Market Overview - The Hong Kong stock market is experiencing a continuous adjustment, with the Hang Seng Index at 26,523 points, down 228 points, a decline of 0.85% [1] - The Hang Seng Tech Index is reported at 6,380 points, down 90 points, a decrease of 1.40% [3] New Listings - The newly listed company, Golden Leaf International Group (08549.HK), opened at HKD 3, up 500% from its issue price. In the previous day's dark trading, it surged by 900%. The public offering was oversubscribed by over 9,030 times, marking the highest oversubscription in Hong Kong's history. The company will maintain its planned public offering shares without activating the reallocation mechanism [5] - As of the latest update, Golden Leaf International Group is trading at HKD 3.14, reflecting an increase of 528% [6] - Another new listing, Zhida Technology (02650.HK), opened with a 168% increase, trading at HKD 180. The company focuses on electric vehicle charging solutions [5][8] Sector Performance - In the market, notable stocks showed mixed performance. ZTE Corporation rose over 2%, while China Life and Air China increased by over 1%. In the new consumption sector, Nayuki's Tea rose over 3%, and Pop Mart and Dongfang Zhenxuan increased by over 1% [8] - Conversely, tech stocks underperformed, with Alibaba down over 2%, Tencent down over 1%, and other companies like NetEase and JD.com also experiencing declines [8] Future Outlook - According to Cinda Securities, the trade tensions between the US and China are easing, with agreements to extend the 90-day tariff "truce" reached in mid-May. Additionally, the US Federal Reserve Chairman indicated a potential adjustment in policy stance due to changing risk balances, alongside weakening US employment data raising expectations for interest rate cuts. Despite the lack of improvement in corporate earnings in Hong Kong, the resurgence of AI-related stocks is expected to lead the market, with the Hang Seng Index potentially reaching 28,000 points ahead of important meetings in October [9]

Core Viewpoint - The recent trend in Hong Kong IPOs shows a significant increase in first-day stock price gains, with notable performances from companies like Golden Leaf International Group and ZhiDa Technology during their pre-listing dark trading phase [1][4]. Group 1: Golden Leaf International Group - Golden Leaf International Group is set to list on the GEM (Growth Enterprise Market) in Hong Kong, with a pre-listing dark trading surge of up to 880%, ultimately closing at a 472% increase [1][6]. - The company, established in 2006, specializes in electromechanical engineering, handling over 1,000 projects in the 2023/24 and 2024/25 fiscal years, with most projects generating less than 500,000 HKD in revenue [6]. - Revenue is projected to rise from approximately 123 million HKD in 2023/24 to about 155 million HKD in 2024/25, marking a 25.6% increase, while net profit is expected to grow from around 10.4 million HKD to 14.1 million HKD, a 35.6% increase [6][7]. Group 2: ZhiDa Technology - ZhiDa Technology ranks first in China for home electric vehicle charging pile sales, holding a 13.6% market share domestically and 9.0% globally, with sales figures of 6.97 billion RMB in 2022, 6.71 billion RMB in 2023, and a decline to 5.93 billion RMB in 2024 [8][9]. - The company has faced continuous losses since its inception in 2010, with net losses of 0.25 billion RMB in 2022, 0.58 billion RMB in 2023, and 2.36 billion RMB in 2024, indicating a worsening financial situation [9][10]. - ZhiDa Technology's gross margin has decreased significantly from 20.5% in 2023 to 14.9% in 2024 due to intense price competition, with the company adopting a strategy of lowering prices to maintain market share [10][11].

