Group 1: Hand Return Group - Hand Return Group plans to list on the Hong Kong Stock Exchange on May 30, 2025, with the stock code "2621" [3] - The IPO will issue a total of 24,358,400 shares, with a subscription rate of 990 times for the Hong Kong public offering and 1.13 times for the international offering [3] - The company aims to provide insurance service solutions through its online platform, with three main platforms: Xiao Yusan, Kachaba, and Niu Bao 100 [3] - Hand Return Group is the second-largest online insurance intermediary in China, holding a 7.3% market share in long-term life insurance premiums as of 2023 [4] - The company has distributed over 1,900 products since its establishment, including more than 280 customized products [4] - Financial data shows revenues of 806 million, 1.634 billion, and 1.387 billion CNY from 2022 to 2024, with adjusted net profits of 75 million, 253 million, and 242 million CNY respectively [5] Group 2: Yingshi Innovation - Yingshi Innovation plans to open subscriptions on May 30, 2025, and is expected to list on the Sci-Tech Innovation Board in mid-June [7] - The company will issue 41 million new shares, with 20% allocated for strategic placement [7] - Yingshi Innovation specializes in smart imaging devices, focusing on panoramic and action cameras, with a global market share of 67.2% in panoramic cameras as of 2023 [8] Group 3: Lin Qingxuan - Lin Qingxuan submitted its prospectus to the Hong Kong Stock Exchange on May 29, 2025, aiming for a main board listing [10] - The brand ranks first among domestic high-end skincare brands in China by retail sales as of 2024 [11] - Financial data indicates revenues of 691 million, 805 million, and 1.21 billion CNY from 2022 to 2024, with a compound annual growth rate of 32.5% [11] Group 4: Yushi Technology - Yushi Technology submitted its prospectus on May 28, 2025, planning to list on the Hong Kong Stock Exchange [14] - The company is the largest supplier of L4-level autonomous driving solutions for airport and factory scenarios in Greater China as of 2024 [15] - Financial data shows revenues of 66 million, 161 million, and 266 million CNY from 2022 to 2024, with a compound annual growth rate of 101.3% [15] Group 5: Yisiwei Computing - Yisiwei Computing submitted its prospectus on May 30, 2025, aiming for a main board listing [19] - The company is a leading provider of RISC-V solutions in China, with over 100 system-level solutions commercialized as of 2024 [20] - Financial data indicates revenues of 2 billion, 1.752 billion, and 2.025 billion CNY from 2022 to 2024 [20] Group 6: Xian Gong Intelligent - Xian Gong Intelligent submitted its prospectus on May 27, 2025, planning to list on the Hong Kong Stock Exchange [22] - The company ranks first in global robot controller sales for two consecutive years, with a market share of 23.6% in 2024 [22] - Financial data shows revenues of 184 million, 249 million, and 339 million CNY from 2022 to 2024, with a compound annual growth rate of 35.7% [23] Group 7: Tuopu CNC - Tuopu CNC submitted its prospectus on May 26, 2025, aiming for a main board listing [27] - The company is the top supplier of five-axis CNC machine tools in China's aerospace market, with an 11.6% market share as of 2024 [29] - Financial data indicates revenues of 136 million, 335 million, and 531 million CNY from 2022 to 2024, with a compound annual growth rate of 97.9% [29] Group 8: Xiantong Pharmaceutical - Xiantong Pharmaceutical submitted its prospectus on May 26, 2025, planning to list on the Hong Kong Stock Exchange [32] - The company is the first in China to obtain approval for innovative radioactive drugs, focusing on oncology and neurodegenerative diseases [32] Group 9: Ledong Robotics - Ledong Robotics submitted its prospectus on May 30, 2025, aiming for a main board listing [35] - The company has a customer retention rate of approximately 90% in 2024, with a compound annual growth rate of about 41.4% in revenues from 2022 to 2024 [36] Group 10: Saintong Special Medical - Saintong Special Medical submitted its prospectus on May 30, 2025, planning to list on the Hong Kong Stock Exchange [38] - The company ranks first among domestic special medical food brands in China, with a market share of 6.3% as of 2024 [39] - Financial data shows revenues of 491 million, 654 million, and 834 million CNY from 2022 to 2024, with a compound annual growth rate of 30.3% [39] Group 11: Jushuitan - Jushuitan updated its prospectus on May 22, 2025, continuing its listing process on the Hong Kong Stock Exchange [41] - The company is the largest e-commerce SaaS ERP provider in China, holding a 24.4% market share as of 2024 [42] - Financial data indicates revenues of 523 million, 697 million, and 910 million CNY from 2022 to 2024, with a compound annual growth rate of 31.9% [42]

