Group 1: Recent IPOs - Minglue Technology, a data intelligence application software company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.018 billion with a market capitalization of HKD 31.301 billion [1] - Seres, a new energy vehicle brand, completed its IPO on the Hong Kong Stock Exchange, raising around HKD 14.283 billion and achieving a market capitalization of HKD 247.6 billion [2] - Joyson Electronics, a provider of automotive technology solutions, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 3.412 billion with a market capitalization of HKD 31.388 billion [3] - Wangshan Wangshui, a biopharmaceutical company, completed its IPO on the Hong Kong Stock Exchange, raising about HKD 0.587 billion and achieving a market capitalization of HKD 13.743 billion [4] - WeRide, an L4 autonomous driving technology company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.392 billion with a market capitalization of HKD 25.049 billion [5] Group 2: Companies Filing for IPO - Xinde Semiconductor, a semiconductor packaging and testing solutions provider, filed for an IPO on the Hong Kong Stock Exchange [6] - Haiguangxin, a provider of optical interconnect products, submitted an IPO application to the Hong Kong Stock Exchange, ranking 10th globally in professional optical module providers by revenue for 2024 [8] - Dingtai Pharmaceutical, a contract research organization, filed for an IPO on the Hong Kong Stock Exchange, offering integrated solutions for pharmaceutical companies and research institutions [9] - Haote Energy, an energy management solutions provider, submitted an IPO application to the Hong Kong Stock Exchange, focusing on data center energy management [10] - Guoxia Technology, a renewable energy solutions provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy storage systems [11] - Tiantong Vision, an L4 solution provider, submitted an IPO application to the Hong Kong Stock Exchange, offering comprehensive intelligent driving solutions [12] - Lupeng Pharmaceutical, a platform-based pharmaceutical company, filed for an IPO on the Hong Kong Stock Exchange, focusing on high bioavailability oral drugs [13][14] - Libang Pharmaceutical, a biopharmaceutical company specializing in kidney disease, submitted an IPO application to the Hong Kong Stock Exchange [15] - FSTech, a provider of electric drive solutions, filed for an IPO on the Hong Kong Stock Exchange, ranking second in China's industrial control sector by revenue for 2024 [16] - Ketao Co., a smart parking space operator, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [17] - Zhihui Interconnect, an AI company, submitted an IPO application to the Hong Kong Stock Exchange, focusing on urban traffic management solutions [18] - Taotao Vehicle, an electric mobility company, filed for an IPO on the Hong Kong Stock Exchange, ranking second globally in the electric low-speed vehicle industry by revenue for 2024 [19] - Nanhua Futures, a financial services provider, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [20] Group 3: Companies Passing Hearings - Haiwei Electronics, a capacitor film manufacturer, passed the listing hearing on the Hong Kong Stock Exchange, ranking second in China by capacitor film sales volume for 2024 [21] Group 4: Companies Approved for Filing - Xidi Zhijia received approval for overseas issuance and "full circulation" of unlisted shares from the China Securities Regulatory Commission [22]

Group 1 - The core viewpoint of the news is that Minglue Technology-W (02718) experienced significant stock price volatility after its listing on the Hong Kong Stock Exchange, with a sharp decline following an initial surge [1] - On November 3, the stock price surged over 100% on its debut, reaching a market capitalization of over HKD 43 billion, but subsequently lost over HKD 10 billion in market value within two trading days [1] - As of the latest update, the stock is down 15.93%, trading at HKD 212.2, with a total market capitalization of HKD 30.637 billion [1] Group 2 - Minglue Technology is recognized as a leading data intelligence application software company in China, being the largest supplier in this sector based on total revenue in 2023 according to Frost & Sullivan [1] - The company provides data intelligence products and solutions that cover both online and offline scenarios, leveraging core technology and industry insights [1] - Financially, the adjusted net losses for Minglue Technology are projected to decrease from HKD 1.099 billion in 2022 to HKD 45.113 million in 2024, with an expected adjusted net profit of HKD 24.873 million in the first half of 2025 [1] Group 3 - The market valuation of Minglue Technology has experienced significant fluctuations, with a peak valuation of approximately USD 3.05 billion during the E2 round of financing in November 2020, dropping to around USD 542 million in 2023, and recovering to USD 1.666 billion during the F-3 round of financing in January 2024 [2] - The company anticipates a substantial increase in net losses for the full year of 2025, primarily due to increased fair value losses on preferred shares, significant investments in new product development, and heightened sales and marketing efforts to enhance brand awareness and market penetration [2]

