| 全球發售項下的發售股份總數 | : | 26,540,000股股份(視乎超額配股權行使與否而定) | | --- | --- | --- | | 香港發售股份數目 | .. | 2.654.000股股份(可于重新分配) | | 國際發售股份數目 | " | 23,886,000股股份(可予重新分配及視乎 | | | | 超額配股權行使與否而定) | | 發售價 | .. | 每股股份22.68港元,另加1.0%經紀佣金、 | | | | 0.0027%證監會交易徵費、0.00565%聯交所 | | | | 交易費及0.00015%會財局交易徵費(須於 | | | | 申請時以港元繳足,多繳款項可予退還) | | 面值 | : | 每股股份0.0001美元 | | 股份代號 | ። 2661 | | 来自北京的 轻松健康(02661.HK)，于今日(12月15日)起至周四(12月18日)招股，预计2025年12月23日在港交所挂牌上市， 中金公司、 招商证券国际联席 保荐。 招股书显示，轻松健康在上市后的股东架构中，杨胤女士，通过间接持股、以及若干投票代理安排，控制QSC ESO、 WIND ENTERPR ...

Core Viewpoint - AI technology is a significant growth engine for the company, which is preparing for its IPO and aims to enhance its market position in digital health and insurance services [6][7]. Group 1: IPO Details - The company is launching its IPO from today until the 18th, with plans to officially list on the Hong Kong Stock Exchange on December 23, 2025, under the stock code "2661" [3]. - It plans to issue 26,540,000 shares, with a public offering of 2,654,000 shares and an international offering of 23,886,000 shares, aiming to raise over 600 million HKD at an issue price of 22.68 HKD per share, resulting in a market capitalization of 4.681 billion HKD [3]. - The company has secured cornerstone investment from Guangdong Hengqin Yuemao Deep Cooperation Zone, subscribing 100 million RMB, alongside investments from notable institutions like IDG Capital and Tencent [3]. Group 2: Business Overview - Established in 2014, the company operates as a one-stop digital health and insurance service platform, focusing on "digital comprehensive health services" and "digital comprehensive insurance services" [4]. - It ranks 10th in China's digital comprehensive health services and health insurance market based on projected 2024 revenue, and 7th in the digital health services market [5]. Group 3: User Base and Growth Potential - As of June 30, 2025, the platform has 168 million registered users and approximately 59.7 million followers across various social media channels [5]. - About 60.4% of users are aged between 20 and 45, indicating a demographic that is likely to increase spending on health solutions as they progress through life stages [5]. Group 4: AI Technology Integration - The company has developed a proprietary AI technology stack, AIcare, which is central to its operations, with 43.3% of its workforce in IT R&D [6]. - It has registered 58 invention patents and 39 software copyrights related to its technology capabilities [6]. - The AI marketing platform has generated nearly 12.9 million business leads, and the company has launched various innovative applications using generative AI tools to enhance healthcare services [6]. Group 5: Financial Performance - Revenue figures for 2022, 2023, and projected 2024 are 394 million, 490 million, and 945 million RMB, respectively, with a compound annual growth rate of 54.9% [7]. - In the first half of this year, revenue grew by 84.7% year-on-year to 656 million RMB, with an adjusted net profit of 51.18 million RMB, reflecting an 11.3% increase [7]. - The net proceeds from the IPO will be used to enhance brand awareness, user engagement, and partnerships, as well as to improve AI and big data capabilities and expand into new markets [7].

轻松健康(2661.HK)今日起至12月18日招股，每股招股价22.68港元，发售2654万股，香港公开发售占 10%，其余为国际配售，集资最多6.01亿港元。一手200股，入场费4581.75港元。该股预期12月23日挂 牌。 轻松健康是中国的一站式平台，专注于提供数字综合健康服务及健康保险解决方案。此次IPO该公 司拟将所得款项净额约40%用于提升品牌知名度、提高用户参与度及加强与业务合作伙伴的合作；约 20%用于医学研究和真实世界研究；约20%用于提升在AI及大数据领域的技术能力；约10%用于拓展至 更多地区及海外市场；约10%用作营运资金及其他一般公司用途。 本文源自：金融界AI电报 ...

