Core Viewpoint - The recent debut of Ji Hong Co., Ltd. (吉宏股份) on the Hong Kong Stock Exchange has seen a significant stock price surge, reflecting a strong market interest in A+H shares following the successful listings of other companies like CATL and Hengrui Medicine [1][5]. Group 1: Ji Hong Co., Ltd. (吉宏股份) - Ji Hong Co., Ltd. officially listed on the Hong Kong Stock Exchange on May 27, with its stock price increasing by over 60% at one point, closing with a gain of 48.70% [1][5]. - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods, ranking second in China's B2C export e-commerce market with a 1.3% market share [5]. - Ji Hong's total market capitalization is approximately 6.2 billion CNY, significantly lower than larger companies like CATL and Hengrui Medicine [5]. - The company reported a decline in revenue and net profit for 2024, with revenue expected to drop by 17.41% and net profit by 47.28% compared to the previous year [6]. - Ji Hong's H-shares were issued at a price of 7.68 HKD, which is nearly 50% lower than its A-share price of 14.09 CNY, indicating a substantial discount [11]. Group 2: Market Performance and Investor Sentiment - The recent trend of A+H shares has been positive, with Ji Hong's strong debut following the impressive performances of CATL and Hengrui Medicine, leading to heightened investor expectations for future A+H listings [1][5]. - Ji Hong's IPO attracted three cornerstone investors, raising approximately 20 million USD, which accounted for about 29.8% of the total shares issued [7]. - The IPO saw a subscription rate of 1.6 times for international placements and 49.4 times for public offerings in Hong Kong, triggering a reallocation of shares [8][9]. - Despite the strong debut, the overall subscription enthusiasm for Ji Hong was not particularly high, as indicated by the lower-than-expected demand compared to other popular Hong Kong stocks [11]. Group 3: Pei Ge Biomedical (派格生物医药) - In contrast to Ji Hong, Pei Ge Biomedical, which also debuted on May 27, experienced a disappointing performance, with its stock price dropping over 17% on the first day [3][13]. - Pei Ge's public offering saw a high subscription rate of 743.78 times, but the international offering was only 1.13 times, indicating a disparity in interest between retail and institutional investors [13][15]. - The company has faced challenges in its listing journey, having previously withdrawn its application for A-share listing in 2022 before successfully listing on the Hong Kong Stock Exchange in 2024 [16][17].

Core Viewpoint - The article discusses the contrasting performances of two newly listed companies on the Hong Kong Stock Exchange: Jihong Co., which saw a significant stock price increase, and Paige Biopharmaceuticals, which experienced a decline on its debut. Group 1: Jihong Co. Performance - Jihong Co. officially listed on the Hong Kong Stock Exchange on May 27, with its stock code being 02603.HK. The stock surged over 60% at opening and maintained a rise of 48.70% at the time of reporting [1][2]. - The company is a dual-driven enterprise with cross-border social e-commerce and paper packaging businesses, established in 2003. It ranked second in China's B2C export e-commerce with a market share of 1.3% and first in paper packaging sales with a market share of 1.2% [6]. - Jihong Co. had a total market capitalization of approximately 6.2 billion CNY (around 62 million USD) at the time of listing, which is relatively small compared to larger companies like Ningde Times [6]. - The company reported a decline in revenue and net profit for 2024, with revenue dropping by 17.41% to approximately 5.53 billion CNY and net profit decreasing by 47.28% to about 181.93 million CNY [8]. - The IPO attracted significant interest, with a subscription rate of 49.4 times for the public offering and 1.6 times for the international offering, leading to a total issuance of 67.91 million shares at a price of 7.68 HKD per share [9][10]. Group 2: Paige Biopharmaceuticals Performance - Paige Biopharmaceuticals also listed on May 27 but faced a disappointing debut, with its stock price dropping over 17% and reaching a maximum decline of 28% during trading [3][4]. - The company had a high public offering subscription rate of 743.78 times, but the international offering only saw a subscription rate of 1.13 times, indicating a disparity in interest between retail and institutional investors [15][17]. - Paige Biopharmaceuticals focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder field, and has faced challenges in its path to listing, including a previous withdrawal of its A-share application [18][19]. - The company reported significant losses, with total losses of approximately 306 million CNY in 2022 and 279 million CNY in 2023, primarily due to research and development expenditures [19].