Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - Kesheng Technology is preparing for an IPO on the Hong Kong Stock Exchange, having previously attempted to list on the A-share market without success. The company specializes in tower solar thermal power generation and molten salt energy storage solutions, positioning itself as a leader in the industry with significant market share and growth potential [1][2][4]. Company Overview - Kesheng Technology is a provider of tower solar thermal power generation and molten salt energy storage solutions, offering comprehensive services from project development to operational support [2][4]. - The company has supplied solar thermal power systems to 11 solar thermal power plants in China, with a total designed capacity of 1,250 MW, capturing a market share of 47.2% in the domestic sector [4]. Financial Performance - The company's revenue skyrocketed from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, marking a 104-fold increase. In 2023, Kesheng Technology achieved a net profit of 248.3 million RMB, which is expected to rise to 540.1 million RMB in 2024 [8][9]. - The company reported a revenue of 745.3 million RMB in the first half of 2025, indicating continued growth, although at a slower pace [9]. Market Trends - The solar thermal power generation industry is experiencing rapid growth, with the levelized cost of electricity expected to decrease from 1.15 RMB/kWh in 2016 to 0.55 RMB/kWh in 2024, and further to 0.38 RMB/kWh by 2035 [5][7]. - China's cumulative installed capacity for solar thermal power is projected to reach 17.7 GW by 2030, with a compound annual growth rate of 52.6% from 2025 to 2030 [7]. Customer Concentration - Kesheng Technology's revenue is highly concentrated, with 99.9% of its income in the first half of 2025 coming from state-owned enterprises. This concentration poses a risk to the company's financial stability [10][11]. - The company has experienced significant revenue fluctuations due to its reliance on a few major clients, which could impact its operational capacity and cash flow [11]. Future Growth Drivers - Future growth for Kesheng Technology may depend on the approval pace of new projects, cost control capabilities, and the expansion into new business areas, particularly in molten salt energy storage [13][14][15]. - The company has implemented substantial dividends prior to its IPO, distributing nearly 300 million RMB within a year, raising questions about the necessity of its upcoming financing [16][17].

Core Viewpoint - Zhejiang Kesheng Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading provider of tower solar thermal power and molten salt energy storage solutions [1] Financial Performance - The company has demonstrated rapid growth in its financial performance, with projected revenues of approximately 20.85 million, 858 million, 2.189 billion, and 981 million for the years 2022 to 2025, respectively [1] - Corresponding profits for the same periods are expected to be around -91.25 million, 248 million, 540 million, and 233 million [1] Client Base - During the reporting period, the company's main clients were primarily EPC contractors for solar thermal power projects, mostly large state-owned power groups [1] - The revenue contribution from the top five clients accounted for 99.9%, 99.9%, 88.5%, and 99.9% of total revenue for the years 2022 to 2025, respectively [1]

Core Insights - The article highlights that Kesheng Technology is a leading provider of tower solar thermal power and molten salt energy storage solutions globally, with a focus on technology research, equipment sales, and engineering applications [3][4]. Company Overview - Kesheng Technology is the only company globally with over 1GW of experience in molten salt tower solar thermal power projects as of September 16, 2025 [3]. - The company has maintained its market leadership in providing solar collector systems and thermal storage systems, which are core subsystems of solar thermal power plants [4]. Market Position - As of 2021-2024, Kesheng Technology has supplied solar collector systems for 11 out of 20 substantial tower solar projects in China, achieving a market share of 57.9% in installed capacity and 55.0% in project numbers [3]. - The company is expanding its service and product offerings to include software and AI-enabled operational tools [4]. Industry Context - The solar thermal power industry in China is entering a phase of large-scale commercialization, supported by government policies and market reforms [3]. - The National Development and Reform Commission and the National Energy Administration have outlined plans to establish a total installed capacity of approximately 455 million kilowatts for wind and solar bases by 2030, focusing on desert, Gobi, and barren areas [3]. Financial Performance - Kesheng Technology's revenue for the fiscal years ending June 30 is projected to be approximately 20.85 million RMB in 2022, 858 million RMB in 2023, 2.189 billion RMB in 2024, and 980.936 million RMB in the first half of 2025 [6]. - The company reported profits of approximately -91.26 million RMB in 2022, 24.83 million RMB in 2023, 54.01 million RMB in 2024, and 23.31 million RMB in the first half of 2025 [6].