Group 1 - The core viewpoint of the news is that Minglue Technology's stock experienced significant volatility after its IPO, with a sharp decline following an initial surge in price [1] - On November 3, the stock was listed on the Hong Kong Stock Exchange, initially soaring over 100% and reaching a market capitalization of over HKD 43 billion, but subsequently lost over HKD 10 billion in market value within two trading days [1] - As of the latest update, the stock price dropped by 15.93% to HKD 212.2, with a total market capitalization of HKD 30.637 billion [1] Group 2 - Minglue Technology is recognized as a leading data intelligence application software company in China, being the largest supplier in this sector based on total revenue for 2023 [1] - The company offers data intelligence products and solutions that cover both online and offline scenarios, leveraging core technology and industry insights [1] - Financially, the adjusted net losses for Minglue Technology from 2022 to 2024 are projected to be HKD 1.099 billion, HKD 174 million, and HKD 45.113 million respectively, indicating a trend of decreasing losses, with an expected adjusted net profit of HKD 24.873 million in the first half of 2025 [1] Group 3 - The market valuation of Minglue Technology has seen significant fluctuations, with a peak valuation of approximately USD 3.05 billion during the E2 round of financing in November 2020, dropping to around USD 542 million in 2023, and recovering to USD 1.666 billion during the F-3 round of financing on January 25, 2024 [2] - The company anticipates a substantial increase in net losses for the full year of 2025, primarily due to increased fair value losses on preferred shares, significant investments in new product development, and heightened sales and marketing efforts to enhance brand awareness and market penetration [2]

Core Insights - Minglue Technology (stock code: 2718.HK) officially listed on the Hong Kong Stock Exchange on November 3, 2025, becoming the "first global Agentic AI stock" and the first company in Hong Kong with a complete technology stack for Agentic AI [1] Group 1: Listing Details - The company issued a total of 7,219,000 Class A shares at an issue price of HKD 141 per share, raising over HKD 1 billion [1] - The public offering was highly oversubscribed, with a subscription rate of 4,452.86 times for the Hong Kong public offering and 13.93 times for the international offering [1] - After opening, the stock price surged to HKD 298.80, an increase of 111.9% from the issue price, resulting in a market capitalization of HKD 43 billion [1] Group 2: Company Positioning and Technology - According to Frost & Sullivan, Minglue Technology is the largest data intelligence application software provider in China by total revenue for 2024, and also the largest provider in marketing intelligence and operational intelligence application software [5] - The company has accumulated significant industry data and possesses three core technological advantages in data intelligence, enterprise knowledge graphs, and data privacy, creating a solid barrier for entering the enterprise-level AI large model market [5] - As of June 30, 2025, Minglue Technology holds 2,322 authorized patents and has 596 patent applications [5] Group 3: Innovations and Strategic Focus - In 2024, the company achieved a breakthrough in AI technology with its multi-modal large model (HMLLM), which simulates human subjective emotional responses, earning a nomination for Best Paper at the global ACM MM 2024 conference [5] - In 2025, its proprietary GUI model, Mano ("AI Agile Hand"), topped two authoritative global rankings, establishing a new paradigm for graphical interface operations [5] - The company launched its enterprise-level proprietary large model product line, DeepMiner, in September 2025, focusing on "building enterprise-level Agentic AI" with a core differentiation of "trustworthy intelligent models + trustworthy data" [6] Group 4: Future Outlook - Minglue Technology's global expansion strategy is expected to open up further growth opportunities as Chinese enterprises accelerate their overseas expansion [6] - The CEO emphasized the importance of trust in AI development, stating that the company's mission is to create data-driven trustworthy productivity solutions for global enterprises [6]

