Group 1: Recent IPOs - Minglue Technology, a data intelligence application software company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.018 billion with a market capitalization of HKD 31.301 billion [1] - Seres, a new energy vehicle brand, completed its IPO on the Hong Kong Stock Exchange, raising around HKD 14.283 billion and achieving a market capitalization of HKD 247.6 billion [2] - Joyson Electronics, a provider of automotive technology solutions, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 3.412 billion with a market capitalization of HKD 31.388 billion [3] - Wangshan Wangshui, a biopharmaceutical company, completed its IPO on the Hong Kong Stock Exchange, raising about HKD 0.587 billion and achieving a market capitalization of HKD 13.743 billion [4] - WeRide, an L4 autonomous driving technology company, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.392 billion with a market capitalization of HKD 25.049 billion [5] Group 2: Companies Filing for IPO - Xinde Semiconductor, a semiconductor packaging and testing solutions provider, filed for an IPO on the Hong Kong Stock Exchange [6] - Haiguangxin, a provider of optical interconnect products, submitted an IPO application to the Hong Kong Stock Exchange, ranking 10th globally in professional optical module providers by revenue for 2024 [8] - Dingtai Pharmaceutical, a contract research organization, filed for an IPO on the Hong Kong Stock Exchange, offering integrated solutions for pharmaceutical companies and research institutions [9] - Haote Energy, an energy management solutions provider, submitted an IPO application to the Hong Kong Stock Exchange, focusing on data center energy management [10] - Guoxia Technology, a renewable energy solutions provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy storage systems [11] - Tiantong Vision, an L4 solution provider, submitted an IPO application to the Hong Kong Stock Exchange, offering comprehensive intelligent driving solutions [12] - Lupeng Pharmaceutical, a platform-based pharmaceutical company, filed for an IPO on the Hong Kong Stock Exchange, focusing on high bioavailability oral drugs [13][14] - Libang Pharmaceutical, a biopharmaceutical company specializing in kidney disease, submitted an IPO application to the Hong Kong Stock Exchange [15] - FSTech, a provider of electric drive solutions, filed for an IPO on the Hong Kong Stock Exchange, ranking second in China's industrial control sector by revenue for 2024 [16] - Ketao Co., a smart parking space operator, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [17] - Zhihui Interconnect, an AI company, submitted an IPO application to the Hong Kong Stock Exchange, focusing on urban traffic management solutions [18] - Taotao Vehicle, an electric mobility company, filed for an IPO on the Hong Kong Stock Exchange, ranking second globally in the electric low-speed vehicle industry by revenue for 2024 [19] - Nanhua Futures, a financial services provider, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired [20] Group 3: Companies Passing Hearings - Haiwei Electronics, a capacitor film manufacturer, passed the listing hearing on the Hong Kong Stock Exchange, ranking second in China by capacitor film sales volume for 2024 [21] Group 4: Companies Approved for Filing - Xidi Zhijia received approval for overseas issuance and "full circulation" of unlisted shares from the China Securities Regulatory Commission [22]

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, marking its second attempt to enter the capital market after its IPO was rejected by the Sci-Tech Innovation Board in 2021. The company, a leading supplier of electric drive solutions in China, has revealed several risk factors in its prospectus that warrant investor attention [1]. Financial Performance - Feishi Technology has reported losses for three and a half consecutive years, with a cumulative deficit exceeding 430 million yuan. The company's revenues for 2022, 2023, and 2024 were 1.376 billion yuan, 1.243 billion yuan, and 1.500 billion yuan, respectively, with net losses of 130 million yuan, 112 million yuan, and 177 million yuan during the same periods. For the first half of 2025, the company generated revenue of 909 million yuan and a net loss of 21.26 million yuan, indicating a total loss of 430 million yuan over the past three and a half years. A positive sign is that the loss in the first half of 2025 narrowed compared to the same period in 2024, attributed to increased revenue from the new energy vehicle solutions business [2]. Business Segmentation - The revenue from the new energy vehicle solutions business has significantly increased, rising from 36.3% of total revenue in 2024 to 60.4% in the first half of 2025 [3]. Customer Concentration - The customer concentration of Feishi Technology has been on the rise, with the revenue from the top five customers accounting for 53.0%, 46.2%, 55.3%, and 64.7% of total revenue from 2022 to the first half of 2025. The largest customer contributed 26.8% of revenue in the first half of 2025. This dependency is particularly pronounced in the new energy vehicle sector, where the top five customers account for over 40% of revenue. The new energy vehicle business has also experienced volatility, with a 61.55% year-on-year decline in revenue in 2020 and a capacity utilization rate of only 23.51% [4]. Historical Issues - Feishi Technology's previous attempt to list on the Sci-Tech Innovation Board in 2021 was thwarted due to multiple information disclosure issues, including inconsistencies in financial data and undisclosed legal matters. These historical issues may attract special attention from the Hong Kong Stock Exchange, particularly regarding corporate governance and information disclosure compliance [5][6]. Competitive Landscape - The high-end market for servo motors in China is dominated by foreign brands, which account for over 80% of the market share. Domestic companies face intense competition from peers such as Inovance Technology and Estun Automation. Feishi Technology has acknowledged the fierce competition and the need to adapt to technological changes and customer demands to avoid significant adverse impacts on its business [7][8]. Governance and Cash Flow - The controlling shareholders of Feishi Technology, Ren Wenjie and Hu Jin, hold approximately 49.48% of the shares, raising concerns about corporate governance and the protection of minority shareholder rights. As of June 30, 2025, the company had 366 R&D personnel, representing 26.1% of the total workforce, necessitating substantial ongoing investment in R&D to maintain market competitiveness. Despite completing a C-round financing in 2024 with a post-investment valuation of around 4 billion yuan, the company still faces cash flow pressures. Historical data indicates that the company's profitability heavily relies on government subsidies, which accounted for as much as 238.87% of net profit during the reporting period. The company plans to use the proceeds from the IPO for R&D innovation, global expansion, and capacity expansion [9].

