来源：瑞恩资本RyanbenCapital 2025年9月23日，来自上海普陀区的不同集团BUTONG GROUP(简称"不同集团")(06090.HK)，成功在香 港联合交易所主板挂牌上市。 不同集团是次IPO全球发售1,098.09万股(占发行完成后总股份的12.10%，每股发售价71.20港元，募集资 金总额约7.82亿港元，募资净额约7.18亿港元。 不同集团是次招股，公开发售部分获3,317.47倍认购，国际发售部分获7.37倍认购。 不同集团是次IPO招股引入3名基石投资者，合共认购1500万美元(约1.17亿港元)的发售股份，其中信庭 基金认购500万美元、上海通怡(华泰掉期)认购500万美元，Great Praise认购500万美元。基石投资者认 购股份占全球发售完成后总股份的1.81%。 招股书显示，不同集团在上市后的股东架构中，汪蔚先生通过WANGBOYAN持股46.55%；沈凌女士通 过SLING持股5.95%；SLING授予WANGBOYAN其所持全部股份的投票权，合计持股52.50%。其他股东 包括WEILING(BUTONG ESOP)持股5.74%；天图投资(01973.HK)通 ...

此前，不同集团于2025年9月15日至9月18日期间招股，全球发行行约1098.09万股，招股价为每股62.01 港元至71.20港元，预计净集资额最高约7.82亿港元。 根据不同集团招股书披露，公司拟将所得款项净额约661.7百万港元按以下比例分配： 9月23日上午，不同集团，股票代码6090.HK，正式登陆香港联交所主板，每股定价为71.2港元，百惠金 控团队担任联席账簿管理人及联席牵头经办人。本次IPO上市公开发售部分，获超额认购约3316.5倍， 市场认购热情凸显投资者对公司发展前景的认可。 作为本次 IPO 项目的联席账簿管理人及联席牵头经办人，百惠金控团队充分发挥自身在资本市场的资 源整合能力与专业服务经验，为不同集团的IPO项目发行保驾护航，提供全周期上市解决方案。 百惠金控表示，期待公司在成功上市后，能够持续巩固国内市场领先地位，同时借助本次 IPO 募集资 金加速海外业务布局，进一步拓展国际市场份额，在全球资本市场实现更高质量的发展。 重要声明：以上内容由百惠金控提供，仅作参考，并不能完全代替投资者的判断和决策。投资者需要根 据自身风险承受能力情况和需求，建议进行分析和评估，以制定最合适的投 ...

Company Overview - Jimei New Materials Co., Ltd. (集美新材) has initiated its IPO process and plans to list on the Beijing Stock Exchange [1] - The company was established on January 17, 2006, with a registered capital of 53.34 million yuan [2] - The controlling shareholder is Chen Qiupeng, who holds 71.0986% of the shares [2] Business Operations - Jimei New Materials specializes in the design, development, production, and sales of cellulose acetate sheets, which are essential materials for eyewear frames and can also be used in fashion accessories and high-end crafts [3] - The company has established long-term stable partnerships with several well-known eyewear manufacturers, including Luxottica, Safilo, and others, which produce major international eyewear brands [3] Financial Performance - In the first half of 2025, Jimei New Materials reported revenue of 145 million yuan, a decrease of 0.64% year-on-year [4][5] - The net profit attributable to shareholders was approximately 36.07 million yuan, down 8.09% compared to the previous year [4][5] - The gross profit margin for the period was 37.18%, compared to 39.89% in the same period last year [4][5] Shareholding Structure - The actual controllers of the company are Chen Qiupeng and Huang Miaoru, who together hold 90.0375% of the shares [6] - Chen Qiupeng serves as the chairman and general manager of the company [6] Management Changes - On April 16, 2025, Jimei New Materials announced the appointment of Wei Yaobing as the secretary of the board and financial officer, while Chen Qiupeng was relieved of his duties as board secretary [7][9]

