Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - Dongmai Electronics has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, smart upgrades of production bases, and enhancement of R&D and technical capabilities to meet the growing market demand for smart IoT electronic paper display solutions [2] Fundraising Purpose - The company plans to expand production capacity cautiously and effectively to enhance production and supply efficiency, thereby consolidating cost advantages [5] - Dongmai Electronics aims to improve its R&D and technical capabilities, focusing on cutting-edge electronic paper technologies and new material applications, including AI technology for automated waveform debugging [5] - The company intends to enrich its product matrix by developing a comprehensive product line that covers various scenarios, including commercial large-size full-color billboards and electronic book bags, to meet the rapid development needs of emerging fields [5] Talent Recruitment and Development - Dongmai Electronics plans to recruit approximately 2 to 3 professionals with doctoral degrees annually over the next three years, focusing on electronic paper, cloud platforms, and information systems [6] - These professionals will be responsible for new product planning, core technology optimization, and AI waveform debugging architecture design [6] Company Development History - Dongmai Electronics has over a decade of experience in the electronic paper display technology field, starting in 2005 with a focus on industrial-grade LCD displays [7] - The company became one of the earliest entrants into the smart IoT electronic paper display solutions industry in mainland China in 2008 [7] - In 2021, the company initiated the construction of the world's largest electronic paper display module production base in Zhejiang, which commenced full production in 2023 [7] Technical and Market Performance - As of June 30, 2025, Dongmai Electronics has obtained 94 patents, including 28 invention patents, establishing a strong technical barrier to support product matrix expansion [9] - The sales volume of smart IoT electronic paper display modules increased from 50.6 million units in 2022 to 56.1 million units in 2023, with projections of 67.1 million units in 2024 [9] - The company has made significant R&D investments, with a compound annual growth rate of 8.1% in R&D expenses from 2022 to June 30, 2025 [9]

Group 1 - The core point of the article is that Zhejiang Dongfang Kema Electronic Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - According to Zhaoshang Consulting, Dongfang Kema is the largest commercial smart IoT electronic paper display solution provider globally, holding a market share of 26.3% based on 2024 revenue projections [1] - The company has over a decade of experience in electronic paper display technology, possessing independent core technology and a product matrix that covers various sizes and colors, widely applied in retail, smart office, education, logistics, transportation, e-readers, and emerging applications [1] Group 2 - Financial performance shows that Dongfang Kema's revenues for the years ending December 31 are projected to be RMB 1.214 billion in 2022, RMB 1.024 billion in 2023, and RMB 1.152 billion in 2024, with corresponding net profits of RMB 91.876 million, RMB 50.739 million, and RMB 53.404 million [1] - The company previously attempted to list on the Shanghai Stock Exchange, with its IPO application accepted on June 30, 2023, but it was voluntarily withdrawn by the company and its sponsor, Guotai Junan Securities, leading to the termination of the IPO on May 20, 2024 [1]

Core Viewpoint - Zhejiang Oriental Kema Electronic Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, positioning itself as the largest commercial smart IoT electronic paper display solution provider globally with a market share of 26.3% as of 2024 [1] Group 1: Company Overview - The company focuses on the design, research and development, manufacturing, and sales of electronic paper display modules, with products applicable in various sectors such as smart retail, smart office, smart education, smart logistics, smart transportation, and e-readers [1] - The company has maintained steady growth in performance, with sales volume of smart IoT electronic paper display modules increasing from 50.6 million units in 2022 to 67.1 million units in 2024, and total revenue of RMB 12.13 billion, RMB 10.24 billion, and RMB 11.51 billion during the same period [1] Group 2: Financial and R&D Investment - R&D expenditures from 2022 to 2024 were RMB 38 million, RMB 39.9 million, and RMB 56 million, representing 3.1% to 4.9% of total revenue [2] - As of June 30, 2025, the company has obtained 94 patents, including 28 invention patents, indicating strong technological innovation capabilities [2] Group 3: Customer Structure and Production Capacity - The company has a high customer concentration, with the top five customers accounting for 93.3%, 88.7%, and 82.6% of revenue from 2022 to 2024, and the largest customer contributing 47.7%, 50.7%, and 36.3% respectively [2] - The company operates four production and R&D bases domestically and internationally, with an annual production capacity exceeding 130 million units and 47 specialized production lines [2] Group 4: Industry Outlook - The global demand for electronic paper is expected to grow due to its advantages such as ultra-low power consumption and eye-friendly experience, with the market for smart IoT electronic paper solutions projected to increase at a compound annual growth rate of 14.6%, from RMB 54.8 billion in 2024 to RMB 108.4 billion in 2029 [2] Group 5: Listing and Fund Utilization - The listing is sponsored by CITIC Securities (Hong Kong) Limited, with the raised funds intended for enhancing production capacity, upgrading production bases, increasing R&D investment, and supporting working capital [3] - The listing is expected to further enhance the company's global competitiveness and accelerate its international strategic layout [3]

Core Viewpoint - Dongfang Kema has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Company Overview - Dongfang Kema is the world's largest provider of commercial smart IoT electronic paper display solutions, projected to hold a 26.3% share of the global market in 2024 [1] - The company has over a decade of experience in electronic paper display technology and possesses proprietary core technology [1] - Its product matrix covers all sizes and colors, applicable in various sectors including smart retail, smart office, smart education, smart logistics, smart transportation, and e-readers [1] Market Potential - Dongfang Kema operates four production and R&D bases globally, with multiple offices serving international markets in Europe, America, and Asia [1] - The global market for smart IoT electronic paper display solutions is expected to reach 108.4 billion RMB by 2029, with a compound annual growth rate of 15.6% in the smart retail sector [1]

Core Insights - The article highlights the successful global expansion and market penetration of Chuanqi Optoelectronics, a leading company in electronic paper display technology, which has gained recognition from major international clients like Amazon and Samsung [1][2] - The overall import and export performance of the Yangzhou Economic Development Zone has shown resilience, with a total import and export value of 168.68 billion yuan in the first seven months of the year, reflecting a year-on-year growth of 16.6% [1][2] Group 1: Company Performance - Chuanqi Optoelectronics achieved a cumulative import and export total of 57.8 billion yuan from January to July, marking a 36% increase compared to the same period last year [1] - The company launched the world's first 75-inch color electronic ink screen, which has quickly gained market acceptance, contributing to its growth in both domestic and international markets [1] Group 2: Economic Development Zone Performance - The Yangzhou Economic Development Zone's import and export activities are heavily reliant on manufacturing, with over 85% of the total coming from this sector [2] - The new display industry accounted for 40% of the zone's total import and export value, while the new energy sector contributed 13.8%, with expectations of an additional 800 million yuan growth due to new projects [2] Group 3: Government Support and Strategy - The resilience of the import and export growth is attributed to the robustness of the industrial chain and proactive government services, which include monitoring key enterprises and addressing their needs [3] - The government has established a service group for key foreign trade enterprises, providing support in areas such as order tracking and logistics [3] - The Economic Development Zone is shifting its trade focus from traditional markets like the U.S. to emerging markets along the Belt and Road Initiative, with a notable decrease in trade with the U.S. from 7% to less than 3% [4]