在全球供应链重构与数字经济深度融合的背景下，深圳市沃客非凡科技股份有限公司于1月20日正式向港交所主板递交上市申请，华泰国际作为独家保荐 人。这家以全链路数字化能力驱动、专注东南亚市场的跨境新零售企业，不仅代表了中国制造业出海从"产品输出"向"品牌输出"的战略转型，更揭示了新 兴市场消费升级进程中的结构性投资机遇。 深耕"东南亚消费市场蓝海" 高增长与盈利双升强兑现 根据招股书的弗若斯特沙利文数据，东南亚零售市场正处在一个规模扩张与结构转型并行的关键阶段。该市场规模预计将以约6.4%的年复合增长率从 2024年的约8799亿美元稳健增长至2029年的1.2万亿美元。这一增速显著高于全球多数成熟市场，使其成为全球消费增长的核心引擎之一。 然而，市场的表面繁荣之下隐藏着深刻的结构性效率洼地。在印度尼西亚、越南、菲律宾等关键国家，传统线下零售渠道仍分别占据58.5%、46.6%及 55.4%的绝对主导份额。构成这些市场毛细血管的海量中小型零售商，普遍深陷于三重运营困境：采购成本高企、物流效率低下及数字化能力真空。 与此同时，消费者端亦面临双重痛点：一方面，随着收入水平提升，中产阶级和准中产阶级群体不断扩大，消费升级 ...

智通财经APP获悉，在全球供应链重构与数字经济深度融合的背景下，深圳市沃客非凡科技股份有限公司(以下简称：沃客非凡)于1月20日正式向港交所主板 递交上市申请，华泰国际作为独家保荐人。这家以全链路数字化能力驱动、专注东南亚市场的跨境新零售企业，不仅代表了中国制造业出海从"产品输 出"向"品牌输出"的战略转型，更揭示了新兴市场消费升级进程中的结构性投资机遇。 深耕"东南亚消费市场蓝海" 高增长与盈利双升强兑现 根据招股书的弗若斯特沙利文数据，东南亚零售市场正处在一个规模扩张与结构转型并行的关键阶段。该市场规模预计将以约6.4%的年复合增长率从2024 年的约8799亿美元稳健增长至2029年的1.2万亿美元。这一增速显著高于全球多数成熟市场，使其成为全球消费增长的核心引擎之一。 然而，市场的表面繁荣之下隐藏着深刻的结构性效率洼地。在印度尼西亚、越南、菲律宾等关键国家，传统线下零售渠道仍分别占据58.5%、46.6%及55.4% 的绝对主导份额。构成这些市场毛细血管的海量中小型零售商，普遍深陷于三重运营困境：采购成本高企、物流效率低下及数字化能力真空。与此同时，消 费者端亦面临双重痛点：一方面，随着收入水平提升， ...

Group 1: IPO Updates - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to list on the Hong Kong Stock Exchange on January 28, 2026, under the stock code "1768," aiming to become the "first stock of bulk snacks" in Hong Kong [3] - The company intends to issue 14,101,100 H-shares, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market capitalization between HKD 491.58 billion and HKD 506.56 billion [3] - Mingming Hen Mang has attracted a high-profile cornerstone investor lineup, with eight cornerstone investors subscribing approximately USD 195 million, including Tencent and Temasek [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operates 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - In the first three quarters of 2025, the company achieved a GMV of RMB 66.1 billion, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] Group 3: Other IPOs - Shanghai Suiruan Technology Co., Ltd. has submitted its IPO application for the Sci-Tech Innovation Board, focusing on AI chip design and development [7] - Suiruan Technology has invested RMB 4.419 billion in R&D from 2022 to the first nine months of 2025, with total revenue reaching RMB 1.654 billion [8] - Shandong Huawutang Cosmetics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first stock of domestic personal care" [10][11] - Shenzhen Wook Feifan Technology Co., Ltd. has also submitted its IPO application, focusing on cross-border retail in Southeast Asia [14][15] Group 4: Financial Highlights - For Huawutang, revenue for 2023 and 2024 is projected at RMB 1.199 billion and RMB 1.499 billion, respectively, with a growth rate of 25% [11] - Wook's revenue for 2023 and 2024 is reported at RMB 908 million and RMB 1.049 billion, with a year-on-year growth of 15.5% [15] - Yunyin Valley Technology Co., Ltd. is recognized as the fifth largest supplier of AMOLED display driver chips globally, with a market share of 40.7% in the Micro-OLED display backplane market [20][21]

Core Viewpoint - Shenzhen Wokefei Technology Co., Ltd. is focusing on the Southeast Asian cross-border new retail market and has submitted an application for a Hong Kong IPO, with a primary market focus on Indonesia and strategic expansion into Vietnam, Thailand, and the Philippines [1] Financial Performance - The company reported revenues of RMB 908 million, RMB 1.049 billion, and RMB 880 million for the years 2023, 2024, and the nine months ending September 30, 2025, respectively, with net profits of RMB 18.319 million, RMB 20.353 million, and RMB 41.652 million for the same periods [1] - Gross margins for the same periods were 33.6%, 35.6%, and 36.9%, while net margins were 2.0%, 1.9%, and 4.7%, with adjusted net margins of 5.15%, 7.53%, and 7.09% [1] Product Structure - 3C accessories are the core revenue source, contributing 71.7% of revenue in 2024, making the company the top Chinese cross-border 3C accessory provider in Indonesia [2] Market Dependency - The company heavily relies on the Indonesian market, with revenue contributions from Indonesia accounting for 95.9%, 95.8%, and 94.1% in 2023, 2024, and the first nine months of 2025, respectively [2] Regulatory Risks - The company acknowledges potential risks from regulatory changes in Indonesia, including import certification requirements and social media sales restrictions, which could increase compliance costs or limit sales activities [2] Governance and Compliance Issues - There are governance concerns regarding some leased properties with ownership defects and past issues with insufficient social insurance and housing fund contributions for employees [2] Liquidity and Currency Risks - As of September 30, 2025, the company recorded net current liabilities of RMB 102 million, with short-term liquidity risks needing attention despite potential conversion to net current assets post-IPO [3] - The company faces foreign exchange losses due to cross-border transactions primarily settled in foreign currencies while procurement is mainly in RMB, impacting profitability [3] - Cash generated from operating activities for the first nine months of 2025 was RMB 47.6 million, a 21.8% decrease from RMB 60.9 million in the same period of 2024 [3]

