Core Viewpoint - The recent debut of Ji Hong Co., Ltd. (吉宏股份) on the Hong Kong Stock Exchange has seen a significant stock price surge, reflecting a strong market interest in A+H shares following the successful listings of other companies like CATL and Hengrui Medicine [1][5]. Group 1: Ji Hong Co., Ltd. (吉宏股份) - Ji Hong Co., Ltd. officially listed on the Hong Kong Stock Exchange on May 27, with its stock price increasing by over 60% at one point, closing with a gain of 48.70% [1][5]. - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods, ranking second in China's B2C export e-commerce market with a 1.3% market share [5]. - Ji Hong's total market capitalization is approximately 6.2 billion CNY, significantly lower than larger companies like CATL and Hengrui Medicine [5]. - The company reported a decline in revenue and net profit for 2024, with revenue expected to drop by 17.41% and net profit by 47.28% compared to the previous year [6]. - Ji Hong's H-shares were issued at a price of 7.68 HKD, which is nearly 50% lower than its A-share price of 14.09 CNY, indicating a substantial discount [11]. Group 2: Market Performance and Investor Sentiment - The recent trend of A+H shares has been positive, with Ji Hong's strong debut following the impressive performances of CATL and Hengrui Medicine, leading to heightened investor expectations for future A+H listings [1][5]. - Ji Hong's IPO attracted three cornerstone investors, raising approximately 20 million USD, which accounted for about 29.8% of the total shares issued [7]. - The IPO saw a subscription rate of 1.6 times for international placements and 49.4 times for public offerings in Hong Kong, triggering a reallocation of shares [8][9]. - Despite the strong debut, the overall subscription enthusiasm for Ji Hong was not particularly high, as indicated by the lower-than-expected demand compared to other popular Hong Kong stocks [11]. Group 3: Pei Ge Biomedical (派格生物医药) - In contrast to Ji Hong, Pei Ge Biomedical, which also debuted on May 27, experienced a disappointing performance, with its stock price dropping over 17% on the first day [3][13]. - Pei Ge's public offering saw a high subscription rate of 743.78 times, but the international offering was only 1.13 times, indicating a disparity in interest between retail and institutional investors [13][15]. - The company has faced challenges in its listing journey, having previously withdrawn its application for A-share listing in 2022 before successfully listing on the Hong Kong Stock Exchange in 2024 [16][17].

在近期宁德时代、恒瑞医药赴港上市首日大涨之后，又一只A+H新股首日暴涨！ 5月27日，A股公司吉宏股份正式在港交所上市，股票代码为02603.HK，开盘即暴涨，股价涨幅一度超过60%，截至证券时报 记者发稿，其股价涨幅仍有48.70%。 | 11.420 | 10.475(CNY) | | | | | | | | 吉宏股份 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | +3.740 +48.70% | | | | | | | | 2603 | | HKEX HKD 11:03:41 | | | | | | | | | 通 乙 四 | | A股 (002803) | 14.27 | | (-1.59%) 资金流回 | | | | | | | | 委比 | -48.79% 委差 | | -263 | | 主力净流入 | | 主力流入 | | 主力流出 | | 卖五 | 11.540 | 1500 | (3) | | 248 | | 990 | | -742 | | 卖四 | 11.520 | 4.35万 | (8) | | ...