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Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 19 companies, including Xiaoe Inc. (小鹅通), which is preparing for an IPO on the Hong Kong Stock Exchange with CICC as its sole sponsor [1] Group 1: Regulatory Requirements - Xiaoe Inc. is required to provide detailed explanations regarding the compliance of its offshore structure and reverse mergers, including foreign exchange management and tax obligations [2] - The company must clarify the ownership structure of its major shareholders and any potential issues related to shareholding restrictions [3] - Xiaoe Inc. is also asked to explain the rationale behind family trust arrangements and the rights and obligations of all parties involved in the trust [4] Group 2: Company Overview - Xiaoe Inc. is a leading provider of product-driven SaaS solutions in the private domain operation sector, enabling businesses to build and expand decentralized e-commerce infrastructure [5] - The company's cloud-based solution integrates e-commerce, digital marketing, and CRM into a unified system, enhancing efficiency in product marketing and transactions [5]

Core Viewpoint - Xiaoe Inc. (小鹅通) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor. The company has a strong shareholder base and has shown significant revenue growth, achieving profitability in 2024 [1][5][13]. Shareholder Structure - The founder, Bao Chunjian, holds approximately 44.92% of Xiaoe Inc. through Bagbao Holding and Xiaoe Tech. Tencent holds 16.82%, with other investors including Ximalaya, IDG Capital, and Qiming Venture Partners [3][5]. - Xiaoe Inc. has undergone several rounds of financing since its establishment in 2015, with notable investments from various venture capital firms [5][9][11]. Regulatory Issues - Shenzhen Xiaoe Technology Co., Ltd., a related entity, was fined 50,000 yuan by the Shenzhen Market Supervision Administration for failing to protect consumer rights and not conducting necessary qualifications checks [3][4]. Financial Performance - Xiaoe Inc. reported revenues of approximately 299 million yuan in 2022, 415 million yuan in 2023, and projected 521 million yuan in 2024, with a net loss decreasing from 339.99 million yuan in 2022 to 15.08 million yuan in 2024 [14][16]. - The company has achieved a significant turnaround, with adjusted net profits of 66.31 million yuan in the first half of 2024, indicating a shift to profitability [17][18]. Market Position and Growth Potential - Xiaoe Inc. is positioned as the leading supplier of interactive private domain operation solutions in China, with the market expected to grow from 11.9 billion yuan in 2024 to 25.8 billion yuan by 2029, reflecting a compound annual growth rate of 16.7% [13][14]. - The penetration rate of the private domain operation solutions market is currently low at 3.5%, suggesting substantial growth potential if fully realized [13]. Management Compensation - Despite previous losses, Xiaoe Inc. has provided substantial compensation to its management team, with CFO Zhou Shikun receiving significantly higher remuneration compared to other executives [18][20].

Group 1: IPO Activities - No companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from August 18 to August 24 [2] - No companies passed the listing committee review during the same period on both exchanges [3] - No companies submitted listing applications on the Shanghai Stock Exchange and Shenzhen Stock Exchange [4] - One company terminated its listing review on the Shanghai Stock Exchange, while none did so on the Shenzhen Stock Exchange [5] Group 2: Hong Kong Stock Exchange Activities - One company was listed on the Hong Kong Stock Exchange during the period [7] - Tian Yue Advanced, a technology company focused on silicon carbide single crystal substrate materials, saw its stock price rise by 6.40% on the first day of trading, closing at HKD 45 per share, a 5.14% increase from the issue price of HKD 42.8, with a market capitalization of approximately HKD 32.9 billion [8] - Two companies initiated new stock offerings, with one completing the offering during the week [9] Group 3: Company Listings and Financial Data - Shuangdeng Co., Ltd. is a battery storage company specializing in lead-acid and lithium-ion storage batteries for communication base stations, data centers, and power storage [11] - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine [12] Group 4: Recent IPO Filings - Star Ring Technology submitted its prospectus on August 18, aiming for a dual listing on the Hong Kong Stock Exchange and A-share market, focusing on AI infrastructure software [26] - Lixun Precision submitted its prospectus on August 18, also targeting a dual listing, and is a leading precision manufacturing technology company [29] - Huge Dental Limited (Hugao) submitted its prospectus on August 18, focusing on dental materials [32] - Zebra Intelligent submitted its prospectus on August 20, specializing in intelligent cockpit solutions [40] - Shenghong Technology submitted its prospectus on August 20, focusing on AI and high-performance computing PCBs [43] - Yingfa Ruineng submitted its prospectus on August 20, specializing in photovoltaic cell manufacturing [47] - Qianyuan Weike submitted its prospectus on August 21, focusing on coal logistics services [52] - Tianchen Biopharmaceutical submitted its prospectus on August 21, focusing on innovative drug development [56] - Shanghai Baoji Pharmaceutical submitted its prospectus on August 21, focusing on recombinant biopharmaceuticals [59] - Xinhua Xinjishu submitted its prospectus on August 22, providing software technology services [63] - Xiaoe Inc. submitted its prospectus on August 22, focusing on SaaS solutions for private domain operations [66] - Manycore Tech Inc. submitted its prospectus on August 22, specializing in cloud-native space design software [69] Group 5: Financial Performance - Star Ring Technology's revenue from 2022 to 2024 was CNY 373 million, CNY 491 million, and CNY 371 million, with losses of CNY 272 million, CNY 289 million, and CNY 344 million respectively [28] - Lixun Precision's revenue for the same period was CNY 214.03 billion, CNY 231.91 billion, and CNY 268.80 billion, with profits of CNY 10.49 billion, CNY 12.24 billion, and CNY 14.58 billion respectively [31] - Huge Dental's revenue was CNY 280 million, CNY 358 million, and CNY 399 million, with profits of CNY 64.03 million, CNY 88.35 million, and CNY 76.57 million respectively [34] - Zebra Intelligent's revenue was CNY 805 million, CNY 872 million, and CNY 824 million, with losses of CNY 878 million, CNY 876 million, and CNY 847 million respectively [42] - Shenghong Technology's revenue was CNY 7.88 billion, CNY 7.93 billion, and CNY 10.73 billion, with profits of CNY 791 million, CNY 671 million, and CNY 1.15 billion respectively [46] - Yingfa Ruineng's revenue was CNY 5.64 billion, CNY 10.49 billion, and CNY 4.36 billion, with profits of CNY 350 million, CNY 410 million, and losses of CNY 864 million respectively [51] - Qianyuan Weike's revenue was CNY 4.52 billion, CNY 3.74 billion, and CNY 3.66 billion, with profits of CNY 165 million, CNY 47 million, and CNY 33 million respectively [54] - Tianchen Biopharmaceutical's revenue was CNY 0 and losses of CNY 95.78 million and CNY 137 million for 2023 and 2024 respectively [58] - Shanghai Baoji Pharmaceutical's revenue was CNY 6.93 million and CNY 6.16 million, with losses of CNY 160 million and CNY 364 million respectively [61] - Xinhua Xinjishu's revenue was CNY 1.63 billion, CNY 1.93 billion, and CNY 1.80 billion, with profits of CNY 182 million, CNY 270 million, and CNY 202 million respectively [65] - Xiaoe Inc.'s revenue was CNY 299 million, CNY 415 million, and CNY 521 million, with losses of CNY 33.99 million, CNY 37.05 million, and CNY 15.08 million respectively [68] - Manycore Tech's revenue was CNY 601 million, CNY 664 million, and CNY 755 million, with losses of CNY 704 million, CNY 646 million, and CNY 513 million respectively [72]