Core Insights - The Hong Kong IPO market experienced a significant event on July 9, with five companies listed simultaneously, marking a rare occurrence since January 2021 [2][4] - The five companies that went public are Lens Technology (06613.HK), Geek+, Dazhong Dental (02651.HK), Fortior (01304.HK), and Xunzhong Communication (02597.HK) [2][3] - The overall performance of these newly listed companies was strong, with Dazhong Dental, Fortior, and Lens Technology seeing notable price increases on their first trading day [4] Company Summaries - **Lens Technology**: A leading provider of precision manufacturing solutions for smart terminals, particularly in consumer electronics and smart vehicles. The company raised approximately HKD 4.694 billion with a subscription rate of 462.76 times for its public offering [5][6] - **Geek+**: The largest provider of autonomous mobile robot solutions for warehousing, maintaining a 9% market share. The company's revenue is projected to grow from RMB 1.452 billion in 2022 to RMB 2.409 billion in 2024. The IPO raised HKD 2.712 billion with a subscription rate of 133.62 times [6] - **Dazhong Dental**: A leading private dental service provider in Central China, which also saw a strong subscription rate of 108.25 times for its public offering, although its performance is expected to face challenges in 2024 [6] Market Context - The simultaneous listing of five companies reflects the revitalization of the Hong Kong IPO market, driven by the release of reform dividends, a surge in hard technology companies, and a return of international capital confidence in Chinese assets [4] - The IPO market in Hong Kong has shown robust performance in 2025, with the first-day price drop rate for new stocks reaching a multi-year low, indicating a significant improvement in the profitability of new listings [4]

Core Viewpoint - Lens Technology, a dual supplier for "fruit chain" and "rice chain," has officially entered the public offering stage for its Hong Kong IPO, aiming to raise funds for R&D and overseas capacity expansion [1][4]. Group 1: IPO Details - The company plans to issue approximately 262 million H-shares, with 28.84 million shares available for Hong Kong and about 233 million for international sales [4]. - The price range for the shares is set between HKD 17.38 and HKD 18.18, with expected net proceeds of HKD 4.59 billion [4]. Group 2: Financial Performance - Revenue projections for Lens Technology from 2022 to 2024 are 46.7 billion, 54.5 billion, and 69.9 billion yuan, respectively, with adjusted net profits of 2.52 billion, 3.10 billion, and 3.84 billion yuan [4]. - The adjusted net profit margins are forecasted at 5.4%, 5.7%, and 5.5% for the same period [4]. Group 3: Business Segments - The revenue share from the smart automotive and cockpit business increased from 7.7% in 2022 to 9.2% in 2023, before decreasing to 8.5% in 2024 [4]. - The smart automotive segment is now the second-largest business for the company, including products like electronic glass, windshields, and dashboards [4]. Group 4: Strategic Partnerships and Future Growth - Xiaomi is a cornerstone investor, and the company anticipates expanding collaboration with Xiaomi beyond smartphones into wearables, automotive, and home appliances [1][4]. - The management emphasizes the importance of the folding screen market, positioning it as a new growth point, especially with advancements in Apple's folding screen technology [6][7]. Group 5: Global Expansion and Supply Chain Resilience - The company plans to enhance its global business layout and supply chain resilience, with potential expansions in Vietnam and Thailand to meet the demand for precision manufacturing solutions [6]. - The management believes that the demand for AI devices and humanoid robots will drive future growth, with aspirations to become the largest humanoid robot manufacturing base globally [7].