文｜新质动能，作者｜沐风 最近，港股出了个"超购王"。 挚达科技，顶着"智能充电桩第一股"的名头，上市前公开发售，被疯抢了5440多倍。上市第一天，股价 直接暴涨192%，场面那叫一个火爆。 但这场资本狂欢的B面，藏着一个完全不同的故事：从2010年成立以来，这家公司营收连年下滑，一直 处于亏损中，资产负债率更是高达900%！ 这就让人看不懂了。这到底是一家被严重低估的真龙头，还是资本包装下的一场虚火？今天，咱们就来 看看，这场资本游戏到底是怎么玩的。 "超购王"也是"巨亏王" 此外，挚达科技资产负债率超过900%！ 这意味着，公司总资产里，90%以上都是借来的钱。 一边，是资本市场用钱投票，把它捧上天；另一边，是公司自己还在流血不止，深陷亏损的泥潭。这冰 火两重天的魔幻场面，让不少人直呼看不懂。 IPO是一味"续命药" 挚达科技IPO有多疯狂呢？ 公开发售超额认购5440倍，冻结资金约2500亿港元，直接成了今年港股新能源领域的"超购王"。国际配 售也有一大堆长线基金抢着要。 上市首日，股价更是像脱缰的野马，从66.92港元的发行价，一路冲到195.5港元收盘，暴涨192%，市值 干到116亿港元。 为什么 ...

Core Insights - The IPO market is experiencing significant activity, particularly in the Hong Kong stock market, with a notable number of companies filing for listings, including many dual-listed A+H companies [2][17] - New listings have shown remarkable performance, with companies like Aomisen and Jinye International Group achieving substantial first-day gains and record oversubscription rates [6][8][9][10] Recent Approvals - Guanghetong has received approval for its listing on the Hong Kong Stock Exchange, with projected revenues increasing from 5.203 billion yuan in 2022 to 6.971 billion yuan in 2024 [3] - Tongrentang Medical has also passed its hearing, reporting revenues of 910 million yuan in 2022, with a projected increase to 1.175 billion yuan in 2024 [4] - Haixi New Drug has been approved for listing, with revenues expected to grow from 212.5 million yuan in 2022 to 466.7 million yuan in 2024 [5] New Listings - Aomisen debuted on the Beijing Stock Exchange with a first-day surge of 349.8%, achieving a market capitalization of 2.97 billion yuan [6] - Jinye International Group listed on the Hong Kong Stock Exchange with a staggering oversubscription rate of 11,464.7 times, closing up 330% on its first day [8] - Zhida Technology's IPO was marked by a 192.14% increase on its first trading day, establishing it as a leader in the home electric vehicle charging solutions market [9] - Changfeng Pharmaceutical's shares opened at 48 HKD, a 225.42% increase, with a revenue CAGR of 31.9% projected from 2022 to 2024 [10] Recent Filings - Lantu Motors has filed for a listing on the Hong Kong Stock Exchange, showing significant revenue growth from 6.052 billion yuan in 2022 to 19.361 billion yuan in 2024 [11] - Chengyi Biotechnology has initiated its IPO process, focusing on developing new oral small molecule drugs for cardiovascular and inflammatory diseases [12] - Senyi Medical has filed for an IPO, recognized as a leading AI medical solution provider in China [13] - Annuo Youda has submitted its prospectus for an IPO, specializing in molecular diagnostics and IVD medical devices [14] - WeDoctor is making another attempt to list on the Hong Kong Stock Exchange after previous unsuccessful attempts [15] Market Trends - In the first three quarters of 2025, Chinese companies have shown increased IPO activity, with 161 listings, a 25.8% year-on-year increase, and a total fundraising amount of approximately 193.73 billion yuan [17] - The Hong Kong market saw 60 Chinese companies listed in the first three quarters, reflecting a 53.8% increase compared to the previous year [18]

Core Viewpoint - The article highlights the successful IPO of Zhida Technology, which has become a leader in the home electric vehicle charging station market in China, reflecting the growing interest in the green energy sector and the company's strong technological capabilities [4][6]. Company Overview - Zhida Technology was founded in 2010, emerging from a research project at Tongji University focused on electric vehicle charging technology [5][10]. - The company has evolved into a major player in the home charging station market, ranking first in China by sales volume and second globally [12][18]. IPO Details - On October 10, 2023, Zhida Technology was listed on the Hong Kong Stock Exchange, opening at HKD 190 per share, a 183.92% increase from its IPO price of HKD 66.92, with a total market capitalization of HKD 11.3 billion [4][6]. - The IPO saw over 5000 times oversubscription, with approximately HKD 250 billion in frozen funds, setting a new record for the Hong Kong stock market in the new energy sector [4][6]. Market Position - According to Frost & Sullivan, Zhida Technology holds a 13.6% market share in China's home electric vehicle charging station sales and a 9.0% share globally [12][18]. - The company has developed a comprehensive ecosystem around charging solutions, including products, services, and digital platforms, aiming to connect households with sustainable energy [5][20]. Financial Performance - Despite being a market leader, Zhida Technology has faced continuous losses since its inception, with net losses of CNY 25.1 million in 2022 and projected losses of CNY 236 million in 2024 [18][19]. - The company has invested heavily in R&D and market expansion, which has temporarily impacted profitability but is expected to enhance long-term competitiveness [19][21]. Future Outlook - The company is focusing on a dual strategy of "technology + ecosystem" to drive growth, with plans to scale high-margin products like charging robots and energy management solutions [20][21]. - As electric vehicle penetration increases and home charging demand rises, Zhida Technology is positioned to capitalize on these trends and potentially achieve profitability in the future [21].

