Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for five companies, all of which are set to list in Hong Kong, with two of them already listed in the US market [1][4]. Group 1: Company Summaries - **Xiaoma Zhixing** plans to issue up to 102,146,500 ordinary shares for listing on the Hong Kong Stock Exchange. The company is headquartered in Guangzhou and specializes in autonomous driving systems for taxis and trucks. As of the first half of 2025, it reported revenues of $35.43 million and a net loss of $96.09 million [1][4][5]. - **Wenyan Zhixing** intends to issue up to 102,428,200 ordinary shares for its Hong Kong listing. The company develops autonomous driving systems and software, holding licenses in seven countries. In the first half of 2025, it reported revenues of $2 billion and a net loss of $7.92 billion [1][6][5]. - **Yujian Xiaomian** aims to issue up to 235,108,000 ordinary shares for its Hong Kong listing. The company operates a chain of Chinese restaurants, primarily offering Chongqing noodles. As of April 5, 2025, it had 374 restaurants in mainland China and 6 in Hong Kong. Revenue figures from 2022 to 2024 were $418 million, $801 million, and $1.154 billion, with corresponding net profits of -$35.97 million, $45.91 million, and $60.70 million [1][8][5]. - **Qingsong Jiankang** plans to issue up to 36,496,400 ordinary shares for its Hong Kong listing. The company provides digital health services and health insurance solutions. Revenue figures from 2022 to 2025 were $394 million, $490 million, $945 million, and $656 million, with net profits of -$9.10 million, $97.17 million, $8.99 million, and $86.05 million [1][10][5]. - **Tudatong** intends to merge with TechStar Acquisition Corporation to achieve a listing on the Hong Kong Stock Exchange, issuing up to 190,240,000 ordinary shares. The company specializes in the development and production of automotive-grade lidar for advanced driving assistance systems and autonomous driving. Revenue figures from 2022 to 2024 were $66.30 million, $121 million, and $160 million, with net losses of $188 million, $219 million, and $398 million [1][11][5].

Core Viewpoint - The public dispute between Luo Yonghao and Xibei has raised significant concerns regarding the use of pre-prepared dishes in the restaurant industry, particularly affecting Xibei's reputation and financial performance as it prepares for an IPO in 2026 [4][5][34]. Group 1: Incident Overview - Luo Yonghao criticized Xibei on social media for allegedly serving pre-prepared dishes, prompting a strong denial from Xibei's founder, Jia Guolong, who announced plans to sue Luo and opened kitchens to the public [1][6][5]. - The conflict escalated with Luo's continued public statements and a live stream where he claimed 90% of netizens supported him, highlighting consumer dissatisfaction with the lack of transparency in the restaurant industry regarding pre-prepared dishes [3][10][12]. - Xibei's daily revenue reportedly dropped by 1 million yuan on September 10 and 11, with estimates of a further decline of 200,000 to 300,000 yuan on September 12 due to the controversy [3][25]. Group 2: Company Response and Strategy - Jia Guolong emphasized that Xibei does not use pre-prepared dishes, stating that all dishes are made fresh daily, and he plans to take legal action against Luo for defamation [6][7][26]. - Xibei has been actively promoting a "Luo Yonghao menu" to encourage customers to try their offerings and to demonstrate transparency [6][5]. - The incident has implications for Xibei's strategic shift towards an IPO, as the company aims to recover its reputation and stabilize its revenue amidst declining sales [4][5][34]. Group 3: Industry Context and Challenges - The debate over pre-prepared dishes reflects broader issues in the restaurant industry regarding food safety, transparency, and consumer trust, especially as Xibei has previously invested in pre-prepared dish offerings [26][28]. - The restaurant industry is facing challenges such as declining profit margins and increased scrutiny from consumers regarding food quality and pricing, which could impact Xibei's long-term growth and IPO plans [34][36]. - Xibei's historical context includes a shift from a stance of "never going public" to actively pursuing an IPO due to financial pressures exacerbated by the COVID-19 pandemic [29][32].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 映恩生物 港股｜挂牌上市 据IPO早知道消息，Duality Biotherapeutics, Inc.（以下简称"映恩生物"）于2025年4月15日正式 以"9606"为股票代码在港交所主板挂牌上市。 映恩生物在本次IPO中发行17,332,300股股份，相较早前的发行计划有所提升。其中，香港公开发 售获115.14倍认购，国际发售获13.52倍认购。 同时，映恩生物在本次IPO发行中总计引入十余家基石投资者，累计认购规模6500万美元（5.05亿 港元）——BioNTech SE(Nasdaq: BNTX)认购500万美元、礼来认购500万美元、清池资本（Lake Bleu Prime）认购500万美元、TruMed Investment认购1000万美元、富国基金认购1000万美元、 易方达基金认购800万美元、汇添富基金认购600万美元、磐京基金认购500万美元、MY.Alpha Management认购500万美元、Exome Asset Management认购400万美元、苏州苏创认 ...