Group 1 - The Hong Kong stock market continued its strong performance in the first half of 2025, attracting mainland enterprises, particularly from Zhejiang, which saw 9 companies successfully listed [1][2] - A total of 42 new stocks were listed on the Hong Kong stock exchange in the first half of 2025, representing a 40% year-on-year increase, with total fundraising reaching a new high since 2021, surpassing 87.6 billion HKD for the entire year of 2024 [2][5] - Zhejiang enterprises accounted for the highest number of listings, with a total of 9 companies raising 14.4 billion HKD, a significant increase from just 1.016 billion HKD in the same period of 2024 [2][3] Group 2 - The listed Zhejiang companies span various sectors, including healthcare, consumer goods, and manufacturing, showcasing a diversified development trend [2][3] - Notable companies that went public include Sanhua Intelligent Control, which is a global leader in thermal management, and Cao Cao Travel, the largest ride-hailing platform in Hong Kong [2][4] - The trend of "A+H" dual platform listings is emerging, with leading A-share companies accelerating their listings in Hong Kong, exemplified by Sanhua Intelligent Control's recent IPO [3][4] Group 3 - The Hong Kong IPO market achieved the highest global fundraising amount in the first half of 2025, totaling 102.1 billion HKD, driven by international capital and supportive policies from both mainland and Hong Kong [5] - The market's internationalization provides direct support for enterprises, facilitating access to diverse overseas financing channels and enhancing global strategic layouts [5][6] - Expectations for the second half of 2025 indicate continued market heat, with projected fundraising of 200 billion HKD, primarily in technology, media, and consumer sectors [6]

Summary of Key Points Core Viewpoint The company has decided to conclude certain fundraising projects and reallocate surplus funds to new projects and to permanently supplement working capital, aligning with its future development needs and market conditions [1][20]. Fundraising Overview - The company raised a total of RMB 3 billion through the issuance of convertible bonds, with a net amount available for investment after deducting issuance costs [1][2]. - The total investment for the projects includes RMB 338,112 million, with RMB 300,000 million allocated from the raised funds [2][7]. Project Status and Fund Utilization - The "Annual Production of 6.5 Million Sets of Commercial Refrigeration Air Conditioning Intelligent Control Components Construction Project" and the "Annual Production of 5.05 Million Sets of High-Efficiency Energy-Saving Refrigeration Air Conditioning Control Components Technology Renovation Project" have reached their intended usable state [7][11]. - As of May 31, 2025, the total investment in these projects was RMB 124,662.71 million, achieving an investment progress of 83.84% [7][8]. - Surplus funds from these projects amount to RMB 30,972.62 million and RMB 30,688.49 million, respectively, which will be redirected to new projects and working capital [11][12]. New Project Details - The new project, "Zhejiang Sanhua Intelligent Drive Future Industry Center Construction Project," will utilize RMB 30,688.49 million from the surplus funds and aims to expand into the electric vehicle thermal management and bionic robot components sectors [13][14]. - The project will cover an area of 15.29 million square meters and is expected to enhance the company's production efficiency and innovation capabilities [17][18]. Market Context and Growth Potential - The global electric vehicle market is projected to grow significantly, with the penetration rate expected to rise from 6.7% in 2020 to 23.6% by 2024, driven by technological advancements and supportive policies [14][15]. - The bionic robot industry is also anticipated to enter a phase of mass consumption, with increasing applications in various sectors [15][16]. Company Position and Strategy - The company is a leading manufacturer in the automotive thermal management system components market, with a market share of 48.3% for electronic expansion valves and 65.6% for integrated components as of 2024 [18][19]. - The company emphasizes research and development, maintaining a strong focus on innovation and efficiency to ensure long-term growth and competitiveness [19][20].

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. (Sanhua) listed on the Hong Kong Stock Exchange on June 23, 2023, but its stock price fell below the issue price on the first day of trading, indicating initial market challenges for the company [1][3]. Company Overview - Sanhua is a manufacturer specializing in refrigeration and air conditioning control components and automotive thermal management systems, with a focus on the research, promotion, and application of thermal management technology [5]. - The company was established in September 1994 and is headquartered in Shaoxing, Zhejiang Province, with a registered capital of approximately RMB 3.7 billion [5]. Financial Performance - For the years 2022, 2023, and 2024, Sanhua's revenue was RMB 21.35 billion, RMB 24.56 billion, and RMB 27.95 billion, respectively, showing a growth trend [6][7]. - Gross profit for the same years was approximately RMB 5.46 billion, RMB 6.74 billion, and RMB 7.62 billion, with net profits of about RMB 2.61 billion, RMB 2.93 billion, and RMB 3.11 billion, respectively [6][7]. Market Activity - On its first trading day, Sanhua's stock opened at HKD 20.95 per share, down 7.01% from the issue price of HKD 22.53, and later stabilized at HKD 21.75, reflecting a 3.46% decline from the issue price [1][3]. - The company successfully raised approximately HKD 93.36 billion through the issuance of about 414 million H-shares, with a significant oversubscription of 747.92 times for the public offering and 23.57 times for the international offering [3]. Investor Participation - Sanhua attracted 18 cornerstone investors who collectively subscribed for approximately USD 562 million (around HKD 44.09 billion) of the offering, including notable firms such as Schroders and GIC [3].