Group 1 - Hand Return Group Limited officially listed on the Hong Kong Stock Exchange on May 30, 2023, becoming the third listed company nurtured by the Futian Financial Technology Dual Park [2][4] - Hand Return Group is a Chinese life insurance intermediary service provider, focusing on providing insurance service solutions through an online platform for policyholders and insured individuals [4] - The company drives transformation in the insurance intermediary industry through technological innovation, covering the entire business process from customer acquisition to claims [4] Group 2 - Since 2019, the Futian District has developed the Bay Area International Financial Technology City and the International Financial Technology Ecological Park, creating a development pattern that integrates both parks [5] - As of 2024, the total valuation of companies in the Futian Financial Technology Dual Park is close to 70 billion, with listed companies valued at 34.403 billion and unlisted companies at 29.943 billion [9] - The successful listing of Hand Return Group exemplifies the collaborative innovation among government, enterprises, and parks, showcasing the core capabilities of resource integration and ecological construction in the Futian Financial Technology Dual Park [9]

Core Viewpoint - The insurance intermediary company, Shouhui Group, has successfully listed on the Hong Kong Stock Exchange but faces challenges with its stock price dropping significantly post-IPO, reflecting broader issues in the insurance intermediary sector regarding sustainability and profitability [1][2]. Group 1: IPO Performance - Shouhui Group's IPO price was HKD 8.08, raising nearly HKD 200 million by issuing 24,358,400 shares. However, the stock closed at HKD 6.61 on the first trading day, marking an 18.19% decline [1]. - Other insurance intermediaries, such as Yuanbao and Huize, have also experienced post-IPO stock price declines, indicating a trend of "breaking the issue" in the sector [1][2]. Group 2: Revenue and Profitability Challenges - Shouhui Group's revenue is primarily derived from commission income, which accounted for over 99% of total revenue during the reporting period. The commission income figures were CNY 15.45 billion, CNY 8.02 billion, CNY 16.29 billion, and CNY 13.78 billion for the respective years [3]. - The company reported net profits of -CNY 2.04 billion, CNY 1.31 billion, -CNY 3.56 billion, and -CNY 1.36 billion from FY2021 to FY2024, highlighting significant volatility in profitability [2][4]. Group 3: Market Trends and Regulatory Impact - The "reporting and operation integration" policy has significantly impacted the intermediary channel, leading to concerns about the sustainability of the insurance intermediary business model. This policy has resulted in a mandatory reduction of sales commissions by 40% to 50% [2][4]. - The trend of "de-intermediation" is increasing, with traditional insurance companies establishing their online platforms to sell insurance products directly to customers, putting pressure on insurance intermediaries [2]. Group 4: Investment Landscape - The insurance technology sector has seen a surge in IPOs, with several companies, including Shouhui Group, going public amid pressures from early investors seeking exits. Many of these companies were established around 2015 during the rise of internet insurance [6][8]. - The investment landscape has shifted, with early investors facing exit pressures as many companies enter their 5-7 year investment recovery period [6][7].

