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 ...

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]

6月2日，车来了母公司元光科技启动全球发售，发售价9.75港元，预计将在6月10日在港交所挂牌。元光科技是车来了App运营方，可提供实时的公交车到达 信息。2022—2024年，元光科技营收分别是1.35亿元、1.75亿元和2.06亿元，经调整净利润981.4万元、4649.5万元、5421.9万元。虽营收和净利润逐年增长， 但元光科技的营收结构严重依赖于广告，2022年和2023年营收的85%和96.2%来自广告，到了2024年这一比例扩大到98%。 此外，车来了为企业和政府提供数据分析产品及服务，这一板块在2024年给元光科技贡献了2%的营收，2022和2023年的营收占比分别是14.8%和3.8%。 "我们通过车来了的移动广告服务产生大部分收入，如果我们不能维持并扩大用户群，或无法挽留、吸引广告客户并增加他们的广告开支，我们的业务、经 营业绩及财务状况可能会受到重大不利影响"，元光科技在招股书中提醒。 "营收结构单一是大部分工具类产品的问题，但98%的比例有些过高。用户使用高德地图、百度地图查询路线时，也可实时显示公交信息，还能提供更全面 的出行服务。"比达分析师李锦清向北京商报记者表示，车来了在公交查 ...