编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨挥毫作 答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大者"为经，以"民之关 切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券时报联合中国证券业协会，推 出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之十七，敬请垂注。 拓展科技金融服务面本质是让金融服务覆盖更多类型的科技主体，满足丰富的融资需求，打破服务壁垒，让不同规模、 不同发展阶段、不同技术领域的科技企业都能获得金融支持。 蓝思科技作为智能终端精密制造领域的龙头，代表了成熟科技制造企业的国际化融资需求，中信证券以独家保荐人 身份助力其完成香港联交所主板上市。这一近20年来首个独家保荐完成的千亿市值A to H项目，不仅为企业打通了 "科技之花"绚丽绽放离不开金融活水精心浇灌。中央明确要求加强对实现高水平科技自立自强和建设科技强国的金融支 持，为科技型企业提供全链条、全生命周期金融服务。 中信证券将科技金融作为扎实推进金融"五篇大文章"的重要抓手，以"投资+投行+研究"为引擎， ...

Core Viewpoint - The Hong Kong IPO market is experiencing a surge in activity, driven by the "A+H" listing model, with significant contributions from large A-share companies seeking to raise capital in Hong Kong [1][10]. Group 1: IPO Market Dynamics - Bluefin Technology's IPO on July 9, 2023, raised HKD 54.83 billion, marking it as the largest financing project for Hong Kong IPOs in 2025 [1]. - The first half of the year saw the Hong Kong Stock Exchange (HKEX) achieve a financing scale of HKD 880 billion, reclaiming its position as the top global IPO market [1]. - The trend of A-share companies listing in Hong Kong is expected to continue, with 180 A-share companies currently in line for H-share listings [10][11]. Group 2: Bluefin Technology's H-Share Listing - Bluefin Technology's H-share IPO is notable for being the first independent underwriting project in Hong Kong with a market value exceeding HKD 1 billion in nearly two decades [2]. - The company aims to use the raised funds primarily to enhance its overseas business presence, particularly in Southeast Asia and North America [5]. - The rapid process of Bluefin's H-share listing took only 100 days from application to completion, showcasing the efficiency of the HKEX [2]. Group 3: Market Trends and Investor Sentiment - The "A+H" listing model is becoming increasingly popular among A-share companies, driven by the need to attract global capital and enhance brand influence [10][11]. - The valuation disparity between A-shares and H-shares is prompting companies to choose the Hong Kong market for its higher valuation potential [8][9]. - The influx of foreign capital into the Hong Kong market is improving liquidity and driving up valuations, creating a positive feedback loop for companies considering H-share listings [9].

Core Viewpoint - The Hong Kong IPO market is experiencing a surge in activity, highlighted by the successful listing of Lens Technology, which raised HKD 54.83 billion, marking it as the largest IPO project by CITIC Securities in Hong Kong for 2025 [1] Group 1: IPO Market Dynamics - The IPO market in Hong Kong is driven by the trend of A-share companies listing in Hong Kong, contributing to a total financing scale of HKD 880 billion in the first half of the year, reclaiming the top position globally [1] - On July 9, multiple companies, including Lens Technology, listed on the Hong Kong Stock Exchange, indicating a vibrant market with significant investor interest [1] - The listing of Lens Technology is part of a broader trend where major A-share companies are seeking dual listings to enhance their financing capabilities and global influence [2][5] Group 2: Lens Technology's Listing Highlights - Lens Technology's IPO is notable for being the first independent sponsorship project in Hong Kong with a market value exceeding HKD 100 billion in nearly two decades [1] - The company achieved a rapid listing process, completing the necessary steps in just 100 days [1] - The financing raised will primarily be used to strengthen Lens Technology's overseas business presence, particularly in Southeast Asia and North America [5][6] Group 3: Industry Trends and Future Outlook - The trend of A-share companies pursuing dual listings in Hong Kong is expected to continue, with many companies recognizing the advantages of accessing international capital markets [8][10] - The phenomenon of higher valuations in Hong Kong compared to A-shares is attributed to increased foreign investment and improved liquidity in the Hong Kong market [11] - There are currently 180 A-share companies in line for H-share listings, indicating a robust pipeline and a shift in asset pricing power towards Hong Kong [12][13]

