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]

Core Viewpoint - Minglue Technology-W (02718) has successfully completed its IPO subscription with a total margin subscription amount of HKD 346.8 billion, resulting in an oversubscription rate of 3,399 times based on the public offering amount of HKD 1.02 billion [1] Group 1: IPO Details - The company plans to issue 7.219 million Class A shares in its Hong Kong IPO, with 10% allocated for public offering and no mandatory reallocation [1] - The offering price is set at HKD 141 per share, aiming to raise HKD 1.02 billion, with a minimum entry fee of HKD 5,696.9 for 40 shares [1] - The company employs a "dual-class share" structure, allowing the founder to maintain over 50% of voting rights [1] Group 2: Cornerstone Investment - Minglue Technology has entered cornerstone investment agreements with several investors, including Tencent and other capital groups, agreeing to subscribe for shares totaling up to approximately USD 59 million [2] - If the over-allotment option is not exercised, cornerstone investors will account for 45.1% of the IPO shares; if fully exercised, they will still hold 39% [2] Group 3: Fund Utilization - Approximately 35% of the raised funds will be used to enhance technology research and development capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [2] Group 4: Business Overview - Minglue Technology provides data intelligence products and solutions, focusing on marketing and operational intelligence across online and offline scenarios [2] - According to Frost & Sullivan, it is the largest data intelligence application software provider in China by total revenue in 2024 [2] Group 5: Client Base and Revenue - The company's main clients include businesses in consumer goods, food and beverage, automotive, and 3C industries, as well as offline retail and restaurant chains [3] - Revenue figures for the company are as follows: RMB 1.269 billion in 2022, RMB 1.462 billion in 2023 (15.2% YoY growth), and RMB 1.381 billion in 2024 (5.5% YoY decrease) [3] - For the six months ending June 30, 2024, revenue increased from RMB 565 million to RMB 644 million, representing a 13.9% YoY growth [3]

Core Viewpoint - Minglue Technology is set to launch its IPO from October 23 to October 28, 2023, with an expected listing on the Hong Kong Stock Exchange on November 3, 2025, aiming to raise over HKD 1 billion [3][4]. Company Overview - Minglue Technology is a leading data intelligence application software company in China, providing data intelligence products and solutions that cover marketing and operational intelligence across online and offline scenarios [4]. - The company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and maternal and infant products as of June 30, 2025 [5]. Financial Highlights - The company reported total revenues of RMB 1.269 billion, RMB 1.462 billion, RMB 1.381 billion, RMB 565 million, and RMB 644 million for the years 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025, respectively [7][8]. - Gross profit margins for the same periods were 53.2%, 50.1%, 51.6%, 50.6%, and 55.9% [8]. - The company recorded operating losses of RMB 1.009 billion, RMB 211 million, and RMB 132 million for the years 2022, 2023, and 2024, respectively, with a slight operating profit of RMB 610,000 for the six months ending June 30, 2025 [8]. Technology and Innovation - Minglue Technology has established a strong foundation based on innovation and proprietary technologies, particularly in data intelligence, enterprise knowledge graphs, and data privacy, holding 2,322 patents and 596 patent applications as of June 30, 2025 [6]. - The company's product offerings are categorized into three main segments: marketing intelligence, operational intelligence, and industry solutions [6][7]. Market Potential - The Chinese data intelligence application software market is projected to grow from RMB 32.7 billion in 2024 to RMB 67.5 billion by 2029, with a compound annual growth rate (CAGR) of 15.6% [7].

Core Viewpoint - Minglue Technology is set to launch an IPO in Hong Kong, aiming to raise approximately 1.018 billion HKD by offering 7.219 million Class A shares at a price of 141 HKD per share, positioning itself as the largest data intelligence application software provider in China and the first enterprise-level proprietary large model stock in the Hong Kong market [1][2]. Company Overview - Founded in 2006, Minglue Technology has evolved through three main business segments: marketing intelligence, operational intelligence, and industry solutions, including its flagship advertising data analysis platform, the "MiaoZhen System" [2][3]. - The company serves over 135 Fortune 500 companies, including Procter & Gamble, McDonald's, and Coca-Cola, with a focus on sectors such as retail, automotive, and consumer electronics [1][2]. Financial Performance - The MiaoZhen System generated 320 million CNY in revenue in the first half of 2025, maintaining a growth rate of 10.9%, while operational intelligence through smart store systems contributed 269 million CNY with a year-on-year growth of 16.8% [2][3]. - Minglue's adjusted operating loss has been narrowing, from 1.1 billion CNY in 2022 to 174 million CNY in 2023, and further down to 45.11 million CNY in 2024, indicating a trend towards profitability [5][6]. Product Development - The company has launched the DeepMiner proprietary large model product line, focusing on enterprise-level AI applications, which aims to address issues such as high "hallucination rates" and decision-making flaws in general AI models [3][4]. - Another key technology, HMLLM (Hypergraph Multimodal Large Language Model), integrates non-standard biological modal data to enhance marketing effectiveness by predicting consumer responses to advertisements [4]. Market Trends - The AI Agent market is projected to grow significantly, from 7.63 billion USD in 2025 to 50.31 billion USD by 2030, with a compound annual growth rate of 45.8%, indicating a robust opportunity for enterprise-level AI applications [4]. - The demand for proprietary large models is increasing due to rising concerns over data privacy and model controllability, creating a substantial growth space for leading companies in the sector [4][6]. Shareholder Composition - Minglue Technology has attracted significant investment from top-tier institutions, with Tencent being the largest external shareholder, holding 26.96% through three affiliated companies, alongside other major investors like Sequoia China and Kuaishou [5][6].

