Core Viewpoint - New Qian Group Co., Ltd. (New Qian) successfully listed on the Hong Kong Stock Exchange on June 10, with an IPO price of HKD 18.9 per share, raising approximately HKD 200 million [1][3]. Group 1: IPO Details - New Qian issued 10.5854 million shares, with a net fundraising amount of approximately HKD 164 million [1]. - On the first day of trading, the opening price was HKD 30.25 per share, representing a 60.05% increase from the IPO price, and the closing price was HKD 22.95 per share, a 21.43% increase [3]. - The company achieved a market capitalization of approximately HKD 2.2 billion by the end of the first trading day [3]. - The public offering was oversubscribed by 149.37 times, while the international offering was 0.93 times subscribed [3]. Group 2: Company Background - New Qian was established in September 2006 and is located in Ji'an, Jiangxi Province, with a registered capital of approximately RMB 85.645834 million [3]. - The main shareholders include Shenzhen New Qian Industrial Development Co., Ltd. and Shenzhen Guoxin Hongsheng Equity Investment Fund [3]. Group 3: Business Overview - New Qian is a manufacturer of food-grade glycine and sucralose, serving approximately 150 clients from various industries [5]. - The company reported revenues of approximately RMB 761 million, RMB 447 million, and RMB 569 million for the years 2022, 2023, and 2024, respectively [6][7]. - Gross profits for the same years were approximately RMB 195 million, RMB 80 million, and RMB 102 million, with net profits of approximately RMB 122 million, RMB 44.66 million, and RMB 43.41 million [6][7]. Group 4: Financial Performance - The adjusted net profit for 2024 is projected to grow by 20% year-on-year, reaching approximately RMB 53.61 million after excluding listing expenses [7]. - Despite the projected growth, the profit scale in 2023 is noted to be "halved" compared to 2022 [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 - New Qi'an (02573.HK) has launched an IPO, planning to issue 10.5854 million shares globally, with a price range of HKD 18.9 to HKD 20.9 per share, aiming to raise approximately HKD 174.3 million if priced at HKD 19.9 per share [1] Company Overview - Established in 2003, New Qi'an specializes in the production and sale of food additives, including high-intensity sweetener sucralose and food-grade and industrial-grade glycine, ranking first in the global food-grade glycine manufacturing industry by sales volume and revenue in 2023 [2] - The company holds approximately 5.1% and 3.1% of the global market share in food-grade glycine by sales volume and revenue, respectively [2] Financial Performance - New Qi'an has experienced declining financial performance over the past two years, with revenue dropping from RMB 761 million in 2022 to RMB 569 million in 2024, and net profit decreasing from RMB 122 million to RMB 43.4 million during the same period [3] Market Segmentation - In 2024, over 60% of New Qi'an's revenue came from Europe and North America, with significant growth in the North American market [4] - Revenue distribution by region for 2024 shows North America contributing RMB 233.8 million (41.1%), Europe RMB 119.2 million (20.9%), and mainland China RMB 116.4 million (20.5%) [5] IPO Details - The Hong Kong public offering will commence on May 30, 2025, and end on June 5, 2025, with the final offer price and allocation results to be announced on June 9, 2025 [1] - New Qi'an has secured cornerstone investments of approximately HKD 60 million from investors including Reynold Lemkins and He Win [1]

Company Overview - The company, 新琪安 (02573), is a producer of food-grade glycine and sucralose, with over 20 years of industry experience [1] - It ranks first in the global food-grade glycine manufacturing industry based on sales volume and revenue for 2023, holding approximately 5.1% and 3.1% of the global market share respectively [1] - The company's food-grade glycine accounted for about 0.31% of the global food additive market by sales volume in 2023 [1] IPO Details - The company plans to conduct an IPO from May 30 to June 5, 2025, offering 10,585,400 H-shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, plus an additional 15% over-allotment option [1] - The expected price range for the shares is HKD 18.9 to 20.9 per share, with shares anticipated to be listed on June 10, 2025 [1] Use of Proceeds - Assuming a share price of HKD 19.9 and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 174.3 million [2] - About 21.3% of the proceeds will be allocated to the construction of a production line for isomaltitol at a factory in Thailand, with an expected annual capacity of 15,000 tons [2] - Approximately 55.3% will be used over the next two years for the production of algal dietary fiber and serine [2] - Around 13.4% will be invested in enhancing research and development capabilities [2] - About 10.0% will be utilized for working capital and general corporate purposes [2] Strategic Partnerships - The company has entered into cornerstone investment agreements with The Reynold Lemkins Group (Asia) Limited and 合赢香江控股有限公司, agreeing to subscribe for shares at the offer price, with a total investment not exceeding HKD 60 million [2]

Group 1 - The company plans to globally offer 10.5854 million H-shares, with 1.0586 million shares available in Hong Kong and 9.5268 million shares for international offering, along with a 15% over-allotment option [1] - The expected pricing range for the shares is HKD 18.9 to 20.9 per share, with a trading unit of 200 shares, and the shares are anticipated to start trading on June 10, 2025 [1] - The company is a leading producer of food-grade glycine and sucralose, holding the top position in the global food-grade glycine manufacturing industry based on sales volume and revenue in 2023, with a market share of approximately 5.1% in volume and 3.1% in revenue [2] Group 2 - The company has established cornerstone investment agreements with Reynold Lemkins Group (Asia) Limited and He Win Holdings Limited, agreeing to subscribe for shares up to HKD 60 million, with a total of 2.9848 million shares at a price of HKD 19.9 per share [3] - Assuming the over-allotment option is not exercised and the shares are priced at HKD 19.9, the total proceeds from the global offering are estimated to be approximately HKD 210.6 million, with net proceeds expected to be around HKD 174.3 million after listing expenses [4] - The intended use of the net proceeds includes approximately 21.3% for the construction of a production line for isomaltulose in Thailand, 55.3% for the production of algal dietary fiber and serine, 13.4% for enhancing R&D capabilities, and 10.0% for working capital and general corporate purposes [4]

Core Viewpoint - New Qi'an Group Co., Ltd. is undergoing a listing hearing on the Hong Kong Stock Exchange, with Minyin Capital as its sole sponsor [1] Company Overview - New Qi'an is a manufacturer of food-grade glycine and sucralose, primarily engaged in the production and sale of food-grade glycine, industrial-grade glycine, and sucralose [3] - Food-grade glycine is used in pet food, consumer products, sauces, and dairy products, while industrial-grade glycine serves as a raw material for food-grade glycine and glyphosate, which is used as a herbicide [3] - Sucralose, a high-intensity sweetener, is widely used in soft drinks, candies, baked goods, syrups, and nutritional supplements [3] Financial Performance - Revenue for New Qi'an in 2022, 2023, and 2024 is approximately CNY 761.5 million, CNY 446.9 million, and CNY 568.9 million respectively, with net profits of approximately CNY 122.0 million, CNY 44.7 million, and CNY 43.4 million [6][8] - The sales revenue breakdown shows that sucralose accounted for about 49.6%, 51.1%, and 41.8% of total revenue in the past three years, while food-grade glycine accounted for approximately 40.6%, 40.1%, and 42.0% [3] Market Position - New Qi'an ranks first in the global food-grade glycine manufacturing industry based on sales volume and revenue in 2023, with a global market share of approximately 5.1% by volume and 3.1% by revenue [3] - The company's food-grade glycine accounts for about 0.31% of the global food additive market in 2023 [3] Production and Supply Chain - The company has established an international supply chain with five production facilities located in China, Indonesia, and Thailand [4] - New Qi'an has a global sales network serving customers in approximately 40 countries across six continents [4]