Core Viewpoint - The company, Miao Exhibition, has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, with a total market capitalization exceeding 4 billion RMB as of December 25, 2025. The company is a mature exhibition service provider with a decline in revenue and net profit in the first half of 2025 compared to the previous year [1][27]. Financial Performance - For the year ending December 31, 2024, the company reported revenues of approximately 751.37 million RMB, with a net profit of 163 million RMB and a gross margin of 49.71%. In the first half of 2025, revenues were 241 million RMB, net profit was 21 million RMB, and gross margin was 50.54%, showing a year-on-year decline in both revenue and net profit [9][32]. - The financial performance over the past three years shows revenues of 348.31 million RMB in 2022, 834.97 million RMB in 2023, and 751.37 million RMB in 2024, with a significant drop in the first half of 2025 compared to the same period in 2024 [30][32]. Industry Overview - According to Frost & Sullivan, the total number of overseas exhibitions is expected to increase from 216 in 2024 to 315 in 2029, with specialized exhibitions projected to grow from 177 to 255 during the same period [13][35]. - The company ranks first among all Chinese overseas exhibition organizations in terms of the number and area of self-organized exhibitions held in 2024 [2][27]. Service Offerings - The company's services are categorized into three main types: exhibition hosting services, exhibition agency services, and other income sources. Exhibition hosting services involve managing the entire process of exhibitions, while agency services include purchasing exhibition space and reselling it to exhibitors [5][6][29]. Market Position - The company holds a market share of 45.4% in the industry, significantly leading over other competitors [16][38].

Core Viewpoint - Zhejiang Miaolante Business Exhibition Co., Ltd. (Miaolante Exhibition) is planning to list on the Hong Kong main board after submitting its application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor for the IPO [1]. Group 1: Business Overview - The main business line of Miaolante Exhibition involves acting as the organizer of exhibitions, overseeing the entire process including preparation, implementation, on-site operations, and post-event services [4][7]. - The company hosts exhibitions in various countries and regions, including the UAE, Indonesia, Japan, Mexico, Brazil, Vietnam, and mainland China, and also acts as an agent for other organizers by purchasing exhibition space and reselling it to exhibitors [4][7]. Group 2: Financial Performance - Revenue increased significantly from RMB 348.3 million in 2022 to RMB 835.0 million in 2023, driven by a strong market demand rebound [5][8]. - Revenue is projected to decrease to RMB 751.4 million in 2024 due to a market correction [5][8]. - For the six months ending June 30, 2024, revenue is expected to decline from RMB 260.1 million to RMB 240.8 million by June 30, 2025, attributed to a reduction in exhibitions and increased promotional activities [5][8]. - The annual profits for 2022, 2023, and 2024 were RMB 51.1 million, RMB 197.3 million, and RMB 163.0 million, respectively, with interim profits of RMB 45.8 million and RMB 20.6 million for the respective six-month periods ending June 30, 2024, and June 30, 2025 [5][8].

Core Insights - Hangzhou Exploration Exhibition Co., Ltd. has undergone a business change, adding Tongyuan Kang E-commerce (Hangzhou) Co., Ltd. as a shareholder and increasing its registered capital from 10 million RMB to approximately 15.38 million RMB [1] - The company was established in May 2019 and is involved in conference and exhibition services, marketing planning, and leather product sales [1] - The new board member is Zong Jieli, while Du Jianying has transitioned from executive director to chairman [1] Company Background - Hangzhou Exploration Exhibition Co., Ltd. is co-owned by Sanjie Investment Group Co., Ltd. and the newly added shareholder [1] - The legal representative of the company is Ye Hong [1] Legal Context - Zong Fuli, a key figure related to the company, has been sued in Hong Kong due to asset disputes involving her half-siblings Zong Jichang, Zong Jieli, and Zong Jisheng [1] - The plaintiffs' lawyer confirmed the familial relationship, indicating potential implications for the company's governance and operations [1]

Core Viewpoint - 惠陶集团 announced a financing plan through the placement of new shares, aiming to raise approximately HKD 5.92 million, with net proceeds expected to be around HKD 5.4 million after expenses [1] Group 1: Financing Details - The company plans to issue 17,416,000 shares, equivalent to approximately 17.42 million shares [1] - The placement price is set at HKD 0.34 per share, representing a discount of about 20% compared to the closing price of HKD 0.425 on the previous trading day [1] - The shares being placed account for approximately 20.00% of the existing issued share capital and will represent about 16.66% of the enlarged share capital upon completion [1] Group 2: Use of Proceeds - Approximately HKD 5.4 million from the financing will be allocated for current business operations, development, and general working capital expenditures [1] Group 3: Business Overview - 惠陶集团's main business activities include exhibition and trade exhibition services, publication and advertising services, online sales of beauty and cosmetics, and luxury goods sales [1] Group 4: Completion Timeline - The financing is expected to be completed after meeting the conditions of the placement agreement, with a completion date anticipated to be the third business day after the deadline of November 5, 2025, or another date agreed upon by the parties [1]

