Group 1 - The core point of the article highlights the strong debut performance of three new stocks in the Hong Kong market on September 30, with particular emphasis on Xipuni (02583.HK), which saw its stock price surge by nearly 340% after opening over 180% higher [2] - Xipuni received significant investor interest during its IPO phase, achieving a subscription rate of 2505.9 times for its public offering, with 1% of the applied shares being allocated to successful applicants [2] - The company is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China, with its flagship brand "HIPINE" contributing the majority of its revenue [2][3] Group 2 - Xipuni also generates revenue by acting as an ODM manufacturer for third-party domestic jewelry brands, developing and producing private label watches and accessories for well-known brands such as Lao Feng Xiang, China Jewelry, and Zhou Da Sheng [3] - The company's financial performance shows revenue figures of 324 million RMB, 445 million RMB, 457 million RMB, and 231 million RMB for the years 2022 to 2024 and the first five months of 2025, with corresponding profit and total comprehensive income of 24.54 million RMB, 52.09 million RMB, 49.34 million RMB, and 42.79 million RMB [4]

西普尼的ODM客户包括多个国内知名珠宝品牌，例如老凤祥、中国珠宝及周大生（002867），公司与 他们已建立长期稳定的供应关系。根据灼识咨询的资料，就GMV计算，于2024年，西普尼既是中国最 大的足金贵金属手表品牌，亦是最大的镶足金的镶贵金属手表品牌，就足金贵金属手表的GMV及镶足 金的镶贵金属手表的GMV计算的市场份额分别为27.08%及28.96%。 西普尼(02583)首挂上市，公告显示，每股定价29.6港元，共发行1060万股股份，每手100股，所得款项 净额约2.69亿港元。截至发稿，涨183.78%，报84港元，成交额8939.11万港元。 招股书显示，西普尼是中国的黄金表壳手表及黄金表圈手表设计商、制造商和品牌拥有人。于往绩记录 期间，该公司的收入主要来自销售以旗舰自主品牌HIPINE(西普尼)设计及制造的黄金表壳手表及黄金表 圈手表。该公司将外部供应商采购而来的手表机芯组装至手表中。该公司亦透过担任第三方国内珠宝品 牌及批发商的ODM制造商而获得收入，包括为其开发及生产贴牌手表及饰品，并提供受托加工服务。 ...

西普尼的ODM客户包括多个国内知名珠宝品牌，例如老凤祥、中国珠宝及周大生，公司与他们已建立 长期稳定的供应关系。根据灼识咨询的资料，就GMV计算，于2024年，西普尼既是中国最大的足金贵 金属手表品牌，亦是最大的镶足金的镶贵金属手表品牌，就足金贵金属手表的 GMV及镶足金的镶贵金 属手表的GMV计算的市场份额分别为27.08%及28.96%。 招股书显示，西普尼是中国的黄金表壳手表及黄金表圈手表设计商、制造商和品牌拥有人。于往绩记录 期间，该公司的收入主要来自销售以旗舰自主品牌HIPINE(西普尼)设计及制造的黄金表壳手表及黄金表 圈手表。该公司将外部供应商采购而来的手表机芯组装至手表中。该公司亦透过担任第三方国内珠宝品 牌及批发商的ODM制造商而获得收入，包括为其开发及生产贴牌手表及饰品，并提供受托加工服务。 智通财经APP获悉，西普尼(02583)首挂上市，公告显示，每股定价29.6港元，共发行1060万股股份，每 手100股，所得款项净额约2.69亿港元。截至发稿，涨183.78%，报84港元，成交额8939.11万港元。 ...

