Group 1 - The core viewpoint of the article is that Different Group (06090) has successfully listed its shares, with an initial pricing of HKD 71.2 per share and a total issuance of 10.98 million shares, raising approximately HKD 718 million in net proceeds [1] - As of the report, the stock has surged by 41.01%, trading at HKD 100.4 with a transaction volume of HKD 159 million [1] - Different Group specializes in designing and selling parenting products, with its first brand BeBeBus established in 2019, focusing on the high-end parenting product market [1] Group 2 - BeBeBus has quickly become a leader in its niche, ranking first among durable parenting product brands targeting mid-to-high-end consumers in China, according to Frost & Sullivan data based on 2024 GMV [1] - The company has demonstrated strong financial performance, with revenues increasing from RMB 507 million in 2022 to RMB 1.249 billion in 2024, reflecting a compound annual growth rate (CAGR) of 56.9% [1] - The adjusted net profit has shown an even more impressive CAGR of 236.8% during the same period, indicating significant profitability growth [1] - The unique brand positioning and forward-looking business strategy have contributed to high customer loyalty and elevated average transaction values for BeBeBus [1]

Group 1: Company Overview - Different Group (06090.HK) made its debut on the Hong Kong Stock Exchange today, opening at 100.4 HKD, a 41.01% increase from the IPO price of 71.2 HKD [1][3] - The company specializes in designing and selling parenting products, with its first brand, BeBeBus, established in 2019, targeting mid-to-high-end consumers [1] - BeBeBus has achieved a strong market position in China's mid-to-high-end parenting product market, ranking second with a market share of 4.2% by GMV in 2024 [1] Group 2: Financial Performance - The company reported revenues of 507 million CNY, 852 million CNY, and 1.249 billion CNY for the years 2022, 2023, and 2024, respectively [2] - Corresponding gross profits were 242 million CNY, 427 million CNY, and 629 million CNY, with gross profit margins of 47.7%, 50.2%, and 50.4% for the same years [2] Group 3: IPO Details - The IPO's public offering was oversubscribed by 3,317.47 times, with 1,098,100 shares allocated, representing about 10% of the total shares offered [1] - The international placement was oversubscribed by 7.37 times, with 9,882,800 shares allocated, accounting for 90% of the total shares offered [1]

来源：观点地产网 根据公开资料整理，不同集团本次全球发售1098.09万股，其中香港发售109.81万股，国际发售988.28万 股。公司专注于设计并销售育儿产品。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：9月22日，中国育儿产品公司不同集团港股暗盘交易一度涨超50%，最高发售价71.2港元。 ...

来源：滚动播报 港股新股不同集团暗盘一度涨超50%，公开数据显示，不同集团是一家专注于设计并销售育儿产品的中 国公司。据悉，不同集团本次全球发售项下的发售股份数目为1098.09万股发售股份(视乎超额配股权行 使与否而定)；香港发售股份数目为109.81万股发售股份(可予重新分配)；国际发售股份数目为988.28万 股发售股份(可予重新分配及视乎超额配股权行使与否而定)。最高发售价为每股发售股份71.2港元。 ...

