智通财经记者 | 朱咏玲 智通财经编辑 | 楼婍沁 9月30日，来自深圳的金表销售和制造商西普尼在港交所敲钟上市。上市首日，西普尼开盘价高达84港元/股，收盘时进一步 上涨至106港元/股，总市值达62亿港元。 实际上，在西普尼正式上市之前，资本市场尤其是散户投资者已经对其表现出极高的热情。西普尼发售价定在了发行价范 围的上限，即29.6港元。在29日的暗盘交易中，西普尼股价收报85.65港元/股，较发行价大涨189%。 智通财经就西普尼股价表现联系该公司寻求回应，截至发稿未获回复。 艾媒咨询CEO兼首席分析师张毅对智通财经表示，西普尼股价大涨背后，有多重因素共同推动。 首先是全球避险情绪升温，叠加金价持续上涨，黄金概念股受到高度关注。而在西普尼之前已有老铺黄金这样表现优良的 上市公司，也起到了一定的示范作用，加上2025年港股整体打新情绪回暖，这些都吸引着资金进入。 其次，西普尼此次公开发售股份较少，稀缺性也促进了股价的炒作。西普尼此次IPO公开发售股份仅有106万股，且采用了 港交所新规中的"机制B"，公开发售的比例固定在10%，不会因超购倍数达到一定程度而触发回拨。作为对比，老铺黄金 2024年上市时， ...

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].