Core Viewpoint - The stock performance of Rongda Technology (09881.HK) has been disappointing since its listing on June 10, 2023, with a significant decline in share price and market capitalization, contrasting sharply with other successful IPOs in the Hong Kong market [2][4][5]. Group 1: Stock Performance - Rongda Technology's stock price fell by 10.19% on July 4, 2023, closing at 9.7 HKD per share, resulting in a market capitalization of only 919 million HKD [2]. - Since its peak on the first trading day at 17.56 HKD per share, the company has experienced a cumulative decline of over 44% [4]. - The stock has dropped below its initial offering price of 10 HKD per share, marking a new low since its listing [4]. Group 2: Company Overview - Rongda Technology specializes in automatic identification and data collection (AIDC) devices and solutions, with a product range that includes printing equipment, scales, POS terminals, and PDAs [4]. - The company’s main product, printing equipment, is expected to account for nearly 70% of its revenue in 2024 [4]. - The company offers over 100 standard products that incorporate AIDC technology, IoT, cloud printing, and AI, serving various industries such as retail, education, and healthcare [4]. Group 3: Financial Performance - The company's revenue is projected to decline from 393 million RMB in 2022 to 350 million RMB in 2024, with annual profits of 37.44 million RMB, 27.60 million RMB, and 41.34 million RMB over the same period [5]. - The current dynamic P/E ratio of Rongda Technology exceeds 20, which is considered high for a traditional industry, leading to a lack of investor confidence [5]. Group 4: Legal Issues - On July 3, 2023, Rongda Technology received a civil lawsuit from Xiamen Top Electronics Co., Ltd., alleging infringement of trade secrets and seeking approximately 200 million RMB in damages [5][6]. - The lawsuit is set to be heard on July 22, 2025, and the company plans to actively defend itself against the allegations [6][8].

Group 1: IPO Performance - The Hong Kong Stock Exchange welcomed three IPOs on June 10: Rongda Technology, New Qian'an, and MetaLight, with the IPO profit effect still ongoing [1][11] - MetaLight experienced a significant drop of over 30% on its first trading day, while Rongda Technology and New Qian'an saw increases of over 40% and 20%, respectively [1][11] - The subscription ratios for institutional investors were relatively low, with MetaLight at 2.49 times, and Rongda Technology and New Qian'an below 1 time [9][10] Group 2: Company Profiles - **Rongda Technology**: A global supplier of automatic identification and data collection (AIDC) devices, with projected revenues of approximately 348.7 million and 350.1 million in 2023 and 2024, respectively [4][6] - **New Qian'an**: A leading manufacturer of food-grade glycine and sucralose, with a global market share of approximately 5.1% in sales volume and 3.1% in sales revenue for food-grade glycine in 2023 [5][6] - **MetaLight**: Operates a mobile app "Che Lai Le," providing real-time bus arrival information, with revenues projected to grow from 135.4 million in 2022 to 206.1 million in 2024 [8][9] Group 3: Market Trends - The Hong Kong IPO market has seen a significant increase in fundraising, with total IPO proceeds exceeding 77.6 billion HKD in 2023, a more than sevenfold increase compared to the previous year [12][15] - The "new share" profit effect is evident, with 31 new stocks listed this year, of which only 9 experienced a decline on their first day [13][15] - The overall sentiment in the market has improved due to advancements in AI technology, leading to increased participation from both institutional and individual investors [15][16]