Group 1 - The 2025 Service Trade Fair is being held at Shougang Park in Beijing, with the first public open day starting today [2] - The fair features a total of 28 forums and promotional activities across various exhibition areas today [4] - A total of 60 service demonstration cases were released, covering nine major fields, attracting nearly 200 guests from 33 countries and international organizations [14] Group 2 - The "Immediate Refund for Departure Tax" mechanism was launched, allowing foreign travelers to process refunds at different ports, enhancing convenience for international visitors [5][7] - As of now, the number of departure tax stores nationwide has exceeded 10,000, with a 248% year-on-year increase in the number of people enjoying tax refunds and a 98% increase in tax refund sales in the first eight months of this year [11] - The Ministry of Commerce plans to work with relevant departments to improve the international consumption environment, supporting more cities in enhancing consumer convenience and experience [13] Group 3 - The event also saw the first release of five standardized service trade demonstration cases, showcasing innovative developments in service trade standardization [16] - There was an increase in networking opportunities post-release, facilitating discussions between international guests and case company representatives to promote economic and trade cooperation [18] - The CEO of Bahrain Taha Group expressed interest in collaborating on impressive green development cases presented at the fair [20]

Core Viewpoint - Yingxing Holdings (01440) has announced a strategic partnership to diversify its intellectual property business through participation in a well-known Japanese anime exhibition, which is expected to take place in China between September 2025 and January 2026 [1] Company Developments - The company’s wholly-owned subsidiary has entered into an agreement with a registered entity in China to become a strategic participant in the upcoming anime exhibition [1] - The subsidiary will provide financial support for the exhibition, while the partner entity will manage the logistics and provide access to the intellectual property [1] - The partnership aims to create a platform that attracts a wide range of anime enthusiasts [1] Financial Implications - The subsidiary and the partner entity will share the revenue generated from the exhibition [1] - The board believes this partnership offers valuable opportunities to establish strategic collaborations with globally recognized intellectual properties and brands [1] - The expected diversification of the intellectual property business may enhance the company's revenue streams and potentially provide additional returns for the company and its shareholders [1]

Core Insights - Shanghai Jiajiachen Parts Service Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Du Yutong [1] - The company's business scope includes wholesale of auto parts, sales of automotive decorative products, tire sales, machinery equipment leasing, conference and exhibition services, trade brokerage, sales agency, domestic trade agency, social economic consulting services, bearing sales, battery parts sales, and retail and wholesale of hardware products [1]

Core Insights - A new individual business named Yuezhu Craft Products Shop has been established in Qianjiang City, with a registered capital of 30,000 RMB [1] - The business is led by legal representative Wen Shougui and operates in various sectors including jewelry wholesale and retail, arts and crafts, daily necessities, and internet sales [1] Business Scope - The business scope includes wholesale and retail of jewelry, arts and crafts, and collectibles, excluding ivory and its products [1] - It also engages in the sale of daily necessities, traditional spice products, and various technical services [1] - The company is permitted to operate legally in non-prohibited or restricted projects as per laws and regulations [1]

Core Insights - China Manufacturing Network has signed a strategic cooperation agreement with Korea's MESSE ESANG and Singapore's Star Domain Exhibition Group to enhance collaboration in sectors such as construction materials and food machinery, aiming to create a precise matching platform for Chinese suppliers and global buyers [1][2] - The cooperation is part of the platform's supply chain activities launched in April, which includes buyer seminars, direct procurement conferences, and transaction guarantees to improve supply-demand matching efficiency and facilitate quick transactions [1] - The first matchmaking event resulted in significant outcomes, helping Chinese suppliers secure tens of millions of dollars in orders from buyers across multiple countries [1] Group 1 - The partnership aims to integrate advantages to create substantial business opportunities for participating companies, as stated by the head of the Korean construction materials exhibition [1] - The Malaysian food industry director from Star Domain Exhibition Group emphasized a multi-dimensional approach to showcase Chinese food machinery's technological strength in the Malaysian and ASEAN markets [1] Group 2 - The platform's operations director highlighted that offline exhibitions are crucial for building trust and accelerating transactions, and the platform has formed strategic partnerships with several international exhibition companies [2] - The goal is to combine the efficient matching capabilities of digital technology with the immersive experience of offline exhibitions, positioning exhibitions as a growth engine for international trade [2]

Core Insights - MIC International Station has signed strategic cooperation agreements with MESSE ESANG from South Korea and Star Exhibitions Group from Singapore to enhance collaboration in the construction materials and food machinery sectors, leveraging digital technology and exhibition scenarios to create a precise matching platform for Chinese suppliers and global buyers [1][3] Group 1: Strategic Partnerships - The cooperation with MESSE ESANG will involve the Korea Build Week, the largest and oldest construction materials exhibition in South Korea, which is also the only UFI-certified global construction exhibition in the country [3][4] - MIC International Station will co-host the BizConnect Korea event during the July exhibition, facilitating face-to-face business negotiations and enhancing opportunities for Chinese suppliers [3][4] Group 2: Food Machinery Focus - The partnership with Star Exhibitions Group will focus on the Malaysia International Food and Beverage Trade Exhibition (MIFB), which attracts tens of thousands of professional buyers annually [4] - A "China Food Machinery Zone" will be created at the MIFB, showcasing innovations in smart processing equipment from Chinese companies, particularly in meat and fruit processing, as well as automation technologies [4] Group 3: Operational Goals - MIC International Station aims to combine the efficiency of digital technology with the immersive experience of offline exhibitions to drive international trade growth [5] - The platform has previously established partnerships with other major exhibition companies, indicating a strategic focus on expanding its global reach and enhancing service offerings [5]