Group 1 - LeMo Technology Co., Ltd. completed its initial public offering and listing on the Hong Kong Stock Exchange on December 3, 2025, with the stock code 02539.HK [3] - LeMo Technology is a Chinese provider of machine massage services, offering massage services through machine equipment located in high-traffic public areas across China [5]

Core Insights - The Hong Kong stock market is set to welcome two new IPOs: LeMo Technology and Jinyan Gaoling New Materials, with both showing strong performance in the dark market prior to their listing [1][2]. Company Summaries LeMo Technology - LeMo Technology specializes in machine massage services and has become a market leader since its establishment in 2014, launching the "LeMo Bar" brand in 2016 [5]. - The company has achieved significant market share in the machine massage sector, ranking first in China with market shares of 33.9%, 37.3%, and 42.9% from 2022 to 2024, respectively [5]. - Revenue projections indicate that LeMo Technology will reach approximately RMB 8 billion in 2024, with total revenues for 2022, 2023, 2024, and the first eight months of 2025 being RMB 3.30 billion, RMB 5.87 billion, RMB 7.98 billion, and RMB 6.31 billion, respectively [6]. - The company has expanded its service network significantly, with over 48,000 service points and more than 533,000 massage machines deployed across 31 provinces and 337 cities in China [5][6]. - LeMo Technology's net profit has grown from RMB 648.1 million in 2022 to RMB 8.73 million in 2023, with a slight decrease to RMB 8.58 million in 2024, and reaching RMB 8.86 million in the first eight months of 2025 [6]. Jinyan Gaoling New Materials - Jinyan Gaoling New Materials is backed by the Anhui Provincial State-owned Assets Supervision and Administration Commission and specializes in coal-based kaolin, holding a 5.4% market share, ranking fifth in the industry [3]. - The company has a comprehensive value chain from mining to production and sales, focusing on high-quality kaolin products essential for precision casting and refractory materials [3]. - Revenue figures for Jinyan Gaoling New Materials are projected at approximately RMB 1.90 billion for 2022, RMB 2.05 billion for 2023, RMB 2.67 billion for 2024, and RMB 1.05 billion for the first five months of 2025, with net profits of RMB 0.24 billion, RMB 0.44 billion, RMB 0.53 billion, and RMB 0.18 billion, respectively [3].

Core Viewpoint - LeMo Technology (02539.HK) plans to globally offer 5.5556 million shares, with a maximum offer price of HKD 40.00 per share, aiming to raise approximately HKD 186 million in total [1] Group 1: Offering Details - The global offering consists of 555,600 shares for Hong Kong and 5 million shares for international investors [1] - The subscription period is from November 25 to November 28, with an entry fee of approximately HKD 4,040.35 for a board lot of 100 shares [1] Group 2: Fundraising Purpose - The total expected fundraising amount is HKD 186 million, with a net amount of HKD 147 million [1] - The funds will be used to expand the company's service network coverage and penetration, enhance and iterate technology, increase brand awareness and exposure, and for general working capital and other corporate purposes [1] Group 3: Financial Performance - The net profits for the fiscal years 2023, 2024, and the first quarter of 2025 (ending March 31) are projected to be HKD 87.34 million, HKD 85.81 million, and HKD 23.34 million, respectively [1] - Year-on-year changes in net profit are expected to be 1247.63% for 2023, -1.76% for 2024, and -11.52% for Q1 2025 [1] Group 4: Listing Information - LeMo Technology is expected to be listed on the main board on December 3, 2025, with CITIC Construction Investment (International) Co., Ltd. and Shenwan Hongyuan (Hong Kong) Co., Ltd. as joint sponsors [1]

