Group 1 - The company,卓越睿新, plans to globally offer 6.6667 million H-shares, with 666,700 shares available for sale in Hong Kong and 6 million shares for international offering, with the offering period from November 28 to December 3, 2025, and expected pricing on December 4, 2025 [1] - The expected price range for the shares is HKD 62.26 to HKD 76.10 per share, with a trading unit of 100 shares [1] - The shares are anticipated to start trading on the Hong Kong Stock Exchange on December 8, 2025 [1] Group 2 - The company is a well-known provider of digital solutions for higher education institutions in China, focusing on digital educational content and teaching environment services [2] - The digital education market in China is highly fragmented, with the top five companies holding a combined market share of 12.9% as of 2024 [2] - The company ranks second in the digital education market for higher education institutions in China with a market share of 4.0% and first in the digital educational content production market with a market share of 7.3% [2] Group 3 - The company has delivered over 44,000 digital education content products and covers 12 subject categories and 92 majors recognized by the Ministry of Education [3] - The company has 627 digital courses recognized as top-tier courses by the Ministry of Education, ranking first among the top five participants in the digital education market by revenue [3] - Assuming a median offering price of HKD 69.18 per share, the company estimates net proceeds from the global offering to be approximately HKD 404.5 million, with planned allocations of 36.7% for R&D, 31.8% for enhancing customer service capabilities, 21.5% for establishing knowledge graph development centers, and 10.0% for working capital and general corporate purposes [3]

Core Viewpoint - 卓越睿新数码 is focused on providing digital solutions for higher education institutions, with a strong market position in China’s educational digitalization sector [1] Company Overview - 卓越睿新数码 has delivered over 44,000 digital education content products, covering 12 recognized subject categories and 92 majors by the Ministry of Education [1] - The company ranks second in the Chinese higher education digitalization market with a market share of 4.0% based on projected 2024 revenue [1] - In the digital teaching content production market, the company holds the top position with a market share of 7.3% [1] Product and Innovation - The company has 627 digital courses recognized as "gold courses" in the national selection for first-class undergraduate courses and vocational education online courses, ranking first among major market players [1] -卓越睿新数码 has continuously innovated its technology, launching virtual simulation development in 2020 and knowledge graph construction in 2022 to enhance interactive, engaging, and personalized learning experiences [1]

Core Insights - The company, Wisdom Tree, has experienced significant revenue growth in recent years, but its net profit has been highly volatile, with a loss of 59.11 million in 2022, a profit of 81.42 million in 2023, and a projected loss of 88.855 million in the first half of 2024, before returning to profitability of 100 million by the end of 2024 [1][3][4] - Accounts receivable surged by 154% over two years to 340 million, representing 40% of total revenue for the year. This increase was accompanied by a deterioration in receivables quality, with impairment provisions rising by 177% to 34.1 million over three years [1][6] - The company has faced compliance issues, including bribery allegations involving sales personnel and penalties for collusion in bidding and false advertising, which pose significant obstacles to its IPO ambitions in Hong Kong [1][19][20] Financial Performance - Revenue figures for Wisdom Tree from 2022 to 2024 were 400 million, 650 million, and 850 million respectively, indicating a continuous upward trend, but the profit attributable to owners fluctuated significantly [3][4] - The gross profit margin has also shown volatility, decreasing from 51.1% in 2021 to 44.1% in 2022, then rising to 60.7% in 2023, and dropping to 46.1% in the first half of 2024, before being reported at 61.9% for the full year [4][5] Accounts Receivable and Cash Flow - Trade receivables increased from 134.958 million in 2022 to 340 million in 2024, accounting for 67.6% of current assets by April 2025, indicating a significant portion of current assets is tied up in receivables [6][8] - The net cash flow from operating activities was negative in 2022 and 2024, with figures of -48.14 million and -9.53 million respectively, reflecting cash outflows of over 46 million over two years [10][12] Compliance and Legal Issues - Wisdom Tree has been involved in multiple compliance issues, including a bribery case and collusion in bidding, which have resulted in fines and could impact its IPO process [19][20] - The company has been required to provide additional information regarding its compliance measures in light of these issues as part of its IPO application [20]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD. 上海卓越睿新數碼科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作提供資料予香港公眾人士。 申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下 知悉、接納並向上海卓越睿新數碼科技股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）、其 獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司根據香港法例第32章《公司（清盤及雜項條文）條例》向香港公司註冊處處長登記本公司招股章程 後方會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾提出要約或邀請，務請有意投資者 僅依據向香港公司註冊處處長登記的本公司招股章程作出 ...