Core Viewpoint - Four companies have filed for H-share IPOs on the Hong Kong Stock Exchange, including SANY Heavy Industry, Dipo Technology, Bama Tea, and Cambridge Technology [1][2] Group 1: SANY Heavy Industry - SANY Heavy Industry plans to issue 580 million H-shares, with 58.04 million shares allocated for public offering in Hong Kong, representing 10% of the total [4] - The price range for SANY's H-shares is set between HKD 20.30 and HKD 21.30, with a discount of 13.17% to 17.25% compared to its A-share price of CNY 22.49 [4][5] - SANY is recognized as the largest construction machinery company in China and the third largest globally, focusing on various types of construction machinery [5] Group 2: Dipo Technology - Dipo Technology's proposed share price is HKD 26.66, and it ranks fifth in the Chinese enterprise-level AI application solutions market with a market share of 4.2% [6][7] - The company has amended its dual-class share structure to comply with listing regulations ahead of its global offering [6] Group 3: Bama Tea - Bama Tea's share price is expected to be between HKD 45 and HKD 50, with a projected net amount of approximately HKD 368 million from the global offering [8] - The company is the leading high-end tea seller in China and ranks first in the number of tea chain stores [8] Group 4: Cambridge Technology - Cambridge Technology plans to issue 67.01 million H-shares, with a maximum price of HKD 68.88 per share, reflecting a discount of over 41.66% compared to its A-share price of CNY 108.25 [9] - The company has a provision for an overallotment option that could increase the total shares issued to 77.06 million [9]

Core Viewpoint - The AI sector has become a hot topic in capital markets, with companies like Nvidia and Broadcom experiencing significant stock price increases. In Hong Kong and A-shares, firms such as Alibaba, Tencent, and Cambricon have also shown strong performance. Dippu Technology is set to launch an IPO, adding another AI stock to the Hong Kong market [2]. Company Overview - Dippu Technology focuses on providing enterprise-level AI application solutions, helping businesses efficiently integrate data, decision-making, and operations. The company utilizes its FastData Foil data integration platform and Deepexi enterprise-level AI model platform to deploy Agentic AI applications [3]. - The company has achieved commercial success across various verticals, including retail, manufacturing, healthcare, and transportation, serving a total of 283 enterprise users as of June 30, 2025, with a customer retention rate of 33.2% [3]. Market Position - As of 2024, Dippu Technology ranks fifth in the Chinese enterprise-level AI application solutions market, holding a market share of 4.2% [3]. Financial Performance - Dippu Technology's revenue from 2022 to 2024 was 100 million, 129 million, and 243 million RMB, respectively, reflecting a compound annual growth rate of 55.5%. In the first half of 2025, revenue grew by 118.4% year-on-year to 132 million RMB [3]. - The company's net losses for the years 2022 to 2025 were 655 million, 503 million, 1.255 billion, and 308 million RMB, respectively. Adjusted losses were 224 million, 189 million, 96 million, and 52 million RMB [4].

Core Viewpoint - Dipo Technology (01384.HK) plans to globally offer 26.632 million shares, aiming to raise approximately HKD 710 million, with a net amount of HKD 610 million for various growth initiatives [1] Group 1: Share Offering Details - The company will offer 1.3316 million shares in Hong Kong and 25.3004 million shares internationally [1] - The subscription period is from October 20 to October 23, with a maximum offer price of HKD 26.66 per share and an entry fee of approximately HKD 5,385.77 for 200 shares [1] Group 2: Fundraising Purpose - The net proceeds will be used to enhance R&D capabilities over the next five years [1] - Funds will also support the expansion of the sales network and customer base in China to strengthen commercialization [1] - Additional uses include overseas business expansion, working capital, general corporate purposes, and potential investment or acquisition opportunities [1] Group 3: Financial Performance - The company reported net losses of RMB 503 million, RMB 1.255 billion, and RMB 308 million for the fiscal years ending June 30, 2023, 2024, and the first half of 2025, with year-on-year changes of -23.25%, -149.55%, and 50.36% respectively [1] Group 4: Listing and Sponsorship - Dipo Technology is expected to be listed on the main board on October 28, 2025, with several financial institutions acting as joint sponsors [1] Group 5: Business Focus - The company specializes in providing enterprise-level AI application solutions, facilitating efficient data integration, decision-making, and operations for businesses [1]