IPO Overview - Hesai Group (禾赛) officially listed on the Hong Kong Stock Exchange on September 16, 2025, under the stock code "2525," marking it as the first laser radar company to achieve dual primary listings in the US and Hong Kong [3][4] - The IPO raised over HKD 41.6 billion (USD 5.33 billion), making it the largest IPO in the global laser radar industry to date and the largest Chinese concept stock IPO in Hong Kong in the past four years [3][4] - Hesai has become a global leader in laser radar development and manufacturing, with significant market shares in various automotive applications [4] Company Highlights: Hesai Group - Founded in 2014, Hesai has achieved the highest global market share in vehicle-mounted laser radar, ADAS laser radar, and L4 autonomous driving laser radar [4] - The company reported a revenue of CNY 2.08 billion in 2024, with a compound annual growth rate (CAGR) of 42.3% from 2021 to 2024 [4] - Hesai is the first and only listed laser radar company to achieve annual profitability and positive operating and net cash flow [4] IPO Overview: Jinfang Pharmaceutical - Jinfang Pharmaceutical (劲方医药) officially listed on the Hong Kong Stock Exchange on September 19, 2025, under the stock code "2595" [6] - The IPO raised USD 268 million, setting multiple records for the Hong Kong 18A sector since 2022 [6] - Jinfang focuses on innovative treatments for cancer, autoimmune, and inflammatory diseases, with a pipeline of eight candidate drugs, five of which are in clinical stages [6] Company Highlights: Jinfang Pharmaceutical - The company has developed a comprehensive and differentiated RAS product matrix, targeting significant unmet clinical needs in major cancers [7] - The CEO emphasized the importance of the IPO as a milestone for future growth and innovation [8] IPO Overview: Chery Automobile - Chery Automobile (奇瑞) plans to list on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [9] - The IPO is expected to raise between HKD 160.04 billion and HKD 177.34 billion, with cornerstone investors committing approximately USD 587 million [9][10] - Chery is the second-largest independent passenger car brand in China and the eleventh largest globally [9] Company Highlights: Chery Automobile - In 2024, Chery's sales exceeded 2.295 million vehicles, with a growth rate of over 25% in both electric and fuel vehicle sales compared to 2023 [10] - The company has a diverse brand portfolio and has been the top exporter of independent passenger cars in China for 22 consecutive years [10][11] IPO Overview: BeBeBus - BeBeBus plans to list on the Hong Kong Stock Exchange on September 23, 2025, under the stock code "6090" [13] - The company focuses on high-end parenting products and has established a strong market presence in China [13][14] - BeBeBus has over 3 million members and maintains high repurchase rates across its private and online platforms [14] Company Highlights: BeBeBus - The average transaction amount for core products has remained above CNY 2,400, reinforcing its premium positioning [14] - The company has expanded its product offerings significantly since its inception [13] IPO Overview: Nuwa Technology - Nuwa Technology (暖哇科技) submitted its prospectus for listing on the Hong Kong Stock Exchange on September 16, 2025 [18] - The company specializes in AI solutions for the insurance industry and is recognized as the largest independent AI technology company in this sector in China [18][19] - Nuwa's revenue has shown significant growth, with a CAGR of 65.5% from 2022 to 2024 [19] Company Highlights: Nuwa Technology - The company achieved profitability in 2023, with an adjusted net profit of approximately CNY 57.5 million in 2024 [19] IPO Overview: Cloudtrace Technology - Cloudtrace Technology (云迹科技) received a notice for its overseas listing on September 18, 2025 [21] - The company is a leader in the robot service market, with a significant number of robots deployed across various sectors [22][23] - Cloudtrace's revenue has grown from CNY 163 million in 2022 to CNY 245 million in 2024, with a rising gross margin [23] Company Highlights: Cloudtrace Technology - The company has served over 34,000 enterprise clients and completed over 5 billion service instances in 2024 [23][24] IPO Overview: Distinct Healthcare - Distinct Healthcare (卓正医疗) received a notice for its overseas listing on September 17, 2025 [26] - The company operates in the high-end healthcare service market in China, with a focus on comprehensive medical services [26][27] - Distinct Healthcare's revenue has grown from CNY 473 million in 2022 to CNY 959 million in 2024, achieving profitability in 2024 [27][28]

Group 1 - Different Group plans to officially list on the Hong Kong Stock Exchange on September 23, 2025, with its subsidiary BeBeBus issuing 10,980,900 shares in the IPO [1] - The IPO will consist of 1,098,100 shares for public offering in Hong Kong and 9,882,800 shares for international offering [1] Group 2 - BeBeBus, founded in 2019, has become a well-known brand in the Chinese parenting products market [3] - In the first half of 2025, the company achieved revenue of 726 million yuan, representing a year-on-year growth of 24.7% [3] - Revenue from baby care products reached approximately 307 million yuan, accounting for 42.3% of total revenue, with sales of about 155 million baby diapers and 1.126 million packs of wet and soft towels [3] - The significant growth in baby care product revenue is attributed to an expanded product range, with the number of SKUs increasing from 142 in 2022 to 290 in the first half of 2025 [3]