Core Viewpoint - The company, Ningbo Feishi Technology Co., Ltd., has submitted its listing application to the Hong Kong Stock Exchange, despite reporting continuous losses from 2022 to the first half of 2025 [1][2]. Financial Performance - The company reported net profits of -130 million, -112 million, -177 million, and -21.26 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The operating revenues for the same periods were 1.376 billion, 1.243 billion, 1.5 billion, and 909 million yuan [2]. Market Position and Industry Overview - Feishi Technology is a supplier of electric drive solutions, providing integrated and customized systems for various applications, particularly in industrial control and new energy vehicles [2]. - The company is one of the few domestic suppliers capable of offering comprehensive solutions across three levels in the electric drive sector [2]. - The overall market size for electric drive solutions in China's industrial control and sustainable mobility sectors is projected to grow from 112.1 billion yuan in 2020 to 221.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of 18.6% [2]. - By 2029, the market is expected to reach 412.9 billion yuan, with a CAGR of 13.2% from 2024 to 2029 [2]. Research and Development - As of June 30, 2025, the company has 366 R&D personnel, accounting for 26.1% of its total workforce, with over 71.6% holding a bachelor's degree or higher [3]. Customer and Supplier Dynamics - The company's top five customers contributed to 53.0%, 46.2%, 55.3%, and 64.7% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The largest customer accounted for 33.6%, 23.6%, 21.7%, and 26.8% of total revenue during the same periods [4]. - The company’s procurement from its top five suppliers represented 37.8%, 20.3%, 21.8%, and 27.6% of total procurement in the respective years [4]. Competitive Landscape - The company faces intense competition in the electric drive solutions industry, which may impact its ability to respond to technological changes and customer needs [5].

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1]. Company Overview - Ningbo Feishi is a leading supplier of electric drive solutions in China, providing integrated and customized electric drive systems and solutions for diverse global applications. The company's products are characterized by high precision, high efficiency, and high torque, and are widely used in various basic industrial fields [3]. Market Position - According to data from Zhaoshang Consulting, Ningbo Feishi is the second-largest supplier of specialized electric drive solutions in China's industrial control sector based on sales revenue for 2024. It is also the third-largest third-party supplier of electric drive systems for passenger vehicles in China based on sales volume for the same year [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024, as well as for the six months ending June 30, 2024, and 2025, is as follows: - 2022: RMB 1,376.2 million - 2023: RMB 1,242.8 million - 2024: RMB 1,500.4 million - 6 months ending June 30, 2024: RMB 575.5 million - 6 months ending June 30, 2025: RMB 909.2 million [6][7]. - The gross profit increased from RMB 114.0 million in 2022 to RMB 242.0 million in 2024, with a compound annual growth rate of 45.7%. For the six months ending June 30, 2024, the gross profit was RMB 98.1 million, growing to RMB 133.1 million by the same period in 2025 [6]. Future Plans - The company plans to continue increasing investment in research and development to maintain technological leadership, deepen its globalization strategy, leverage existing technology for new applications, build a top talent team through industry-academia collaboration, and achieve both horizontal capacity expansion and vertical industry chain layout [5]. Industry Outlook - The market size for electric drive solutions in China is expected to grow from RMB 38.4 billion in 2024 to RMB 85.6 billion by 2029, with a compound annual growth rate of 13.2% [5].

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Company Overview - Ningbo Feishi is a leading supplier of electric drive solutions in China, providing integrated and customized electric drive systems and solutions for diverse global applications. The company's products are characterized by high precision, high efficiency, and high torque, widely used in various basic industrial fields [3] Market Position - According to data from Zhaoshang Consulting, Ningbo Feishi ranks as the second-largest supplier of specialized electric drive solutions in China's industrial control sector based on projected sales revenue for 2024. It is also the third-largest third-party supplier of electric drive systems for passenger vehicles in China based on projected sales volume for 2024 [3] Future Plans - The company plans to increase investment in R&D to maintain technological leadership, deepen its globalization strategy, leverage existing R&D and manufacturing capabilities to expand new application scenarios, build a top talent team through industry-academia collaboration, and achieve horizontal capacity expansion and vertical industrial chain layout [5] Industry Growth - The market size for electric drive solutions in China is expected to grow from RMB 38.4 billion in 2024 to RMB 85.6 billion in 2029, with a compound annual growth rate (CAGR) of 13.2% [5] Financial Performance - Revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, is projected to be RMB 1,376.2 million, RMB 1,242.8 million, RMB 1,500.4 million, and RMB 909.2 million respectively [6][7] - Gross profit is expected to increase from RMB 114.0 million in 2022 to RMB 242.0 million in 2024, reflecting a CAGR of 45.7% [6] - Adjusted EBITDA (non-HKFRS measure) is projected to improve from a loss of RMB 30.2 million in 2022 to a profit of RMB 54.8 million in 2024 [6]