Core Viewpoint - The Hong Kong IPO market continues to thrive, with recent listings showing significant price increases for most new stocks, indicating a strong "money-making effect" for investors [1][12][13]. Group 1: Recent IPO Performance - On June 10, three companies—Rongda Technology, New Qian'an, and MetaLight—successfully listed on the Hong Kong stock market, with Rongda Technology and New Qian'an experiencing substantial gains, while MetaLight saw a significant drop [1][2]. - MetaLight's stock fell over 30% on its first trading day, while Rongda Technology surged over 40% and New Qian'an increased by over 20% [2]. Group 2: Company Profiles Rongda Technology - Rongda Technology is a global supplier of automatic identification and data collection (AIDC) devices, with a market that has grown from $60.8 billion in 2018 to $90.1 billion in 2023, reflecting a compound annual growth rate (CAGR) of 8.2% [5]. - The company's projected revenues for the fiscal years 2023 and 2024 are approximately 348.7 million and 350.1 million yuan, respectively, with net profits of 27.6 million and 41.35 million yuan [5]. New Qian'an - New Qian'an specializes in food-grade glycine and sucralose, ranking first in the global market for food-grade glycine by sales volume and revenue, with market shares of approximately 5.1% and 3.1% in 2023 [6][7]. - The company's revenue decreased from about 761.5 million yuan in 2022 to approximately 446.9 million yuan in 2023, a decline of about 41.3%, but is expected to rebound by 27.3% to around 568.9 million yuan in 2024 [7][8]. MetaLight - MetaLight operates the "Bus Arrival" mobile app, which provides real-time bus arrival information using big data analytics, with mobile advertising accounting for 85.2%, 96.2%, and 98.0% of total revenue from 2022 to 2024 [9]. - The company reported revenues of approximately 135.4 million, 174.5 million, and 206.1 million yuan for the years 2022, 2023, and 2024, respectively, with adjusted net profits of about 9.8 million, 46.5 million, and 54.2 million yuan [9]. Group 3: Market Dynamics - The Hong Kong IPO market has seen a significant increase in fundraising, with total IPO proceeds exceeding 77.6 billion HKD in 2025, a more than sevenfold increase compared to the same period last year [13]. - The "money-making effect" in the Hong Kong IPO market is evident, with 31 new stocks listed this year, of which only 9 experienced a decline on their first day, while 22 saw increases, some with remarkable gains [14][16]. - The presence of cornerstone investors and the allocation of shares significantly influenced the performance of the newly listed companies, with MetaLight lacking cornerstone investors and having a lower allocation for institutional investors compared to its peers [10][11].

Core Viewpoint - Rongda Technology (Xiamen) Group Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, with an opening price of HKD 16.6 and a closing price of HKD 14.2, reflecting a 42% increase from the final offering price of HKD 10.0 [1][4]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued by Rongda Technology is 18,400,000, with 2,429,000 shares allocated for the Hong Kong public offering and 15,971,000 shares for international offering [2]. - At the time of listing, the total number of shares issued is 94,733,000 [2]. Financial Details of the Offering - The final offering price was set at HKD 10.0, resulting in total proceeds of HKD 184.0 million. After deducting estimated listing expenses of HKD 52.76 million, the net proceeds amount to HKD 131.2 million [4][5]. Business Overview - Rongda Technology specializes in automatic identification and data collection (AIDC) devices and solutions, including the design, research and development, manufacturing, and marketing of printing equipment, scales, POS terminals, and PDAs [5]. - The raised funds will be utilized for research and development to expand the product portfolio and enhance R&D capabilities, improve production efficiency, expand the sales network and international presence, and for general corporate purposes [5]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Rongda Technology reported revenues of RMB 393.3 million, RMB 348.7 million, and RMB 350.1 million, respectively, with net profits of RMB 37.4 million, RMB 27.6 million, and RMB 41.3 million [6][7]. - The company has distributed dividends of RMB 5.0 million, RMB 35.0 million, and RMB 31.5 million to shareholders in the respective fiscal years [6]. Cash Flow Analysis - The net cash generated from operating activities for the fiscal years 2022, 2023, and 2024 was RMB 60.4 million, RMB 24.5 million, and RMB 54.6 million, respectively [8].