Core Viewpoint - The recent trend in Hong Kong IPOs shows a significant increase in first-day stock price gains, with notable performances from companies like Golden Leaf International Group and ZhiDa Technology during their pre-listing dark market phases [1][4]. Group 1: Golden Leaf International Group - Golden Leaf International Group is set to list on the GEM (Growth Enterprise Market) of the Hong Kong Stock Exchange, which caters to small and medium-sized enterprises, indicating a higher investment risk [6]. - The company has a history dating back to 2006 and specializes in electromechanical engineering, handling over 1,000 projects in the 2023/24 and 2024/25 fiscal years, with most projects contributing less than 500,000 HKD in revenue [6]. - Revenue is projected to increase from approximately 123 million HKD in 2023/24 to about 155 million HKD in 2024/25, marking a growth of 25.6% [7]. - The annual profit is expected to rise from around 10.4 million HKD in 2023/24 to approximately 14.1 million HKD in 2024/25, reflecting a 35.6% increase [7]. - The IPO is considered a "pocket-sized IPO," with listing expenses estimated at 16.7 million HKD, accounting for about 30.4% of the expected proceeds from the share sale [7]. Group 2: ZhiDa Technology - ZhiDa Technology ranks first in China for household electric vehicle charging pile sales, holding a 13.6% market share domestically and 9.0% globally [9]. - Despite its market position, ZhiDa Technology has faced declining revenues, with figures dropping from 697 million RMB in 2022 to 593 million RMB in 2024 [10]. - The company has been operating at a loss since its inception in 2010, with net losses increasing from 25 million RMB in 2022 to 236 million RMB in 2024 [11]. - The gross margin has significantly decreased from 20.5% in 2023 to 14.9% in 2024, primarily due to intense price competition [11]. - ZhiDa Technology is exploring a path to profitability through dynamic revenue models and strict cost management, aiming to maintain market share while improving gross margins in the future [13].

Core Viewpoint - The recent trend in Hong Kong IPOs shows a significant increase in first-day stock price gains, with notable examples including Jinye International Group and Zhida Technology, which experienced substantial price surges in the dark market prior to their official listings [1][4]. Jinye International Group - Jinye International Group's dark market surge reached a peak of 880%, settling at 472% by the end of the dark market session [1]. - The company is a well-established electromechanical engineering contractor with a history dating back to 2006, focusing on supply, installation, maintenance, and repair of various systems [7]. - For the fiscal years 2023/24 and 2024/25, Jinye International Group is projected to undertake over 1,000 projects annually, with most projects contributing less than 500,000 HKD each, leading to higher gross margins due to lower subcontracting costs [7]. - Revenue is expected to increase from approximately 123 million HKD in 2023/24 to about 155 million HKD in 2024/25, marking a growth of 25.6% [8]. - The company's net profit is projected to rise from around 10.4 million HKD in 2023/24 to approximately 14.1 million HKD in 2024/25, reflecting a 35.6% increase [8]. - Jinye International Group's IPO expenses are estimated at 16.7 million HKD, accounting for about 30.4% of the total funds raised, indicating a financial burden due to its small size [8]. Zhida Technology - Zhida Technology ranks first in China for home electric vehicle charging pile sales, holding a market share of 13.6% in terms of volume and 6.6% in sales revenue [9][10]. - The company has faced declining revenues, with figures dropping from 697 million RMB in 2022 to 593 million RMB in 2024, indicating a downward trend [10][11]. - Zhida Technology has been operating at a loss since its inception in 2010, with net losses increasing from 25 million RMB in 2022 to 236 million RMB in 2024 [11][12]. - The company attributes its losses to intense market competition, leading to strategic price reductions to maintain market share, which has negatively impacted revenue [12]. - Gross margins have significantly decreased from 20.5% in 2023 to 14.9% in 2024, primarily due to pricing pressures [12][13]. - Zhida Technology is exploring profitability through dynamic revenue models and strict cost management, aiming to enhance gross margins once market conditions stabilize [14].

Core Viewpoint - The company is a leading provider of home electric vehicle charging solutions in China, holding significant market shares both domestically and globally, with a focus on expanding its product offerings and manufacturing capabilities. Group 1: Market Position and Performance - The company ranks first in China for home electric vehicle charging pile sales, with a market share of 13.6% based on sales volume, and a global market share of 9.0% [5][8] - In terms of sales revenue, the company ranks third in China with a market share of approximately 6.6% [5] - The projected market share for the company in global home electric vehicle charging pile sales for 2024 is about 3.9% [5] Group 2: Product and Service Offerings - The company provides smart home electric vehicle charging piles, accessories, and services to seven out of the top ten automotive manufacturers in China [14] - A wide range of products is available for retail customers, including various series of smart home electric vehicle charging products [25] Group 3: Manufacturing and Technological Capabilities - The company is one of the earliest to obtain the IATF16949 certification for electric vehicle charging piles, ensuring compliance with automotive industry standards [30] - Advanced manufacturing capabilities include surface mount technology (SMT) and dual in-line package (DIP) production lines, enhancing the production capacity of core components [36] Group 4: Financial and Growth Projections - The compound annual growth rate (CAGR) for global electric vehicle sales from 2020 to 2024 is projected at 17.5% for passenger electric vehicles and 54.9% for commercial electric vehicles [15] - The CAGR for China's passenger electric vehicle revenue from 2020 to 2024 is expected to be 76.1% [20]

