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].

根据灼识咨询的资料，以销售收入计算，中国工业控制领域和可持续出行领域的电驱动解决方案的整体 市场规模，由2020年的1121亿元增至2024年的2217亿元，年复合增长率为18.6%。预计到2029年将达到 4129亿元，预计2024年至2029年的年复合增长率为13.2%。 2022年、2023年、2024年以及2025年上半年，菲仕技术分别实现营业收入13.76亿元、12.43亿元、15亿 元以及9.09亿元；分别实现净利润-1.3亿元、-1.12亿元、-1.77亿元以及-2126.1万元。 10月31日，宁波菲仕技术股份有限公司(简称"菲仕技术")向港交所递交上市申请书。2022年、2023年、 2024年以及2025年上半年，菲仕技术分别实现净利润-1.3亿元、-1.12亿元、-1.77亿元以及-2126.1万元。 业绩持续亏损 菲仕技术是电驱动解决方案供应商，主要提供综合及定制化的电驱动系统及解决方案，为全球多元化应 用场景提供动力。公司的电驱动解决方案广泛应用于工业控制及新能源汽车领域。 根据灼识咨询的资料，菲仕技术是国内少数能够提供涵盖三大层级的一体化解决方案的电驱动供应商之 一。 截至2025 ...

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].

智通财经APP获悉，据港交所10月31日披露，宁波菲仕技术股份有限公司向港交所主板提交上市申请书，中金公司为独家保荐人。 于2022年、2023年、2024年以及截至2024年及2025年6月30日止六个月，我们的经调整息税折旧摊销前利润(非香港财务报告准则计量)分 别为负人民币30.2百万元、负人民币1.9百万元、人民币54.8百万元、人民币9.6百万元及人民币38.4百万元，且我们的经调整息税折旧摊 销前利润率(非香港财务报告准则计量)分别为负2.2%、负0.2%、3.7%、1.7%及4.2%。 | [编纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | | | | --- | --- | --- | | 行使與否而定) | | | | [編纂]數目 | .. | [編纂]股H股(可予[編纂]) | | [編纂]數目 | | : [編纂]股H股(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | | | 最高[編纂] : 每股H股[編纂],另加1.0%經紀 | | | | 佣金、0.0027%證監會交易徵費、 | | | | 0.00015%曾射局交易徵費及 | | | | 0.00565％ ...