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. (Sanhua Intelligent) is set to launch an IPO on the Hong Kong Stock Exchange, with a target fundraising amount of approximately HKD 76.43 billion to HKD 81.18 billion, and the expected listing date is June 23, 2025 [1][3]. Company Overview - Sanhua Intelligent was established in September 1994 and is located in Shaoxing, Zhejiang Province. The company has a registered capital of approximately RMB 3.7 billion and is primarily owned by Sanhua Holdings Group and Zhejiang Sanhua Green Energy Industrial Group [3]. - The company is listed on the Shenzhen Stock Exchange under the code "002050" since June 2005, with a market capitalization of approximately RMB 943 billion as of June 13, 2025 [3]. IPO Details - The IPO price range is set between HKD 21.21 and HKD 22.53 per share, with a total of 360.33 million shares to be issued. The median price of HKD 21.87 suggests a total fundraising of approximately HKD 78.74 billion [1]. - Sanhua Intelligent has secured 18 cornerstone investors who have collectively subscribed to approximately USD 562 million (around HKD 44.09 billion) of the offering [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion, respectively. The gross profit for the same years was approximately RMB 54.62 billion, RMB 67.35 billion, and RMB 76.21 billion [5][6]. - Net profit figures for the same years were approximately RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [5]. Product and Market Reach - Sanhua Intelligent specializes in manufacturing components for refrigeration and air conditioning control, as well as automotive thermal management systems. The company is also expanding into emerging fields such as bionic robot electromechanical actuators [4]. - The company's products are distributed across over 80 countries and regions globally, with 48 production facilities, including 13 overseas factories located in the Americas, Europe, and Asia [5]. Production Capacity - The total production capacity for refrigeration and air conditioning components was approximately 539 million, 534 million, and 576 million units for the years 2022, 2023, and 2024, respectively. The production output for these years was approximately 452 million, 495 million, and 537 million units [7]. - For automotive components, the total production capacity was approximately 203 million, 255 million, and 282 million units, with production outputs of approximately 170 million, 232 million, and 245 million units for the same years [7].

Core Viewpoint - Sanhua Intelligent (02050) is set to launch an IPO from June 13 to June 18, 2025, aiming to issue 360 million H-shares, with 7% allocated for public offering in Hong Kong and 93% for international offering, plus a 15% over-allotment option [1] Group 1: Company Overview - According to Frost & Sullivan, Sanhua is the largest manufacturer of refrigeration and air conditioning control components globally, with a market share of approximately 45.5% in the refrigeration and air conditioning control components market as of 2024 [1] - The company is also a leading manufacturer of automotive thermal management system components, ranking fifth globally with a market share of about 4.1% as of 2024 [1] - Sanhua aims to develop a smart low-carbon economy and create a green quality environment, focusing on research, promotion, and application of thermal management technology [1] Group 2: Fundraising and Use of Proceeds - The cornerstone investors, including Schroders, GIC, and others, have agreed to subscribe to shares amounting to approximately $562 million, with a total of 202 million shares expected to be subscribed at a price of HKD 21.87 per share [2] - Assuming no exercise of the over-allotment option and after deducting commissions and estimated expenses, the net proceeds from the global offering are expected to be approximately HKD 7.741 billion [3] - The net proceeds will be allocated as follows: 30% for ongoing global R&D and innovation, 30% for expanding and building new factories in China, 25% for enhancing overseas capacity, 5% for strengthening digital infrastructure, and 10% for working capital and general corporate purposes [4]

Group 1 - The company, Sanhua Intelligent (02050), plans to conduct an initial public offering (IPO) from June 13 to June 18, 2025, offering 360 million H-shares globally, with 7% allocated for public sale in Hong Kong and 93% for international sale, plus a 15% over-allotment option [1] - The company is the largest manufacturer of refrigeration and air conditioning control components globally, with a market share of approximately 45.5% in the refrigeration and air conditioning control components market and ranked fifth in the automotive thermal management system components market with a 4.1% share, according to Frost & Sullivan [1] - The company aims to develop a smart low-carbon economy and focuses on research, promotion, and application of thermal management technology, providing energy efficiency solutions to global customers [1] Group 2 - The company has entered into cornerstone investment agreements with several investors, including Schroders and GIC, agreeing to subscribe for shares at the offering price, totaling approximately $562 million [2] - Assuming no exercise of the over-allotment option and based on a median offering price of HKD 21.87 per share, the company estimates net proceeds from the global offering to be approximately HKD 7.741 billion [3] - The estimated net proceeds will be allocated as follows: 30% for ongoing global R&D and innovation, 30% for expanding and building new factories in China, 25% for enhancing overseas capacity, 5% for strengthening digital infrastructure, and 10% for working capital and general corporate purposes [3]

