10月21日，聚水潭集团股份有限公司（以下简称"聚水潭"，股票代码：6687.HK）正式在香港联交所主板上市，绿鞋后发行规模约3.08亿美元。中金公司 在本项目中担任联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人，并作为后市稳定商及结算代理人。 本项目是港股市场电商SaaS ERP行业的明星项目。在本次上市发行过程中，中金公司依托对聚水潭业务的深刻理解，充分挖掘备受资本市场认可的投资 亮点，同时凭借丰富的行业积累与项目经验，从专业角度协助聚水潭把控上市申请过程中各关键节点，为项目顺利完成保驾护航。销售方面，中金公司充 分发挥全球销售网络优势进行市场推介，助力聚水潭引入众多高质量投资者，护航本次发行顺利完成。 本次发行是中金公司在SaaS领域的又一标杆项目，是2022年以来中国最大的SaaS企业IPO项目。中金公司持续深度跟踪中国SaaS软件和科技行业发展，坚 定服务行业领军企业，助力推动实现高水平科技自立自强。未来，中金公司将继续秉持"植根中国，融通世界"的理念，凭借专业能力和国际业务优势，持 续为中国企业提供优质资本市场解决方案，赋能实体经济高质量发展。 聚水潭提供一站式的丰富Saa ...

智通财经APP获悉，港股恒生指数涨1.65%，涨427点，报26286点；恒生科技指数涨2.6%。港股早盘成 交1507亿港元。 中资券商股集体回暖，上市券商首份三季报盈喜出炉，机构称三季报利润增速有望提速。中金公司 (03908)涨5.97%；中信建投证券(06066)涨5.6%。 哔哩哔哩-W(09626)涨超10%，近期新游表现亮眼，公司商业化价值有望逐步释放。 "中国最大的电商SaaS ERP提供商"聚水潭（06687）上市，首日早盘涨24%。 比亚迪电子(00285)涨4.5%，公司将成为英伟达新型800VDC，AI服务器架构电源组件供应商。 津上机床中国(01651)再涨超11%，预计中期纯利同比增长48%，显著超出行业平均增长水平。 中国港能(00931)回吐逾14%，昨日放量飙涨55%，公司称可能投资的磋商仍在进行中。 兖煤澳大利亚(03668)跌超5%，三季度商品煤总产量与上季度持平，年内运营指引保持不变。 容大科技(09881)跌超4%，遭索赔金额增加至约9.75亿元。 中石化油服(01033)涨超14%，公司持续推进海外战略，上半年新签合同额增超七成。 内险股全线走高，受益于权益投资收益 ...

