Core Viewpoint - The company Xipuni, a gold watch manufacturer, successfully listed on the Hong Kong Stock Exchange, with its stock price surging significantly on the first day of trading, reflecting strong market interest and investor enthusiasm [1][3]. Company Overview - Xipuni specializes in the design, manufacturing, and brand operation of gold and precious metal watches, with a focus on gold as the primary material [7][11]. - The company has established itself as a leading player in the gold watch market in China, holding a market share of 27.08% in the gold watch segment and 28.96% in the gold-inlaid watch segment as of 2024 [7][8]. Market Dynamics - The surge in Xipuni's stock price is attributed to multiple factors, including rising global risk aversion, increasing gold prices, and a favorable market sentiment towards gold-related stocks [3][5]. - The limited public offering of only 1.06 million shares contributed to the stock's scarcity and subsequent price increase [5]. Financial Performance - Xipuni reported a significant increase in net profit, with a year-on-year growth of 112% in the first five months of 2025 [5][12]. - Despite the high stock price, the company's revenue remains relatively low, projected at 457 million yuan for 2024, compared to competitors with revenues in the tens or hundreds of billions [8][11]. Business Strategy - The company aims to increase its ODM (Original Design Manufacturer) business to mitigate the impact of gold price fluctuations on its brand business [14][15]. - Xipuni is exploring the development of smart gold watches and expanding into Southeast Asia and the Middle East markets, although these markets present unique challenges [15]. Operational Challenges - Xipuni faces operational challenges, including a slow inventory turnover rate, which ranges from 600 to 700 days, compared to competitors like Chow Tai Fook, which maintains around 300 days [14]. - The company is family-controlled, with significant decision-making power concentrated among a few individuals, which may impact its strategic direction [14].

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. ("Xipuni" or "the Company") has announced its plan to list on the Hong Kong Stock Exchange, aiming to raise up to HKD 314 million through the issuance of 10,600,000 shares priced between HKD 27.0 and HKD 29.6 per share [1] Group 1: Company Overview - Xipuni is recognized as the largest gold watch brand in China by GMV and the largest brand of gold-inlaid precious metal watches, holding market shares of 27.08% and 28.96% respectively [2] - The Company has seen revenue growth from RMB 324 million in FY2022 to RMB 445 million in FY2023, with a projected increase to RMB 460 million in FY2024 [2] - Xipuni's flagship brand, HIPINE, has been awarded the title of "Shenzhen Well-Known Brand" since 2022, reflecting its strong market reputation [3][7] Group 2: Business Model and Partnerships - Xipuni has established long-term partnerships with renowned jewelry brands such as Lao Feng Xiang and China Jewelry, enhancing its market presence [4] - The Company operates a comprehensive business and sales system, including over 3,000 offline retail points and self-operated online stores, allowing for rapid market penetration [4] - Xipuni has begun international expansion, starting sales in Malaysia and planning further growth in the Middle East [4] Group 3: Innovation and Product Development - The Company has developed proprietary technologies, including a supermolecular gold hardening technique, enabling the mass production of gold watches [5] - Xipuni has collaborated with Huawei to launch smart gold watches, becoming the first brand to integrate Huawei's smart technology into its products [5] - The smart precious metal watch market is projected to grow at a compound annual growth rate of approximately 70% from 2024 to 2029, driven by increasing consumer demand for smart features [5] Group 4: Future Outlook - Xipuni aims to lead the gold watch industry by integrating traditional craftsmanship with innovative technology, capitalizing on the growing appreciation for gold culture and its enduring value [6]

Core Viewpoint - Xipuni (02583.HK), China's largest gold-plated precious metal watch brand, is set to launch its IPO from September 19 to September 24, 2025, with plans to list on the Hong Kong Stock Exchange on September 29, 2025, under the exclusive sponsorship of Ping An Securities (Hong Kong) [4][6]. Summary by Relevant Sections IPO Details - The company plans to issue 10.6 million H-shares, representing 18.02% of the total shares post-IPO, with a price range of HKD 27.00 to HKD 29.60 per share, aiming to raise between HKD 286 million and HKD 314 million [6][7]. - The estimated total expenses for the IPO are approximately HKD 44.6 million, which includes a 3.25% underwriting commission and other associated costs [7]. Use of Proceeds - Approximately 40.28% of the net proceeds (estimated at HKD 255 million) will be allocated to enhance production capacity, particularly for gold-plated and gold-inlaid watches, and to seize growth opportunities in the smart watch and jewelry markets [7]. - 7.85% will be used to upgrade production facilities in Shenzhen, while 17.11% will be directed towards establishing a research and development center in Putian to strengthen R&D capabilities [7]. - 33.24% will focus on expanding and optimizing the sales network, enhancing brand building, and increasing brand awareness [7]. - 9.37% will be reserved for working capital or general corporate purposes [7]. Shareholder Structure - Prior to the IPO, the major shareholders include Li Yongzhong, Hu Shaohua, Li Shuo, and Li Linmao, collectively holding about 50.50% of the shares, with Li Yongzhong having ultimate decision-making authority [8][9]. - Other significant investors include Jin Yin Gu Investment, a state-owned enterprise under the Putian State-owned Assets Supervision and Administration Commission, holding 16.40% [9]. Market Position - Established in 2013, Xipuni is recognized as the leading designer, manufacturer, and brand owner of gold-plated watches in China, with its flagship brand "HIPINE" [9]. - According to data from Zhi Zhi Consulting, Xipuni holds a market share of 27.08% in the gold-plated watch segment and 28.96% in the gold-inlaid precious metal watch segment as of 2024 [9].