Core Viewpoint - Wokefan Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, focusing on cross-border new retail in Southeast Asia, particularly in 3C accessories and small home appliances [2]. Group 1: Company Overview - Wokefan Technology is a cross-border new retail enterprise based in China, with a strategic focus on Southeast Asia, particularly Indonesia, Vietnam, Thailand, and the Philippines [2]. - The company has established itself as a leading Chinese cross-border company in the 3C accessories category in Indonesia and ranks sixth in the small home appliances category [2]. Group 2: Financial Performance - For the fiscal years 2023 and 2024, Wokefan reported revenues of 908.36 million RMB and 1,048.74 million RMB, respectively, with net profits of 18.32 million RMB and 20.35 million RMB [3]. - In the first three quarters of 2025, the company achieved a revenue of 880.47 million RMB, reflecting a year-on-year growth of 17.56%, with a profit of 41.65 million RMB, up 25.8% [3]. Group 3: Shareholding Structure - Prior to the IPO, Qianhai Hailu and Xu Longhua held 44.06% and 4.86% of the company's shares, respectively, with Qianhai Hailu being a limited liability company established in China [4]. - Xu Longhua controls approximately 48.92% of the company through Qianhai Hailu [4]. Group 4: Management Team - Xu Longhua, the founder and chairman of the board, has over 22 years of experience in marketing and business management, having served as the executive director since the company's establishment in May 2014 [5]. - Wang Feng, the vice president since May 2014, oversees strategic procurement management and is also an executive director of several subsidiaries [9].

Core Viewpoint - Wokefei Technology Co., Ltd. is set to go public on the Hong Kong Stock Exchange, focusing on cross-border new retail in Southeast Asia, with a strong emphasis on 3C accessories and small home appliances [2]. Company Overview - Wokefei Technology is a cross-border new retail enterprise based in China, with a strategic focus on Southeast Asia, particularly Indonesia, Vietnam, Thailand, and the Philippines [2]. - The company has established itself as a leading Chinese cross-border company in the 3C accessories category in Indonesia and ranks sixth in the small home appliances category [2]. Financial Performance - For the fiscal years 2023 and 2024, Wokefei Technology reported revenues of 908.36 million RMB and 1,048.74 million RMB, respectively, with net profits of 18.32 million RMB and 20.35 million RMB [3]. - In the first three quarters of 2025, the company achieved a revenue of 880.47 million RMB, reflecting a year-on-year growth of 17.56%, with a net profit of 41.65 million RMB, up 25.8% [3]. Ownership Structure - Prior to the IPO, Qianhai Hailu and Xu Longhua held 44.06% and 4.86% of the company's shares, respectively, with Qianhai Hailu being a limited liability company established in China [3][4]. - Xu Longhua controls approximately 48.92% of the company through Qianhai Hailu [4]. Leadership - Xu Longhua, the founder and chairman of the board, has over 22 years of experience in marketing and business management [5][6]. - He has been with the company since its establishment in May 2014 and has held various managerial positions, including general manager of a subsidiary [5][6].

Core Viewpoint - Shenzhen Wokefei Technology Co., Ltd. (Wokefei) has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] Company Overview - Wokefei is a cross-border new retail enterprise focused on Southeast Asia, leveraging full-chain digital capabilities [3] - The company aims to establish influential product brands and a supply chain ecosystem in Southeast Asia, primarily through an efficient cross-border retail platform and digital retail operations [3] Market Focus - Indonesia is identified as Wokefei's core market, with strategic expansions into Vietnam, Thailand, and the Philippines, focusing on sales of 3C accessories, small home appliances, and home improvement materials [3] - The Southeast Asian retail market is projected to reach approximately $879.9 billion by 2024 and grow to $1.2 trillion by 2029, becoming one of the most dynamic consumer markets globally [3] Market Challenges - Traditional retail still dominates the markets in Indonesia (58.5%), Vietnam (46.6%), and the Philippines (55.4%), with small and medium-sized retailers facing challenges such as high procurement costs and low operational efficiency [3] Competitive Advantage - Wokefei utilizes a self-developed full-chain digital platform to address core challenges in the Southeast Asian market, including fragmented offline channels and inadequate local delivery networks [4] - The company has established a comprehensive competitive edge through its "brand + digitalization + supply chain" model, connecting over 40,000 small and medium-sized retailers by September 30, 2025 [4] - Wokefei is positioned as the leading cross-border brand owner of 3C accessories and small home appliances in the Indonesian market, ranked as the number one Chinese cross-border company in the 3C accessories category based on 2024 retail sales value [4]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 SHENZHEN WOKE TECHNOLOGY Co., LTD 深圳市沃客非凡科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷銀團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊之 前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資 者務請僅依據本公司與香港公司註冊處處長註冊的招股章程作出投資決定，招股章程的文本將於發售 期內向公眾人士提供。 (a) 本文件僅為 ...