IPO Overview - Hesai Group (禾赛) officially listed on the Hong Kong Stock Exchange on September 16, 2025, under the stock code "2525," marking it as the first laser radar company to achieve dual primary listings in the US and Hong Kong [3][4] - The IPO raised over HKD 41.6 billion (USD 5.33 billion), making it the largest IPO in the global laser radar industry to date and the largest Chinese concept stock IPO in Hong Kong in the past four years [3][4] - Hesai has become a global leader in laser radar development and manufacturing, with significant market shares in various automotive applications [4] Company Highlights: Hesai Group - Founded in 2014, Hesai has achieved the highest global market share in vehicle-mounted laser radar, ADAS laser radar, and L4 autonomous driving laser radar [4] - The company reported a revenue of CNY 2.08 billion in 2024, with a compound annual growth rate (CAGR) of 42.3% from 2021 to 2024 [4] - Hesai is the first and only listed laser radar company to achieve annual profitability and positive operating and net cash flow [4] IPO Overview: Jinfang Pharmaceutical - Jinfang Pharmaceutical (劲方医药) officially listed on the Hong Kong Stock Exchange on September 19, 2025, under the stock code "2595" [6] - The IPO raised USD 268 million, setting multiple records for the Hong Kong 18A sector since 2022 [6] - Jinfang focuses on innovative treatments for cancer, autoimmune, and inflammatory diseases, with a pipeline of eight candidate drugs, five of which are in clinical stages [6] Company Highlights: Jinfang Pharmaceutical - The company has developed a comprehensive and differentiated RAS product matrix, targeting significant unmet clinical needs in major cancers [7] - The CEO emphasized the importance of the IPO as a milestone for future growth and innovation [8] IPO Overview: Chery Automobile - Chery Automobile (奇瑞) plans to list on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [9] - The IPO is expected to raise between HKD 160.04 billion and HKD 177.34 billion, with cornerstone investors committing approximately USD 587 million [9][10] - Chery is the second-largest independent passenger car brand in China and the eleventh largest globally [9] Company Highlights: Chery Automobile - In 2024, Chery's sales exceeded 2.295 million vehicles, with a growth rate of over 25% in both electric and fuel vehicle sales compared to 2023 [10] - The company has a diverse brand portfolio and has been the top exporter of independent passenger cars in China for 22 consecutive years [10][11] IPO Overview: BeBeBus - BeBeBus plans to list on the Hong Kong Stock Exchange on September 23, 2025, under the stock code "6090" [13] - The company focuses on high-end parenting products and has established a strong market presence in China [13][14] - BeBeBus has over 3 million members and maintains high repurchase rates across its private and online platforms [14] Company Highlights: BeBeBus - The average transaction amount for core products has remained above CNY 2,400, reinforcing its premium positioning [14] - The company has expanded its product offerings significantly since its inception [13] IPO Overview: Nuwa Technology - Nuwa Technology (暖哇科技) submitted its prospectus for listing on the Hong Kong Stock Exchange on September 16, 2025 [18] - The company specializes in AI solutions for the insurance industry and is recognized as the largest independent AI technology company in this sector in China [18][19] - Nuwa's revenue has shown significant growth, with a CAGR of 65.5% from 2022 to 2024 [19] Company Highlights: Nuwa Technology - The company achieved profitability in 2023, with an adjusted net profit of approximately CNY 57.5 million in 2024 [19] IPO Overview: Cloudtrace Technology - Cloudtrace Technology (云迹科技) received a notice for its overseas listing on September 18, 2025 [21] - The company is a leader in the robot service market, with a significant number of robots deployed across various sectors [22][23] - Cloudtrace's revenue has grown from CNY 163 million in 2022 to CNY 245 million in 2024, with a rising gross margin [23] Company Highlights: Cloudtrace Technology - The company has served over 34,000 enterprise clients and completed over 5 billion service instances in 2024 [23][24] IPO Overview: Distinct Healthcare - Distinct Healthcare (卓正医疗) received a notice for its overseas listing on September 17, 2025 [26] - The company operates in the high-end healthcare service market in China, with a focus on comprehensive medical services [26][27] - Distinct Healthcare's revenue has grown from CNY 473 million in 2022 to CNY 959 million in 2024, achieving profitability in 2024 [27][28]

业内分析指出，随着中国保险市场持续扩容、未来保险公司在智能化投入上的不断增加，暖哇科技在保 险AI科技赛道的先发优势，有望进一步转化为市场份额的增长，推动整个行业的数字化水平迈向更高 阶段。 弗若斯特沙利文报告显示，2024年暖哇科技已成为中国保险业最大的独立AI科技公司，也是中国健康 险行业具备全栈风险分析能力的最大独立AI科技公司。在财务表现上，暖哇科技增长迅速，于2023年 实现盈利；2022年至2024年收入分别为3.4亿元、6.5亿元及9.4亿元，复合增长率达65.5%；其中，2024 年，公司毛利率达49.8%，在去除可转换可赎回优先股的公允价值后，经调整净利润约为5750万元，经 调整净利润率达6.1%。 本报讯(记者张文湘)9月16日，国内保险AI科技头部企业暖哇洞察科技有限公司(以下简称"暖哇科技")正 式向港交所主板递交上市申请。分析人士认为，在保险行业数字化转型加速的浪潮下，掌握核心技术的 AI科技公司备受青睐，暖哇科技正式启动港股上市进程，将为国内保险科技赛道增添新的资本化力 量。 资料显示，暖哇科技自2018年起深耕中国保险业AI解决方案市场这一高潜力赛道，以AI技术为保险交 易全生 ...