Group 1 - The Hong Kong stock market continued its strong performance in the first half of 2025, attracting mainland enterprises, particularly from Zhejiang, which saw 9 companies successfully listed [1][2] - A total of 42 new stocks were listed on the Hong Kong stock exchange in the first half of 2025, representing a 40% year-on-year increase, with total fundraising reaching a new high since 2021, surpassing 87.6 billion HKD for the entire year of 2024 [2][5] - Zhejiang enterprises accounted for the highest number of listings, with a total of 9 companies raising 14.4 billion HKD, a significant increase from just 1.016 billion HKD in the same period of 2024 [2][3] Group 2 - The listed Zhejiang companies span various sectors, including healthcare, consumer goods, and manufacturing, showcasing a diversified development trend [2][3] - Notable companies that went public include Sanhua Intelligent Control, which is a global leader in thermal management, and Cao Cao Travel, the largest ride-hailing platform in Hong Kong [2][4] - The trend of "A+H" dual platform listings is emerging, with leading A-share companies accelerating their listings in Hong Kong, exemplified by Sanhua Intelligent Control's recent IPO [3][4] Group 3 - The Hong Kong IPO market achieved the highest global fundraising amount in the first half of 2025, totaling 102.1 billion HKD, driven by international capital and supportive policies from both mainland and Hong Kong [5] - The market's internationalization provides direct support for enterprises, facilitating access to diverse overseas financing channels and enhancing global strategic layouts [5][6] - Expectations for the second half of 2025 indicate continued market heat, with projected fundraising of 200 billion HKD, primarily in technology, media, and consumer sectors [6]

中信证券股份有限公司 关于浙江三花智能控制股份有限公司募投项目结项并将节 余募集资金投入新项目及永久补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为浙江 三花智能控制股份有限公司（以下简称"三花智控"、"公司"）持续督导工作 的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》等相关规定，对三花智控募投项目结项并 将节余募集资金投入新项目及永久补充流动资金的事项进行了审慎核查，发表如 下意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江三花智能控制股份有限公司公开 发行可转换公司债券的批复》（证监许可2021168 号）核准，公司向社会公开 发行 300,000.00 万元可转换公司债券，每张面值为人民币 100.00 元，按面值发 行。公司发行可转换公司债券共筹得人民币 300,000.00 万元，扣除发行费用 已经天健会计师事务所（特殊普通合伙）审验并出具了《验证报告》（天健验 2021277 号）。 为了规范募集资金 ...

| 所得款項 | | | --- | --- | | 所得款項總額(附註) | 9,336 百萬港元 | | 減： 按最終發售價計算的預計應付 | 159 百萬港元 | | 上市開支 | | | 所得款項淨額 | 9,177 百萬港元 | 中国经济网北京6月23日讯 浙江三花智能控制股份有限公司（以下简称"三花智控"，02050.HK）今日在 港交所上市，开盘即破发，报20.95港元。截至今日收盘，三花智控报22.50港元，跌幅0.13%。 三花智控于2005年6月7日在深交所主板上市。截至今日收盘，三花智控A股报24.50元，跌幅1.80%。 三花智控是制冷空调控制元器件和汽车热管理系统零部件制造商。 最终发售价及配发结果公告显示，三花智控发售股份数目为414,379,500股股份，其中，香港公开发售的 发售股份数目（经计及发售量调整权已获悉数行使及重新分配）为109,810,600股股份，国际发售的发售 股份数目（经计及发售量调整权已获悉数行使及重新分配）为304,568,900股股份。三花智控于上市时已 发行的股份数目（于超额配股权获行使前）为4,146,769,035股。 三花智控的最终发售价为22. ...

2025年6月23日，来自浙江绍兴的A股上市公司浙江三花智能控制股份有限公司 Zhejiang Sanhua Intelligent Controls Co., Ltd.(下称"三花智控")(002050.SZ，02050.HK)，成功在香港联合交易所主板挂牌 上市。 三花智控是次IPO全球发售4.143795亿股H股(悉数行使发售量调整权)，占发行完成后总股份的9.99%， 每股上限定价22.53港元，募集资金总额约93.36亿港元，所得款净额约91.77亿港元。 三花智控另有15%超额配股权，倘后续悉数行使，股份最终发售数量将增至约4.765364亿股，最高募资 将达107.36亿港元。 三花智控是次招股公开发售部分获747.92倍认购，国际发售部分获23.57倍认购。 三花智控是次IPO招股引入18名基石投资者，合共认购1.95684亿股(约44.09亿港元)的发售股份，基石投 资者包括Schroders、GIC、香港景林、上海景林、Green Better、Verition、钟鼎资本八期、Mirae Securities、工银理财、中邮理财、泰康人寿、Mega Prime、Wind Sabre、Mar ...

