Group 1 - "Xibei" completed a new round of financing, increasing registered capital from approximately 89.9 million RMB to about 102 million RMB, a growth of about 13% [3] - "WITH 1000 AI" received strategic investment from Shengbela, focusing on AI-driven automation and personalized user operations in the maternal and infant service industry [4][5] - "Today Yixiu" announced the completion of seed round financing amounting to several tens of millions RMB, with plans to launch a series of hardware and software products later this year [6] - "Noumena" secured several tens of millions RMB in Pre-A round financing, developing an AI-native marketing agent system to help brands achieve sustainable growth [7] - "Qingchuyulan" completed angel and A round financing, focusing on social experience and efficiency transformation in the AI era [8] Group 2 - "AtomForm" completed a new round of financing exceeding 100 million RMB, with a cumulative financing scale reaching several hundred million RMB, focusing on consumer-grade 3D printing solutions [10] - "Nature Select" raised over 30 million USD in a new financing round, developing the world's first 3D AI companionship application, EVE [11] - "Banmu Huatian" submitted an IPO application to the Hong Kong Stock Exchange, reporting revenues of 1.199 billion RMB, 1.499 billion RMB, and 1.895 billion RMB for 2023, 2024, and the first three quarters of 2025 respectively [12] - "Mingming Hen Mang" is set to go public, attracting a luxurious lineup of cornerstone investors and planning to issue 14.1011 million shares, raising 195 million USD [14] - "Raising a Cow" reported revenue exceeding 7 billion RMB for 2025, maintaining a steady growth trajectory with a self-sufficiency rate of over 95% for milk sources [17] Group 3 - "Pop Mart" launched a new dessert brand "POP BAKERY," expanding its product offerings into daily life scenarios [19][22] - "Wenxian" opened its first store for the high-end fragrance brand "Guibao Xiangju," aiming to integrate traditional Chinese fragrance culture into modern life [23] - "Dongbian Yaoshou" collaborated with "PANE" to launch a New Year gift box, emphasizing the relationship between hands and feet [25] - Roland Berger's report highlighted ten trends in China's consumer goods and retail industry, noting a shift towards value co-creation and the emergence of new channels [28][29] - A report by Airae revealed a significant decline in global consumer spending intentions for 2026, with a negative expectation of 18 percentage points [30]

休闲食品饮料连锁零售商——湖南鸣鸣很忙商业连锁股份有限公司（简称"鸣鸣很忙"，股份代号为01768）今日正式开启全球发售，拟于1月28日在港交所 主板挂牌上市。 鸣鸣很忙计划全球发售1410.11万股股份，其中国际发售股份约为1269.09万股，香港公开发售股份约为141.02万股。香港公开发售于1月20日上午9点开 始，并预计于1月23日中午12点截止。 若以发售价中位数233.10港元计算，扣除相关费用后，鸣鸣很忙估计将收取全球发售所得款项净额约31.24亿港元。 鸣鸣很忙此次发行共吸引8家基石投资者，认购总额约1.95亿美元（约15.20亿港元）。 | | | | | 假設發售量調整權未獲行使 | | | | 假設發售量調整權獲悉數行使 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基石投資者 | 認購金額(1) | 發售股份數目(2) | 假設超額配股權未獲行使 | | 假設超額配股權獲悉數行使 | | 假設超額配股權未獲行使 | | 假設超額配股權獲悉數行使 | | | | | | 齿髮售 | ...

