Group 1 - MetaLight, a leading provider of intelligent time-series data services in the public transportation sector, has successfully listed on the Hong Kong Stock Exchange with an issue price of HKD 9.75, raising HKD 242 million [1] - On its debut, MetaLight's stock price experienced significant volatility, opening at HKD 7.6 before rebounding to stabilize the company's market capitalization at approximately HKD 1.1 billion [1] - The company has expanded its user base significantly, reaching approximately 298.4 million users by the end of 2024, making it a preferred choice for commuters seeking real-time bus information [1] Group 2 - MetaLight has shown steady revenue growth, with revenues increasing from HKD 135 million in 2022 to HKD 174 million in 2023, and projected to reach HKD 206 million in 2024 [3] - The company maintains a high gross margin, indicating strong cost control and product profitability, which supports its ongoing development [3] - The successful listing marks a significant milestone in MetaLight's development, with future potential to leverage capital market resources to expand market share and enhance technological capabilities [3]

头顶"智能时序数据第一股"光环，元光科技（METALIGHT）却在港股上市首日暴跌超30%，此后股价 便一直处于下跌态势，市值也随之大幅蒸发。 这家运营着2.98亿用户的"车来了"母公司，表面是技术驱动的数据智能服务商，实则是三年累计亏损超 6600万元、98%收入依赖移动广告、技术转型滞后，更因创始人非法获取商业数据获刑而留下公司治理 隐患。 当雷军、徐小平早已套现离场，滴滴、阿里巴巴重仓接盘，那么元光科技的IPO是技术公司的价值兑 现，还是资本撤退前的狂欢？ 广告依赖症 6月10日，元光科技正式登陆港股，发售价为9.75港元/股，募集资金总额约2.42亿港元，所得款净额约 1.6亿港元。 首日收盘，元光科技股价为6.8港元/股，较发行价下跌30.26%，市值约为10.49亿港元，蒸发近三分之 一。此后，公司股价便一路震荡下行，截至6月30日收盘，股价为6.14港元/股，总市值为9.47亿港元。 值得关注的是，元光科技此次IPO的认购也呈"冰火两重天"。国际配售仅获2.49倍超额认购，而香港公 开发售却狂揽274.44倍超额认购，且国内没有基石投资者参与。这种"机构谨慎、散户狂热"的分化，最 终在二级市场以 ...

作为公交领域时序数据智能服务的佼佼者，元光科技凭借旗下 "车来了" 品牌积累了深厚的技术实力与市场资源。依托先进的大数据分析、人工智能算法， 公司能够实时采集、处理公交运行的时序数据，为用户提供精准的公交实时到站查询、智能出行规划等服务。目前，"车来了" 已覆盖全国数百座城市，累 计注册用户超亿人，日均活跃用户数量可观，成为众多市民日常出行的必备工具。同时，元光科技还为公交企业、政府部门提供智能调度、运营分析等解决 方案，助力提升城市公共交通的运营效率与服务质量。 随着智慧城市建设的加速推进，公共交通智能化需求日益旺盛。元光科技所处的公交时序数据智能服务赛道迎来广阔的发展空间。无论是优化市民出行体 验，还是推动公交行业数字化转型，元光科技的技术与服务都发挥着关键作用。此次登陆港交所，公司有望借助资本市场的力量，进一步加大研发投入，拓 展业务版图，巩固自身在行业内的领先地位。 资本市场迎来智能交通领域新动态！中国公交领域领先的时序数据智能服务提供商元光科技（MetaLight，旗下品牌 "车来了"，股票代码：2605）正式递交 招股书，宣布将于 2025 年 6 月 10 日登陆港交所。此次 IPO，公司计划发 ...

湖北迎来今年第一个港股IPO。 在认购阶段，元光科技受投资者高度关注。其中，国际配售获超额认购2.49倍，香港公开发售超额认购 274.44倍。此外，本次IPO元光科技并未引入基石投资者。 6月10日，元光科技集团（MetaLight Inc.，下称"元光科技"）成功在香港联交所主板挂牌上市，发售价 为每股9.75港元，募集资金总额2.42亿港元，所得款净额约1.60亿港元。 在认购阶段，元光科技受投资者高度关注。其中，国际配售获超额认购2.49倍，香港公开发售超额认购 274.44倍。 作为中国最大公交出行平台"车来了"的母公司，元光科技的上市备受市场瞩目，被称为"智能时序数据 第一股"。上市首日，元光科技的股价表现波动，最终报收6.8港元/股，市值约为10.49亿港元。 此次IPO，元光科技计划将募资用于开发基础模型和改善技术栈；市场营销增强知名度；招聘产品、营 运人员及业务专家等。未来，元光科技计划利用在公交领域的经验，将数据分析产品范围扩展至不同行 业，如向地方交通部门及公交公司等交通机构提供数据分析产品及服务，为电力交易方提供策略指导以 实现盈利能力最大化等。 3年收入复合增速23.5% 公开资料显 ...