来源|贝多财经 6月23日，浙江三花智能控制股份有限公司（下称"三花智控"，HK:02050）在港交所上市。上市首日，三花智控就跌破发行价，开盘报20.95港元/股，较发 售价每股22.53港元下跌7.01%。 截至贝多财经发稿前，三花智控的股价暂报21.75港元/股，较发行价的跌幅为3.46%，相对有所收窄。按21.75港元/股计算，三花智控在港股的市值约为890 亿港元。同期，三花智控（SZ:002050）在A股的股价下跌2.08%至24.43元/股。 天眼查App信息显示，三花智控成立于1994年9月，位于浙江省绍兴市。目前，该公司的注册资本约为人民币37亿元，法定代表人为张亚波，主要股东包括 三花控股集团、浙江三花绿能实业集团有限公司等。 | | | and for the property - Call 11111 Come Well Product 都在用的商业查询工具 | | | | | --- | --- | --- | --- | --- | --- | | | | 浙江三花智能控制股份有限公司 国家中小企业发展子基金旗下机构 | 8 | 天眼一下 | | | 基本信息 455 | | 上市 ...

2025年上半年香港新股市场迎来"高光时刻"，宁德时代、恒瑞医药、海天味业、三花智控4家A+H上市 公司跻身全球IPO融资额前十席位，其中宁德时代的募资额位居榜首。这4家行业龙头股也成为长线资 金追逐的"香饽饽"，高瓴、红杉等顶级私募机构，瑞银、加拿大皇家银行等国际金融巨头，以及新加坡 政府投资公司等主权基金纷纷重金押注。 目前，众多A股公司正排队申请赴港上市，市场对H+A模式落地也充满期待。在此背景下，A+H板块扩 容趋势愈发显著，这不仅将重塑两地资本市场格局，也将对AH溢价走向产生深远影响。 基石投资者屡现"豪华阵容" 刚刚结束招股的三花智控，因获得17家基石投资者豪掷5.62亿美元（约44.09亿港元）而备受瞩目。 按发售价范围中位数计，三花智控此次IPO募资净额约为77.41亿港元，基石投资者认购额占比约为 56%。其中，施罗德大手笔认购1.42亿美元，新加坡政府投资公司认购9000万美元，小米旗下的Green Better、钟鼎资本八期、Verition分别认购3000万美元。 三花智控于2005年在深交所上市。根据弗若斯特沙利文的资料，按2024年收入计，三花智控是全球最大 的制冷空调控制元器件和 ...

Core Viewpoint - Sanhua Intelligent Control is approaching its Hong Kong IPO, with a global offering of 360.33 million H-shares and expected net proceeds of approximately HKD 7.741 billion for global R&D and capacity expansion [1][2]. Group 1: IPO Details - The IPO subscription period is from June 13 to June 18, with 25.22 million shares available for public offering in Hong Kong, accounting for 7% of the total offering [2]. - The price range for the H-shares is set between HKD 21.21 and HKD 22.53, with the final price expected to be announced by June 19 [2]. - The company has attracted 17 cornerstone investors, including Schroders and Singapore's sovereign fund, with total subscriptions amounting to approximately USD 562 million (around HKD 4.409 billion) [3]. Group 2: Business Overview - Sanhua Intelligent Control operates primarily in two sectors: refrigeration and air conditioning components, and automotive thermal management system components [1][4]. - The company has a significant market share, holding approximately 45.5% of the global refrigeration control components market and ranking fifth in the automotive thermal management system components market with a 4.1% share [4]. Group 3: Financial Performance - The company has seen continuous growth in net profit over the past decade, increasing from CNY 605 million in 2015 to an estimated CNY 3.099 billion in 2024 [4]. - In Q1 of this year, Sanhua Intelligent Control reported revenue of CNY 7.669 billion, a year-on-year increase of 19.1%, and a net profit of CNY 903 million, up 39.47% [5]. Group 4: Future Growth Strategies - The company is exploring a third growth area in the bionic robotics sector, with plans to develop bionic robot electromechanical actuators [5]. - Sanhua Intelligent Control aims to integrate customer product development and iteration processes to achieve mass production in the bionic robotics field [5].

来源|贝多财经 6月13日，浙江三花智能控制股份有限公司（下称"三花智控"或"三花智能"，SZ:002050、HK:02050）在 港交所披露发售公告，于6月13日至6月18日招股，预计将于2025年6月23日在港交所上市。 本次上市，三花智控的发售价为每股21.21港元至22.53港元，每手100股，拟发行3.6033亿股，预计募资 总额约76.43亿港元至81.18亿港元。按发售价范围中位数21.87港元计算，预计募资总额约78.74亿港元。 特别说明的是，三花智控引入了18名基石投资者，合共认购约5.62亿美元（约44.09亿港元）的发售股 份，基石投资者包括Schroders、GIC、香港景林、上海景林、Green Better、Verition、钟鼎资本八期、 Mirae Securities、工银理财、中邮理财、泰康人寿等。 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023 年 | | 2024 年 | | | | 金額 | % | 金額 | % | 金額 | % | ...