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for five companies, all of which are set to list in Hong Kong, with two of them already listed in the US market [1][4]. Group 1: Company Summaries - **Xiaoma Zhixing** plans to issue up to 102,146,500 ordinary shares for listing on the Hong Kong Stock Exchange. The company is headquartered in Guangzhou and specializes in autonomous driving systems for taxis and trucks. As of the first half of 2025, it reported revenues of $35.43 million and a net loss of $96.09 million [1][4][5]. - **Wenyan Zhixing** intends to issue up to 102,428,200 ordinary shares for its Hong Kong listing. The company develops autonomous driving systems and software, holding licenses in seven countries. In the first half of 2025, it reported revenues of $2 billion and a net loss of $7.92 billion [1][6][5]. - **Yujian Xiaomian** aims to issue up to 235,108,000 ordinary shares for its Hong Kong listing. The company operates a chain of Chinese restaurants, primarily offering Chongqing noodles. As of April 5, 2025, it had 374 restaurants in mainland China and 6 in Hong Kong. Revenue figures from 2022 to 2024 were $418 million, $801 million, and $1.154 billion, with corresponding net profits of -$35.97 million, $45.91 million, and $60.70 million [1][8][5]. - **Qingsong Jiankang** plans to issue up to 36,496,400 ordinary shares for its Hong Kong listing. The company provides digital health services and health insurance solutions. Revenue figures from 2022 to 2025 were $394 million, $490 million, $945 million, and $656 million, with net profits of -$9.10 million, $97.17 million, $8.99 million, and $86.05 million [1][10][5]. - **Tudatong** intends to merge with TechStar Acquisition Corporation to achieve a listing on the Hong Kong Stock Exchange, issuing up to 190,240,000 ordinary shares. The company specializes in the development and production of automotive-grade lidar for advanced driving assistance systems and autonomous driving. Revenue figures from 2022 to 2024 were $66.30 million, $121 million, and $160 million, with net losses of $188 million, $219 million, and $398 million [1][11][5].

Group 1 - The China Securities Regulatory Commission has issued a notice regarding QingSong Health Corporation's plan to issue up to 36,496,400 shares for overseas listing on the Hong Kong Stock Exchange [1] - QingSong Health Corporation is a one-stop platform in China focused on providing digital integrated health services and health insurance solutions [3] - According to a report by Sullivan, QingSong Health Corporation ranks 10th in China's digital integrated health services and health insurance market based on projected revenue for 2024 [3] Group 2 - The company ranks 7th in China's digital health services market based on projected revenue for 2024 [3] - QingSong Health Corporation aims to provide accessible, precise, and affordable health solutions to those in need [3]

Core Viewpoint - The company, Qingsong Health Group, has submitted a listing application to the Hong Kong Stock Exchange after a previous application expired, indicating a renewed effort to go public and raise capital for growth initiatives [1]. Group 1: Financial Performance - The company's projected revenues for 2022, 2023, 2024, and the first half of 2025 are approximately CNY 394 million, CNY 490 million, CNY 945 million, and CNY 656 million respectively, showing significant growth potential [1]. - Net profits are expected to fluctuate, with estimates of approximately CNY -9.1 million, CNY 97.2 million, CNY 8.99 million, and CNY 86.1 million for the same periods, indicating volatility in profitability [1]. Group 2: User Base and Services - Qingsong Health focuses on providing digital comprehensive health services and health insurance solutions, catering to users seeking holistic health solutions, including screening, health checks, medical appointments, and health product sales [2]. - The registered user numbers are projected to be around 155 million, 164 million, 168 million, and 168 million for the years 2022 to 2025, while active users are expected to decline from 71 million to 23 million over the same period [2]. Group 3: Revenue Dependence - The company relies heavily on its top five clients, with their revenue contributions being 75.4%, 71.7%, 65.6%, and 65.9% of total revenue from 2022 to the first half of 2025, and the largest client contributing 35.1%, 25.3%, 22.9%, and 25.0% respectively [3]. - The procurement from the top five suppliers accounts for 42.0%, 36.1%, 70.1%, and 77.4% of total procurement during the same periods, indicating a significant reliance on a limited number of suppliers [3]. Group 4: Fundraising Purpose - The funds raised from the IPO will primarily be used to enhance brand awareness, increase user engagement, strengthen partnerships, invest in medical and real-world research, improve AI and big data capabilities, and expand into new regions and overseas markets [2].

Core Viewpoint - Easy Health Group submitted a listing application to the Hong Kong Stock Exchange on August 31, with CICC and China Merchants Securities International as joint sponsors, after its previous application became invalid on August 20 [1]. Group 1: Company Overview - Easy Health Group was established in 2014 and focuses on providing digital integrated health services and health insurance solutions [2]. - The company plans to spin off its online disease fundraising service and transfer all equity of this service and the Duol Hospital to Zhonglang Group, which is seen as a compliance necessity and a way to alleviate potential listing burdens [3]. Group 2: Financial Performance - For the reporting periods from 2022 to 2024, Easy Health Group reported revenues of approximately 394 million RMB, 490 million RMB, 945 million RMB, and 656 million RMB, with profits (losses) of -9.098 million RMB, 9.7169 million RMB, 0.899 million RMB, and 8.6045 million RMB respectively [3][4]. - The revenue contribution from digital integrated insurance services has decreased over the years, accounting for 81.5%, 66.7%, 34%, 41.6%, and 22.9% of total revenue during the reporting periods [4]. Group 3: User Engagement and Marketing - The gross profit margin of Easy Health Group has been declining, recorded at 82.6%, 79.9%, 38.3%, and 32.5% across the reporting periods, while active user numbers have also decreased from 70.5 million to 22.7 million [5]. - The company has incurred high sales and marketing expenses, which were approximately 65.8 million RMB, 124 million RMB, 159 million RMB, 72.4 million RMB, and 103 million RMB, representing 16.7%, 25.3%, 16.8%, 20.4%, and 15.7% of revenue respectively [7]. Group 4: Regulatory Issues - In 2022, Easy Health Group's subsidiary, Guangdong Easy Insurance Brokerage Co., was fined 1 million RMB for misleading advertising practices related to insurance products [7]. - Recent complaints against Easy Insurance have surfaced on the Black Cat Complaint platform, alleging issues such as unauthorized charges and aggressive marketing tactics [8].