Core Viewpoint - 乐摩科技 plans to globally offer 5.5556 million shares, with a total fundraising amount expected to be HKD 186 million, aimed at expanding service coverage, enhancing technology, and increasing brand awareness [1] Group 1: Offering Details - The company will offer 555,600 shares in Hong Kong and 5 million shares internationally [1] - The subscription period is from November 25 to November 28, with a maximum offer price of HKD 40.00 per share [1] - The entry fee for investors is approximately HKD 4,040.35 for a board lot of 100 shares [1] Group 2: Fundraising Purpose - The total expected fundraising amount is HKD 186 million, with a net amount of HKD 147 million [1] - The funds will be used to expand the company's service network coverage and penetration [1] - Additional uses include continuous technology enhancement, increasing brand visibility, and general working capital [1] Group 3: Financial Performance - The company's net profit for the fiscal years 2023, 2024, and the first quarter of 2025 (ending March 31) are projected to be HKD 87.34 million, HKD 85.81 million, and HKD 23.34 million, respectively [1] - Year-on-year profit changes are 1247.63% for 2023, -1.76% for 2024, and -11.52% for Q1 2025 [1] Group 4: Listing Information - 乐摩科技 is expected to be listed on the main board on December 3, 2025 [1] - The joint sponsors for the offering are 中信建投 (601066) and 申万宏源融资 (Hong Kong) [1]

Core Viewpoint - LeMo Technology (02539.HK) plans to globally offer 5.5556 million H-shares, with a price range of HKD 27.00 to 40.00 per share, aiming for a listing on December 3, 2025 [4][11] Company Overview - LeMo Technology provides massage services through machine massage equipment located in high-traffic public areas across China [4] - The company has established over 48,000 service points and deployed more than 533,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in China [5][7] Market Position - According to Frost & Sullivan, LeMo Technology ranks first among machine massage service providers in China by transaction value, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022 to 2024 [11] - The company holds over 50% market share in the Chinese machine massage market by revenue in 2024 [4] Financial Performance - LeMo Technology's total revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 330 million, RMB 587 million, and RMB 798 million, respectively, with year-on-year growth rates of 77.75%, 35.98%, and 13.80% [9] - The company's gross profit for the same periods was RMB 85.34 million, RMB 245 million, and RMB 288 million [10] Consumer Base - The company has a cumulative identifiable consumer base of over 174 million, with more than 40 million registered members [5] - The average daily transaction volume per massage machine decreased from 2.95 in 2023 to 2.04 in 2024 due to a significant increase in the number of machines [10] Future Plans - To enhance the average daily transaction volume per machine, LeMo Technology plans to strengthen online marketing activities across various social media platforms [10] - The estimated net proceeds from the global offering will be approximately HKD 147 million, with allocations for expanding service points, technology enhancement, brand improvement, and general corporate purposes [11]

Core Viewpoint - Lemo Services Co., Ltd (乐摩科技) is preparing for an IPO in Hong Kong, marking a significant milestone for the shared economy sector, which has faced criticism for being a "money-burning black hole" [3]. Company Overview - Lemo Services provides massage services through machine-operated devices located in high-traffic public areas across China [4]. - The company has established over 48,000 service points and deployed more than 533,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in China [5]. Market Position - According to Frost & Sullivan, Lemo Services ranked first among machine massage service providers in China by transaction volume from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9% respectively [4]. - By 2024, Lemo Services is projected to hold over 50% market share in terms of revenue within the Chinese machine massage market, which is valued at approximately RMB 2.7 billion [4]. Financial Performance - The company's total revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 330 million, RMB 587 million, and RMB 798 million respectively, showing year-on-year growth rates of 77.75%, 35.98%, and 13.80% [6]. - Gross profit for the same periods was RMB 85.34 million, RMB 245 million, and RMB 288 million, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million respectively [6]. Future Plans - The funds raised from the IPO will be used to expand service point coverage, enhance technology, improve brand presence, and support operational funding [12].

