Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]

XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 股份代號: 2603 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、保薦人兼整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 廈門吉宏科技股份有限公司 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Xiamen Jihong Co., Ltd 廈門吉宏科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 : 67,910,000股H股 | | | --- | --- | | : 香港發售股份數目 6,791,000股H股（可予重新分配） | | | 國際發售股份數目 : 61,119,000股H股（可予重新分配） | | | 最高發售價 : | 每股H股10.68港元（另加1%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00015%會財局 | | | 交易徵費及0.00565%聯交所交易費，須於 | | | 申請時以 ...

Group 1 - Jihong Co., Ltd. has passed the hearing of the Hong Kong Stock Exchange, indicating its readiness for listing and potential market expansion [1] - In Q1, Jihong Co., Ltd. achieved a revenue of 1.477 billion yuan, a year-on-year increase of 11.55%, and a net profit of 59.16 million yuan, up 38.21% [1] - The financial performance reflects Jihong's competitive advantages and healthy business development, suggesting further growth post-listing [1] Group 2 - Junda Co., Ltd. listed on the Hong Kong Stock Exchange with an initial share price of 22.15 HKD, and its stock rose by 20.09% on the first day [2][3] - The company is the first photovoltaic battery enterprise to achieve "A+H" listing, indicating a significant milestone in the industry [2] Group 3 - The Hong Kong Stock Exchange announced the reappointment of Chairman Tang Ka Sing, effective immediately, highlighting his leadership in implementing key reforms [4] - Under Tang's leadership, the exchange has improved listing approval processes and introduced new trading arrangements, enhancing market efficiency [4] Group 4 - As of the end of April 2025, the total market capitalization of the Hong Kong securities market reached 38.8 trillion HKD, a 21% increase from the previous year [5] - The average daily trading volume increased by 144% year-on-year, indicating heightened market activity and investor interest [5] - The total fundraising amount for the first four months was 171 billion HKD, up 335% year-on-year, with IPO fundraising reaching 21.3 billion HKD, a 170% increase [5] Group 5 - Laopuhuang plans to place 4.31 million new H-shares, aiming to raise over 2.715 billion HKD, despite the placement price being at an 8.03% discount to the previous closing price [6] - This move reflects the company's proactive approach to securing funds for business development and strategic initiatives [6]

Core Viewpoint - The company, Jihong Technology Co., Ltd., is preparing for an IPO in Hong Kong, driven by its dual business model of cross-border social e-commerce and paper packaging for fast-moving consumer goods, which presents both opportunities and challenges [1][2]. Business Overview - The company's main businesses include cross-border social e-commerce and paper packaging for fast-moving consumer goods. The e-commerce segment utilizes dynamic data analysis and a "goods find people" model to promote mainland Chinese products to global consumers through social media advertising [3][4]. - The paper packaging business offers a one-stop service for fast-moving consumer goods companies, covering the entire process from design to logistics, with a focus on environmentally friendly packaging [4]. Market Position - In terms of market positioning, the cross-border social e-commerce business focuses on the Asian market, while the paper packaging business targets the mainland Chinese fast-moving consumer goods market. By 2024, Jihong is projected to rank second among Chinese B2C export e-commerce companies in terms of revenue generated from social media e-commerce in Asia, and first in the mainland paper packaging market for fast-moving consumer goods [4]. Financial Performance - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with profits of RMB 172 million, RMB 332 million, and RMB 185 million [5]. - The cross-border social e-commerce business accounts for a significant portion of total revenue, with contributions of 57.8%, 63.6%, and 60.9% from 2022 to 2024, and a gross margin of 59.1%, 63.1%, and 60.5% during the same period. The paper packaging business shows stable growth with gross margins of 15.2%, 18.8%, and 17.9% [6]. Investment Value - Jihong possesses certain advantages in its industry, particularly in the application of AI technology and supply chain management within its cross-border social e-commerce business, which includes the self-developed Giikin system that enhances operational efficiency [7]. - The paper packaging business has established long-term partnerships with leading fast-moving consumer goods companies, holds a significant market share, and possesses numerous patents and software copyrights, indicating strong technical capabilities [8].