前不久，正在冲刺北交所上市的雅图高新收到了法院传来的应诉通知书，内容是，竞争对手东来技术状 告其侵害发明专利并要求赔偿2500万元。 IPO日报发现，东来技术是雅图高新本次IPO申报中的重要参考对象。东来技术不仅被列为同行业可比 公司，也是综合考虑产品用途和应用领域后，在所有可比公司中与雅图高新最合适做比较的。 雅图高新的全称为雅图高新材料股份有限公司，即将于9月12日上会，在此之前已经接受了北交所上市 委两轮问询。 IPO日报注意到，公司毛利率变动不同于可比公司，境外销售、经销收入增长的真实合理性等问题被反 复问询。 本次IPO，公司拟募资4.31亿元，其中补流3500万元。而此前，公司完成了约3368万元的分红，大部分 都进入了冯氏兄弟的口袋。 冯兆均和冯兆华为公司的共同实际控制人。冯兆均担任公司董事长、总经理，冯兆华系公司董事、副总 经理、核心技术人员，冯兆均之子冯奕信任公司市场运营中心总监。在管理方面，冯氏兄弟俩为一致行 动人，共同参与公司的经营管理，若双方就相关问题无法达成一致，则按照持股多数原则作出一致行动 决定。 2024年6月，公司向全体股东按持股比例分配现金股利3368.42万元。按照持股比 ...

Core Viewpoint - Aokai Electric (2580.HK) listed in Hong Kong on September 2, 2023, and closed up 3.12% at HKD 16.19, reflecting strong market interest and confidence in the company's long-term value [1] Group 1: IPO Details - Aokai Electric's global offering consisted of 238,235,200 shares, with 83,382,400 shares available in Hong Kong and 154,852,800 shares in international offerings [1] - The net proceeds from the IPO amounted to HKD 3.994 billion [1] - The public subscription in Hong Kong saw a staggering oversubscription rate of 557.2 times, while the international offering had an oversubscription rate of 8.3 times [1] Group 2: Investor Support - Cornerstone investors were allocated 55,921,400 shares, accounting for 23.47% of the total offering, indicating strong backing from institutional investors [1] - The high oversubscription rates and cornerstone investor support reflect market confidence in Aokai Electric's long-term growth potential [1] Group 3: Company Performance and Future Plans - Aokai Electric is recognized as a leading global provider of air conditioning solutions, with a solid market position [1] - The company has demonstrated significant revenue and net profit growth from 2022 to 2024 [1] - The funds raised from the IPO will be utilized for global research and development, upgrading smart manufacturing systems, supply chain management, and expanding sales channels to support long-term growth [1]

Core Viewpoint - The company Aifenda, a leading manufacturer of bathroom towel racks, is set to go public with an IPO, aiming to raise approximately 600 million yuan through the issuance of 21.67 million shares at a price of 27.69 yuan per share [1]. Group 1: Company Overview - Aifenda's actual controller, Wu Jianbin, founded the company 20 years ago and has transformed it into a top domestic manufacturer of towel racks, with annual revenue around 1 billion yuan, over 90% of which comes from overseas [1][3]. - Wu Jianbin holds a 7.08% direct stake and a 36.92% stake through Runfeng Electronics, giving him a total of 44% voting rights in Aifenda [3]. - The company specializes in heating equipment, with projected revenue of 1.044 billion yuan in 2024, including 592 million yuan from towel racks [4]. Group 2: Financial Performance - Aifenda has maintained a strong profit level under Wu's leadership, with a projected net profit of 128 million yuan in 2024 and a compound annual growth rate of approximately 20% over the past three years [5][6]. - The company plans to use the funds raised from the IPO for upgrading production lines and supplementing working capital [10]. Group 3: Market Position and Strategy - Aifenda's export revenue has remained stable at over 92% since 2022, with projections indicating it will reach 95.53% in 2024, primarily driven by sales in Europe, especially the UK [7][8]. - The company has established long-term relationships with major European building material channels and has successfully entered the North American market with clients like Costco and Home Depot [9]. - Aifenda aims to enhance its brand presence domestically and quickly capture market share in China, where its current business volume is only 4.47% of total sales [12][10].

