Core Viewpoint - Nobikang (02635) has made its debut on the stock market with a share price of HKD 80, raising approximately HKD 257 million from the issuance of 3.7866 million shares, and has seen a significant increase of 299.75% to HKD 319.8 at the time of reporting [1] Company Overview - Nobikang Technology was established in 2015 and focuses on advanced technologies such as artificial intelligence and digital twins, providing integrated hardware and software solutions based on AI industry models in sectors like AI + transportation, AI + energy, and AI + urban governance [1] - The company's self-developed NBK-INTARI artificial intelligence platform enables intelligent monitoring, detection, and operation for clients in the transportation, energy, and urban governance sectors [1] Market Position - According to Zhi Shi Consulting, Nobikang is the second-largest provider of AI + power detection and monitoring systems in China, holding a market share of approximately 5.9% in the rail transportation sector for 2024 [1] - The AI + power detection and monitoring solutions market is expected to account for about 2.2% of the overall AI + rail transportation solutions industry in China by 2024 [1] - In terms of revenue from rail transportation, Nobikang ranks third among companies providing AI + detection and monitoring solutions in the Chinese rail transportation industry, with a market share of approximately 1.8% [1]

Core Viewpoint - The performance of three newly listed stocks in the Hong Kong market on December 22 showed significant divergence, closely related to their respective industry trends, with notable gains for AI-focused companies and a lackluster performance for an innovative drug company [2][3]. Group 1: Stock Performance - Nobikang, focused on AI industrial applications, saw a dramatic increase of 275.75%, closing at HKD 300.60 per share, with a total transaction volume of HKD 65.22 million [3]. - Qingsong Health, operating in the "AI + health" sector, rose by 127.95% to HKD 51.70 per share, benefiting from a large user base of 168 million registered users and over 1000 times subscription during the public offering [4]. - Hansai Aitai-B, in the innovative drug sector, only increased by 2.06%, closing at HKD 32.66 per share, despite a subscription rate of approximately 2600 times during the public offering [4]. Group 2: Market Outlook - The Hong Kong IPO market is expected to recover significantly in 2025, with around 100 companies projected to raise over HKD 250 billion, and predictions for 2026 suggest 150-200 new listings with fundraising potentially exceeding HKD 300 billion [5]. - The success rate and apparent return of new stocks have improved, with nearly 70% of new stocks achieving gains on their first day, and 16 stocks showing cumulative increases of over 100% throughout the year [5][6]. - The importance of selecting quality stocks is emphasized, as recent data indicates that the majority of returns from IPOs are generated by a small number of high-performing stocks [6].