Company Overview - The company, Shouhui (2621.HK), is an online insurance intermediary platform that provides insurance service solutions to policyholders and insurers. It does not bear any underwriting risks as the insurance products it distributes are underwritten by insurance companies [3][4]. - In 2023, Shouhui ranked as the second-largest online insurance intermediary in China by total premium for long-term life insurance, holding a market share of 7.3%, significantly lower than the market leader's 45.5% [3]. IPO Performance - Shouhui's IPO on May 30 opened at 8.08 HKD but quickly fell over 18% on its first day, closing at 6.61 HKD, marking a significant drop from its issue price [1][2]. - The company experienced a low opening price of 7.5 HKD, which was also the highest price for the day, indicating weak market performance [1][2]. Financial Performance - Revenue projections for Shouhui show growth from 810 million CNY in 2022 to 1.39 billion CNY in 2024, while net profit is expected to decline from a profit of 131 million CNY in 2022 to losses of 356 million CNY and 136 million CNY in 2023 and 2024, respectively [3][4]. - Adjusted net profits are projected to increase from 75 million CNY in 2022 to 253 million CNY in 2023, before slightly declining to 242 million CNY in 2024 [4]. Market Position and Valuation - The company completed multiple rounds of financing before its IPO, raising over 142 million CNY, with significant investors including Sequoia Capital and Gao Fei Asset [4][5]. - Based on the IPO price of 8 HKD, Shouhui's market capitalization was approximately 1.8 billion HKD (or 1.7 billion CNY), reflecting a 40% increase compared to its last financing valuation [5]. Shareholder Structure - Major shareholders include Little Blue Light Ltd (29.68%), Gao Fei Asset Management (14.06%), and Beijing Yucheng Management Consulting (13.05%) [6][7]. - Early investors, such as Xin Tian Venture Capital, acquired a 13% stake for 4.3764 million CNY during the angel and A rounds, when the company's valuation was under 100 million CNY [6].

Core Viewpoint - The article highlights the strong market interest in Shouhui Group's IPO, with a subscription rate of nearly 990 times for public offerings, indicating high investor demand [1][4]. Group 1: IPO Details - Shouhui Group's public offering received a subscription level of 990 times, while the international offering had a subscription level of 1.13 times [2][3]. - The final offering price was set at the upper limit of the range at 8.08 HKD, with the price range being 6.48 HKD to 8.08 HKD [3]. - The total number of shares available for public offering was 2,436,000, with a final allocation of 12,179,200 shares after redistribution from the international offering [2][3]. Group 2: Market Position and Business Model - In 2023, Shouhui Group held a 7.3% market share in China's online insurance intermediary market, making it the second-largest player in this sector [6][7]. - The company operates through three main platforms: Xiaoyusan, Kachabao, and Niubao100, which cover direct sales, agent distribution, and business partner distribution [5][6]. - Shouhui Group has established partnerships with over 110 insurance companies and has distributed more than 1,900 insurance products [7]. Group 3: Financial Performance - Shouhui Group's revenue for 2022, 2023, and projected for 2024 were 806 million, 1.634 billion, and 1.387 billion RMB respectively, showing stable profitability in core operations [7]. - The adjusted profits for the same years were 75 million, 253 million, and 242 million RMB, indicating consistent profit generation [7]. Group 4: Strategic Outlook - The company plans to enhance its service quality and efficiency by collaborating with more industry participants and investing in product innovation [13]. - Shouhui Group aims to improve its digital platform and operational efficiency through increased R&D and technology investments [13]. - The company is also exploring opportunities for mergers, acquisitions, and international expansion to diversify its business [13]. Group 5: Founders and Backing - The founders of Shouhui Group have prior experience at Tencent, which has influenced the company's focus on digitalization [10][11]. - The company has attracted significant investment from well-known institutions, achieving a valuation of 1.2 billion RMB after its latest funding round [11].