机构认购比例均较低 从招股书来看，这3只新股在业务上各有特点。 港股IPO持续火爆！ 6月10日，港交所又迎来一次IPO"丰收"：容大科技、新琪安和MetaLight这3家公司同日登陆港股市场。 证券时报记者注意到，港股的IPO赚钱效应仍在持续。在今日上市的3只新股中，除MetaLight大幅破发 之外，容大科技、新琪安均大涨。 截至当天收盘，MetaLight下跌超30%，容大科技大涨超40%，新琪安大涨超20%。 一、容大科技 容大科技是一家销售网络遍及全球的自动识别与数据收集（AIDC）装置及解决方案供应商，从事打印 设备、衡器、POS终端机及PDA的设计、研发、制造及营销。 据弗若斯特沙利文统计，全球AIDC装置市场按销售价值计由2018年的608亿美元增加至2023年的901亿 美元，复合年增长率为8.2%，持续受到个人化购物体验需求上升、实时库存管理需求及在线到线下零 售趋势增长所带动。 不过，公司业务在近几年由于产品价格波动也出现了较大波动。 新琪安的收入由2022年的约7.615亿元减少约41.3%至2023年的约4.469亿元，主要由于2023年食品级甘 氨酸及三氯蔗糖的平均售价下降导致销售 ...

港股IPO持续火爆！ 6月10日，港交所又迎来一次IPO"丰收"：容大科技、新琪安和MetaLight这3家公司同日登陆港股市场。 证券时报记者注意到，港股的IPO赚钱效应仍在持续。在今日上市的3只新股中，除MetaLight大幅破发之外， 容大科技、新琪安均大涨。 截至当天收盘，MetaLight下跌超30%，容大科技大涨超40%，新琪安大涨超20%。 机构认购比例均较低 从招股书来看，这3只新股在业务上各有特点。 二、新琪安 招股书显示，新琪安是一家食品级甘氨酸及三氯蔗糖生产商，深耕行业二十余载。按2023年销量及销售收 益计，新琪安于全球食品级甘氨酸制造行业排名第一。就食品级甘氨酸而言，按2023年销量及销售收益 计，新琪安的全球市占率分别约为5.1%及3.1%。 目前，新琪安在中国设有三间生产工厂，即吉安工厂、余江工厂及西藏工厂；在泰国设有一间生产工厂； 在印尼设有一间生产工厂。 不过，公司业务在近几年由于产品价格波动也出现了较大波动。 新琪安的收入由2022年的约7.615亿元减少约41.3%至2023年的约4.469亿元，主要由于2023年食品级甘氨酸 及三氯蔗糖的平均售价下降导致销售减少。202 ...

【导读】今日港股午后转跌，翻倍股毛戈平今日限售股解禁 三大指数午后转跌 6月10日，港股市场午后转跌。截至收盘，三大指数跌幅收窄，恒生指数下跌0.08%，报收于24162.87 点，恒生科技指数下跌0.76%，报收于5392.19点，恒生国企指数下跌0.15%，报收于8767.36点。 盘面上，科技、军工、半导体股收跌；金属板块上涨，稀土板块大涨，创新药持续上涨；金融板块分 化，券商股走弱，银行股表现活跃。 新消费概念板块表现低迷，截至收盘，古茗、蜜雪集团、布鲁可、茶百道分别下跌6.69%、6.21%、 6.19%、5.60%。 截至收盘，中国白银集团上涨17.65%。近期，白银价格强势上涨。 中信建投研报指出，白银周内两度突破35.5美元/盎司关键压力位，在连续五年供需缺口的背景下，关 税政策缓和触发金银比修复行情，预计白银补涨动能将持续释放。数据显示，COMEX白银期货持仓量 单周增加12%，显示机构资金加速布局贵金属。 中金展望2025下半年港股： 震荡市中寻结构性机会 尽管融资成本（如房贷利率）已大幅下降，但资产回报率（如租金回报率）更低，导致私人部门缺乏主 动加杠杆意愿。实际利率（约2.2%）高于自 ...