Core Viewpoint - AUX Electric Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 41.50 billion through the issuance of 238.24 million H-shares at a price of HKD 17.42 per share, with a net amount of about HKD 39.94 billion [5][6]. Group 1: IPO Details - The IPO was oversubscribed, with the public offering receiving 557.2 times subscription and the international offering receiving 8.3 times subscription [5]. - Five cornerstone investors participated in the IPO, collectively subscribing for USD 124.3 million (approximately HKD 974 million) of the shares, accounting for about 3.52% of the total shares post-IPO [5][6]. Group 2: Shareholding Structure - After the listing, the major shareholders include China Prosper, controlled by Zheng Jianjiang (85%), Zheng Jiang (10%), and He Ximan (5%), holding a combined 81.91% stake through AUX Holdings [6][7]. - Other foreign holding platforms own approximately 3.09%, while public shareholders hold 15% of the shares [6][7]. Group 3: Company Overview - AUX Electric has over 30 years of experience in the air conditioning industry, providing design, research, production, sales, and services for both household and central air conditioning systems, with operations in over 150 countries and regions [7]. - According to Frost & Sullivan, AUX is the fifth largest air conditioning provider globally by sales volume, with a market share of 7.1% in 2024, and ranks first in the Chinese mass market for household air conditioning with a market share of 25.7% [7][8]. Group 4: Market Strategy - The company operates under the main brand "AUX" and employs a multi-brand strategy to enhance market penetration, incubating brands such as "HuaSuan" and "AUFIT," and launching high-end brands like "ShinFlow" [8]. Group 5: Stock Performance - As of the midday close, AUX Electric's stock was trading at HKD 16.20, with a total market capitalization of approximately HKD 25.23 billion [9]. - The stock's highest and lowest prices were HKD 16.79 and HKD 16.10, respectively, with a price-to-earnings ratio of 6.36 (trailing) and 8.15 (forward) [10].

Summary of Key Points Core Viewpoint - Aux Electric is planning a global offering of approximately 207 million shares, with an expected net amount of around HKD 3.287 billion from the offering, assuming a share price of HKD 16.71 [1][3]. Group 1: Offering Details - The global offering includes about 20.716 million shares, with 10.358 million shares available for Hong Kong and approximately 196.803 million shares for international distribution [3]. - The maximum offering price is set at HKD 17.42 per share, with additional fees including a 1.0% brokerage commission and various transaction fees [3]. - The proceeds from the offering will be allocated as follows: 50% for upgrading smart manufacturing and supply chain management, 20% for global R&D, 20% for enhancing sales and distribution channels, and 10% for general working capital [3][5]. Group 2: Company Performance - Aux Electric's main business is the design, production, and sales of household and central air conditioning systems, with its major brand being AUX [5]. - The company is the fifth largest air conditioning provider globally, with a market share of 7.1% as of 2024 [5]. - Revenue figures for Aux Electric from 2022 to 2024 are as follows: CNY 19.528 billion, CNY 24.832 billion, and CNY 29.759 billion, with adjusted net profits of CNY 1.449 billion, CNY 2.511 billion, and CNY 2.935 billion respectively [5]. Group 3: Competitive Landscape - Despite revenue growth, Aux Electric's profit margins are under pressure due to a low-price strategy, with gross margins of 21.3%, 21.8%, and 21.5% from 2022 to 2024, significantly lower than competitors like Gree Electric and Midea [6]. - The company has seen a decline in net profit growth, with a projected drop to 17.0% in 2024, compared to previous years [6]. - Aux Electric's market position has weakened, with its online market share dropping from 28.57% in 2018 to 5.02% by 2025 [6]. Group 4: Financial Health - Aux Electric has a high debt level, with asset-liability ratios of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to Q1 2025, indicating significant short-term repayment pressure [7]. - The company's current liabilities amount to CNY 17.284 billion, while cash reserves are only CNY 2.896 billion, leading to a concerning net current liability situation [7]. Group 5: Legal Issues - Aux Electric has a history of legal disputes with Gree Electric, including multiple lawsuits over patent infringements, resulting in significant financial penalties [8].