Core Viewpoint - The company, Shouhui Group, officially listed on the Hong Kong Stock Exchange on May 30, 2023, but experienced a significant drop in stock price on its first trading day, closing at HKD 6.61, down 18.19% from the initial offering price of HKD 8.08 [1][4]. Company Overview - Shouhui Group, established in 2015, is a provider of personal insurance intermediary services, primarily generating revenue through commissions from insurance companies for distributing insurance products to policyholders [1][4]. - The company’s main distribution platform is "Xiaoyusan," which has undergone leadership changes, with co-founder Xu Han exiting in 2020 [3]. Financial Performance - The projected revenues for Shouhui Group for 2022, 2023, and 2024 are approximately CNY 806 million, CNY 1.634 billion, and CNY 1.387 billion, respectively. The company reported profits of CNY 131 million in 2022, a loss of CNY 356 million in 2023, and a projected loss of CNY 136 million in 2024 [5]. - Adjusted net profits (non-HKFRS) for the same years are estimated at CNY 75 million, CNY 253 million, and CNY 242 million [5]. Market Position - In the competitive landscape of China's online long-term personal insurance intermediary market, Shouhui Group ranks eighth with a market share of 2.9% based on total premiums in 2023 [5]. - The company faces competition from other insurance intermediaries, internal sales personnel of insurance companies, and bank insurance channels [5]. Fundraising and Utilization - Shouhui Group raised approximately HKD 134 million from its global offering, with 60% allocated to enhancing sales and marketing networks, 20% for improving R&D capabilities, 10% for mergers and acquisitions, and 10% for working capital [4].

Core Viewpoint - Hand Return Group officially listed on the Hong Kong Stock Exchange, marking the third company nurtured by the Futian Jin Ke Dual Park, showcasing the success of the digital finance industry in Futian District [1][2]. Group 1: Industry Development - Since 2019, Futian District has developed the Bay Area International Financial Technology City and the International Financial Technology Ecological Park, creating a 60,000 square meter industrial space and achieving a "dual park linkage" development model [2]. - In just five years, the district has successfully nurtured listed companies such as Wealth Trend (listed on the Sci-Tech Innovation Board, stock code: 688318), Lingxiong Technology (listed on the Hong Kong Stock Exchange, stock code: 2436.HK), and Hand Return Group (listed on the Hong Kong Stock Exchange, stock code: 2621.HK) [2]. - As of 2024, the total valuation of companies in the Futian Jin Ke Dual Park is close to 70 billion yuan, with listed companies valued at 34.403 billion yuan and unlisted companies at 29.943 billion yuan [2]. Group 2: Company Innovation - Hand Return Group is recognized as a benchmark enterprise in the Futian Jin Ke Dual Park, driving transformation in the insurance intermediary industry through technological innovation [5]. - The company has developed a technology empowerment system that covers the entire business process from customer acquisition to claims [5]. - AI technology is utilized to enhance business quality, reducing effective complaint rates to below 1% and shortening the dual recording time for insurance policies to 10-15 minutes with a pass rate of 99.6%, significantly improving customer experience [5]. Group 3: Support Services - The Futian Jin Ke Dual Park provides comprehensive "four connections" precision services to support enterprise growth, including market connection, capital connection, policy connection, and talent connection [6]. - The successful listing of Hand Return Group exemplifies the collaborative innovation between government, enterprises, and parks, highlighting the core capabilities in resource integration and ecological construction within the Futian Jin Ke Dual Park [6].

Group 1 - The core point of the article is that Shenzhen Shouhui Technology Group Co., Ltd. (Shouhui Group) successfully listed on the Hong Kong Stock Exchange after two previous failed attempts, marking a significant milestone for the company [1] - Shouhui Group's global offering consisted of 24.3584 million shares, with 12.1792 million shares allocated for both the Hong Kong public offering and international offering, at a final price of HKD 8.08 per share [1] - The company was founded in 2015 and operates as a life insurance intermediary service provider, primarily generating revenue from commissions paid by insurance companies [1] Group 2 - According to Frost & Sullivan, Shouhui Group ranks eighth in the Chinese life insurance intermediary market with a market share of 2.9%, and it is the second-largest online insurance intermediary in China with a market share of 7.3% based on long-term life insurance premiums in 2023 [2] - Shouhui Group's revenue from 2021 to 2024 was reported as follows: CNY 1.548 billion, CNY 806 million, CNY 1.634 billion, and CNY 1.387 billion, respectively [3] - The company experienced a net loss of CNY 204 million in 2021, a profit of CNY 131 million in 2022, and losses of CNY 356 million and CNY 136 million in 2023 and 2024, respectively, while adjusted net profits were CNY 75 million, CNY 253 million, and CNY 242 million for the same years [3] Group 3 - Shouhui Group's business model consists of three digital platforms: the direct-to-consumer platform "Little Umbrella," the agent-enabled distribution platform "Kacha Insurance," and the B2B distribution platform "Niu Insurance 100" [3] - In 2024, the online direct distribution revenue from "Little Umbrella" was CNY 293 million, accounting for 21.3% of the total insurance transaction service revenue; "Kacha Insurance" generated CNY 220 million, representing 15.9%; and "Niu Insurance 100" contributed CNY 865 million, making up 62.8% of the total [3]