Core Viewpoint - Sanhua Intelligent Control plans to raise HKD 8 billion through its IPO in Hong Kong, but the necessity of this fundraising is questionable due to fluctuating capacity utilization and slowing growth rates in recent years [1][2]. Group 1: IPO Details - Sanhua Intelligent Control is set to launch its IPO on the Hong Kong Stock Exchange, having secured cornerstone investment agreements with 16 well-known institutions, including Schroders and GIC [1]. - The company plans to issue 360 million H-shares, with 7% allocated for public offering in Hong Kong and 93% for international placement, along with a 15% over-allotment option [2]. - The indicative price range for the shares is HKD 21.21 to HKD 22.53, with a midpoint price of HKD 21.87 expected to yield approximately HKD 77.41 billion in net proceeds [2][3]. Group 2: Fund Utilization - Approximately 30% of the net proceeds (HKD 23.22 billion) will be allocated for ongoing global R&D and innovation to strengthen existing capabilities and achieve sustainable growth over the next three years [2][3]. - Another 30% (HKD 23.22 billion) is earmarked for expanding and constructing new factories in China, as well as enhancing production automation to improve capacity and efficiency [2][3]. - 25% of the net proceeds (HKD 19.35 billion) will be used to deepen global presence by expanding overseas capacity, while 5% (HKD 3.87 billion) will enhance digital infrastructure across various business processes [3]. Group 3: Capacity and Financial Performance - The company's capacity utilization has shown volatility, with a decline noted in the past year, recording 83.8%, 92.2%, and 91.2% from 2022 to 2024 [4]. - The capital expenditure is on the rise, but the net cash flow from operating activities is sufficient to cover these expenses [4][6]. - As of the end of Q1, the company's debt-to-asset ratio decreased significantly to 44.91% from 53% in 2022, indicating improved financial health [6]. Group 4: Revenue Growth and Challenges - Sanhua Intelligent Control is the largest manufacturer of refrigeration control components globally, with revenue growth from 121 billion to 279 billion from 2020 to 2024, but growth rates have been slowing [7][9]. - The revenue growth rates for the same period were 7.29%, 32.30%, 33.25%, 15.04%, and 13.8%, while net profit growth rates were 2.76%, 15.7%, 52.98%, 12.49%, and 6.07% [7]. - Accounts receivable have increased significantly, with a 20% growth rate in 2024, while revenue growth was only 13.8%, indicating potential issues with cash flow management [9]. Group 5: Market Position and Competition - The company holds a dominant market share of 45.5% in the global refrigeration control components market, but faces intense competition from major manufacturers [10]. - In the automotive parts sector, Sanhua's revenue grew from 75.14 billion to 113.87 billion from 2022 to 2024, with a market share of approximately 4.1% in the automotive thermal management systems [12]. - The company is also exploring opportunities in the robotics sector, planning to invest at least HKD 3.8 billion in a new R&D and production base for robotic actuators [12].

点击蓝字，关注我们 所得款项净额约30%将用于产品组合的持续全球研发及创新。所得款项净额 约30%将用于未来三 年内于中国扩建及新建工厂以及提高生产自动化水平 ，以进一步提高集团的产能及效率。所得款 项净额 约25%将用于通过扩大集团的海外产能深化全球化布局 。所得款项净额约5%将用于在未 来三年内加强集团的数字智能基础设施。所得款项净额约10%，将用作营运资金及一般企业用 途。 内容来源于智通财经APP 贝塔投资智库 为投资交易提供更有价值的服务 根据弗若斯特沙利文的资料， 按2024年收入计，集团是全球最大的制冷空调控制元器件和全球领 先的汽车热管理系统零部件制造商。 根据弗若斯特沙利文的资料，按2024年收入计，集团于全球 制冷空调控制元器件市场的市场占有率约为45.5%。根据弗若斯特沙利文的资料， 按2024年收入 计，集团于全球汽车热管理系统零部件市场的市场占有率约为4.1%，于全球排名第五 。集团将发 展智能低碳经济，营造绿色品质环境作为使命愿景，始终专注于热管理技术的研发、推广和应 用，以行业领先的高品质产品为全球客户提供能效解决方案。集团致力于全球化运营，业务横跨 制冷空调电器零部件及汽车零部 ...