Core Viewpoint - On December 30, the Hong Kong Stock Exchange welcomed six companies for collective listing, indicating a positive sentiment in the new stock market and a trend of companies rushing to go public before year-end financial disclosures [1] Group 1: Company Listings - Six companies listed on the Hong Kong Stock Exchange: skincare brand Lin Qingxuan (HK02657), construction service provider Meilian Holdings (HK02671), data infrastructure firm Xun Ce (HK03317), AI drug development company Yingsi Intelligent (HK03696), robotics company Woan Robotics (HK06600), and digital twin technology firm Wuyi Shijie (HK06651) [1] - Yingsi Intelligent opened at HKD 35, a significant increase of 45% from its issue price, making it a highlight of the day [1] Group 2: Market Sentiment and Trends - Investment manager Li Mingde from Dasheng Group noted that the recent positive sentiment in the Hong Kong new stock market, along with favorable valuations and strong financial performances from several tech companies this year, has encouraged firms to list before year-end [1]

Core Viewpoint - Six new stocks will be listed on the Hong Kong Stock Exchange on December 30, marking a significant event as it is the first time since July 9 that six companies will ring the bell simultaneously [1] Group 1: Company Performance - AI-driven drug discovery and development company Insilico Medicine (3696.HK) saw a dark market increase of 53.26%, closing at HKD 36.86 [1] - Chinese digital twin technology company Wuyi Vision (6651.HK) experienced a dark market rise of 23.54%, closing at HKD 37.68 [1] - High-end domestic skincare brand Lin Qingxuan (2657.HK) reported a dark market increase of 18.75%, closing at HKD 92.35 [1] - Prefabricated steel structure service provider Meilian Holdings (2671.HK) had a dark market rise of 18.31%, closing at HKD 8.4 [1] - Data infrastructure and analytics company XunCe (3317.HK) saw a modest dark market increase of 2.04%, closing at HKD 48.98 [1] - Robotics company Woan Robotics (6600.HK) faced a dark market decline of 8.67%, closing at HKD 67.4 [1]

Core Insights - Six new stocks will be listed on the Hong Kong Stock Exchange on December 30, marking the first time since July 9 that six companies will debut simultaneously [1] Group 1: Company Performance - Insilico Medicine (3696.HK), an AI-driven drug discovery and development company, saw a dark market increase of 53.26%, closing at HKD 36.86 with a market capitalization of HKD 20.546 billion [2] - Wuyi Vision (6651.HK), a Chinese digital twin technology company, experienced a dark market rise of 23.54%, closing at HKD 37.68 with a market capitalization of HKD 15.311 billion [2] - Lin Qingxuan (2657.HK), a high-end domestic skincare brand, reported a dark market increase of 18.75%, closing at HKD 92.35 with a market capitalization of HKD 12.898 billion [2] - Meilian Holdings (2671.HK), a prefabricated steel structure construction service provider, saw a dark market rise of 18.31%, closing at HKD 8.40 with a market capitalization of HKD 1.013 billion [2] - Xunce (3317.HK), a data infrastructure and analytics company, had a dark market increase of 2.04%, closing at HKD 48.98 with a market capitalization of HKD 15.796 billion [2] - Woan Robotics (6600.HK) experienced a dark market decline of 8.67%, closing at HKD 67.40 with a market capitalization of HKD 14.978 billion [2]

格隆汇12月28日｜根据港交所日历显示，12月30日(周二)将有6只新股在主板上市，重现"六锣齐鸣"。6 家在年末倒数第二个交易日登陆新股市场的公司分别为人工智能(AI)驱动药物发现及开发公司英矽智能 (3696.HK)、中国数字孪生科技公司五一视界(6651.HK)、卧安机器人(6600.HK)、中国高端国货护肤品 牌林清轩(2657.HK)、中国数据基础设施及分析公司迅策(3317.HK)及预制钢结构建筑服务提供商美联股 份(2671.HK)。 来源：格隆汇APP 港交所上一次有六面铜锣同时敲响是在7月9日，包括蓝思科技(6613.HK)在内的五只新股和一只ETF(交 易型开放式指数基金)上市。 ...

Group 1 - The article discusses common issues taxpayers face when declaring VAT for construction services, highlighting the classification of services and applicable tax rates [2] - Repair services are classified under construction services with a VAT rate of 13%, while maintenance and repair services have a VAT rate of 9% and 6% respectively [2] - General taxpayers providing construction services for "甲供工程" (contractor-supplied projects) can opt for a simplified tax calculation method [2] Group 2 - General taxpayers providing construction services across counties must calculate VAT based on total revenue minus subcontractor payments, with a prepayment rate of 2% for general taxation and 3% for simplified taxation [2] - The article references the "Notice on the Comprehensive Launch of the Business Tax to VAT Reform Pilot" as a key policy document guiding these tax regulations [2][3]