Group 1 - The core viewpoint of the article highlights the significant initial public offering (IPO) performance of Rongda Technology, which saw a 66% surge on its debut, although the stock price later retreated to a 51.2% increase, maintaining a strong position in the Hong Kong market [1][2] - Rongda Technology's IPO was well-received, with a subscription rate of 275.96 times for the public offering, and the final offer price was set at 10.00 HKD, raising a net amount of 131.2 million HKD [2] - The company has a concentrated shareholding structure, with major shareholders holding 74.98% of the equity, which may contribute to stock price volatility due to limited free float [6] Group 2 - Rongda Technology operates in the automatic identification and data collection (AIDC) sector, providing over 100 standard products, including printing devices, scales, POS terminals, and PDAs, across various industries [3][4] - The company's main product, printing devices, accounted for nearly 70% of its revenue in 2024, but it faced declining sales, with revenue dropping from 304 million RMB in 2022 to 243 million RMB in 2024 [4] - Despite fluctuations in overall revenue, which was 393 million RMB in 2022 and slightly increased to 350 million RMB in 2024, the company experienced a decline in its printing device business [4] Group 3 - Profitability has also been inconsistent, with annual profits recorded at 37.4 million RMB in 2022, 27.6 million RMB in 2023, and a recovery to 41.3 million RMB in 2024 [5] - The company has distributed over 71 million RMB in dividends from 2022 to 2024, indicating a significant portion of profits has been allocated to shareholders, particularly benefiting the major shareholders [7] - As of the end of 2024, Rongda Technology's cash and cash equivalents were limited to 7.6 million RMB, suggesting potential liquidity concerns [8]

Core Viewpoint - The Hong Kong Stock Exchange is set to witness the simultaneous listing of three new stocks: Rongda Technology, Xinqi'an, and MetaLight, all of which have seen extremely high subscription rates, exceeding 100 times [1][5]. Group 1: Rongda Technology - Rongda Technology is a global supplier of Automatic Identification and Data Capture (AIDC) devices and solutions, involved in the design, research, manufacturing, and marketing of printing devices, scales, POS terminals, and PDAs [6]. - The global AIDC device market is projected to grow from USD 60.8 billion in 2018 to USD 90.1 billion in 2023, with a compound annual growth rate (CAGR) of 8.2% [6]. - In 2023, Rongda Technology's revenue is expected to be approximately HKD 348.7 million, with a net profit increase from HKD 27.6 million in 2023 to HKD 41.3 million in 2024 [7]. Group 2: Xinqi'an - Xinqi'an is a leading manufacturer of food-grade glycine and sucralose, holding the top position in the global food-grade glycine manufacturing industry by sales volume and revenue [8]. - The company's revenue decreased by approximately 41.3% from HKD 761.5 million in 2022 to HKD 446.9 million in 2023, primarily due to a decline in average selling prices [9]. - Revenue is expected to rebound by 27.3% to approximately HKD 568.9 million in 2024, driven by increased sales volume [9]. Group 3: MetaLight - MetaLight operates a mobile app called "Che Laile," which provides real-time public transport information using big data analytics, with mobile advertising accounting for 85.2% to 98.0% of total revenue from 2022 to 2024 [10][11]. - The app has a significant user base, with approximately 298.4 million cumulative users by the end of 2024, and covers 274 cities in China [10]. - MetaLight's revenue is projected to grow from HKD 135.4 million in 2022 to HKD 206.1 million in 2024, with adjusted net profits increasing from HKD 9.8 million to HKD 54.2 million during the same period [11].

Company Overview - Rongda Technology, established in 2010 and headquartered in Xiamen, Fujian, specializes in automatic identification and data collection (AIDC) devices and solutions, including printing equipment, scales, POS terminals, and PDAs [9] - The company offers over 100 standard products, incorporating IoT technology, cloud printing, and artificial intelligence [9] IPO Details - Rongda Technology's IPO in Hong Kong is scheduled from May 30 to June 5, 2025, with a pricing date expected on June 6, 2025, and a listing date on June 10, 2025 [5] - The offering consists of 18.4 million shares, with 90% allocated for international placement and 10% for public offering; the oversubscription is expected to exceed 15 times, allowing for a potential increase in allocation [5][6] Financial Performance - Revenue for the fiscal years 2022, 2023, and 2024 was approximately 393.3 million, 348.7 million, and 350.1 million RMB, respectively, with gross profit margins of 22.8%, 24.5%, and 28.4% [11][13] - The company has consistently paid dividends, totaling 71.5 million RMB over the past three years, indicating a lack of strong intent to reinvest for growth [12] Market Position and Growth Potential - Rongda Technology is the ninth largest player in China's specialized printer market, holding a market share of 1.8% as of 2023 [16] - The global AIDC device market is projected to grow from 60.8 billion USD in 2018 to 90.1 billion USD in 2023, with a compound annual growth rate of 8.2% [15] Product Sales Breakdown - Sales from printing equipment accounted for 77.4%, 74.9%, and 69.5% of total revenue in 2022, 2023, and 2024, respectively [10] - The sales of scales increased from 9.1% in 2022 to 15.2% in 2024, indicating a growing diversification in product offerings [10] Use of Proceeds - The proceeds from the IPO will be allocated as follows: approximately 36.5% for R&D, 33.4% for enhancing production efficiency, 20.1% for expanding the sales network, and the remaining 10% for working capital [7]