Group 1 - The company, Zhidatech, plans to globally offer 5.9789 million H-shares, with 597,900 shares available in Hong Kong and 5.381 million shares for international offering, with the subscription period from September 30 to October 6, 2025, and expected pricing on October 8, 2025 [1] - The expected share price range is HKD 66.92 to HKD 83.63 per share, with a trading unit of 50 shares, and the shares are anticipated to start trading on the Hong Kong Stock Exchange on October 10, 2025 [1] - According to Frost & Sullivan, the company ranks first in China in terms of sales volume and revenue of home electric vehicle charging piles, holding a 13.6% market share in China and a 9.0% global market share based on sales volume [1] Group 2 - The company expects to net proceeds of HKD 375 million based on a midpoint indicative offer price of HKD 75.27 per share, with an additional HKD 65.5 million if the over-allotment option is fully exercised [2] - Approximately 38.0% of the net proceeds is planned for overseas expansion over the next five years, while 36.5% is allocated for research and development to enhance the product and service portfolio [2] - About 10.0% of the net proceeds will be used for mergers and acquisitions to improve the company's comprehensive energy management solutions, and 5.5% will upgrade existing production facilities to accommodate new vehicle models [2]

Core Viewpoint - The company, Zhida Technology, is set to launch an IPO for 5.9789 million H-shares, with a price range of HKD 66.92 to 83.63 per share, aiming to raise approximately HKD 375 million for various strategic initiatives [1][3]. Group 1: Company Overview - Zhida Technology focuses on providing smart home electric vehicle charging solutions, integrating products, services, and a robust digital platform [1]. - The company is a trusted partner of leading automotive manufacturers in China, supplying smart home electric vehicle charging stations and services to seven of the top ten automakers based on 2024 electric vehicle sales [1]. - The company has established a strong brand reputation and competitive advantage in the electric vehicle home charging solutions market, expanding its services to 22 countries [1]. Group 2: Retail Strategy - In 2020, the company launched its own retail brand "Zhida," rapidly building a large user base and gaining insights into retail customer needs [2]. - The company operates online stores on platforms such as Amazon, Tmall, Douyin, and Youzan, and plans to expand its presence on international e-commerce platforms [2]. - According to Frost & Sullivan, the company ranks among the top three brands in retail sales of home electric vehicle charging stations on e-commerce platforms for 2022, 2023, and 2024 [2]. Group 3: Use of Proceeds from IPO - Assuming no exercise of the over-allotment option and a reference price of HKD 75.27 per share, the net proceeds from the global offering are estimated to be approximately HKD 375 million [3]. - Approximately 38.0% of the net proceeds is expected to be used for overseas expansion over the next five years [3]. - About 36.5% of the net proceeds will be allocated to research and development to enhance the company's product and service offerings, as well as its digital platform and R&D capabilities [3]. - Approximately 10.0% of the net proceeds is planned for mergers and acquisitions to improve the company's comprehensive energy management solutions [3]. - Around 5.5% of the net proceeds will be used to upgrade existing production facilities in Xuancheng to accommodate new model designs [3]. - The remaining 10.0% is earmarked for general corporate purposes, including working capital needs [3].

