2026年2月3日，中国功能饮料龙头东鹏饮料（集团）股份有限公司（港股代码：09980.HK，A股代码： 605499.SH）正式登陆香港联合交易所主板，成为国内功能饮料行业首家A+H股双重上市企业。此次上 市以每股248港元定价全球发售，募资额达101.41亿港元，是港股历史上发行规模最大的软饮料IPO项 目。 本次港股上市中，东鹏饮料凭借强劲基本面与清晰增长逻辑获得全球顶尖资本高度认可。招股书显示， 公司IPO引入15家豪华基石投资者，涵盖主权财富基金、国际长线基金等各类资本，其中卡塔尔投资局 （QIA）以1.5亿美元领投，淡马锡、贝莱德等国际资本巨头及红杉中国、腾讯控股等中资机构同步加 码，累计认购6.4亿美元，为上市锁定稳定资金基础。 东鹏饮料按销量计已连续4年位居中国功能饮料市场第一，2024年市场份额达26.3%，收入增速在全球 前20大上市软饮企业中位列榜首。业绩预告显示，公司预计2025年营业收入207.6亿至211.2亿元，同比 增长31.07%至33.34%；归属于母公司所有者的净利润预计43.4亿至45.9亿元，增幅30.46%至37.97%，在 传统饮料巨头增长放缓背景下持续保持高增长 ...

Core Viewpoint - Puyuan Precision Electric has submitted an application for a dual listing on the Hong Kong Stock Exchange, despite having significant cash reserves, raising questions about the necessity of additional fundraising [1][4]. Group 1: Company Overview - Puyuan Precision Electric is a leading Chinese electronic measurement instrument company, providing a comprehensive range of products and solutions, primarily serving high-growth industries such as communications, new energy, and semiconductors [2]. - The company went public on the Sci-Tech Innovation Board in April 2022, raising a total of 1.846 billion yuan through the issuance of 30.32 million shares at a price of 60.88 yuan per share [2][4]. Group 2: Financial Performance - Since its listing, Puyuan Precision Electric has raised a total of 2.438 billion yuan through various financing methods, including a directed issuance that raised 592 million yuan [2][3]. - The company's revenue from 2022 to 2025 showed a growth trend, with figures of 631 million yuan, 671 million yuan, 776 million yuan, and 355 million yuan respectively, reflecting year-on-year growth rates of 30.3%, 6.34%, 15.7%, and 15.57% [6][7]. - However, the net profit attributable to shareholders showed a decline in 2024, with figures of 92 million yuan, 108 million yuan, 92 million yuan, and 16 million yuan, indicating a year-on-year decrease of 14.5% in 2024 [6][8]. Group 3: Cash Flow and Operational Efficiency - Puyuan Precision Electric reported negative cash flow across all three major cash flow indicators in the first half of 2025, with net cash flow from operating activities at -14 million yuan, investment activities at -70 million yuan, and financing activities at -51 million yuan [8][9]. - The company has a significant amount of cash and cash equivalents, totaling 3.29 billion yuan, with trading financial assets amounting to 1.788 billion yuan, leading to a total broad money supply of 2.117 billion yuan [5][6]. - Operational efficiency indicators, including total asset turnover, inventory turnover, and accounts receivable turnover, have all shown a downward trend, indicating a decline in the company's operational capabilities [10][12][13].

Core Insights - The article discusses the increasing trend of Chinese companies pursuing dual listings in both A-shares and H-shares, highlighting the recent listing of Jihong Co., marking the fifth such company in 2023 [1] - The surge in dual listings is accompanied by significant capital inflow, particularly noted in the IPO of CATL, which raised a total of HKD 41.006 billion, attracting numerous international investment institutions as cornerstone investors [2][3] Group 1: Market Trends - The number of Chinese companies achieving dual listings has accelerated, with only seven companies completing this from 2021 to 2023, indicating a notable increase in activity [1] - The competitive landscape for cornerstone investors has intensified, with a scarcity of available investors for recent IPOs, particularly noted since Q4 2024 [3][4] Group 2: Investment Dynamics - CATL's IPO exemplifies the trend of high demand for cornerstone investors, with 21 investors participating, contributing amounts ranging from USD 3 million to USD 500 million [4] - The shift in the purpose of Chinese companies going public in Hong Kong is evident, as they increasingly focus on international business expansion rather than solely attracting international capital [5] Group 3: Underwriting Landscape - The underwriting market has seen a decrease in fees, with CATL's underwriting fee at only 0.2%, significantly lower than the typical 2%-2.5% range for IPOs [6][8] - The competitive pressure has led to a rise in the market share of Chinese investment banks in Hong Kong, with three out of the top five firms in terms of fundraising being Chinese [8][9] Group 4: Role of Chinese Investment Banks - Chinese investment banks are increasingly taking on prominent roles as lead underwriters for major IPOs, a shift from the past when global banks dominated this space [9][10] - The trend indicates a growing influence of Chinese firms in the Hong Kong IPO market, as evidenced by their leading positions in recent high-profile listings [9]