Group 1 - Rongda Hezhong (Xiamen) Technology Group Co., Ltd. (stock code 9881.HK) is conducting an IPO from May 30 to June 5, 2025, with Baihui Financial Holdings acting as the joint bookrunner and lead underwriter [1] - The IPO project involves a global issuance of approximately 18.4 million shares, with an offering price between HKD 10 and HKD 12 per share, expecting a maximum net fundraising amount of approximately HKD 220 million [3] - Rongda Hezhong specializes in Automatic Identification and Data Capture (AIDC) devices and solutions, headquartered in Xiamen, China, with a wide range of applications across various industries including retail, education, and healthcare [3][4] Group 2 - The core products of Rongda Hezhong focus on AIDC technology, including printing devices, scales, POS terminals, and PDAs [4] - The company holds over 160 registered patents and its products have received international certifications such as CCC, FCC, and CE, indicating a competitive advantage in the market [4] - The net proceeds from the IPO are planned to be used for increasing R&D investment, enhancing production efficiency, market expansion, and daily operational needs [4]

Group 1 - The company, Rongda Technology (09881.HK), plans to globally offer 18.4 million H-shares, with 1.84 million shares available in Hong Kong and 16.56 million shares for international offering, along with a 15% over-allotment option [1] - The subscription period for the shares is from May 30 to June 5, 2025, with the expected pricing date on June 6, 2025, and trading on the Hong Kong Stock Exchange anticipated to commence on June 10, 2025 [1] - The proposed price range for the shares is between HKD 10.00 and HKD 12.00 per share, with a trading unit of 500 shares [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling HKD 80.3 million, representing approximately 39.67% of the offering [2] - Assuming a mid-range offer price of HKD 11.00 per share, the total number of shares to be subscribed by cornerstone investors will be approximately 729,900 shares, equating to about 7.70% of the company's total issued share capital post-offering [2] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, will be approximately HKD 148.3 million, with allocations of 36.5% for R&D, 33.4% for enhancing production efficiency, 20.1% for expanding the sales network, and 10.0% for working capital and general corporate purposes [2]

Group 1 - Rongda Hezhong successfully passed the Hong Kong Stock Exchange listing hearing, indicating its recognized market position in the AIDC field, with projected revenue of approximately 350 million yuan and net profit of about 41 million yuan for 2024 [1] - Yushi Technology submitted its prospectus to the Hong Kong Stock Exchange, focusing on L4-level autonomous driving technology, with expected revenue of 265 million yuan for 2024, but currently operating at a loss [2] - Tencent's AI product ima has integrated the DeepSeek R1-0528 model, enhancing reasoning performance and code capabilities, which is expected to improve user experience and attract more users [3] Group 2 - The Ministry of Finance plans to issue 68 billion yuan of government bonds in Hong Kong in six phases, with the third phase of 12.5 billion yuan scheduled for June 4, 2025, aimed at enriching the RMB bond market and promoting RMB internationalization [4] - The Hong Kong stock market showed positive performance, with the Hang Seng Index rising by 1.35%, the Hang Seng Tech Index increasing by 2.46%, and the National Enterprises Index up by 1.37% on May 29 [5]