Core Viewpoint - BeBeBus, a high-end parenting brand in China, is set to be listed on the Hong Kong Stock Exchange from September 15 to 18, 2023, showcasing significant growth in the parenting products market [3][9]. Company Overview - BeBeBus was established in 2019 and has become a well-known brand in the Chinese parenting products market, ranking second with a market share of 4.2% [3]. - The company has expanded its product offerings from core items like strollers and car seats to include essential categories for parent-child travel, sleep, feeding, and hygiene care [4]. Financial Performance - Revenue projections for BeBeBus are as follows: CNY 507 million in 2022, CNY 852 million in 2023, and CNY 1.25 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 57% [5]. - Net profit is expected to shift from a loss of CNY 21.23 million in 2022 to a profit of CNY 58.52 million in 2024 [5][6]. - For the first half of 2025, the company reported revenue of CNY 726 million and a profit of CNY 48.51 million [5]. IPO Details - The IPO price range is set between HKD 62.01 and HKD 71.20 per share, with a minimum investment of approximately HKD 7,191.8 [9]. - A total of 10.98 million shares will be globally offered, with 1.098 million shares available in Hong Kong [9]. - The company has attracted three cornerstone investors, accounting for 15.99% of the offering, and the subscription ratio is around 40 times, indicating moderate interest [9].

Company Overview - Yaojie Ankang, listed on June 23, 2023, saw its stock price surge by 115.58%, reaching 415 HKD per share, with a market capitalization of 164.7 billion HKD, reflecting a 30-fold increase in less than three months [1][4] - The company currently has no commercialized products and reported a loss exceeding 100 million RMB in the first half of the year, highlighting a stark contrast between its financial fundamentals and its market valuation [4] - The stock has been included in the Hong Kong Stock Connect as of September 8, 2023, which may be driving speculative trading to attract mainland index funds [4] Financial Performance - For the first half of 2025, the company reported revenue of 726 million RMB and a profit of 48.51 million RMB, indicating a profit margin of 6.7% [9] - Revenue for the years 2022 to 2024 was 507.2 million RMB, 852.1 million RMB, and 1.248 billion RMB, respectively, with corresponding net profits of -21.23 million RMB, 27.22 million RMB, and 58.52 million RMB [8] - The company’s gross profit margin has shown improvement, with a gross profit of 358.49 million RMB in the first half of 2025, reflecting a margin of 49.4% [9] Market Position and Strategy - Different Group, established in 2018, focuses on designing and selling high-end parenting products, ranking second in China's mid-to-high-end parenting product market with a market share of 4.2% [6] - The company has a diverse product line with 459 SKUs and a distribution network that includes major e-commerce platforms and 3,400 third-party stores [7][6] - The customer repurchase rate increased from 20.1% in 2022 to 40.2% in June 2025, indicating growing brand loyalty [11] Industry Insights - Despite a decline in newborn numbers in China, the mid-to-high-end parenting product market is expected to grow faster than the overall market due to rising consumer demands for quality and safety [12] - The competitive landscape is fragmented, with the top five brands holding only 18.4% of the market share, allowing for opportunities for growth [12] - Different Group adopts a differentiated strategy, competing with international brands while maintaining more affordable pricing and focusing on quality and design compared to local brands [13]

