Core Viewpoint - The Hong Kong IPO market is experiencing extreme volatility, with new stocks showing significant divergence in their first-day performances, highlighting a mixed sentiment among investors [1]. Group 1: IPO Performance - On December 23, three new stocks debuted in the Hong Kong market, with Nobikang soaring by 363.75%, marking the highest first-day gain of the year, while Light Health also saw a substantial increase of nearly 160%. In contrast, Hansai Aitai faced a significant drop of 46.25%, nearing a "halving" of its value [1]. - On December 22, four new stocks, including Nanhua Futures, Mingji Hospital, Huashan Biotechnology, and Yinxiang Dahongpao, all experienced declines, with Mingji Hospital recording a 49.46% drop, the largest first-day loss of the year [1]. Group 2: Nobikang Overview - Nobikang specializes in developing and selling monitoring and detection products and solutions for domestic railway operations and electric grid companies, providing integrated hardware and software solutions based on comprehensive AI industry models [3]. - According to Zhaosheng Consulting, Nobikang is the second-largest provider of AI-powered power detection monitoring systems in China, holding a market share of approximately 5.9% in the rail transit sector for 2024 [3]. - Nobikang has achieved profitability, with projected profits of 63.16 million yuan, 88.57 million yuan, 115 million yuan, and 40.08 million yuan for the years 2022 to 2024 and the first half of 2025, respectively [3]. Group 3: Light Health Overview - Light Health provides health-related and insurance solutions in China, ranking 10th in the digital comprehensive health services and health insurance market based on 2024 revenue [4]. - The company has a growing user base, with registered users reaching 155 million, 164 million, 168.1 million, and 168.4 million by the end of 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Light Health's revenue for the years 2022 to 2025 is projected to be 393.6 million yuan, 490 million yuan, 945 million yuan, and 656.1 million yuan, with adjusted net profits of 149.2 million yuan, 146.6 million yuan, 84.4 million yuan, and 51.2 million yuan during the same period [5]. Group 4: Biotechnology Sector Performance - The biotechnology sector, which had previously shown strong performance in the Hong Kong IPO market, is now facing challenges, with companies like Hansai Aitai and Huashan Biotechnology experiencing significant declines in their stock prices [7][8]. - The Hang Seng Biotechnology Index has seen a decline of over 18% since October, contributing to the recent underperformance of biotech IPOs [8].

Core Viewpoint - The company plans to conduct a global offering of 3.7866 million shares from December 15 to December 18, 2025, with an expected share price range of HKD 80 to HKD 106, and aims to raise approximately HKD 307 million net from the offering [1][2] Group 1: Company Overview - The company develops and sells monitoring and detection products and solutions for railway operations and power grid companies in China, focusing on AI-integrated hardware and software solutions for monitoring, detection, and operation maintenance [1] - It is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the AI+ power detection monitoring solutions market for the railway sector in 2024 [1] - The company ranks third in the AI+ detection monitoring solutions market for the railway industry in China, with a market share of about 1.8% [1] Group 2: Use of Proceeds - Approximately 40% of the net proceeds from the global offering will be allocated to continue research on and enhance core technologies [2] - Another 40% will be used to build a research and development technology center and a new headquarters [2] - About 10% will be directed towards seeking potential strategic investments and acquisition opportunities, while the remaining 10% will be used for working capital and general corporate purposes [2]

Group 1 - The company Nobikang (02635) plans to conduct a global offering of 3.7866 million shares from December 15 to December 18, 2025, with 10% allocated for Hong Kong and 90% for international sales, and an over-allotment option of 15% [1] - The expected share price range is between 80 to 106 HKD, with trading anticipated to commence on December 23, 2025 [1] - Nobikang specializes in developing and selling monitoring and detection products and solutions for railway operations and power grid companies in China, offering integrated hardware and software solutions based on comprehensive AI industry models [1] Group 2 - According to Zhi Shi Consulting, Nobikang is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the railway transportation sector for 2024 [1] - The company ranks third in the AI detection and monitoring solutions market for railway transportation in China, with a market share of about 1.8% [1] - The AI-powered railway detection and monitoring solutions market is expected to account for approximately 11.6% of the overall AI railway transportation solutions market in China for 2024 [1] Group 3 - Assuming a mid-point offering price of 93.0 HKD per share, the estimated net proceeds from the global offering would be approximately 307 million HKD after deducting underwriting fees and estimated expenses [2] - The company plans to allocate approximately 40% of the net proceeds to continue research on core technologies to strengthen its technical capabilities and product functionalities [2] - Another 40% of the proceeds will be used to build a research and development technology center and a new headquarters, while 10% will be allocated for potential strategic investments and acquisitions, and the remaining 10% for working capital and general corporate purposes [2]

