Core Viewpoint - Beijing Yunji Technology Co., Ltd. (referred to as "Yunji") was listed on the Hong Kong Stock Exchange on October 16, 2023, with a closing price of HKD 120.50, reflecting a 26.05% increase from its initial offering price [1]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares offered globally was 6,900,000 H-shares, with 1,380,000 shares allocated for public offering in Hong Kong and 5,520,000 shares for international offering [2]. - At the time of listing, the total number of issued shares (assuming no exercise of the over-allotment option) was 68,718,182 [2]. Financial Details of the Offering - The final offer price was HKD 95.6 per share, raising a total of HKD 659.6 million. After deducting estimated listing expenses of HKD 66.4 million, the net proceeds amounted to HKD 593.3 million [4]. - The intended use of the net proceeds includes: - 60% for enhancing research and development capabilities (HKD 354.2 million) - 30% for improving commercialization capabilities both domestically and internationally (HKD 176.8 million) - 10% for working capital and other general corporate purposes (HKD 59.0 million) [5]. Company Overview and Financial Performance - Yunji is a robotics service company empowered by AI technology, primarily providing robotic products and AI digital system services [6]. - The company's revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the five months ending May 31, 2025, were RMB 161.3 million, RMB 145.2 million, RMB 244.8 million, and RMB 88.3 million, respectively [6]. - The losses for the same periods were RMB 365.4 million, RMB 264.5 million, RMB 185.0 million, and RMB 118.3 million, with adjusted net losses of RMB 233.9 million, RMB 120.5 million, RMB 27.6 million, and RMB 26.8 million [6]. - Cumulatively, the total losses over the specified periods amounted to RMB 933 million [6]. Cash Flow and Financial Activities - The net cash used in operating activities for the respective years was RMB 170.4 million, RMB 76.4 million, RMB 41.5 million, and RMB 53.0 million [8]. - The net cash from investing activities was RMB 231.7 million, RMB 153.2 million, and negative RMB 18.0 million for the years ending December 31, 2022, 2023, and 2024, respectively [9].

Core Viewpoint - Cloudwalk, a robotics service AI technology company, is set to launch its IPO on October 16, 2025, as the first listing under the new 18C special technology policy, with a pricing range of HKD 95.60 per share and a fundraising target between HKD 660 million to HKD 760 million, corresponding to a market capitalization of approximately HKD 6.57 billion to HKD 6.67 billion. Despite the positive listing momentum, the company faces significant underlying risks that warrant investor caution [1][2][4]. Financial Performance - Cloudwalk's revenue for 2024 is projected at RMB 240 million (approximately HKD 270 million), slightly exceeding the minimum requirement of RMB 250 million for the past fiscal year. However, revenue has shown volatility, with figures of RMB 160 million, RMB 150 million, and RMB 240 million for 2022, 2023, and 2024 respectively. The first five months of 2025 saw a 19% year-on-year revenue increase to RMB 90 million, but the sustainability of this growth remains uncertain [4][5]. - The company's gross margin has declined by 3.1 percentage points to 39.5% in the first five months of 2025, with losses expanding by 41% to RMB 120 million during the same period. This financial deterioration raises concerns about market confidence in its profitability [4][5]. Investment Structure - Unlike previous IPOs under the 18C policy, Cloudwalk has not secured cornerstone investors, which raises concerns about potential share price declines post-listing. Historical data indicates that IPOs without cornerstone investors have a 57% chance of falling below their listing price on the first day and a 71% chance of being below their listing price since then [2][4]. R&D Investment - Cloudwalk's R&D expenditure for 2024 is projected at RMB 57.39 million, accounting for only 23.4% of its revenue, a significant drop from 47.8% in 2023. This reduction in investment raises questions about the company's ability to maintain its technological edge in the robotics sector [7][8]. Market Valuation - The company's IPO valuation of approximately HKD 6.57 billion to HKD 6.67 billion represents a nearly 50% increase from its post-D round valuation of RMB 4.1 billion at the end of 2021. However, this valuation is the lowest among the four companies listed under the 18C policy, indicating a lack of market confidence in its growth potential [8][9]. Summary of Risks - The combination of no cornerstone investors, deteriorating financial metrics, tight cash flow, insufficient R&D investment, and a low market valuation collectively diminish Cloudwalk's investment appeal. Investors are advised to critically assess the company's long-term operational capabilities and inherent risks beyond the initial allure of being the first listing under the 18C reform [2][4][8].

