来源：活报告 2025年以来，港股市场已有86只新股IPO上市（另有1只DeSPAC、1只介绍上市、2只转板），合计募资 约2508.84亿港元。最近一周（11月16日~11月22日），1家上市，3家招股，4家聆讯，6家递表。 11月17日，中伟新材(2698.HK)成功登陆港交所，上市首日微跌0.12%，全天成交5.67亿港元；AH新股 继续遇冷，截至上市首周，中伟新材股价累计下跌16%。 最近一周，创新实业、量化派、海伟股份等3家公司招股。其中，创新实业完成招股并已暗盘交易，创 新实业于11月21日的暗盘交易中股价大涨，辉立暗盘收报14.35元，上涨30.57%，总成交额3.47亿港 元；富途暗盘收报13.85元，上涨26.02%，总成交额2.75亿港元。 量化派、海伟股份仍在招股中，截至11月23日16时，量化派孖展认购倍数已超3600倍，海伟股份孖展认 购倍数已超800倍。 最近一周，4家公司通过港交所聆讯，包括纳芯微(AH)、乐摩科技、遇见小面、金岩高新。 6家公司递表，分别为海澜之家(AH)、领益智造(AH)、蔓迪国际、诺比侃、东山精密（AH）、卡诺普 （18C）。 一、新股上市（1家） 最近一周 ...

Group 1: Recent IPOs - Zhongwei Co., a new energy materials company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 3.544 billion by offering about 104 million shares [1] - Jiansu, a supply chain management service provider, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the plastic and chemical industries in China [2] - Defeng Technology, an independent AIoT provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy and manufacturing sectors [3] - Kanop, an industrial robotics company, applied for an IPO on the Hong Kong Stock Exchange, ranking first among Chinese welding robot manufacturers [4] - NobiKan, an AI company, refiled for an IPO on the Hong Kong Stock Exchange after previous applications lapsed, focusing on AI and digital twin technologies [5] - Dongshan Precision, a PCB supplier for edge AI devices, submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a leading supplier in the sector [6] - Mandi International, a consumer healthcare company, filed for an IPO on the Hong Kong Stock Exchange, leading the market in hair health products [7] - Lingyi Intelligent Manufacturing, an AI hardware platform, applied for an IPO on the Hong Kong Stock Exchange, ranking first in high-precision components for AI terminal devices [8] Group 2: Upcoming IPOs - Quantitative Platform is set to launch its IPO from November 19 to November 24, aiming to raise approximately HKD 131 million [9] - Haiwei Electronics plans to conduct its IPO from November 20 to November 25, targeting to raise around HKD 440 million [10] Group 3: Recent Hearings - Yujian Xiaomian, a modern Chinese noodle brand, passed the listing hearing on the Hong Kong Stock Exchange, operating 440 restaurants in mainland China and 11 in Hong Kong [11] - Jinyan High-tech, a kaolin company, also passed the listing hearing, focusing on the production of calcined kaolin products [12] - Naxin Micro, a provider of analog chips, passed the listing hearing, specializing in automotive electronics and consumer electronics [13] - Lemo, a smart massage service provider, passed the listing hearing, leading the market in smart massage services in mainland China [14] Group 4: Market Developments - The Singapore Exchange and Nasdaq announced a collaboration to simplify dual listings, aiming to launch a "Global Listing Board" by mid-2026 [15]

来源：市场资讯 （来源：北证资讯） 继合佳股份、印象股份、森达电气等企业后，新三板企业赴港上市再添新进展。港交所日前披露，安徽 金岩高岭土新材料股份有限公司（下称 "金岩高新"）通过主板上市聆讯，国元国际与民银资本担任联 席保荐人。 成立于2012年的金岩高新，是一家煤系高岭土行业的公司，拥有横跨从采矿、研发、加工到生产、销售 的全价值链的整合能力。根据弗若斯特沙利文提供的数据，于2024年按收入计， 金岩高新在中国煤系 煅烧高岭土公司中排名第五，市场份额为5.4%；于2024年按收入计， 金岩高新是中国最大的精铸用莫 来石材料生产商，市场份额为19.1%。 作为中国煅烧高岭土产品的主要生产商，公司业务依托丰富且优质的煤系高岭土矿产资源，主要产品包 括精铸用莫来石材料和耐火用莫来石材料，同时也销售生焦生粉。公司产品满足多个行业的关键需求。 精铸用莫来石材料主要用作精密铸造工艺中型壳制造的材料，是汽车、航空、医疗及通用器械等行业铸 造高精度零部件不可或缺的材料。耐火用莫来石材料主要用于生产耐火材料，服务于冶金及建材等行 业。 金岩高新全资拥有位于安徽省淮北市的朔里高岭土矿，该矿以其丰富的煤系高岭土资源而闻名。根 ...