Core Viewpoint - The company, Zhida Technology, is set to launch an IPO for 5.9789 million H-shares, with a price range of HKD 66.92 to HKD 83.63 per share, aiming to raise approximately HKD 375 million for various strategic initiatives [1][3]. Group 1: Company Overview - Zhida Technology focuses on providing smart home electric vehicle charging solutions, integrating products, services, and a robust digital platform [1]. - The company is a trusted partner of leading automotive manufacturers in China, supplying smart home electric vehicle charging stations and services to seven of the top ten automakers based on 2024 electric vehicle sales [1]. - The company has established a strong brand reputation and competitive advantage, expanding its products and services to 22 countries, including significant recognition in Thailand and Brazil [1]. Group 2: Retail Strategy - The company launched its own retail brand "Zhida" in 2020, rapidly building a large user base and gaining insights into retail customer needs [2]. - It operates online stores across multiple platforms, including Amazon, Tmall, Douyin, and Youzan, and plans to expand its presence on international e-commerce platforms [2]. - According to Frost & Sullivan, the company ranks among the top three brands in retail sales of home electric vehicle charging stations on e-commerce platforms for 2022, 2023, and 2024 [2]. Group 3: Use of Proceeds from IPO - Approximately 38.0% of the net proceeds from the IPO are expected to be used for overseas expansion over the next five years [3]. - About 36.5% of the net proceeds will be allocated to research and development to enhance the product and service portfolio and strengthen the digital platform [3]. - The company plans to use around 10.0% of the net proceeds for mergers and acquisitions to improve its comprehensive energy management solutions [3].

Core Viewpoint - Shanghai Zhida Technology Development Co., Ltd. (Zhida Technology) has passed the listing hearing on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as its sole sponsor [1] Group 1: Business Overview - Zhida Technology focuses on providing smart home electric vehicle charging piles to automotive manufacturers and users, developing a "three-in-one" electric vehicle home charging solution consisting of products, services, and a digital platform [3] - The product portfolio includes smart home electric vehicle charging piles and accessories, electric vehicle charging robots, EMS solutions, and pipeline products, serving as a key entry point for home digital energy management [3] - The company has established a digital platform that connects a vast network of third-party installation and after-sales service providers, supporting shared charging services [3] Group 2: Market Position - According to Frost & Sullivan, Zhida Technology ranks first in China in terms of sales volume and sales revenue of home electric vehicle charging piles during the historical record period, with a market share of 13.6% in China and 9.0% globally [3] - The company is recognized as a leading provider of electric vehicle home charging solutions, having established partnerships with seven of the top ten automotive manufacturers in China based on 2024 electric vehicle sales [5] - Zhida Technology's products and services are available in 22 countries, with a notable presence in rapidly growing electric vehicle markets such as Thailand and Brazil [5] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Zhida Technology reported revenues of approximately RMB 697 million, RMB 671 million, and RMB 593 million, respectively, with gross profits of RMB 142 million, RMB 138 million, and RMB 88.6 million [6][7] - The revenue from smart home electric vehicle charging piles accounted for 94.1%, 89.3%, 93.2%, and 92.7% of total product sales revenue for the years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [4] - The company has incurred operating losses of RMB 29 million, RMB 69 million, and RMB 231 million for the fiscal years 2022, 2023, and 2024, respectively [7]

Core Viewpoint - Chongqing Wangbian Electric (Group) Co., Ltd. is actively responding to the national "dual carbon" strategy by expanding its business in the new energy charging infrastructure sector through its wholly-owned subsidiary, Wanglaichong (Chongqing) Technology Co., Ltd. [1] Project Overview - The project aims to build electric heavy truck supercharging stations in Yunnan, Chongqing, and other regions, with a total investment not exceeding 541.50 million yuan [2] - The project will be implemented by Wangbian Electric's wholly-owned subsidiary, Wanglaichong, which will establish and operate nearly 100 supercharging stations [2] - Funding will come from the company's own funds and project loans, covering construction, site leasing, grid access expansion, charging equipment, and preparatory costs [2] Feasibility Analysis - Government policies are supportive of the electric vehicle charging industry, creating a favorable external environment for the project [3] - Market demand for charging stations is expected to grow as the application scenarios for new energy heavy trucks expand [3] - The company has a solid financial foundation, with cash balances of 1.233 billion yuan and available credit of 5.208 billion yuan as of June 30, 2025 [3] Risk and Mitigation Measures - The company will monitor regulatory changes and adjust its business development accordingly to mitigate industry regulation risks [4] - Safety management systems will be established to address potential electrical hazards at charging stations [4] - The company will conduct thorough site research and collaborate with logistics companies to ensure optimal charging station utilization [4] Strategic Importance - This investment is seen as a crucial step to enhance the company's competitive edge and value creation capabilities [5]