Core Insights - Qingsong Health Group has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, marking a renewed application after a previous submission lapsed in January 2025 [1] - The company, established in 2014, focuses on providing a one-stop platform for digital integrated health services and health insurance solutions [1] Financial Performance - Qingsong Health's revenue primarily comes from digital integrated health services and digital insurance services, with total revenues for 2022, 2023, 2024, and the first half of 2025 reported as RMB 394 million, RMB 490 million, RMB 945 million, and RMB 656 million respectively [2] - The gross profit for the same periods was approximately RMB 325 million, RMB 391 million, RMB 362 million, and RMB 213 million, with net profits of RMB -9 million, RMB 97 million, RMB 9 million, and RMB 86 million [2] - The company has a revenue compound annual growth rate (CAGR) of 54.95% and a gross margin CAGR of 5.46% [2] Market Position - According to a report by Frost & Sullivan, Qingsong Health ranks tenth in China's digital integrated health services and health insurance market by revenue as of 2024, and seventh in the digital health services market [4][8] - The digital health services market in China is expected to grow significantly, with a projected market size of RMB 859.8 billion by 2028, reflecting a CAGR of over 30% [8] Technology and Innovation - Qingsong Health has developed a proprietary AI technology stack named AIcare, which enhances customer acquisition, fraud prevention, personalized marketing, and operational efficiency [5] - As of June 30, 2025, approximately 43.3% of the company's employees are involved in IT research and development, with 58 registered patents and 39 software copyrights related to its technology capabilities [5] Customer Base and Partnerships - The company has established partnerships with 144 entities, including 58 insurance companies and 86 pharmaceutical partners, with the top five customers accounting for over 65% of revenue [6][7] - As of June 30, 2025, Qingsong Health has 1.7 million registered users and has launched 294 insurance products in collaboration with its partners [6][7] Funding and Ownership - Qingsong Health has raised approximately $126 million across eight funding rounds, with notable investors including IDG Capital, Tencent, and Sunshine Insurance Group [9] - The founder, Yang Yin, transitioned from being an investor to an entrepreneur, holding a 23.93% stake in the company prior to the IPO [9]

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

Core Viewpoint - Easy Health Group submitted a listing application to the Hong Kong Stock Exchange on August 31, 2023, after its previous application became invalid on August 20, 2023 [1]. Company Overview - Easy Health Group was established in 2014 and focuses on providing digital integrated health services and health insurance solutions [4]. - In June 2024, the group plans to spin off its online disease fundraising service and transfer all equity in this service and its hospital to Zhonglang Group [4]. Financial Performance - The group reported revenues of approximately 394 million RMB, 490 million RMB, 945 million RMB, and 656 million RMB for the years 2022 to 2024 and the first half of 2025, respectively [4]. - The profits (losses) from continuing operations during the same periods were -9.098 million RMB, 9.7169 million RMB, 0.899 million RMB, and 8.6045 million RMB [5]. - The gross profit margin has been declining, recorded at 82.6%, 79.9%, 38.3%, and 32.5% over the reporting periods [6]. User Engagement - Active user numbers have decreased significantly, from 70.5 million to 22.7 million over the reporting periods [6]. - The group acknowledges that its success relies on maintaining and expanding its user base [8]. Marketing and Compliance Issues - The group has incurred high sales and marketing expenses, which were approximately 65.8 million RMB, 124 million RMB, 159 million RMB, 72.4 million RMB, and 103 million RMB, representing 16.7%, 25.3%, 16.8%, 20.4%, and 15.7% of revenue, respectively [8]. - Easy Health Group's subsidiary, Guangdong Easy Insurance Brokerage Co., was fined 1 million RMB in 2022 for misleading marketing practices [8]. - Recent complaints against Easy Insurance have surfaced, alleging issues such as unauthorized charges and aggressive marketing tactics [9].