01 本周上市企业： 美国东部时间7月8日，来自香港的建筑分包商——Masonglory，成功登陆美国纳斯达克。该公司通过其运营子公司在香港开展业务，主要提供湿作业(wet trades)服务，包括批灰（抹灰）、铺砖等建筑施工环节，同时也涵盖其他辅助性建筑服务。其主要客户为房地产开发和土木工程项目的总承包商。此次 IPO，Masonglory共发行150万股股份，募集资金600万美元。截至定稿，该公司市值为7042万美元。 财经印刷服务供应商Rich Sparkle正式登陆纳斯达克上市 美国东部时间7月8日，来自香港的财经印刷服务供应商——Rich Sparkle，成功在纳斯达克挂牌上市。该公司为包括香港联合交易所上市公司及拟上市公 司在内的广泛客户提供设计及印制高质量财经印刷材料等服务。在2024年，该公司为超过190间上市公司提供服务，涵盖排版、校对、翻译、设计及印刷 等全面解决方案。透过度身订造的顾问服务，协助客户有效传达企业形象与财务信息，同时提升披露质量并确保符合法规要求。此次IPO，Rich Sparkle共 发行125万股股票，募集资金500万美元。截至定稿，该公司市值为4588万美元。 泛亚洲 ...

Core Viewpoint - Xingyuan Material has submitted an application for listing on the Hong Kong Stock Exchange, aiming to create an international capital operation platform to support its global business expansion [1] Financial Performance - Xingyuan Material has faced a "revenue growth without profit" dilemma, with revenue increasing year-on-year by 4.62%, 17.52%, and 24.44% for 2023, 2024, and Q1 2025 respectively, while net profit decreased by 20.58%, 37.56%, and 52.46% during the same periods [1][3][4] - The company's revenue grew from 5.06 billion RMB in its first year to 35.41 billion RMB in 2024, with a compound annual growth rate of approximately 24.13% [3] - The gross profit margin has significantly declined, with 2024's gross margin at 28.79%, down 15.63% year-on-year, and further dropping to 23.6% in Q1 2025 [5][6] Financial Condition - As of the end of 2024, Xingyuan Material's interest-bearing debt exceeded 10 billion RMB, while its broad monetary funds decreased by 16.17% to below 4 billion RMB, indicating a funding gap of over 6 billion RMB [2][13] - The company's asset-liability ratio reached a historical high of 56.92%, with liquidity ratios (current and quick) dropping to 1.24 and 1.16, respectively, indicating significant liquidity risk [2][13] - Since its listing, the company has raised a total of 6.5 billion RMB through direct financing, but has only distributed 573 million RMB in dividends, resulting in a low dividend payout ratio of 8.83% [2][11] Industry Context - The lithium-ion battery separator industry is experiencing intense competition, leading to a significant drop in product prices and profit margins. The average selling prices for dry, wet, and coated separators fell by 26.92%, 26.39%, and 21.67% respectively in 2024 [9][10] - The industry is facing overcapacity, with total production capacity exceeding 30 billion square meters, far surpassing the actual demand of 22.75 billion square meters, resulting in a price war that has not been effectively curbed [9][10] - Despite the challenging market conditions, Xingyuan Material plans to expand its production capacity both domestically and internationally, with significant investments in new production bases in Malaysia and the United States [10]

据港交所披露易网站信息，截至7月8日中国证券报记者发稿时，仅7月1日以来便有14家公司更新其港股 IPO进展，其中LXJ International Holdings Limited和深圳市星源材质科技股份有限公司2家公司新递交招 股书，12家公司更新其整体协调人信息。2025年上半年企业竞相赴港上市的积极态势，进入下半年仍在 延续。 据香港特区政府财政司司长陈茂波日前发布的网志，上半年香港市场共完成了42宗IPO项目，募资总额 超过1070亿港元，较2024年全年规模增长约22%，暂列全球第一。此外，申请赴港IPO的企业数量也在 快速增加，至今已收到约200起申请，较年初数据倍增，当中也包括中东和东南亚的企业。 "这一方面反映港股上升势头正吸引更多企业加快推进上市计划，另一方面也显示过去这段时间对内对 外的宣传推广工作渐见成效。"陈茂波介绍，市场普遍看好港股及其新股市场下半年的表现。 从企业类型看，消费企业和科技企业构成了上半年港股IPO市场的主力军，从前述2家新递交招股书的 公司披露公告看，这一特征仍在延续。 进入2025年下半年，港交所又迎来不少公司递交上市申请，或发布公告更新其整体协调人信息；在排队 ...