Market Overview - The Hong Kong stock market opened higher on November 3, with the Hang Seng Index starting at 25,999.17 points, up by 92.52 points, a gain of 0.36% [1] - The Hang Seng Tech Index opened at 5,936.28 points, increasing by 28.20 points, a rise of 0.48% [2] New Listings - Minglue Technology-W (02718.HK) debuted with a significant opening, rising by 98% initially and reaching a peak of 298 HKD, reflecting a gain of 111.35% [4][5] - The company had a public offering that was oversubscribed by 4,452.86 times, with a final offer price set at 141 HKD, raising a net amount of 900.2 million HKD [6] Sector Performance - Oil stocks showed strong performance, with China National Offshore Oil Corporation and China Petroleum rising over 3%, while Sinopec and Shanghai Petrochemical increased by over 1% [6] - In the technology sector, stocks like Bilibili rose over 2%, while Xiaomi and Lenovo gained over 1% [7] - Biotechnology stocks mostly increased, with WuXi AppTec rising over 9% [7] - Automotive stocks were active, with NIO rising over 3% [7] - Chinese brokerage stocks generally rose, with China Merchants Securities increasing by over 1% [7] - Gold stocks experienced declines, with Zijin Mining falling over 2% [7] Future Outlook - Goldman Sachs analysts believe that the Chinese stock market is entering a growth phase, driven by AI, anti-involution, and overseas expansion as potential profit drivers [8] - The firm predicts a potential return of approximately 30% for A and H shares by the end of 2027, supported by a 12% annual compound profit growth rate and a 5% to 10% expansion in price-to-earnings ratios [8] - The strong performance of Chinese tech stocks, particularly in the AI sector, is attributed to improved sentiment driving valuation increases, although future focus may shift towards fundamental improvements and earnings realization to support valuation growth [8]

明略科技-W(2718.HK)今日首日上市高开98.58%，报280港元，市值超400亿港元。该股IPO定价141港 元/股，公开发售获4452.86倍认购，国际配售获13.93倍认购。 明略科技是中国领先的数据智能应用软件公司。根据弗若斯特沙利文的资料，按2024年的总收入计，明 略科技是中国最大的数据智能应用软件供应商。依托其核心技术和行业洞察力，明略科技提供数据智能 产品及解决方案，涵盖营销和营运智能，涉及线上及线下场景。公司致力于利用大模型、行业特定知识 及多模态数据，转变企业的营销及营运战略设计和决策程序。截至2025年6月30日，公司拥有2,322项专 利及596项专利申请。 | 02718 明略科技-W | | | | --- | --- | --- | | 280.000 + +139.000 +98.58% | | 等待开盘 11/03 09:21 | | * % % 9 目 9 白选 | | ● 快捷交易 | | 最高价 280.000 | 开盘价 280.000 | 成交量 93.99万 | | 最低价 280.000 | 昨收价 141.000 | 成交额 2.81亿 | | 平均价 ...

Core Viewpoint - Minglue Technology-W (02718) has successfully listed, with an initial share price of HKD 141, raising approximately HKD 902 million from the issuance of 7.219 million shares, and has seen a significant price increase of 98.58% to HKD 280 at the time of reporting [1] Company Overview - Minglue Technology is recognized as a leading data intelligence application software company in China, focusing on transforming enterprise marketing and operational strategies through large models, industry-specific knowledge, and multimodal data [1] Revenue Structure - The company's products and solutions are categorized into three main segments: marketing intelligence, operational intelligence, and industry AI solutions [1] - Marketing intelligence products include the Miaozhen System, Jindata, and private domain tools based on the Tencent ecosystem, such as Weiban Assistant [1] - The Miaozhen System is the earliest product launched by Minglue Technology and constitutes a major part of its revenue, comprising media spending optimization software, social media management software, and user growth software [1]

Core Viewpoint - The Hong Kong IPO market is experiencing a significant surge, with new stocks showing remarkable performance on their debut, indicating strong investor interest and market dynamics [2][6]. Group 1: Market Performance - Minglue Technology is set to list on the Hong Kong stock exchange on November 3, 2023, with its stock price in the dark market soaring over 130% during trading [2][3]. - In October, 12 new stocks were listed in Hong Kong, with 11 of them recording gains on their first trading day, highlighting a robust IPO environment [6][8]. - The highest debut gain was seen with Jinye International Group, which surged by 330%, while Changfeng Pharmaceutical provided a return of approximately 12,000 HKD for a single lot [2][6]. Group 2: Subscription and Demand - Minglue Technology's IPO raised approximately 1.02 billion HKD, with an oversubscription of about 3462 times, indicating strong demand from investors [5][6]. - The total number of subscription participants in October exceeded 2.89 million, marking a 62% increase from September [8]. - Jinye International Group achieved an extraordinary oversubscription rate of over 11,464 times, making it the "super subscription king" of Hong Kong IPOs since 2025 [8]. Group 3: Key Statistics - Minglue Technology's stock opened at 232 HKD, a 64.54% increase from its issue price of 141 HKD, and closed at 297 HKD, reflecting a 110.64% gain [3][5]. - The total fundraising amount for the 12 companies that went public in October reached 27.71 billion HKD, a 91.58% increase compared to the same period last year [6].

