Core Insights - The Hong Kong stock market is set to welcome two new IPOs: LeMo Technology and Jinyan Gaoling New Materials, with both showing strong performance in the dark market prior to their listing [1][2]. Company Summaries LeMo Technology - LeMo Technology specializes in machine massage services and has become a market leader since its establishment in 2014, launching the "LeMo Bar" brand in 2016 [5]. - The company has achieved significant market share in the machine massage sector, ranking first in China with market shares of 33.9%, 37.3%, and 42.9% from 2022 to 2024, respectively [5]. - Revenue projections indicate that LeMo Technology will reach approximately RMB 8 billion in 2024, with total revenues for 2022, 2023, 2024, and the first eight months of 2025 being RMB 3.30 billion, RMB 5.87 billion, RMB 7.98 billion, and RMB 6.31 billion, respectively [6]. - The company has expanded its service network significantly, with over 48,000 service points and more than 533,000 massage machines deployed across 31 provinces and 337 cities in China [5][6]. - LeMo Technology's net profit has grown from RMB 648.1 million in 2022 to RMB 8.73 million in 2023, with a slight decrease to RMB 8.58 million in 2024, and reaching RMB 8.86 million in the first eight months of 2025 [6]. Jinyan Gaoling New Materials - Jinyan Gaoling New Materials is backed by the Anhui Provincial State-owned Assets Supervision and Administration Commission and specializes in coal-based kaolin, holding a 5.4% market share, ranking fifth in the industry [3]. - The company has a comprehensive value chain from mining to production and sales, focusing on high-quality kaolin products essential for precision casting and refractory materials [3]. - Revenue figures for Jinyan Gaoling New Materials are projected at approximately RMB 1.90 billion for 2022, RMB 2.05 billion for 2023, RMB 2.67 billion for 2024, and RMB 1.05 billion for the first five months of 2025, with net profits of RMB 0.24 billion, RMB 0.44 billion, RMB 0.53 billion, and RMB 0.18 billion, respectively [3].