Core Viewpoint - Yuan Guang Technology (元光科技) listed on the Hong Kong Stock Exchange today, opening below the issue price at HKD 7.60, a decline of 22.05%. By the end of the trading day, the stock closed at HKD 6.80, down 30.26% from the issue price of HKD 9.75 [1][4]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued under the global offering was 24,856,000, with 12,428,000 shares allocated for public sale in Hong Kong and 12,428,000 shares for international sale [2]. - At the time of listing, the total number of shares outstanding was 154,276,537 [2]. Financial Proceeds from Listing - The total proceeds from the offering amounted to HKD 242.35 million, with estimated listing expenses of HKD 82.62 million, resulting in net proceeds of HKD 159.73 million [4][5]. Use of Proceeds - Approximately 45% of the net proceeds will be used to enhance technological capabilities, 30% for sales and marketing to increase market share and brand awareness, 15% for recruiting about 15 team members from 2025 to 2027, and 10% for working capital and general corporate purposes [5]. Financial Performance - Revenue for Yuan Guang Technology was RMB 135.38 million in 2022, RMB 174.54 million in 2023, and projected to be RMB 206.14 million in 2024. The company reported losses of RMB 20.04 million, RMB 20.33 million, and RMB 26.14 million for the respective years [6][8]. - Adjusted net profit (non-IFRS) was RMB 9.81 million in 2022, RMB 46.49 million in 2023, and RMB 54.22 million in 2024, with adjusted net profit margins of 7.2%, 26.6%, and 26.3% respectively [6][8]. Cash Flow - The net cash flow from operating activities was RMB 13.40 million in 2022, RMB 41.07 million in 2023, and RMB 56.42 million in 2024 [7][8].

Group 1 - Abu Dhabi Investment Authority (ADIA) has heavily invested in MetaLight, a leading public transport information service provider in China, which has attracted significant market attention [1] - MetaLight operates under the brand "车来了," covering public transport networks in 274 cities in China and handling an average of 120 million travel requests daily, positioning itself as a key player in the smart transportation sector [1][2] - The IPO of MetaLight saw international capital, led by ADIA, resulting in an oversubscription of 2.49 times for international placements and a staggering 274.44 times for the Hong Kong public offering, indicating strong market confidence [1] Group 2 - ADIA is accelerating its investments in smart transportation and new energy sectors, with a strategic focus on technology that improves public welfare [2] - The global smart mobility market is rapidly emerging as a new market opportunity, and MetaLight, as a data intelligence company, has developed a comprehensive technology stack that includes advanced algorithms and cloud computing [2] - MetaLight plans to expand its business into areas such as electricity trading and shared electric bicycles, which aligns with ADIA's investment strategy that considers international growth potential [2] Group 3 - From 2022 to 2024, MetaLight's revenue is projected to grow from 135 million to 206 million yuan, with a compound annual growth rate of 23.6%, and adjusted net profit is expected to rise from 9.81 million to 54.22 million yuan [3] - Despite over 98% of its revenue coming from advertising, MetaLight is diversifying its income through a SaaS model, having established partnerships with 295 institutions for route optimization services, leading to a 120% year-on-year growth in data technology service revenue [3] - MetaLight provides high-precision real-time public transport information for free, significantly reducing waiting times and carbon emissions, with an annual reduction of 4.2 million tons of ineffective waiting carbon emissions, equivalent to planting 230 million trees [3]

Market Overview - The Hong Kong stock market indices experienced an overall increase during the week of June 2-6, with the Hang Seng Index rising over 600 points, closing at 23,792.54, a weekly increase of 2.16% [1] - The Hang Seng Tech Index and the China Enterprises Index also saw gains of 2.25% and 2.34%, respectively [1] Investment Outlook - HSBC's Chief Investment Officer for Asia, Fan Zhuoyun, predicts a target price of 25,830 for the Hang Seng Index this year, indicating further upside potential [1] - There is a notable shift in international investors' attitudes towards Chinese assets, particularly as they seek opportunities outside the U.S. amid policy uncertainties [1] Foreign Investment Trends - HSBC has observed an inflow of foreign capital into the Hong Kong stock market, although the overall scale remains below historical highs, suggesting significant room for growth in foreign investment [1] - The focus of foreign investments is primarily on the artificial intelligence sector and high-yield stocks [1] New IPOs - Three new stocks, Xin Qi An, Rong Da Technology, and Yuan Guang Technology, are set to be listed on the Hong Kong Stock Exchange on June 10 [3] - Yuan Guang Technology's IPO saw a strong market response, with over 300 times oversubscription during the public offering phase [3] - Xin Qi An and Rong Da Technology are also expected to raise over 220 million HKD each through their IPOs [3] Consumer Sector Performance - Several new consumer stocks have seen significant price increases, with Gu Ming, Mao Ge Ping, Mi Xue Group, and Bu Lu Ke reaching historical highs [4][5] - Gu Ming's stock has risen over 165% since its listing, with a reported revenue of 8.791 billion RMB and a net profit increase of 36.2% year-on-year [4] - Mi Xue Group has surpassed 46,000 global stores, becoming the largest chain in the coffee and tea industry, with a stock increase of 136% since its IPO [5] Stablecoin Regulation - The Hong Kong government announced that the Stablecoin Regulation will take effect on August 1, 2025, establishing a licensing system for stablecoin activities [6] - The regulation aims to provide a framework for the sustainable development of the stablecoin and digital asset ecosystem in Hong Kong [6] Stock Market Reactions - Companies involved in stablecoin issuance are expected to benefit directly from the new regulation, with Zhong An Online's stock rising over 86% during a recent period due to its partnership with stablecoin issuers [7]