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone in the internationalization of China's futures industry and establishing a dual capital platform with A+H shares [1][2][3] Group 1: Company Overview and Market Position - Nanhua Futures is the second domestic futures company to achieve dual listing (A+H) after Hongye Futures, expanding the A+H futures company landscape to two [2] - The company has a market capitalization of approximately 120 billion RMB for A-shares and about 10 billion HKD for H-shares, totaling nearly 130 billion RMB, positioning it among the top in the domestic futures industry [2] - Nanhua Futures' H-share listing fills the gap for Chinese futures companies in the Hong Kong market in 2025, serving as a benchmark for cross-border IPOs in the non-bank financial sector [2][3] Group 2: Internationalization Strategy - Nanhua Futures has a 19-year history of internationalization, establishing its first overseas subsidiary in Hong Kong in 2006 and expanding to major financial centers including the US, Singapore, and the UK [4][5] - The company has developed a 24-hour trading service system across Asia, North America, and Europe, providing comprehensive derivatives trading, clearing, and risk management services [4] - Nanhua Futures has obtained membership qualifications from 18 major global exchanges and 15 clearing member qualifications, creating a competitive barrier that is difficult for domestic peers to replicate [5] Group 3: Financial Performance - In 2024, Nanhua Futures' overseas business revenue reached 654 million RMB, accounting for approximately 48.3% of total revenue, with a compound annual growth rate of 68.26% from 2022 to 2024 [6] - The gross profit margin of overseas business has consistently increased, reaching 71.26% in 2024, significantly higher than domestic business margins [6] - For the first three quarters of 2025, the company achieved revenue of 941 million RMB and a net profit of 351 million RMB, showing a slight decline of 1.92% year-on-year, outperforming the industry average [7] Group 4: Capital and Growth Potential - The net fundraising amount of 1.203 billion HKD from the H-share listing will enhance the capital strength of overseas subsidiaries, crucial for expanding international business and managing risks [8][9] - The dual capital platform provides flexible financing options, allowing the company to optimize financing methods based on market conditions, thereby reducing costs and enhancing risk resilience [9] - The internationalization of the futures industry is becoming essential for survival, driven by the increasing demand for cross-border risk management services as Chinese enterprises expand globally [10][11] Group 5: Future Outlook - Nanhua Futures is positioned to leverage its dual platform for significant growth in capital strength, brand influence, and business scale, potentially becoming a benchmark for the global futures industry [12][13] - The ongoing policy support for the opening of the futures market and the increasing demand for risk management services will provide long-term growth momentum for the company's overseas business [12][13]

Group 1 - A number of A-share listed chemical companies, including Guoen Co., Linglong Tire, Proya, and Baili Tianheng, have accelerated their plans for listing in Hong Kong, aiming to create an "A+H" dual capital platform to broaden their development paths and inject new momentum into their growth [1] - The surge in Hong Kong listings is driven by both policy support and market demand, with international expansion and enhanced global competitiveness becoming key motivations for chemical companies [1][2] - Guoen Co. announced that the Hong Kong Stock Exchange's listing committee held a hearing on its application for H-share issuance on December 11, marking a critical stage in its listing process [1] Group 2 - The listing trend is supported by ongoing reforms in Hong Kong's capital market and policies from mainland China, which have made the Hong Kong Stock Exchange more attractive for innovative companies since the introduction of new listing rules in 2018 [2] - Recent measures from the Ministry of Finance and the China Securities Regulatory Commission have expanded the list of qualified institutions for H-share auditing, enhancing the quality of auditing services available to mainland companies seeking to list in Hong Kong [2] - The move to list in Hong Kong represents a proactive choice for companies to broaden financing channels and advance international development, reflecting the dual opening of China's capital market [3]

Core Viewpoint - The stock of Seres (9927.HK) has seen a significant increase, closing up 4.3% at HKD 118.9, with a total market capitalization of HKD 207.1 billion [1] Group 1: Shareholder Activity - China International Capital Corporation Limited increased its stake in Seres by acquiring 565,000 H-shares at an average price of HKD 110.981 per share, totaling approximately HKD 62.7043 million [1] - Following this acquisition, the total number of shares held by this shareholder rose to 26.1715 million, with the ownership percentage increasing from 23.57% to 24.09% [1] Group 2: IPO Performance - Seres made its debut on the Hong Kong Stock Exchange earlier this month, raising a record net amount of HKD 14.016 billion, setting a new IPO record for Chinese automotive companies [1] - The IPO was well-received, with 22 cornerstone investors subscribing over HKD 170 billion, indicating strong market interest [1] - The company aims to leverage its "A+H" dual capital platform to support its global expansion strategy [1]

Core Viewpoint - Marubi Biotech plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and international competitiveness after six years of being listed in A-shares [1][2]. Group 1: Company Actions and Financials - Marubi Biotech announced a delay of two years for its 344 million yuan investment in a "cosmetics intelligent manufacturing factory" project, citing sufficient existing production capacity [1][3]. - The company reported a cash dividend of 0.25 yuan per share, totaling 100 million yuan, on November 14 [1]. - As of the end of Q3 2025, Marubi had 1.592 billion yuan in cash and 413 million yuan in trading financial assets, despite the delay in its investment project [3][4]. Group 2: Performance Metrics - For the first three quarters of 2025, Marubi achieved a revenue of 2.45 billion yuan, a year-on-year increase of 25.51%, while net profit was 244 million yuan, up 2.13% [10][12]. - The company’s cash flow from operating activities increased significantly by 132.19% to 159 million yuan [5]. - Despite revenue growth, the company faced a decline in net profit excluding non-recurring items, which fell by 5.42% to 214 million yuan [10][12]. Group 3: Market Context and Strategic Implications - The trend of A-share companies seeking dual listings in Hong Kong is driven by supportive regulatory policies and a recovering market, with 87 IPOs in Hong Kong in 2025, a 55.36% increase year-on-year [7][8]. - Marubi's actions reflect a broader industry trend where companies are pursuing internationalization strategies amid structural challenges in the market [9][12]. - Analysts question the necessity of Marubi's Hong Kong listing given its substantial idle funds and ongoing delays in existing projects, suggesting a need for clarity on the strategic rationale behind the move [9][12].