Core Viewpoint - Lens Technology, a dual supplier for "fruit chain" and "rice chain," has officially entered the public offering stage for its Hong Kong IPO, aiming to raise funds for R&D and overseas capacity expansion [1][4]. Group 1: IPO Details - The company plans to issue approximately 262 million H-shares, with 28.84 million shares available for Hong Kong and about 233 million for international sales [4]. - The price range for the shares is set between HKD 17.38 and HKD 18.18, with expected net proceeds of HKD 4.59 billion [4]. Group 2: Financial Performance - Revenue projections for Lens Technology from 2022 to 2024 are 46.7 billion, 54.5 billion, and 69.9 billion yuan, respectively, with adjusted net profits of 2.52 billion, 3.10 billion, and 3.84 billion yuan [4]. - The adjusted net profit margins are forecasted at 5.4%, 5.7%, and 5.5% for the same period [4]. Group 3: Business Segments - The revenue share from the smart automotive and cockpit business increased from 7.7% in 2022 to 9.2% in 2023, before decreasing to 8.5% in 2024 [4]. - The smart automotive segment is now the second-largest business for the company, including products like electronic glass, windshields, and dashboards [4]. Group 4: Strategic Partnerships and Future Growth - Xiaomi is a cornerstone investor, and the company anticipates expanding collaboration with Xiaomi beyond smartphones into wearables, automotive, and home appliances [1][4]. - The management emphasizes the importance of the folding screen market, positioning it as a new growth point, especially with advancements in Apple's folding screen technology [6][7]. Group 5: Global Expansion and Supply Chain Resilience - The company plans to enhance its global business layout and supply chain resilience, with potential expansions in Vietnam and Thailand to meet the demand for precision manufacturing solutions [6]. - The management believes that the demand for AI devices and humanoid robots will drive future growth, with aspirations to become the largest humanoid robot manufacturing base globally [7].

Core Viewpoint - The article highlights the remarkable journey of Zhou Qunfei, the founder of Lens Technology, from a factory worker to a billionaire entrepreneur, emphasizing the company's strategic partnership with Apple and its recent move to list on the Hong Kong Stock Exchange. Group 1: Company Overview - Lens Technology, under Zhou Qunfei's leadership, went public on the A-share market in 2015 and became the richest woman in China that same year [3][9]. - The company has established itself as a core member of Apple's supply chain, contributing nearly half of its annual revenue, which reached approximately 70 billion yuan [4][10]. Group 2: Business Expansion - Lens Technology is diversifying its product offerings beyond smartphones to include smart cars, humanoid robots, AI glasses, XR headsets, and smart retail solutions, collaborating with major companies like Tesla and Alipay [4][12]. - The company has invested over 18 billion yuan in R&D since 2015, resulting in 2,249 authorized patents across various fields [13]. Group 3: Financial Performance - From 2015 to 2023, sales from Apple increased from 8.3 billion yuan to 31.5 billion yuan, maintaining a revenue contribution of over 50% [11]. - Projected revenues for Lens Technology are approximately 46.7 billion yuan, 54.5 billion yuan, and 69.9 billion yuan for 2022, 2023, and 2024, respectively, with net profits of around 2.52 billion yuan, 3.04 billion yuan, and 3.68 billion yuan [13]. Group 4: Market Trends - A significant number of A-share listed companies, including Lens Technology, are pursuing IPOs in Hong Kong to enhance their global strategy and brand image [15][16]. - The Hong Kong Stock Exchange has implemented reforms to facilitate the listing process for A-share companies, reducing approval times significantly [16].

来源丨 投中网 从打工妹到女首富，周群飞的经历堪称传奇。 将投中网设为"星标⭐"，第一时间收获最新推送 一年入账近700亿元。 整理丨 鲁智高 在她的带领下，蓝思科技已于 2015 年在 A 股上市。同年，伴随着公司股价上涨，她成为中国女首富。十年后，她又于近日带着这家公司踏上冲刺港 股之路。 与苹果公司深度绑定，最终让这家智能终端精密制造解决方案提供商成为果链核心成员，并实现飞跃式发展。一年近 700 亿元的收入，苹果就贡献了 近一半。不过风险也很明显，在宏观环境影响下，他们近期的股价受到不小的冲击。 蓝思科技也在积极寻求改变。目前，他们除了为智能手机、电脑、智能穿戴等产品提供防护玻璃、金属中框、触控显示模组等产品，还将业务拓展到智 能汽车、人形机器人、 AI 眼镜、 XR 头显及智慧零售等领域，并与支付宝、特斯拉、宁德时代、智元机器人、 Rokid 等达成合作。 顺着时代的浪潮，蓝思科技紧紧抓住了 A 股上市公司奔赴港股的机遇。 女首富，打造出超级 IPO 周群飞的传奇故事，始于上世纪八十年代末。 为了谋生，她的父亲带领全家从湖南湘乡的一个小山村来到广东。抱着改变命运的想法，周群飞在深圳大学附近找了份工作 ...