Group 1: Recent IPOs - Haitian Flavor Industry, a leading condiment company from Foshan, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 10.129 billion with a market capitalization of HKD 212.3 billion [1] - Black Eye Technology, a mobile game developer from Hong Kong, filed for an IPO on NASDAQ, planning to issue 1.5 million shares to raise about USD 6 million [2] - Jiamei New Materials, a nylon product manufacturer from Fuzhou, submitted an IPO application to NASDAQ, aiming to raise approximately USD 6 million [3] - Hope Sea Inc, a comprehensive supply chain solutions provider from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange, focusing on cross-border supply chain solutions for electronic products [4] - Wolong Nuclear Materials, a high-speed copper cable manufacturer from Shenzhen, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [5] - Banou, a hot pot enterprise from Beijing, filed for an IPO on the Hong Kong Stock Exchange, claiming to be the largest brand in China's quality hot pot market with a 3.1% market share [6] - Xin'ao Co., a private natural gas company from Langfang, submitted an IPO application to the Hong Kong Stock Exchange, leveraging over 30 years of operational experience [7] - Anmai Biotech, a Shanghai-based biotechnology company, filed for an IPO on the Hong Kong Stock Exchange, focusing on T-cell connectors for cancer and autoimmune disease treatments [8] - Vision Electronics, a commercial display equipment company from Guangzhou, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [9] - Haizhi Technology, an AI company from Beijing, filed for an IPO on the Hong Kong Stock Exchange, ranking fifth among industrial AI providers in China by revenue [10] - Diguantong, a fintech platform from Macau, filed for an IPO on the Hong Kong Stock Exchange, aiming to connect global capital with China's micro-economy [11] - Yuxin Technology, a fintech solution provider from Beijing, submitted an IPO application to the Hong Kong Stock Exchange, focusing on full-stack technology solutions for financial institutions [12] - Zhaowei Electromechanical, a provider of integrated micro-drive systems from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange [13] - Meige Intelligent, a wireless communication module provider from Shenzhen, submitted an IPO application to the Hong Kong Stock Exchange, ranking fourth globally in wireless communication module revenue [14] - Jiyi Technology, a cross-border e-commerce service provider from Suzhou, filed for an IPO on the Hong Kong Stock Exchange, leading in cross-border e-commerce operations in China [15] Group 2: Upcoming IPOs - Xiangjiang Electric, a home appliance manufacturer, is set to launch an IPO from June 17 to June 20, aiming to raise approximately HKD 212 million [16] - Cao Cao Mobility, a travel technology platform, plans to launch an IPO from June 17 to June 20, targeting to raise about HKD 1.853 billion [17] - Saint Bella, a comprehensive home care brand group, will conduct an IPO from June 18 to June 23, aiming to raise around HKD 628 million [18] - Zhou Li Fu, a jewelry company, is set to launch an IPO from June 18 to June 23, targeting to raise approximately HKD 1.123 billion [19] - Yingtong Holdings, a perfume brand management company, plans to conduct an IPO from June 18 to June 23, aiming to raise about HKD 1.127 billion [20] Group 3: Regulatory Approvals - Ten companies, including Tianyu Semiconductor and Shuangdeng Group, received approval from the China Securities Regulatory Commission for overseas listings and "full circulation" of unlisted shares [21]

Core Viewpoint - The company, Jushuitan, is facing significant financial challenges as it attempts to go public for the fourth time on the Hong Kong Stock Exchange, with a debt-to-equity ratio exceeding 300% and reliance on tax losses to show profitability, raising doubts about its sustainability [2][3]. Financial Performance - In 2024, Jushuitan reported a net profit of 11 million yuan, primarily due to over 90 million yuan in tax credits from past losses, while actual operating losses reached 62 million yuan, indicating an unsustainable profit model [3]. - The deferred tax assets recognized in 2024 lack reasonable explanation, leading to accusations of "window dressing" in financial statements [3]. Debt and Cash Flow Issues - The company is under pressure from 3.144 billion yuan in preferred stock redemption, which will trigger buyback clauses if it fails to go public by the end of 2025 [4]. - As of the end of 2024, Jushuitan's cash reserves stood at only 1.085 billion yuan, with annual operating cash inflow below 300 million yuan, risking cash flow disruption if buybacks commence [4]. Market Challenges - The Chinese e-commerce SaaS ERP market is projected to grow from 3.1 billion yuan in 2024 to only 8.3 billion yuan by 2029, insufficient to support Jushuitan's valuation of 6 billion yuan [5]. - The company's core functionalities are highly similar to competitors like Kingdee and Weimob, with insufficient investment in cutting-edge technologies, while major players like Alibaba Cloud offer free basic ERP services to over 10 million merchants, leaving Jushuitan with only 88,400 customers [5]. Capital Market Trust Issues - Major institutions, including Goldman Sachs, have withdrawn their support, with shareholders cashing out over 300 million yuan from 2021 to 2023, further eroding confidence in the company [5]. - The founder's stock freeze incident has also contributed to the decline in investor trust [5]. Future Strategies - Jushuitan plans to use IPO proceeds for technology development and market expansion, but without establishing differentiated barriers in niche areas or accelerating cross-border business transformation, even a successful IPO may not resolve the inherent limitations of the industry and pressure from larger competitors [6]. - The upcoming IPO represents not only a fundraising effort but also a critical battle to maintain capital trust [6].