Core Insights - The U.S. IPO market saw four companies go public and six SPACs listed last week, with eight companies filing for IPOs and four for SPACs [1][4]. Group 1: IPO Highlights - Wealthfront (WLTH) priced at the upper end of its range, raising $485 million with a market cap of $2.6 billion, targeting young "digital-first" customers and boasting over 1.3 million paying clients and $88.2 billion in assets by July 2025 [1]. - Lumexa (LMRI) raised $463 million with a market cap of $1.8 billion, operating 184 outpatient imaging centers across 13 states, and has a high leverage ratio of 3.7 times [2]. - Cardinal Infrastructure (CDNL) raised $242 million with a market cap of $769 million, focusing on utility installation services in the Southeastern U.S. with a backlog valued at $646 million [3]. - JM Group (JMG) raised $15 million with a market cap of $79 million, specializing in merchandise sourcing for various retail categories [3]. Group 2: SPAC Highlights - Six SPACs completed pricing last week, including Meshflow Acquisition (MESHU) and Karbon Capital Partners (KBONU), each raising $300 million targeting blockchain infrastructure and energy sectors respectively [4]. - Other SPACs included Daedalus Special Acquisition (DSACU) raising $225 million for consumer-facing AI and technology, and Twelve Seas III (TWLVU) raising $150 million for investments in oil and gas companies outside the U.S. [4]. Group 3: Upcoming IPOs - Medline (MDLN) plans to raise $5 billion at a market cap of $37.3 billion, focusing on medical supplies distribution, facing recent tariff pressures [8]. - Andersen (ANDG) aims to raise $165 million at a market cap of $1.74 billion, providing tax and advisory services with a 15% CAGR since 2003 [8].

Group 1 - The article discusses the tax prepayment regulations for general taxpayers and small-scale taxpayers providing construction services across counties, with a prepayment rate of 2% for general taxpayers using the general taxation method and 3% for those using the simplified taxation method and small-scale taxpayers [3] - It emphasizes the importance of obtaining valid certificates when deducting subcontracting payments, as non-compliance can render deductions ineffective [3] - The article outlines the criteria for small-scale taxpayers to determine if they meet the exemption standards when providing construction services across regions [3] Group 2 - The article highlights the incentives for A-level taxpayers, including public recognition, an increase in the starting score for the next year's credit rating, and the ability to receive up to three months' worth of VAT invoices at once [10][16] - Continuous A-level rating for three years allows taxpayers to access a green channel or specialized personnel for tax matters [12][16] - The collaboration between tax authorities and banks to offer "silver-tax interaction" credit loans with favorable interest rates and easy application processes is also mentioned [14][16]

Core Viewpoint - The article discusses the classification of various services related to construction and their corresponding VAT rates, emphasizing that not all services related to engineering and construction fall under the same category of building services. Group 1: Service Classification - Engineering design is categorized under cultural creative services, not building services [3] - Engineering supervision is classified as certification consulting services, not building services [3] - Building drawing review is also categorized under certification consulting services, not building services [4] Group 2: VAT Rates for Services - Repair services are classified under building services, with a VAT rate of 13% for repair and maintenance services [5] - Renovation services, which involve repairing, reinforcing, and maintaining buildings, have a VAT rate of 9% [5] - Maintenance services for installed machinery and equipment are taxed at a rate of 6% under "other modern services" [5] Group 3: Taxpayer Classification and VAT Rates - General taxpayers providing building services can choose between a general tax method at 9% or a simplified tax method at 3% [8] - Small-scale taxpayers providing building services are subject to a simplified tax method at a 3% rate, with a temporary reduction to 1% from January 1, 2023, to December 31, 2027 [8][9] Group 4: Prepayment of VAT - From January 1, 2023, to December 31, 2027, small-scale taxpayers with monthly sales not exceeding 100,000 yuan are exempt from prepaying VAT [9]

Core Viewpoint - Cardinal Infrastructure Group announced its initial public offering (IPO) terms, aiming to raise $242 million by offering 11.5 million shares at a price range of $20-22 per share [1] Company Overview - Cardinal Infrastructure Group provides wet utility installation and other infrastructure services for large projects in North Carolina [1] - The company focuses on skilled labor and specialized equipment fleets to deliver services for residential, commercial, industrial, municipal, and state-level projects [1] - Cardinal's business strategy is concentrated in the southeastern United States, primarily operating in the metropolitan areas of Charlotte, Raleigh, and Greensboro in North Carolina [1] Financial Highlights - As of September 30, 2025, Cardinal's 12-month revenue is projected to be $395 million, with an uncompleted order value of approximately $646 million [1] - The company has around 100 projects at various stages of completion as of December 31, 2024 [1]

Core Viewpoint - The company reported a revenue of HKD 269 million for the six months ending September 30, 2025, reflecting a year-on-year increase of 8.47% [1] - The profit attributable to shareholders was HKD 19.174 million, representing a year-on-year growth of 17.55% [1] - The basic earnings per share stood at HKD 0.024 [1] - An interim dividend of HKD 0.005 per share was declared [1] Revenue Drivers - The increase in revenue was primarily due to higher electromechanical service income associated with the construction progress of residential development projects in Wong Chuk Hang, the Hong Kong Chinese Medicine Hospital, and the first phase of the Hong Kong-Shenzhen Innovation and Technology Park [1] - Additionally, the trading of construction materials contributed approximately HKD 5.306 million to the revenue [1]