Group 1 - The company, Sanhua Intelligent (02050.HK), plans to globally issue approximately 360 million H-shares, with 25.22 million shares available in Hong Kong and about 335 million shares for international offering [1] - The expected pricing range for the shares is between HKD 21.21 and HKD 22.53, with the subscription period from June 13 to June 18, 2025, and trading expected to commence on June 23, 2025 [1] - According to Frost & Sullivan, the company is the largest manufacturer of refrigeration and air conditioning control components globally, holding a market share of approximately 45.5% in this sector [2] Group 2 - The company also ranks fifth in the global automotive thermal management system components market, with a market share of about 4.1% [2] - The company focuses on research and development in thermal management technology, providing energy-efficient solutions to global customers [2] - The company has established cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 562 million (or about HKD 4.408 billion) [3][4] Group 3 - Assuming no exercise of the over-allotment option and a share price of HKD 21.87, the company estimates net proceeds from the global offering to be approximately HKD 7.7406 billion [5] - The intended use of proceeds includes approximately 30% for ongoing global R&D and innovation, 30% for expanding and building new factories in China, 25% for enhancing overseas capacity, 5% for strengthening digital infrastructure, and 10% for working capital and general corporate purposes [5]

( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號 : 2050 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：閣下如對本招股章程任何內容有任何疑問，應諮詢專業獨立意見。 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. 浙江三花智能控制股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | ： | | | ： | | | ： | | | ： | | | | | | ： | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 全球發售項下 360,330,000股H股（視 乎 發 售 量 調 | 發售股份數目 整權及超額配股權行使與否而 | 定） | 香港發售股份數目 25,223,100股H股（可 予 重 新 分 配 | 及視乎發售量調整權行使與否 | 而定） | 國際發售股份數目 335,106,900股H股（可 予 重 新 分 配 | ...

Core Viewpoint - The company Sanhua Intelligent Control is accelerating its listing in Hong Kong, establishing an "A+H" share structure, and is recognized as a leading manufacturer in the refrigeration and automotive thermal management sectors [1][2]. Financial Performance - Sanhua Intelligent Control reported revenues of approximately RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion for the years 2022, 2023, and 2024 respectively, with corresponding profits of about RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [3][4]. - The company plans to distribute cash dividends totaling RMB 13 billion in the first nine months of 2024, with a recent dividend of RMB 2.5 per 10 shares [1][3]. Business Segments - The company operates two main business segments: refrigeration and air conditioning components, and automotive components, with revenue contributions of approximately 64.8% and 35.2% respectively in 2022 [4][5]. - The CAGR for the refrigeration and air conditioning components from 2020 to 2024 is 14.48%, while the automotive components segment has a CAGR of 46.55% during the same period [6][7]. Market Position - According to Frost & Sullivan, Sanhua Intelligent Control holds a 45.5% market share in the global refrigeration control components market and ranks fifth in the automotive thermal management system components market with a 4.1% share [1][3]. Strategic Initiatives - The company is actively expanding into the bionic robotics sector, focusing on electromechanical actuators, which are essential components for bionic robots [8][10]. - A planned investment of no less than RMB 3.8 billion is set for the development of a research and production base for electromechanical actuators and domain controllers in Qiantang District [9][10]. Financial Health - As of the end of 2024, the company reported total liabilities of RMB 168.35 billion and total assets of RMB 363.55 billion, indicating a relatively high debt level [11][12]. - The company's cash and cash equivalents decreased to RMB 3.444 billion by the end of 2024, raising concerns about liquidity amid significant R&D investments of RMB 1.352 billion [12].

Group 1: Hong Kong Stock Market Performance - As of May 2025, the total market capitalization of the Hong Kong securities market reached HKD 40.9 trillion, representing a 5% increase month-on-month and a 24% increase year-on-year [1] - The average daily trading amount in May was HKD 210.3 billion, up 50% compared to the same period last year [1] - In the first five months of the year, there were 29 new listings on the Hong Kong Stock Exchange, a 38% increase year-on-year, with IPO fundraising amounting to HKD 77.7 billion, a staggering 709% increase from the previous year [1] Group 2: Company Developments - Sanhua Intelligent Controls successfully passed the hearing for listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy. The company's projected revenues for 2022, 2023, and 2024 are RMB 21.348 billion, RMB 24.558 billion, and RMB 27.947 billion, respectively, with net profits of RMB 2.608 billion, RMB 2.934 billion, and RMB 3.112 billion [2] - Jiangnan Buyi announced plans to acquire land use rights in Hangzhou for a modern park integrating digital R&D and intelligent warehousing, indicating a proactive approach to business expansion despite the uncertainty of the bidding outcome [3] - Jinjiang Hotels announced its intention to issue shares and list in Hong Kong to enhance its global strategy and improve governance. The funds raised will be used to expand overseas operations, repay bank loans, and supplement working capital, despite a decline in revenue and net profit in 2024 [4] Group 3: Market Indices - The Hang Seng Index closed at 23,906.97, with a daily increase of 1.07% [5] - The Hang Seng Tech Index reached 5,319.96, reflecting a 1.93% increase [5] - The National Enterprises Index stood at 8,684.73, up by 1.26% [5]