Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - King Leaf International has passed the Hong Kong Stock Exchange's listing hearing for the Growth Enterprise Market, with the company being exclusively sponsored by Zhongren Financing [1] Company Overview - King Leaf International primarily engages in electromechanical engineering, covering the supply, installation, maintenance, and repair of heating, ventilation, and air conditioning systems, electrical installation systems, and water supply systems [1] - The company's clients mainly consist of existing commercial properties managed by large property management companies across various districts in Hong Kong [1] Project and Financial Highlights - The company undertakes a significant number of small projects, each contributing less than HKD 500,000 in revenue, which typically results in higher gross profit margins [1] - As of July 31, 2025, the company has 187 projects on hand, with an uncompleted order value of approximately HKD 62.8 million [1]

| [编纂]股股份(視乎[编纂]行使與否而定) | [编纂]數目 | .. | [编纂]數目 | .. | [编纂]股股份(可于重新分配) | | --- | --- | --- | --- | --- | --- | | .. | [编纂]股股份(可予重新分配及視乎[编纂]行使與否而定) | [编纂 数目 | : | 每股[编纂]不多於[編纂]及預期每股[编纂]不少於[编 | [譜》] | | 纂],另加1%經紀佣金、0.0027%設監會交易徵費、 | 0.00015%曾財局交易微覆及0.00565%聯交所交易費 | | | | | | (須於[編纂]時以港元繳足,多繳款項可予退還) | 面值 | 每股股份0.01港元 | | | | | : | 【調景】 | 【甜蜜】 | | | | | Company of the company of the company of the company of the company of the company of the county of the county of | | | | | | 智通财经APP获悉，据港交所9月26日消息，金叶国际集团有限公司(金叶 ...

Core Viewpoint - The company has signed a contract for the "Bohong Ulanqab Smart Education Industrial Base Project Phase I Electromechanical General Contracting Project," which is expected to positively impact future revenues [35][36]. Group 1: Project Details - Project Name: Bohong Ulanqab Smart Education Industrial Base Project Phase I Electromechanical General Contracting Project [2] - Contract Amount: The total contract price is approximately ¥840 million (about $120 million), with a non-tax amount of approximately ¥770.64 million (about $110 million) and a tax amount of approximately ¥69.36 million (about $10 million) [7][8]. - Construction Scope: The project includes the construction of two buildings (Building 111 and Building 112) with a total area of 24,600 square meters and an IT capacity of 60MW [2][3]. Group 2: Responsibilities and Risks - The company, as a member of the bidding consortium, will fulfill its contractual obligations and is expected to generate corresponding revenue [35]. - The contract includes clauses regarding breach of contract, specifying the responsibilities and penalties for both the contractor and the client [9][19][22].

Core Viewpoint - King Leaf International Holdings Limited is planning to list on the Hong Kong GEM (Growth Enterprise Market) and has submitted its prospectus, with the company being established in 2006 and specializing in electromechanical engineering services [2]. Company Overview - King Leaf International was founded in 2006 and operates as a long-established contractor in the electromechanical engineering sector [2]. - The company provides supply, installation, maintenance, and repair services for heating, ventilation, and air conditioning systems, electrical installation systems, and water supply systems [2]. Financial Performance - The projected revenue for King Leaf International is HKD 123 million for 2023 and HKD 155 million for 2024 [2]. - The corresponding net profit estimates are HKD 10.37 million for 2023 and HKD 14.07 million for 2024 [2]. Management Team - The board of King Leaf International consists of six directors, including three executive directors: Chairman and CEO Ye Jin Yi, Executive Director Lu Guojie, and Financial Director Ye Zhijun [4]. - Ye Jin Yi, aged 45, has over 20 years of experience in the electromechanical engineering industry and has been with the group since its inception [5]. - Lu Guojie, aged 53, has over 30 years of experience in the industry and has been responsible for overall project management and daily operations since joining the group [7]. Educational Background of Key Executives - Ye Jin Yi holds a Master's degree in Building Services Engineering and a Master's degree in Civil Engineering, both obtained through distance learning [5]. - Lu Guojie has completed various authorized signatory courses related to small-scale engineering [8].

Company Overview - King Leaf International Holdings Limited (金叶国际) has submitted a prospectus for listing on the Hong Kong GEM (Growth Enterprise Market) with the sponsorship of Sun Hung Kai Financial [1] - Established in 2006, the company specializes in electromechanical engineering, providing supply, installation, maintenance, and repair services for HVAC systems, electrical installations, and water supply systems [1] Market Recovery and Growth - The COVID-19 pandemic significantly impacted the electromechanical engineering industry in Hong Kong, causing a market size decline of approximately HKD 53 billion in 2020. However, the market has since recovered, with a projected total market size of around HKD 72 billion by 2024 and an expected growth to approximately HKD 96.1 billion by 2029 [1] - The private sector experienced a market size drop to HKD 32.2 billion in 2020 but is expected to rebound to about HKD 40.8 billion by 2024, reflecting a compound annual growth rate (CAGR) of approximately 6.1% from 2020 to 2024 [2] - The public sector's market size is projected to grow from approximately HKD 20.8 billion in 2020 to about HKD 31.2 billion by 2024, with a CAGR of around 10.7% [3] Key Growth Drivers - The recovery in the private sector is driven by accelerated property development, urban redevelopment, and increased demand for electromechanical engineering services for both new and old buildings [2] - Urban redevelopment and renovation of old buildings have become critical growth drivers, with the number of old buildings being redeveloped increasing from 1,543 in 2020/2021 to 1,785 in 2023/2024 [2] - The demand for smart and green building technologies is rapidly increasing as Hong Kong aims for carbon neutrality by 2050, with buildings accounting for over 90% of the city's electricity consumption and 60% of carbon emissions [5]