IPO Overview - Hesai Group (禾赛) officially listed on the Hong Kong Stock Exchange on September 16, 2025, under the stock code "2525," marking it as the first laser radar company to achieve dual primary listings in the US and Hong Kong [3][4] - The IPO raised over HKD 41.6 billion (USD 5.33 billion), making it the largest IPO in the global laser radar industry to date and the largest Chinese concept stock IPO in Hong Kong in the past four years [3][4] - Hesai has become a global leader in laser radar development and manufacturing, with significant market shares in various automotive applications [4] Company Highlights: Hesai Group - Founded in 2014, Hesai has achieved the highest global market share in vehicle-mounted laser radar, ADAS laser radar, and L4 autonomous driving laser radar [4] - The company reported a revenue of CNY 2.08 billion in 2024, with a compound annual growth rate (CAGR) of 42.3% from 2021 to 2024 [4] - Hesai is the first and only listed laser radar company to achieve annual profitability and positive operating and net cash flow [4] IPO Overview: Jinfang Pharmaceutical - Jinfang Pharmaceutical (劲方医药) officially listed on the Hong Kong Stock Exchange on September 19, 2025, under the stock code "2595" [6] - The IPO raised USD 268 million, setting multiple records for the Hong Kong 18A sector since 2022 [6] - Jinfang focuses on innovative treatments for cancer, autoimmune, and inflammatory diseases, with a pipeline of eight candidate drugs, five of which are in clinical stages [6] Company Highlights: Jinfang Pharmaceutical - The company has developed a comprehensive and differentiated RAS product matrix, targeting significant unmet clinical needs in major cancers [7] - The CEO emphasized the importance of the IPO as a milestone for future growth and innovation [8] IPO Overview: Chery Automobile - Chery Automobile (奇瑞) plans to list on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [9] - The IPO is expected to raise between HKD 160.04 billion and HKD 177.34 billion, with cornerstone investors committing approximately USD 587 million [9][10] - Chery is the second-largest independent passenger car brand in China and the eleventh largest globally [9] Company Highlights: Chery Automobile - In 2024, Chery's sales exceeded 2.295 million vehicles, with a growth rate of over 25% in both electric and fuel vehicle sales compared to 2023 [10] - The company has a diverse brand portfolio and has been the top exporter of independent passenger cars in China for 22 consecutive years [10][11] IPO Overview: BeBeBus - BeBeBus plans to list on the Hong Kong Stock Exchange on September 23, 2025, under the stock code "6090" [13] - The company focuses on high-end parenting products and has established a strong market presence in China [13][14] - BeBeBus has over 3 million members and maintains high repurchase rates across its private and online platforms [14] Company Highlights: BeBeBus - The average transaction amount for core products has remained above CNY 2,400, reinforcing its premium positioning [14] - The company has expanded its product offerings significantly since its inception [13] IPO Overview: Nuwa Technology - Nuwa Technology (暖哇科技) submitted its prospectus for listing on the Hong Kong Stock Exchange on September 16, 2025 [18] - The company specializes in AI solutions for the insurance industry and is recognized as the largest independent AI technology company in this sector in China [18][19] - Nuwa's revenue has shown significant growth, with a CAGR of 65.5% from 2022 to 2024 [19] Company Highlights: Nuwa Technology - The company achieved profitability in 2023, with an adjusted net profit of approximately CNY 57.5 million in 2024 [19] IPO Overview: Cloudtrace Technology - Cloudtrace Technology (云迹科技) received a notice for its overseas listing on September 18, 2025 [21] - The company is a leader in the robot service market, with a significant number of robots deployed across various sectors [22][23] - Cloudtrace's revenue has grown from CNY 163 million in 2022 to CNY 245 million in 2024, with a rising gross margin [23] Company Highlights: Cloudtrace Technology - The company has served over 34,000 enterprise clients and completed over 5 billion service instances in 2024 [23][24] IPO Overview: Distinct Healthcare - Distinct Healthcare (卓正医疗) received a notice for its overseas listing on September 17, 2025 [26] - The company operates in the high-end healthcare service market in China, with a focus on comprehensive medical services [26][27] - Distinct Healthcare's revenue has grown from CNY 473 million in 2022 to CNY 959 million in 2024, achieving profitability in 2024 [27][28]