Group 1: IPO Market Overview - Since 2025, the Hong Kong stock market has seen 86 new IPOs, raising approximately 2508.84 million HKD [1] - In the past week (November 16 to November 22), there was 1 listing, 3 companies in the IPO process, 4 companies undergoing hearings, and 6 companies that submitted applications [1][2] - The average issuance market value of the last 10 new listings is 631.20 million HKD, with an average PE ratio of 28.72 [23] Group 2: Recent IPOs - Zhongwei New Materials (2698.HK) successfully listed on the Hong Kong Stock Exchange on November 17, with a first-day closing price down 0.12% and a total market value of 353.95 million HKD [4][3] - The stock price of Zhongwei New Materials has dropped 16% in its first week of trading [1] - The average first-day increase for recent IPOs is 40.38%, indicating a cooling trend in the AH new stock market [23] Group 3: Upcoming IPOs - Three companies, including Innovation Industry, Quantitative Group, and Haiwei Co., are currently in the IPO process, with expected listing dates between November 24 and November 28, 2025 [5][9] - Innovation Industry completed its IPO with a subscription ratio exceeding 3600 times, indicating strong investor interest [8] - Haiwei Co. has a subscription ratio exceeding 800 times as of November 23, 2025 [10] Group 4: Companies Undergoing Hearings - Four companies passed hearings in the past week, including Naxin Microelectronics, LeMo Technology, Yujian Xiaomian, and Jinyan High-tech [11][12][13][15] - Naxin Microelectronics reported a revenue of 1.524 billion RMB in the first half of 2025, with a year-on-year growth of 80% [11] - LeMo Technology's revenue for 2024 was nearly 800 million RMB, with a growth of 36% [12] Group 5: Companies Submitting Applications - Six companies submitted applications to the Hong Kong Stock Exchange, including Liying Intelligent Manufacturing, Mandi International, and others [16] - Liying Intelligent Manufacturing reported a revenue of 44.26 billion RMB in 2024, with a year-on-year growth of nearly 30% [17] - Mandi International, a spin-off from Sanofi Pharmaceutical, reported a revenue of 1.455 billion RMB in 2024, with a growth of nearly 20% [18]

Core Viewpoint - Nobikang has submitted its prospectus for the third time to the Hong Kong Stock Exchange, aiming for a mainboard listing, with CICC as the sole sponsor. The company specializes in monitoring and testing services for rail transit and power supply systems, with projected revenue of RMB 403 million in 2024, reflecting a compound annual growth rate (CAGR) of 26.25%, and a net profit of RMB 115 million, with a CAGR of 35.15% [1]. Business Lines - The company operates three main business lines: - **Transportation Solutions**: This includes rail transit, urban traffic, and an intelligent identification system for contact network defects. The company has provided solutions to over 80% of railway bureaus in China, covering approximately 460,000 kilometers of railway and detecting over 235,000 defects since 2019 [2]. - **Energy Solutions**: This segment focuses on IT operations for power grid integration and power line inspection, as well as developing robotic inspection systems for large petrochemical enterprises [3]. - **Urban Governance Solutions**: This includes applications for park, campus, emergency, and community management [4]. Financial Performance - The company's revenue for the years ending December 31 is projected at approximately RMB 253 million, RMB 364 million, and RMB 403 million, with a year-on-year increase of 24.68% for the first half of 2025. Gross profit figures are RMB 140 million, RMB 211 million, and RMB 237 million, with a gross margin of 58.92% for the last fiscal year [5][6]. Market Position - Nobikang is the second-largest provider of AI-powered power supply monitoring systems in China, holding a market share of approximately 5.9%. In the rail transit sector, it ranks third among companies offering AI-based monitoring solutions, with a market share of about 1.8% [1]. Comparable Companies - In comparison to peers, Nobikang's recent fiscal year revenue is RMB 403 million, with a net profit of RMB 115 million and a net profit margin of 28.65%. This contrasts with comparable companies like Dinghan Technology and Yunda Technology, which have different revenue and profit metrics [8]. Major Shareholders - The pre-IPO shareholder structure includes Mr. Liao with a direct stake of 32.8%, and a total of 51.2% when combined with concerted actions. Other significant shareholders include Bojiang Holdings and various investors from different funding rounds [9]. Underwriting Team - Nobikang's underwriting team consists of nine firms, with CICC as the sole sponsor. The historical performance of the underwriting team is described as average, with a first-day increase probability of 70% for CICC [12][13].