Group 1: Financial Performance - The company reported a revenue of HKD 717 million for the fiscal year ending March 31, 2025, representing a year-on-year growth of 36.2% [1] - Despite an increase in incidental expenses, the overall financial indicators remain robust, with a successful listing on the Hong Kong Stock Exchange in October 2024 leading to one-time expenses [1] - The total contract value as of March 31, 2025, significantly increased compared to the same period last year, indicating the effectiveness of the company's diversified development strategy in civil engineering, mechanical engineering, and renewable energy [1] Group 2: Industry Trends and Future Outlook - The renewable energy industry in Hong Kong is rapidly emerging, driven by the ongoing green transformation and sustainable development concepts, creating vast market opportunities [2] - The company is transitioning from a traditional infrastructure contractor to a green construction enterprise, demonstrating strong momentum in the renewable energy and green infrastructure sectors [2] - Future plans include leading the Zero Carbon Smart Alliance expansion, collaborating with industry leaders in green transportation, green buildings, smart photovoltaics, energy storage systems, and smart cities, aiming for a dual win in economic benefits and environmental responsibility [2]

Group 1 - The core viewpoint of the news highlights the significant stock performance of Gaosheng Group Holdings, which has outperformed the Hang Seng Index in recent months, indicating strong investor interest and market confidence in the company [2][3] - As of June 23, the Hang Seng Index rose by 0.67% to 23,689.13 points, while Gaosheng Group Holdings' stock price increased by 18.9% to HKD 1.51 per share, with a trading volume of 200.5 million shares and a turnover of HKD 279.1 million [1] - Over the past month, Gaosheng Group Holdings has seen a cumulative increase of 23.3%, and a year-to-date increase of 41.11%, outperforming the Hang Seng Index by 17.3% [2] Group 2 - Financial data shows that for the period ending September 30, 2024, Gaosheng Group Holdings reported total revenue of HKD 224 million, a year-on-year decrease of 12.03%, while net profit attributable to shareholders was HKD 14.71 million, reflecting a year-on-year increase of 9.34% [2] - The company's gross profit margin stands at 14.77%, and its debt-to-asset ratio is 24.84% [2] - The average price-to-earnings (P/E) ratio for the construction industry is 10.17 times, while Gaosheng Group Holdings has a P/E ratio of 24.41 times, ranking 87th in the industry [2] Group 3 - Gaosheng Group Holdings primarily serves well-known real estate developers and construction companies in Hong Kong, participating in significant building projects and providing mechanical and electrical installation services [3] - The company has recently expanded its business into green building development through its wholly-owned subsidiary, Gaosheng Green Building Limited, focusing on clean energy and energy-saving projects [3] - Gaosheng Group Holdings has also established Gaosheng Innovation Technology Limited to collaborate with Hong Kong University of Science and Technology on smart city research, including air purification and energy efficiency [3]

Group 1: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is actively building a virtual asset ecosystem that is compliant, risk-controlled, and sustainable, aiming to seize new opportunities for investors [1] - The SFC supports the listing of virtual asset spot ETFs and is promoting the application of blockchain technology for the tokenization of securities [1] - The approval of fee limits for securities registration institutions in the paperless securities market is seen as a significant milestone, establishing a fair and transparent fee structure that protects minority shareholders [4] Group 2: Company Listings - Suzhou Youlesai Shared Service Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating its determination to pursue capital market opportunities [2] - Youlesai's projected revenues for 2022, 2023, and 2024 are approximately 648 million, 794 million, and 838 million yuan, with net profits of about 31 million, 64 million, and 51 million yuan respectively [2] - Jinye International has submitted its initial prospectus to the Hong Kong Stock Exchange, with projected revenues of approximately 123 million and 155 million HKD for the fiscal years 2023/24 and 2024/25 [3] - The revenue growth of Jinye International over the next two fiscal years indicates a solid market position and good prospects in Hong Kong, which may attract investor interest [3] Group 3: Market Performance - The Hang Seng Index closed at 23892.56, down 0.59% on June 13 [5] - The Hang Seng Tech Index and the National Enterprises Index also experienced declines of 1.72% and 0.85% respectively [5]

Company Overview - Golden Leaf International Group Limited (referred to as "Golden Leaf International") has submitted a listing application to the Hong Kong Stock Exchange's Growth Enterprise Market, with Unique Financing Limited as the sole sponsor [1] - Golden Leaf International is an established contractor in the electromechanical engineering sector, with a history dating back to 2006. The company specializes in the supply, installation, maintenance, and repair of heating, ventilation, and air conditioning systems, electrical installation systems, and water supply systems [3] Financial Performance - For the fiscal years 2023/24 and 2024/25, Golden Leaf International is projected to achieve revenues of approximately HKD 123.01 million and HKD 154.53 million, respectively [5] - The net profit for the same periods is expected to be HKD 10.37 million and HKD 14.07 million, respectively [5] Market Outlook - The electromechanical engineering market has recovered from the COVID-19 pandemic, with the total market size increasing from approximately HKD 53 billion in 2020 to an estimated HKD 72 billion in 2024. It is projected to reach around HKD 96.1 billion by 2029, supported by strong growth in both the private and public sectors [4]