Core Viewpoint - Dipo Technology (01384.HK) plans to globally offer 26.632 million shares, with a maximum offer price of HKD 26.66 per share, aiming to raise approximately HKD 710 million for various growth initiatives [1][1][1] Group 1: Share Offering Details - The global offering includes 1.3316 million shares for Hong Kong and 25.3004 million shares for international investors [1] - The subscription period is from October 20 to October 23, with a minimum investment of approximately HKD 5,385.77 for 200 shares [1] Group 2: Fundraising Purpose - The total expected fundraising amount is HKD 710 million, with a net amount of HKD 610 million [1] - The funds will be used to enhance R&D capabilities, expand the sales network and customer base in China, support overseas business expansion, and for general corporate purposes including potential investments and acquisitions [1][1] Group 3: Financial Performance - The company reported net losses of HKD 503 million, HKD 1.255 billion, and HKD 308 million for the fiscal years ending June 30, 2023, 2024, and the first half of 2025, with year-on-year changes of -23.25%, -149.55%, and 50.36% respectively [1][1][1] Group 4: Company Focus - Dipo Technology specializes in providing enterprise-level AI application solutions, aimed at helping businesses efficiently integrate data, decision-making, and operations on a large scale [1]

假设发售价为每股股份26.66港元，集团估计集团将自全球发售收取的所得款项净额约为6.098亿港元。 集团计划将全球发售所得款项按以下金额用于以下用途：所得款项净额约40%将用于未来五年提升研发 能力；约30%将用于扩大集团在中国的销售网络及客户群，从而加强集团的商业化能力；约15%将用于 海外业务扩张；约5%将用于潜在投资、并购机会，旨在进一步加强集团的核心技术能力，巩固集团的 技术实力；以及约10%将用于营运资金及一般公司用途。 于2024年，企业级大模型人工智能应用市场占整个企业级人工智能应用解决方案市场的15%。根据弗若 斯特沙利文的资料，以收入计，中国企业级大模型人工智能应用的市场规模于2024年达到人民币58亿 元，并预期将在2029年达到人民币527亿元，2024年至2029年的CAGR为55.5%。以2024年的收入计，集 团在中国企业级大模型人工智能应用解决方案市场排名第五，市场份额为4.2%。集团的解决方案助力 各行业的企业优化决策、提升运营效率并提高生产力。集团已经实现了在多个垂直行业的规模商业化落 地，包括消费零售、制造、医疗及交通等。截至2025年6月30日，集团为各行业累计283名 ...

Group 1: Baima Tea Industry - Baima Tea Industry has passed the Hong Kong Stock Exchange hearing for its IPO, establishing itself as a leader in the high-end tea market in China [1] - According to Frost & Sullivan, Baima Tea ranks first in sales in the Chinese oolong and black tea markets as of 2024, with its Tieguanyin sales leading the nation for over 10 years [1] - The successful hearing paves the way for Baima Tea to raise funds for expansion and digitalization, serving as a model for other tea companies to address branding challenges [1] Group 2: SANY Heavy Industry - SANY Heavy Industry has also passed the Hong Kong Stock Exchange hearing for its IPO, with CITIC Securities as its sole sponsor [2] - Founded in 1994, SANY has transformed from a single product and country operation to a diversified, global leader in the engineering machinery industry, ranking as the largest in China and third globally based on cumulative revenue from 2020 to 2024 [2] - The IPO is a key move in SANY's globalization strategy, allowing the company to raise capital for overseas manufacturing and R&D, enhancing its international brand recognition [2] Group 3: Cambridge Technology - Cambridge Technology has received approval for its IPO application on the Hong Kong Stock Exchange, focusing on the design, development, and sales of connectivity and data transmission devices [3] - As of 2024, Cambridge Technology ranks fifth globally in the optical and wireless connectivity device industry, holding a market share of 4.1% [3] - The company's revenue primarily comes from overseas markets, and the IPO will broaden its financing channels to support R&D in optical modules, aligning with the demand for data transmission driven by artificial intelligence [3] Group 4: Dipo Technology - Dipo Technology has passed the Hong Kong Stock Exchange hearing for its IPO, specializing in enterprise-level large model AI application solutions [4] - The company ranks fifth in the Chinese market for enterprise-level large model AI application solutions, with a market share of 4.2% as of 2024 [4] - The IPO aligns with the growing trend of AI application deployment and highlights the attractiveness of the Hong Kong stock market for tech innovation companies [4]