Group 1: Company Filings - Four companies submitted applications to the Hong Kong Stock Exchange from September 8 to September 14, with three companies passing the hearing [1][6] - Sig Energy (Shanghai) Co., Ltd. submitted its listing application on September 8, aiming to be a global leader in distributed energy storage systems, with a projected market share of 28.6% in 2024 [2] - Shengwei Times Technology Co., Ltd. submitted its application on September 11, ranking 14th in China's ride-hailing service market, with revenues projected to grow from approximately 8.16 billion RMB in 2022 to 15.94 billion RMB in 2025 [3][4] - Shenzhen Maiketian Biomedical Technology Co., Ltd. submitted its application on September 11, with a product reach in over 140 countries and revenues expected to increase from 9.17 billion RMB in 2022 to 13.99 billion RMB in 2025 [4] - Guangdong Chaoshan Industrial Co., Ltd. submitted its application on September 12, leading the jewelry market in mainland China with a projected market share of 1.4% in 2024 [5] Group 2: Companies Passing Hearings - Different Group passed the hearing on September 11, focusing on mid-to-high-end parenting products, with a market share of 4.2% in China [7] - Zijin Gold International Limited passed the hearing on September 14, being a leading global gold mining company with a compound annual growth rate of 21.4% in gold production from 2022 to 2024 [8] - Botai Internet of Vehicles Technology (Shanghai) Co., Ltd. passed the hearing on September 14, ranking third in China's smart cockpit solutions market with a market share of 7.3% [9] Group 3: Companies Going Public - Hesai Technology (02525.HK) is set to launch its IPO from September 8 to September 11, with a global offering of 17 million shares and a maximum price of 228.00 HKD per share [10] - Jinfang Pharmaceutical (02595.HK) will have its IPO from September 11 to September 16, offering 77.6 million shares at a price of 20.39 HKD per share [11] - Health 160 (02656.HK) plans its IPO from September 9 to September 12, offering 33.65 million shares at a price range of 11.89 to 14.86 HKD per share [12] Group 4: New Stock Listing - Dahang Science and Technology (02543.HK) was listed on September 9, closing at 56.90 HKD per share, with a price increase of 14.95% [13]

Core Viewpoint - BeBeBus is positioned as the leading brand in durable parenting products for mid-to-high-end consumers in China, with plans for an IPO on the Hong Kong Stock Exchange [4][9]. Group 1: IPO Details - BeBeBus plans to issue 10,980,900 shares in its IPO, with 1,098,100 shares available for public sale in Hong Kong and 9,882,800 shares for international sale [4]. - The estimated IPO valuation ranges from HKD 56.27 billion to HKD 64.61 billion, based on a share price range of HKD 62.01 to HKD 71.20 [4]. - The company has secured three cornerstone investors, each committing USD 5 million, and has previously attracted investments from several venture capital firms [4][9]. Group 2: Product and Market Positioning - Founded in 2018, BeBeBus focuses on high-end parenting products, expanding from core items like strollers and car seats to key scenarios such as travel, sleep, feeding, and hygiene [4][6]. - BeBeBus ranks first in the durable parenting product market for mid-to-high-end consumers in China, according to data from Frost & Sullivan [4][9]. Group 3: Innovation and Design - BeBeBus is among the first brands globally to launch smart children's car seats and has received international certifications for its spinal protection designs [8]. - The company has won over 50 design awards, including the China Excellent Industrial Design Award and the German Red Dot Award, highlighting its commitment to quality and aesthetics [8]. Group 4: Customer Engagement and Sales Performance - As of June 30, 2025, BeBeBus has over 3 million members, with a private domain repurchase rate of 52.3% in the first half of 2024, indicating strong customer loyalty [9]. - The average transaction amount for core products has remained above RMB 2,400, reinforcing its high-end market positioning [8]. Group 5: Financial Performance - BeBeBus's revenue has shown significant growth, with figures of RMB 507 million, RMB 852 million, and RMB 1.249 billion for the years 2022 to 2024, respectively, and a 24.7% increase in the first half of 2024 [13]. - The adjusted net profit for the same period has also increased, reaching RMB 78 million in the first half of 2024, a 73.3% rise from the previous year [14]. Group 6: Global Expansion Strategy - BeBeBus has initiated global expansion by establishing subsidiaries in the USA and Indonesia as part of its strategy to penetrate North American and Southeast Asian markets [11]. - The company has launched a new website to enhance international online sales and has partnered with leading retailers and distributors across over 300 cities [9][11].