Core Viewpoint - Dapeng Industrial is facing significant challenges in its IPO process on the Beijing Stock Exchange, with issues related to its financial performance, management practices, and regulatory scrutiny [1][3]. Group 1: IPO Challenges - Dapeng Industrial is seeking to raise 153.91 million yuan through its IPO on the Beijing Stock Exchange, with the review meeting scheduled for August 15 [1]. - The company has faced multiple regulatory issues, including the recent self-regulatory penalties imposed on its sponsoring representatives, Li Fangzhou and Lü Xiaobin, who are involved in the current IPO [1][3]. - The company has changed its auditing firms multiple times during the IPO process, indicating instability and potential governance issues [6]. Group 2: Financial Performance - Dapeng Industrial's revenue has shown growth from 247.36 million yuan in 2022 to 264.69 million yuan in 2024, but net profit has fluctuated, with a notable reliance on government subsidies, which accounted for approximately 28% of profits in recent years [8][10]. - The company has experienced a significant decline in revenue from its largest customer, BYD, with income dropping by 50 million yuan from 2022 to 2024 [12][13]. - The company's research and development (R&D) expenditure has consistently been below the industry average, indicating a "marketing-heavy, R&D-light" approach [8][10]. Group 3: Management and Control - The actual controller, Li Pengtang, holds 94.13% of the voting rights, leading to concerns about concentrated control and potential conflicts of interest in decision-making [16]. - Dapeng Industrial has faced operational challenges, including a fatal workplace accident that highlighted deficiencies in safety management [7][6]. - The company has struggled to establish a foothold in international markets, with its overseas business effectively non-existent in recent years [13][14].

Core Viewpoint - The company Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. is pushing for an IPO on the Hong Kong Stock Exchange amid financial struggles and a new product launch, with the success of its erectile dysfunction drug TPN171 (brand name: Angweida) uncertain in a competitive market [2][3][4]. Financial Performance - In the reporting period, the company reported revenues of approximately 200 million yuan, 11.83 million yuan, and 12.96 million yuan for the years 2023, 2024, and the first four months of 2025, respectively [4] - The company experienced a significant loss of nearly 330 million yuan during the reporting period, with profits of 6.43 million yuan in 2023 turning into losses of 218 million yuan and 112 million yuan in 2024 and the first four months of 2025, respectively [4] - Revenue from the COVID-19 drug VV116 sharply declined, leading to a 94% drop in overall revenue in 2024, despite an 86% increase in CRO service revenue, which amounted to only 5.25 million yuan [4] Product Pipeline and Market Competition - The company has developed nine innovative assets, with two nearing commercialization and four in clinical stages [2] - The erectile dysfunction drug market in China is highly competitive, with established products like sildenafil and tadalafil dominating the market, leading to price wars and declining sales for traditional leaders [3] Funding and Financial Obligations - The company has relied heavily on past financing, with a post-investment valuation of 4.45 billion yuan after its last financing round in 2024 [5] - A buyback agreement with investors could trigger financial liabilities of up to 51.25 million yuan if the IPO fails [5] Cash Flow and Operational Challenges - As of April 30, 2025, the company had cash and cash equivalents of 72.83 million yuan, down 49 million yuan from the end of 2024, sufficient for only about one quarter of operational expenses [5] - The company reported a negative operating cash flow of 43.73 million yuan for the first four months of 2025, indicating severe liquidity pressure [5] Management and Governance - The company’s core products are primarily based on externally licensed technologies, with no self-developed products on the market [6][7] - The founder retains significant control over the company, holding 54.97% of shares, while executive compensation has raised concerns due to its high levels compared to industry averages [8]