Group 1: IPO Market Highlights - The IPO market has seen significant activity from July 28 to August 1, with the first case of the new Sci-Tech Innovation Board IPO standard being particularly noteworthy [2] - Regulatory bodies continue to advance the review and listing processes for various companies, with several firms submitting applications to the Hong Kong Stock Exchange [2] Group 2: Companies Approved for IPO - Changjiang Energy Technology Co., Ltd. received approval for its IPO application from the Beijing Stock Exchange on July 28, focusing on energy and chemical equipment [3][4] - Delijia Transmission Technology Co., Ltd. was approved for its main board IPO application by the Shanghai Stock Exchange on July 31, specializing in high-speed heavy-duty precision gear transmission products [5] Group 3: Newly Listed Companies - Hanguo Group officially listed on the Shenzhen Stock Exchange on July 30, with an IPO price of 15.43 yuan per share and a market capitalization of 22 billion yuan, showing a strong opening performance [6] Group 4: Companies Submitting IPO Applications - Xinwangda submitted an application for H-share listing on the Hong Kong Stock Exchange on July 30, focusing on lithium battery technology and integrated solutions [7] - Binhua Group announced plans for an H-share issuance and listing on the Hong Kong Stock Exchange on July 29, with a focus on organic and inorganic chemical products [8][9] - Linglong Tire submitted a prospectus for an "A+H" listing, reporting revenues of 170.06 billion yuan in 2022, with a projected increase in subsequent years [12][13] - AIWB Inc., a U.S.-based AI technology company, submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its business in the Asia-Pacific region [14] - Jinyan High-tech submitted an IPO application to the Hong Kong Stock Exchange, focusing on kaolin materials [15] - Lemo IoT applied for a listing on the Hong Kong Stock Exchange, specializing in machine massage services [16] - Shengruan Technology submitted an application for a Hong Kong listing, having previously listed on the New Third Board [17][18] - Zhonghui Biotechnology applied for a listing on the Hong Kong Stock Exchange, focusing on innovative vaccines [19][20] Group 5: Market Dynamics - On July 31, the Shanghai Stock Exchange accepted the IPO application of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd., marking the first successful acceptance under the new fifth set of listing standards for the Sci-Tech Innovation Board [21]

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].

Group 1: Company Listings - LeMo IoT submitted its second listing application to the Hong Kong Stock Exchange (HKEX) on July 25, 2023, after a previous application lapsed in January 2025. The company is a leading provider of smart massage services in mainland China, with a market share of 33.9%, 37.3%, and 42.9% from 2022 to 2024 [1] - Jinyan High-Tech also submitted a listing application to HKEX on July 25, 2023, after a previous attempt in January 2025. The company specializes in coal-based kaolin and is the largest producer of precision casting materials in China, holding a market share of 19.1% as of 2024 [2] - Shengruan Technology submitted its second listing application to HKEX on July 25, 2023, following a lapsed application in January 2025. The company provides integrated digital solutions for large and medium-sized energy enterprises and public management institutions [3] - Shouchuang Securities announced its plan to issue H-shares and list on HKEX, aiming to become the 14th member of the "A+H" brokerage group. The company is currently listed on the A-share market and seeks to expand its financing channels through this move [4] Group 2: Market Context - The Hong Kong stock market is experiencing volatility, with the Hang Seng Index down by 1.09% to 25,388.35 points, the Hang Seng Tech Index down by 1.13% to 5,677.90 points, and the National Enterprises Index down by 1.16% to 9,150.49 points as of July 25, 2023 [6]

Company Overview - Anhui Jinyan Kaolin New Materials Co., Ltd. (referred to as Jinyan High-tech) is a leading company in China's coal-based kaolin industry, possessing integrated capabilities across mining, R&D, processing, production, and sales [2] - The company is a major producer of calcined kaolin products, relying on rich and high-quality coal-based kaolin mineral resources [2] Product Information - Jinyan High-tech's main products include precision casting mullite materials and refractory mullite materials, which are essential for precision casting shells and refractory materials [2] - The company also sells raw coke and raw powder, which customers can further process [2] Production Data - For the fiscal years ending 2022 and 2023, as well as the nine months ending September 30, 2023, the production volumes were as follows: - Precision casting mullite materials: 117.9 thousand tons, 114.5 thousand tons, 84.4 thousand tons, and 91.8 thousand tons [2] - Refractory mullite materials: 5.2 thousand tons, 19.8 thousand tons, 9.8 thousand tons, and 18.1 thousand tons [2] Market Position and Growth - According to Frost & Sullivan, Jinyan High-tech is the largest producer of precision casting mullite materials in China, with a market share of 17.9% based on 2023 revenue [2] - The market for precision casting mullite materials in China is expected to grow from approximately 986 million RMB in 2024 to 1.363 billion RMB in 2028, with a compound annual growth rate (CAGR) of 8.4% [2] - The market for refractory mullite materials in China is projected to increase from 5.524 billion RMB in 2024 to 6.766 billion RMB in 2028, with a CAGR of 5.2% [2]