Core Viewpoint - Hand Return Group Limited (referred to as "Hand Return Group") was listed on the Hong Kong Stock Exchange, opening at HKD 7.5 and closing at HKD 6.61, reflecting a decline of 18.19% from its opening price [1]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued by Hand Return Group was 24,358,400, with 12,179,200 shares allocated for public offering in Hong Kong and 12,179,200 shares for international offering [2]. - The number of shares outstanding at the time of listing, before the exercise of the over-allotment option, was 226,378,600 [2]. Pricing and Proceeds - The final offer price was set at HKD 8.08, resulting in total proceeds of HKD 196.82 million. After deducting estimated listing expenses of HKD 62.59 million, the net proceeds amounted to HKD 134.22 million [4][5]. Business Overview - Hand Return Group is a Chinese life insurance intermediary service provider, focusing on providing insurance service solutions through its digital transaction and service platforms, including Xiao Yu San, Ka Cha Bao, and Niu Bao 100 [6]. - The funds raised are expected to be utilized over the next 60 months to enhance and optimize the company's sales and marketing network, improve services, boost research and development capabilities, and for selected mergers and acquisitions [6]. Financial Performance - Projected revenues for Hand Return Group are as follows: RMB 806.26 million in 2022, RMB 1.634 billion in 2023, and RMB 1.387 billion in 2024. The net profits (losses) for the same years are projected to be RMB 131 million, -RMB 356 million, and -RMB 136 million respectively [7]. - The operating cash flow for 2022 was -RMB 54.26 million, while it is projected to be RMB 205.07 million in 2023 and RMB 110.1 million in 2024 [8].

Investment Rating - The report indicates a positive investment outlook for the smart industry sector, particularly focusing on AI, robotics, and semiconductor technologies [1]. Core Insights - The Guangdong Smart Industry Fund has been launched with a target size of 10 billion yuan, aiming to drive technological breakthroughs and application scenarios in AI, smart manufacturing, and smart cities [1]. - The Wu Chuang Jiang'an Science and Technology Innovation Fund has been established to facilitate the transformation of major scientific achievements from top research institutions in Beijing to Wuhan, enhancing the local innovation ecosystem [3]. - AusperBio has successfully completed a $50 million B+ round financing to support the clinical development of its innovative drug for chronic hepatitis B [4]. - Tantu Intelligent has raised several hundred million yuan in a B round financing to enhance its core component development and expand its product categories [5]. - Hongxing Zhixin has completed a strategic financing of 143 million yuan, focusing on integrated circuit chip manufacturing and design services [7]. - The Handback Group has gone public on the Hong Kong Stock Exchange, offering a digital platform for life insurance transactions and services [8]. Summary by Sections Fundraising Events - The Guangdong Smart Industry Fund aims to raise 2 billion yuan in its first phase, focusing on AI, robotics, and semiconductor technology [1]. - The Wu Chuang Jiang'an Science and Technology Innovation Fund is set to leverage resources from Beijing to promote innovation in Wuhan [3]. Major Financing - AusperBio has completed a $50 million financing round to advance its drug development for chronic hepatitis B [4]. - Tantu Intelligent has secured several hundred million yuan in financing to boost its R&D and product offerings [5]. - Hongxing Zhixin has raised 143 million yuan for its integrated circuit chip business [7]. Global IPO - The Handback Group has launched its IPO on the Hong Kong Stock Exchange, focusing on digital insurance solutions [8]. Policy Focus - The State Council has issued guidelines to enhance the market-oriented allocation of resource and environmental factors by 2027, promoting active trading and efficient allocation [9].