Core Viewpoint - The Hong Kong IPO market is experiencing extreme volatility, with new stocks showing significant divergence in their first-day performances, highlighting a mixed sentiment among investors [2]. Group 1: IPO Performance - On December 23, three new stocks debuted in the Hong Kong market, with Nobikang surging by 363.75%, marking the highest first-day gain of the year [2][3]. - Easy Health also saw a substantial increase of nearly 160% on its first day [2][3]. - In contrast, Hansai Aitai faced a significant decline, dropping by 46.25%, nearly halving its value [2][4]. - The previous day, four new listings, including Mingji Hospital, experienced declines, with Mingji Hospital recording a 49.46% drop, the largest for the year [5]. Group 2: Company Insights - Nobikang specializes in developing and selling monitoring and detection products for railway and power companies, providing integrated AI solutions for monitoring and operational purposes [6]. - The company is the second-largest provider of AI-powered power detection systems in China, holding a market share of approximately 5.9% in the relevant sector [6]. - Nobikang has achieved profitability, with projected profits of 63.16 million CNY, 88.57 million CNY, 115.36 million CNY, and 40.08 million CNY for the years 2022 to 2025 [7][8]. - Easy Health offers health-related and insurance solutions in China, ranking 10th in the digital health services market based on 2024 revenue [9][10]. - The company has a growing user base, with registered users increasing from 155 million in 2022 to an expected 168.4 million by mid-2025 [10]. Group 3: Market Trends - The biotechnology sector, which previously showed strong IPO performances, is now facing challenges, as evidenced by the poor debut of Hansai Aitai and the subsequent decline of Huashan Biotechnology [11][13]. - The Hang Seng Biotechnology Index has seen a decline of over 18% since October, indicating a broader downturn in the sector [13].

Core Viewpoint - The company, Nobikang, is set to launch an IPO from December 15 to December 18, 2025, aiming to issue 3.7866 million shares at a price range of HKD 80-106 per share, with a significant portion allocated for international investors [1] Group 1: Company Overview - Nobikang specializes in developing and selling monitoring and detection products and solutions for railway operations and power grid companies in China, focusing on AI-integrated solutions for monitoring, detection, and operation [1] - The company is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the rail transit sector for 2024 [1] - In the AI-powered rail transit detection and monitoring solutions market, the company ranks third with a market share of about 1.8%, contributing to approximately 11.6% of the overall market share in the AI rail transit solutions industry for 2024 [1] Group 2: Financial Performance - The company's profits for the years ending December 31 for 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, are projected to be RMB 63.2 million, RMB 88.6 million, RMB 115 million, and RMB 40.1 million, respectively [2] - The company aims to optimize its main business costs and operating expenses through economies of scale and cost efficiency, focusing on centralized management, streamlined workflows, and technology utilization [2] Group 3: Use of IPO Proceeds - Assuming a median IPO price of HKD 93.0 per share, the estimated net proceeds from the global offering would be approximately HKD 307 million [3] - The company plans to allocate about 40% of the net proceeds to enhance core technology research, another 40% for building a new R&D technology center and headquarters, 10% for potential strategic investments and acquisitions, and the remaining 10% for working capital and general corporate purposes [3]