Core Viewpoint - The new IPO pricing regulations in Hong Kong have led to a significant profit-making effect, making new stock subscriptions a market focus, with a notable interest in Minglue Technology's IPO due to its strong backing and oversubscription rates [1][2]. IPO Details - Minglue Technology's IPO ended on October 28, with a public offering oversubscription rate of 3399 times, and shares are expected to start trading on November 3, 2025 [1]. - The company plans to issue 7.219 million Class A shares, with 10% allocated for public sale and 90% for international sale, at a price of HKD 141 per share [1]. - The IPO valuation is approximately HKD 20.357 billion, reflecting a 56% premium over its last financing round [1]. Share Structure and Stability Measures - Post-IPO, only about 2.745% of shares will be available for trading, indicating a small float to stabilize the stock price [3][5]. - Minglue Technology employed a "low-version issuance" strategy, limiting the public offering to 10% to reduce the float and stabilize the stock price [3]. - The company has secured seven cornerstone investors, who will collectively purchase approximately USD 59 million worth of shares, accounting for about 45.1% of the total offering [4][5]. Financial Performance and Market Position - Minglue Technology has raised over USD 627 million through 27 financing rounds, with major shareholders including Tencent, Sequoia China, Temasek, and Kuaishou [6]. - The company's market valuation has fluctuated significantly, with a peak valuation of approximately USD 3.05 billion in November 2020, dropping to around USD 542 million in 2023, and recovering to USD 1.666 billion by January 2024 [6][7]. - The company holds a 3.8% market share in the data intelligence application software sector, making it the largest player in China by revenue [17]. Revenue and Growth Prospects - Minglue Technology's revenue has shown volatility, with figures of RMB 1.269 billion in 2022, RMB 1.462 billion in 2023, and RMB 1.381 billion in 2024, indicating a lack of consistent growth [10][11]. - The company has been focusing on enhancing its AI capabilities to drive revenue growth, particularly in marketing and operational intelligence services [13][16]. - The adjusted net losses have been decreasing, with figures of RMB 1.099 billion in 2022, RMB 174 million in 2023, and RMB 45 million in 2024, with a profit of RMB 24.87 million in the first half of 2025 [14][15]. Market Valuation Concerns - The IPO valuation corresponds to a price-to-sales (P/S) ratio of 14.74 based on the projected revenue for 2024, which is significantly higher than competitors, raising concerns about sustainability if revenue growth does not accelerate [17]. - The company's high valuation may be difficult to maintain without rapid revenue growth, especially given the competitive landscape in the data intelligence sector [17].

Core Insights - The new IPO pricing regulations in Hong Kong have led to a significant increase in interest in new stock offerings, with only 2 out of 24 companies experiencing a decline in share price post-IPO, and 10 companies seeing first-day gains exceeding 100% [1] - Minglue Technology's IPO has garnered substantial attention, with a public offering oversubscribed by 3,399 times, and shares expected to begin trading on November 3, 2025 [1][2] - The IPO valuation of Minglue Technology is approximately HKD 20.357 billion, reflecting a 56% premium over its last funding round [1] IPO Details - Minglue Technology plans to issue 7.219 million Class A shares, with 10% allocated for public sale and 90% for international investors, alongside a 15% over-allotment option [1] - The offering price is set at HKD 141 per share, with an entry fee of approximately HKD 5,696.88 [1] - Post-IPO, the shares available for trading will represent only about 2.745% of the total share capital, indicating a limited float [3][4] Shareholder Structure - Major shareholders include Tencent, Kuaishou, Sequoia China, and Temasek, with Tencent being the largest external shareholder, holding 25.96% of the company [4][6] - The introduction of cornerstone investors has locked in approximately 45.1% of the offering shares, which will not be sold for 270 days post-listing [4][6] Financial Performance - Minglue Technology has experienced fluctuating revenue, with reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion from 2022 to 2024, indicating a lack of consistent growth [10][11] - The company has reduced its net losses significantly, achieving a net profit of RMB 24.87 million in the first half of 2025, following losses in previous years [13][14] Market Position - As the largest data intelligence application software provider in China, Minglue Technology holds a market share of approximately 3.8% [17] - The company's high IPO valuation corresponds to a price-to-sales (P/S) ratio of 14.74 based on its 2024 revenue, which may be difficult to sustain without rapid revenue growth [17]