扬子晚报网10月11日讯（记者 范晓林 薄云峰）10月10日上市的两只港股新股——金叶国际集团、挚达科技如约大涨，涨幅分别为464%和181%。 | | 2.820 +2.320 +464.00% | 2.575(CNY) | | | | 金叶国际集团 立即 | 8549 交易 | | --- | --- | --- | --- | --- | --- | --- | --- | | HKEX HKD 11:02:37 | | | | | | | 1 . + | | 盟比 | 74.58% == | | 44.00 元 | 交年 | | 0.00% 120日 | 0.00% | | 家 | 1.00万 ( 2.890 | | 1) | 5日 | 0.00% 250日 | | 0.00% | | 250 | 2.880 | 1.50万 | 2) | 20日 | | 0.00% 52周高 | 0.00 | | 国 | 2.870 | - | - ) | 60日 | | 0.00% 52周低 | 0.00 | | 彩 | 2.860 | 5 | - ) | | 2023 | 2024 | 2025 | | 或一 | ...

恭喜成功上市！ 金叶国际集团有限公司 (HK.8549) 是今年第一家在GEM 上市的公司。金叶国际集团是一家从事机电工 程的承建商，专注于供应、安装、保养及维修暖气、通风及空调系统、电力装置系统，以及供水和排水 系统。 上海挚达科技发展股份有限公司 (HK.2650) 是中国家用电动汽车充电解决方案供应商，其家用电动汽车 充电桩以销量及销售额计在中国排名第一，并开发了由产品、服务及数字化平台构成的"三位一体"电动 汽车家庭充电解决方案。 来源：市场资讯 （来源：香港交易所脈搏/HKEx Pulse） ...

Core Insights - Zhidatech (02650.HK) officially listed on the Hong Kong Stock Exchange on October 10, 2023, opening at HKD 190 per share, a 183.92% increase from its offering price of HKD 66.92, with a total market capitalization of HKD 11.3 billion [4] - The company experienced an overwhelming IPO subscription with over 5000 times oversubscription, raising approximately HKD 250 billion in frozen funds, setting a new record for the Hong Kong stock market in the new energy sector [4] - Zhidatech, rooted in academic research, has evolved from a university lab project into a leading player in the home electric vehicle charging station market, recognized as the top seller in China [5][10] Company Overview - Founded in 2010, Zhidatech originated from a research project at Tongji University focused on electric vehicle charging technology [5] - The company has secured multiple rounds of financing from notable investors, including BYD and Zhongding Holdings, which have stakes of 7.67% and 3.52%, respectively [5] - Zhidatech has developed a comprehensive ecosystem around charging solutions, including five core competencies: products, services, digitalization, manufacturing, and branding [6] Market Position - According to Frost & Sullivan, Zhidatech holds a 13.6% market share in China's home electric vehicle charging station sales and a 9.0% share globally [10] - The company aims to expand its global footprint and enhance its digital and intelligent solutions as part of its 2.0 strategy [6] Financial Performance - Despite being the market leader, Zhidatech has faced continuous losses since its inception, with net losses of HKD 25.1 million in 2022, escalating to HKD 58.1 million in 2023, and projected losses of HKD 236 million in 2024 [11][13] - The losses are attributed to the industry's growth trajectory, high costs, and competitive pricing pressures, which have affected profit margins [13] Future Outlook - Zhidatech is focusing on a dual strategy of "technology + ecosystem" to drive growth, moving beyond just selling charging stations to offering a complete solution that includes products, services, and a digital platform [14] - The company anticipates that increasing electric vehicle penetration and the demand for home charging solutions will eventually lead to profitability [19]