Group 1 - The company plans to globally offer 3.7866 million H-shares, with 378,700 shares available for sale in Hong Kong and 3.4079 million shares for international sale, subject to reallocation and the exercise of the over-allotment option [1] - The expected pricing period for the shares is from December 15 to December 18, 2025, with the anticipated pricing date on December 19, 2025, and trading on the Hong Kong Stock Exchange expected to commence on December 23, 2025 [1] Group 2 - The company primarily develops and sells monitoring and detection products and solutions for railway operations and power grid companies in China, as well as other urban governance solutions [2] - The company is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the AI+ power detection monitoring solutions market for 2024 [2] - The company ranks third among enterprises providing AI+ detection and monitoring solutions in the Chinese rail transit industry, with a market share of about 1.8% [2] Group 3 - Assuming a share price of HKD 93.0, the estimated net proceeds from the global offering would be approximately HKD 306.7 million, assuming the over-allotment option is not exercised [3] - The company plans to allocate approximately 40% of the net proceeds to continue research on core technologies, another 40% for building a research and development technology center and new headquarters, 10% for seeking strategic investment and acquisition opportunities, and 10% for working capital and general corporate purposes [3] - The company anticipates that the demand for working capital will continue to increase due to business expansion [3]

Core Viewpoint - The company, Nobikang, is set to launch an IPO from December 15 to December 18, 2025, aiming to issue 3.7866 million shares at a price range of HKD 80-106 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - Nobikang specializes in developing and selling monitoring and detection products and solutions for railway operations and power grid companies in China, focusing on AI-integrated solutions for monitoring, detection, and operation [1] - The company is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the rail transit sector for 2024 [1] - In the AI-powered rail transit detection and monitoring solutions market, the company ranks third with a market share of about 1.8%, contributing to approximately 11.6% of the overall market share in the AI rail transit solutions industry for 2024 [1] Group 2: Financial Performance - The company's profits for the years ending December 31 for 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, are projected to be RMB 63.2 million, RMB 88.6 million, RMB 115 million, and RMB 40.1 million, respectively [2] - The company aims to optimize its main business costs and operating expenses through economies of scale and cost efficiency, focusing on centralized management, streamlined workflows, and technology utilization [2] Group 3: Use of IPO Proceeds - Assuming a median IPO price of HKD 93.0 per share, the estimated net proceeds from the global offering would be approximately HKD 307 million [3] - The company plans to allocate about 40% of the net proceeds to enhance core technology research, another 40% for building a new R&D technology center and headquarters, 10% for potential strategic investments and acquisitions, and the remaining 10% for working capital and general corporate purposes [3]

Group 1 - The company, Nobikang (02635), plans to conduct a global offering of 3.7866 million shares from December 15 to December 18, 2025, with a share price range of HKD 80-106, and expects to start trading on December 23, 2025 [1] - The company specializes in developing and selling monitoring and detection products and solutions for railway operations and power grid companies in China, providing integrated hardware and software solutions based on comprehensive AI industry models [1] - According to ZhiShi Consulting, the company is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the AI+ power detection monitoring solutions market for 2024 [1] Group 2 - The company's profits for the years ending December 31 for 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, are projected to be RMB 63.2 million, RMB 88.6 million, RMB 115 million, and RMB 40.1 million, respectively [2] - The company aims to optimize its main business costs and operating expenses through economies of scale and cost efficiency, focusing on improving centralized management, streamlining internal workflows, and leveraging technology [2] Group 3 - Assuming a median offering price of HKD 93.0 per share, the estimated net proceeds from the global offering would be approximately HKD 307 million, after deducting underwriting fees and estimated expenses [3] - The company plans to allocate approximately 40% of the net proceeds to continue research on core technologies, 40% to build a research and development technology center and new headquarters, 10% for potential strategic investments and acquisitions, and 10% for working capital and general corporate purposes [3]