Core Viewpoint - Xipuni (02583) has successfully listed its shares at a price of HKD 29.6 per share, raising approximately HKD 269 million, with a significant initial trading surge of 183.78% to HKD 84 per share [1] Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China [1] - The company's revenue primarily comes from the sales of gold case watches and gold bezel watches designed and manufactured under its flagship brand HIPINE [1] - Xipuni also generates income by assembling watch movements sourced from external suppliers and acts as an ODM manufacturer for third-party domestic jewelry brands, providing private label watches and jewelry [1] Market Position - According to Zhaoshang Consulting, Xipuni is projected to be the largest brand in China for both gold precious metal watches and gold-inlaid precious metal watches by GMV in 2024 [1] - The market shares for Xipuni in terms of GMV for gold precious metal watches and gold-inlaid precious metal watches are estimated to be 27.08% and 28.96%, respectively [1] - The company has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Dasheng (002867) [1]