Core Viewpoint - The recent IPOs of Golden Leaf International Group and Zhida Technology have seen significant first-day gains, with increases of 464% and 181% respectively, marking them as notable performers in the Hong Kong stock market [1][3]. Group 1: Golden Leaf International Group - Golden Leaf International Group achieved a first-day closing increase of 464%, making it the highest first-day gain for a new stock since 2025 [3]. - The company recorded an oversubscription rate of 11,464 times for its public offering, setting a new record for Hong Kong IPOs in 2025 [4][6]. - Despite the substantial increase in stock price, the total market capitalization of Golden Leaf International Group remains around HKD 1.1 billion [11]. Group 2: Zhida Technology - Zhida Technology, which specializes in home electric vehicle charging stations, experienced a first-day gain of 181% [3]. - The company reported an oversubscription rate of 5,440 times for its public offering, ranking fifth among new stocks in terms of oversubscription in 2025 [11]. - Zhida Technology's total market capitalization exceeded HKD 11.2 billion following its stock price increase [15]. Group 3: Market Context - The first-day performance of both companies places them among the top gainers for new stocks listed in 2025, with Golden Leaf International Group and Zhida Technology ranking high in terms of percentage increase [3]. - The overall market environment for IPOs in Hong Kong appears favorable, as evidenced by the high demand and significant oversubscription rates for these new listings [6][10].

Core Viewpoint - The recent IPOs of Golden Leaf International Group and Zhida Technology have seen significant first-day gains, with Golden Leaf International Group rising by 464% and Zhida Technology by 181%, marking them as some of the highest first-day performers in 2025 [1][3]. Group 1: Golden Leaf International Group - Golden Leaf International Group achieved a record oversubscription rate of 11,464 times, making it the "super subscription king" of Hong Kong stocks in 2025 [4][6]. - The company is a well-established contractor in electromechanical engineering in Hong Kong, with annual revenues exceeding 100 million HKD and annual profits around 10 million HKD [7][8]. - Despite the significant price increase, the total market capitalization of Golden Leaf International Group remains approximately 1.1 billion HKD [10]. Group 2: Zhida Technology - Zhida Technology, a company specializing in home electric vehicle charging stations, holds a market share of 13.6% in China and 9.0% globally [11]. - The company has faced declining performance due to price wars, recording revenues of 697 million CNY, 671 million CNY, and 593 million CNY from 2022 to 2024, with net losses of 25 million CNY, 58 million CNY, and 236 million CNY during the same period [11][12]. - The final offering price for Zhida Technology was set at the lower end of its range at 66.92 HKD per share, with a total fundraising amount of approximately 400 million HKD, resulting in a net amount of about 326 million HKD [13].

Core Viewpoint - The article highlights the significant stock price increases of two newly listed companies, Jinye International Group and Zhida Technology, with respective gains of 464% and 181% on their debut, marking them as notable performers in the Hong Kong stock market [1][3]. Group 1: Jinye International Group - Jinye International Group achieved a record high first-day closing increase of 464%, making it the highest debuting stock in 2025 [3]. - The company experienced an oversubscription rate of 11,464 times in its public offering, setting a new record for Hong Kong IPOs in 2025 [5][8]. - The total fundraising amount for Jinye International Group was approximately HKD 50 million, with a net amount of HKD 31.3 million after deducting listing expenses [11][12]. Group 2: Zhida Technology - Zhida Technology, a company specializing in home electric vehicle charging stations, saw a first-day increase of 181% and ranked fifth in oversubscription with a rate of 5,440 times [16][18]. - The company reported revenues of RMB 6.97 billion, RMB 6.71 billion, and RMB 5.93 billion for the years 2022, 2023, and 2024, respectively, but has been operating at a loss since its inception in 2010 [18]. - Zhida Technology's total market capitalization exceeded HKD 11.2 billion following its stock price surge [20].

Core Viewpoint - The recent trend in Hong Kong IPOs shows a significant increase in first-day stock price gains, with notable performances from companies like Golden Leaf International Group and ZhiDa Technology during their pre-listing dark trading phase [1][4]. Group 1: Golden Leaf International Group - Golden Leaf International Group is set to list on the GEM (Growth Enterprise Market) in Hong Kong, with a pre-listing dark trading surge of up to 880%, ultimately closing at a 472% increase [1][6]. - The company, established in 2006, specializes in electromechanical engineering, handling over 1,000 projects in the 2023/24 and 2024/25 fiscal years, with most projects generating less than 500,000 HKD in revenue [6]. - Revenue is projected to rise from approximately 123 million HKD in 2023/24 to about 155 million HKD in 2024/25, marking a 25.6% increase, while net profit is expected to grow from around 10.4 million HKD to 14.1 million HKD, a 35.6% increase [6][7]. Group 2: ZhiDa Technology - ZhiDa Technology ranks first in China for home electric vehicle charging pile sales, holding a 13.6% market share domestically and 9.0% globally, with sales figures of 6.97 billion RMB in 2022, 6.71 billion RMB in 2023, and a decline to 5.93 billion RMB in 2024 [8][9]. - The company has faced continuous losses since its inception in 2010, with net losses of 0.25 billion RMB in 2022, 0.58 billion RMB in 2023, and 2.36 billion RMB in 2024, indicating a worsening financial situation [9][10]. - ZhiDa Technology's gross margin has decreased significantly from 20.5% in 2023 to 14.9% in 2024 due to intense price competition, with the company adopting a strategy of lowering prices to maintain market share [10][11].