Core Viewpoint - LeMo Technology Service Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with CITIC Securities and Shenwan Hongyuan as joint sponsors. The company previously filed under the name Fujian LeMo IoT Technology Co., Ltd. [1] Company Overview - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China. The company ranks first among machine massage service providers in China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022 to 2024, respectively. By revenue, it is projected to hold over 50% market share in 2024 [3][4]. Market Position - As of December 31, 2024, there are over 10,000 massage service providers in China, with more than 50 being machine massage service providers. The machine massage service market is expected to reach RMB 2.7 billion in 2024, representing approximately 0.5% of the overall massage market, which is projected at RMB 536.2 billion. LeMo's market share in the overall massage market is about 0.2% [3][4]. Service Network Expansion - The number of service outlets increased from 21,727 on December 31, 2022, to 45,993 by December 31, 2024, reflecting a compound annual growth rate (CAGR) of approximately 45.49%. As of November 15, 2025, LeMo has established over 48,000 service outlets and deployed more than 533,000 massage machines across 31 provincial-level regions and 337 cities in China [4]. Consumer Reach - The company has a strong market presence, with over 174 million identifiable consumers and more than 40 million registered members as of November 15, 2025. The company has achieved significant milestones in service outlet coverage, including 5,318 outlets in commercial complexes over 30,000 square meters, 904 cinemas with annual box office exceeding RMB 5 million, and 24 airports with annual traffic over 10 million [4]. Financial Performance - LeMo's revenue for the fiscal years 2022, 2023, 2024, and the eight months ending August 31, 2025, were approximately RMB 330.15 million, RMB 586.84 million, RMB 797.99 million, and RMB 630.73 million, respectively. The net profit for the same periods was RMB 6.48 million, RMB 87.34 million, RMB 85.81 million, and RMB 88.55 million [6][7].

Core Viewpoint - LeMo Technology Service Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with CITIC Construction Investment International and Shenwan Hongyuan Hong Kong as joint sponsors. The company previously filed under the name Fujian LeMo IoT Technology Co., Ltd. [1] Company Overview - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China. The company ranks first among machine massage service providers in China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022 to 2024, respectively. By revenue, it is projected to hold over 50% market share in 2024 [3]. - As of December 31, 2024, there are over 10,000 massage service providers in China, with more than 50 being machine massage service providers. The market size for machine massage services is estimated at RMB 2.7 billion, representing approximately 0.5% of the overall massage market, which is valued at RMB 536.2 billion [3]. Service Network Expansion - The number of service points increased from 21,727 on December 31, 2022, to 45,993 by December 31, 2024, reflecting a compound annual growth rate (CAGR) of approximately 45.49%. The company has reached over 174 million identifiable consumers and has more than 40 million registered members as of November 15, 2025 [4]. - The company has established significant coverage in commercial complexes, cinemas, and airports, achieving milestones such as 5,318 service points in large commercial complexes, 904 cinemas with annual box office revenues exceeding RMB 5 million, and 24 airports with annual passenger traffic over 10 million [4]. Financial Performance - The company reported revenues of approximately RMB 330.15 million, RMB 586.84 million, RMB 797.99 million, and RMB 631.73 million for the fiscal years ending December 31 from 2022 to 2024, and for the eight months ending August 31, 2025, respectively. The net profit for the same periods was RMB 6.48 million, RMB 87.34 million, RMB 85.81 million, and RMB 88.55 million [6][7]. - The operating profit for the fiscal years was RMB 16.08 million, RMB 108.23 million, RMB 105.58 million, and RMB 106.95 million for the respective years [7].