Group 1: IPO Highlights - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) officially listed on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "2513," becoming the "first global large model stock" [2] - Zhiyu plans to issue 37,419,500 H-shares, with a public offering in Hong Kong receiving 1,159.46 times subscription and international offering receiving 15.28 times subscription, raising over 4.3 billion HKD at an issue price of 116.2 HKD per share [2] - Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (Tianshu) also listed on January 8, 2026, under the stock code "9903," issuing 25,431,800 shares with a public offering subscription of 414.24 times and international offering of 10.68 times [5] - MiniMax Group Inc. (MiniMax) listed on January 9, 2026, under the stock code "0100," becoming the largest AI large model company by IPO scale in history [7] - Shenzhen Jingfeng Medical Technology Co., Ltd. (Jingfeng) listed on January 8, 2026, under the stock code "2675," issuing 27,722,200 H-shares with a public offering subscription of 1,091.94 times and international offering of 25.18 times [9] Group 2: Company Performance and Growth - Zhiyu has achieved a revenue growth from 0.57 million CNY in 2022 to 3.12 million CNY in 2024, with a compound annual growth rate (CAGR) of 130% [3] - Tianshu's revenue increased from 1.89 billion CNY in 2022 to 5.40 billion CNY in 2024, with a CAGR of 68.8% [6] - MiniMax's revenue grew from 3.5 million USD in 2023 to 30.5 million USD in 2024, representing a year-on-year increase of 782.2% [7] - Jingfeng's revenue for the first half of 2025 reached approximately 149 million CNY, a nearly 400% year-on-year increase [10] Group 3: Market Position and Future Outlook - Zhiyu is recognized as the largest independent large model vendor in China, with significant market advantages in the enterprise sector [4] - Tianshu's products have been deployed in over 900 instances across key sectors, indicating a strong market presence [6] - MiniMax has established a user base of over 2.12 million individuals and 130,000 enterprise clients across more than 200 countries [7] - Jingfeng's robotic surgical systems have been used in over 12,000 surgeries, indicating a growing integration into standard surgical practices [9]

Group 1: IPO Dynamics - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) officially listed on the Hong Kong Stock Exchange on January 8, 2026, with the stock code "2513," becoming the "first global large model stock" [3] - Zhipu plans to issue 37,419,500 H-shares, with a subscription rate of 1,159.46 times for public offerings in Hong Kong and 15.28 times for international offerings, raising over HKD 4.3 billion at an issue price of HKD 116.2 per share [3] - Zhipu's revenue from 2022 to 2024 is projected to grow from CNY 0.57 billion to CNY 3.12 billion, with a compound annual growth rate (CAGR) of 130% [4] Group 2: Market Position and Growth - The domestic large language model market is expected to grow 20 times in the next six years, with enterprise demand leading the way, providing Zhipu with a competitive advantage [5] - Zhipu's revenue is expected to exceed USD 100 million in 2025, with projections of approximately CNY 1.6 billion and CNY 2.7 billion for 2026 and 2027, respectively [5] Group 3: Other Companies' IPOs - Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (Tianshu) also listed on January 8, 2026, with a total issuance of 25,431,800 shares and a subscription rate of 414.24 times for public offerings in Hong Kong [7] - Tianshu's revenue grew from CNY 1.89 billion in 2022 to CNY 5.40 billion in 2024, with a CAGR of 68.8% [9] - MiniMax Group Inc. (MiniMax) listed on January 9, 2026, with a total issuance of 29,197,600 shares, achieving a subscription rate of 1,837.17 times for public offerings in Hong Kong [10] - MiniMax's revenue is projected to grow from USD 3.5 million in 2023 to USD 30.5 million in 2024, with a year-on-year increase of 782.2% [11] Group 4: Financial Performance - Shenzhen Jingfeng Medical Technology Co., Ltd. (Jingfeng) listed on January 8, 2026, with a revenue of approximately CNY 1.49 billion in the first half of 2025, representing a nearly 400% year-on-year growth [14] - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming) achieved a retail sales volume of CNY 661 billion in the first three quarters of 2025, a year-on-year increase of 74.5% [17] - Hunan Sangnisendi Group Co., Ltd. (Sangnisendi) reported revenues of CNY 1.07 billion and CNY 2.45 billion for 2023 and 2024, respectively, with a year-on-year growth of 129.5% [24] Group 5: Industry Insights - The AI and semiconductor sectors are experiencing rapid growth, with companies like Zhipu and Tianshu leading innovations in large models and computing power [4][9] - The food and beverage retail sector is also expanding, with companies like Mingming and COMMUNE establishing significant market positions [17][21] - The medical technology field is advancing with companies like Jingfeng and DeShi Biotech focusing on robotic surgery and AI in medical imaging [14][35]