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 - Zhejiang Dongfang Kema Electronic Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange after previously withdrawing its A-share application due to various concerns, including customer stability and cash flow discrepancies [1][3][4]. Group 1: Company Overview - Dongfang Kema was established in October 2005 and became a joint-stock company in December 2015, headquartered in Jiaxing, Zhejiang Province [6]. - The company focuses on the research and production of various smart IoT electronic paper display modules and related solutions, with applications in smart retail, education, logistics, and more [10][29]. - As of September 21, 2025, key shareholders include Lyu Zhongren and Zhou Aijun, who collectively hold approximately 36.79% of the company [7]. Group 2: Financial Performance - The company's revenue and net profit have declined in recent years, with revenues of RMB 12.14 billion in 2022, RMB 10.24 billion in 2023, and RMB 11.52 billion in 2024, while net profits were RMB 918.76 million, RMB 507.39 million, and RMB 534.04 million respectively [13][14]. - The overall gross margin for the reporting periods was 20.7%, 15.8%, and 15.8%, with a significant drop in 2023 due to price adjustments aimed at increasing market share [17][18]. - Operating cash flow was negative in the first half of 2025, influenced by inventory and accounts receivable factors [24]. Group 3: Market Position and Competition - The global smart IoT electronic paper display solutions market is expected to grow significantly, with a projected market size of approximately RMB 548 billion in 2024, growing at a compound annual growth rate of 14.6% to reach RMB 1,084 billion by 2029 [32]. - Dongfang Kema ranks second among the top five global smart IoT electronic paper display solution providers, holding a market share of 20.5% [36][38]. - The company has a high customer concentration, with the top five customers contributing over 80% of total revenue, and its largest customer, Solum, accounting for 36.1% of revenue in the most recent reporting period [22].

Core Viewpoint - Dongmai Electronics has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, smart upgrades of production bases, and enhancement of R&D and technical capabilities to meet the growing market demand for smart IoT electronic paper display solutions [2] Fundraising Purpose - The company plans to expand production capacity cautiously and effectively to enhance production and supply efficiency, thereby consolidating cost advantages [5] - Dongmai Electronics aims to improve its R&D and technical capabilities, focusing on cutting-edge electronic paper technologies and new material applications, including AI technology for automated waveform debugging [5] - The company intends to enrich its product matrix by developing a comprehensive product line that covers various scenarios, including commercial large-size full-color billboards and electronic book bags, to meet the rapid development needs of emerging fields [5] Talent Recruitment and Development - Dongmai Electronics plans to recruit approximately 2 to 3 professionals with doctoral degrees annually over the next three years, focusing on electronic paper, cloud platforms, and information systems [6] - These professionals will be responsible for new product planning, core technology optimization, and AI waveform debugging architecture design [6] Company Development History - Dongmai Electronics has over a decade of experience in the electronic paper display technology field, starting in 2005 with a focus on industrial-grade LCD displays [7] - The company became one of the earliest entrants into the smart IoT electronic paper display solutions industry in mainland China in 2008 [7] - In 2021, the company initiated the construction of the world's largest electronic paper display module production base in Zhejiang, which commenced full production in 2023 [7] Technical and Market Performance - As of June 30, 2025, Dongmai Electronics has obtained 94 patents, including 28 invention patents, establishing a strong technical barrier to support product matrix expansion [9] - The sales volume of smart IoT electronic paper display modules increased from 50.6 million units in 2022 to 56.1 million units in 2023, with projections of 67.1 million units in 2024 [9] - The company has made significant R&D investments, with a compound annual growth rate of 8.1% in R&D expenses from 2022 to June 30, 2025 [9]

Core Viewpoint - Zhejiang Oriental Kema Electronic Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, positioning itself as the largest commercial smart IoT electronic paper display solution provider globally with a market share of 26.3% as of 2024 [1] Group 1: Company Overview - The company focuses on the design, research and development, manufacturing, and sales of electronic paper display modules, with products applicable in various sectors such as smart retail, smart office, smart education, smart logistics, smart transportation, and e-readers [1] - The company has maintained steady growth in performance, with sales volume of smart IoT electronic paper display modules increasing from 50.6 million units in 2022 to 67.1 million units in 2024, and total revenue of RMB 12.13 billion, RMB 10.24 billion, and RMB 11.51 billion during the same period [1] Group 2: Financial and R&D Investment - R&D expenditures from 2022 to 2024 were RMB 38 million, RMB 39.9 million, and RMB 56 million, representing 3.1% to 4.9% of total revenue [2] - As of June 30, 2025, the company has obtained 94 patents, including 28 invention patents, indicating strong technological innovation capabilities [2] Group 3: Customer Structure and Production Capacity - The company has a high customer concentration, with the top five customers accounting for 93.3%, 88.7%, and 82.6% of revenue from 2022 to 2024, and the largest customer contributing 47.7%, 50.7%, and 36.3% respectively [2] - The company operates four production and R&D bases domestically and internationally, with an annual production capacity exceeding 130 million units and 47 specialized production lines [2] Group 4: Industry Outlook - The global demand for electronic paper is expected to grow due to its advantages such as ultra-low power consumption and eye-friendly experience, with the market for smart IoT electronic paper solutions projected to increase at a compound annual growth rate of 14.6%, from RMB 54.8 billion in 2024 to RMB 108.4 billion in 2029 [2] Group 5: Listing and Fund Utilization - The listing is sponsored by CITIC Securities (Hong Kong) Limited, with the raised funds intended for enhancing production capacity, upgrading production bases, increasing R&D investment, and supporting working capital [3] - The listing is expected to further enhance the company's global competitiveness and accelerate its international strategic layout [3]