Core Insights - The Chinese massage market is undergoing a significant transformation, with the rise of on-demand massage services creating a market worth 700 billion yuan, expanding rapidly [1][7] - By 2025, the market size of the massage and foot therapy industry in China is expected to reach substantial figures, driven by changing consumer behaviors and preferences [1] Market Drivers - **Consumer Upgrade**: From 2013 to 2023, the disposable income of Chinese residents has consistently increased, leading to a shift in massage services from luxury to a part of daily health management, especially among high-income urban professionals [1] - **Technological Empowerment**: The maturity of O2O platforms has provided robust technical support for on-demand massage services, with the digital economy and internet penetration rising from 2017 to 2022, facilitating easier online booking and payment processes [2] - **Rise of Home Economy**: The emergence of Generation Z has fostered a demand for convenient services, with a strong inclination towards "lazy economy" trends, boosting the popularity of on-demand services like massage [2] - **Enhanced Service Experience**: Home massage services offer a familiar and private environment, addressing the needs of specific demographics such as postpartum women and the elderly, with 61.4% of users being male, indicating a strong demand for privacy [2][3] - **Efficient Time Management**: Traditional massage services often require 3-4 hours, while on-demand services significantly reduce this time, appealing to busy urban consumers who prefer evening and weekend appointments [3] - **Diverse and Transparent Services**: Online platforms provide a wider selection of therapists, allowing consumers to choose based on qualifications and reviews, with nearly half preferring female therapists [3] Challenges and Future Outlook - Despite rapid growth, the on-demand massage market faces challenges such as inconsistent service quality and fraud risks, necessitating improved industry standards and regulations [5] - The future of the on-demand massage market is expected to focus on quality enhancement and expansion, with more specialized services and increased brand concentration, alongside advancements in technology like AI and big data to improve service matching [5][7]

Group 1: New Listings - Shanghai Stock Exchange had 1 company listed from July 21 to July 27 [2] - Shenzhen Stock Exchange's ChiNext had 1 company listed during the same period [2] Group 2: Performance of Newly Listed Companies - Jiyuan Group, engaged in dietary nutrition supplements, saw its stock price rise over 274.54% on the first day, closing at 35.20 CNY per share, a 223.53% increase from the issue price of 10.88 CNY, with a total market capitalization of approximately 14.1 billion CNY [3] - Shanda Electric Power, focused on smart products for power systems, experienced a first-day stock price increase of over 356.00%, closing at 53.05 CNY per share, a 261.87% rise from the issue price of 14.66 CNY, with a total market capitalization of around 8.6 billion CNY [4] Group 3: Listing Committee Reviews - No companies passed the listing committee review on either the Shanghai or Shenzhen stock exchanges from July 21 to July 27 [5] Group 4: Companies with Deferred Listing Reviews - Hengkun New Materials, specializing in key materials for integrated circuits, had its listing review deferred, with inquiries focusing on potential intellectual property disputes and revenue recognition methods [6][7] Group 5: Hong Kong Stock Exchange Listings - Hong Kong Stock Exchange had 1 new company listed during the period, Nanjing Weili Zhibo-B, a clinical-stage biotech company, which saw a first-day increase of 91.71%, closing at 73.30 HKD per share, a 109.43% rise from the issue price of 35.00 HKD, with a total market capitalization of approximately 14.2 billion HKD [12] Group 6: Companies Submitting Listing Applications - Eight companies submitted listing applications to the Hong Kong Stock Exchange, including: - Goer Microelectronics, a provider of smart sensing solutions, with a market share of 2.2% in the global smart sensing market [18] - Tianyu Semiconductor, a leading supplier of silicon carbide epitaxial wafers in China, with a market share of 30.6% in revenue [23] - Daxing Technology, a well-known folding bicycle company, holding a 26.3% market share in retail volume [28] - Juzi Technology, a manufacturer of baby electronic products, with projected revenues of 1.90 billion CNY to 4.62 billion CNY from 2022 to 2024 [31] - LeMo IoT, a provider of massage services through machines, with a market share of 33.9% in 2022 [37] - Jinyan High-tech, a major producer of kaolin materials, with a market share of 19.1% in 2024 [41] - Shengruan Technology, a provider of intelligent solutions for the oil and gas industry, ranked second in the independent smart energy solutions market [44] - AIWB, a one-stop smart property building solutions provider in the U.S. [49]