Investment Rating - The report assigns a score of 5.3 for the IPO, suggesting a recommendation to subscribe [12] Core Insights - Minglue Technology is positioned as the largest data intelligence application software provider in China by total revenue in 2024, focusing on marketing intelligence and operational intelligence [1][4] - The company has shown a positive trend in financial performance, with revenues projected to grow from 12.69 billion RMB in 2022 to 14.62 billion RMB in 2024, despite a temporary decline in 2024 due to strategic adjustments [2] - The data intelligence application software market in China is expected to grow significantly, from 169 billion RMB in 2020 to 327 billion RMB in 2024, with a compound annual growth rate (CAGR) of 17.9% [3][4] Company Overview - Minglue Technology's main business revolves around providing data intelligence products and solutions, with a rich product matrix in both marketing and operational intelligence [1] - The company has a high cross-selling rate, with cross-business line sales increasing from 11.9% in 2023 to 19.7% in 2024, and maintaining over 86% in cross-product sales [1] Financial Performance - Revenue figures for Minglue Technology are projected to be 12.69 billion RMB in 2022, 14.62 billion RMB in 2023, 13.81 billion RMB in 2024, and 5.65 billion RMB in the first half of 2025, with a recovery expected in the latter half of 2025 [2] - The company is expected to achieve operational profit of 6.1 million RMB in the first half of 2025, marking its first profit after continuous losses from 2022 to 2024 [2] Industry Status and Outlook - The data intelligence application software market in China is projected to reach 675 billion RMB by 2029, with a CAGR of 15.6% from 2024 to 2029 [3][4] - Marketing intelligence software is expected to grow from 44 billion RMB in 2020 to 93 billion RMB in 2024, while operational intelligence software is projected to grow from 22 billion RMB to 51 billion RMB in the same period [3] Advantages and Opportunities - Minglue Technology holds a significant competitive advantage as a leading player in the rapidly growing data intelligence application software market [4] - The company is well-positioned to benefit from the overall market growth, which is expected to provide substantial revenue opportunities [4]

Core Viewpoint - Minglue Technology is set to launch an IPO from October 23 to October 28, 2025, aiming to raise approximately HKD 902 million for various business enhancements [1] Company Overview - Minglue Technology is a leading data intelligence application software company in China, integrating large models, industry knowledge, and multimodal data to optimize enterprise marketing and operational decisions [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China based on total revenue for 2024 [1] Client Base - As of June 30, 2025, the company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, and automotive [1] IPO Details - The company plans to issue 7.219 million shares globally, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [1] - The offering price is set at HKD 141.00 per share [1] - The company has signed cornerstone investment agreements with several investors, with a total subscription amount not exceeding approximately USD 59 million [1] Use of Proceeds - The net proceeds from the global offering are expected to be approximately HKD 902 million, which will be allocated as follows: 35% for enhancing technology R&D capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [1]

Core Viewpoint - Minglue Technology (02718) is set to launch an IPO from October 23 to October 28, 2025, aiming to issue 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public offering in Hong Kong and 90% for international offering, plus a 15% over-allotment option [1] Company Overview - Minglue Technology is a leading data intelligence application software company in China, focused on transforming enterprise marketing and operational decision-making through the integration of large models, industry-specific knowledge, and multimodal data [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China by total revenue in 2024 [1] - The company assists clients in collecting, integrating, managing, and analyzing multimodal data from both online and offline operations, generating actionable business insights to meet operational needs and enhance efficiency [1] Client Base - As of June 30, 2025, Minglue Technology has served 135 Fortune Global 500 companies, with clients spanning various industries including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and maternal and infant products [1]

Group 1 - The company, Minglue Technology-W (02718.HK), plans to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with the offering period from October 23 to October 28, 2025 [1] - The company is recognized as the largest data intelligence application software provider in China, according to Frost & Sullivan, based on total revenue for 2024 [1] - The company aims to leverage large models, industry-specific knowledge, and multimodal data to transform marketing and operational strategies for enterprises [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling up to approximately USD 59 million (or about HKD 459 million) [2] - The cornerstone investors include Tencent Holdings (00700.HK), Ms. Guo Minfang, Hundreds Capital, Ms. Bao Lina, Treasure-stone Investment Group Limited, GFH Financial Group B.S.C., and QuantumPharm Limited [2] Group 3 - The company estimates to receive a net amount of HKD 902 million from the global offering, assuming the over-allotment option is not exercised [3] - The intended use of the net proceeds includes approximately 35% for enhancing technology research and development capabilities, 40% for product development to enrich the product portfolio, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [3]