西普尼所得款项净额约40.3%用于进一步提升产能，33.3%用于扩大及优化销售网络、加强品牌建设及 提升品牌影响力及知名度，17.1%用于透过建立莆田研发中心加强研发能力以推动业务持续增长，9.4% 作营运资金或一般企业用途。 据招股书，西普尼是中国的黄金表壳手表及黄金表圈手表设计商、制造商和品牌拥有人。于往绩记录期 间，该公司的收入主要来自销售以旗舰自主品牌HIPINE(西普尼)设计及制造的黄金表壳手表及黄金表圈 手表。该公司将外部供应商采购而来的手表机芯组装至手表中。该公司亦透过担任第三方国内珠宝品牌 及批发商的ODM制造商而获得收入，包括为其开发及生产贴牌手表及饰品，并提供受托加工服务。 财务方面，于2022财年、2023财年、2024财年及2025年首五个月，该公司收入分别约为3.24亿元、4.45 亿元、4.57亿元、2.31亿元人民币;同期，年内/期内溢利及全面收益总额分别为2454.1万元、5209.9万 元、4934.8万元、4279.7万元人民币。 西普尼(02583)原定9月19日至24日招股，由于9月24日上午恶劣天气导致的10号热带气旋警告信号，招 股章程及正式通告所载的全球发售预期时 ...

Core Viewpoint - The company Xipuni (02583) has postponed its IPO schedule due to severe weather conditions, with significant oversubscription observed in its public offering [1][2] Group 1: IPO Details - The IPO was originally scheduled from September 19 to 24, but was delayed due to a tropical cyclone warning on September 24 [1] - As of September 25, the company had received HKD 66.3 billion in margin financing, with the public offering amounting to HKD 31.38 million, resulting in an oversubscription of 2,111.8 times [1] - Xipuni plans to issue 10.6 million H-shares, with 10% allocated for public offering at a price range of HKD 27 to 29.6, aiming to raise up to HKD 310 million [1] Group 2: Use of Proceeds - Approximately 40.3% of the net proceeds will be used to enhance production capacity, 33.3% for expanding and optimizing the sales network, strengthening brand building, and increasing brand awareness [1] - 17.1% of the funds will be allocated to establish a research and development center in Putian to enhance R&D capabilities for sustainable business growth, while 9.4% will be used for working capital or general corporate purposes [1] Group 3: Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold watch cases and gold bezel watches in China, primarily generating revenue from its flagship brand HIPINE [2] - The company also earns income by assembling watch movements sourced from external suppliers and acts as an ODM manufacturer for third-party domestic jewelry brands and wholesalers [2] - Financial performance shows revenues of approximately RMB 324 million, RMB 445 million, RMB 457 million, and RMB 231 million for the fiscal years 2022, 2023, 2024, and the first five months of 2025, respectively [2]

Group 1: Company Overview - The company, 西普尼 (2083.HK), is a designer, manufacturer, and brand owner of gold case and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" and ODM business [6] - Revenue is projected to grow from 320 million RMB in 2022 to 456 million RMB in 2024, with a compound annual growth rate (CAGR) of 18% [6] - Net profit is expected to increase from 24 million RMB to 49 million RMB during the same period, with a CAGR of 43% [6] Group 2: Industry Status and Outlook - The precious metal watch market in China is expected to grow steadily, with a projected market size of 26.46 billion RMB by 2024, reflecting a CAGR of 4.54% from 2019 to 2024 [7] - The company's market share in the gold watch segment is the largest, with a projected market share of 27.08% in the gold case watch sector and 28.96% in the gold bezel watch sector by 2024 [7] Group 3: Strengths and Opportunities - The company has a strong reputation for product design that aligns with market demands, allowing it to capture changing consumer preferences effectively [8] - It possesses robust R&D capabilities, enabling the production of high-quality gold watches without compromising gold purity [8] - The company has a wide and stable sales network, with products available in over 3,000 offline retail points and various e-commerce platforms [8] Group 4: Fundraising and Use of Proceeds - The company anticipates net fundraising of 255 million HKD, with approximately 40% allocated to capacity enhancement, 17% to R&D improvement, 33% to brand activities and sales network expansion, and 10% for working capital [12]

Group 1 - The company, Xipuni (2583.HK), is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches, and it is launching an IPO from September 19 to September 24, offering 10.6 million H-shares [1] - The offering price ranges from HKD 27 to HKD 29.6 per share, with a maximum fundraising target of HKD 314 million [1] - The expected listing date for the shares is September 29, and the sole sponsor for the IPO is Ping An Securities [1] Group 2 - The company plans to allocate approximately 40.28% of the net proceeds to further enhance production capacity [1] - About 33.24% of the funds will be used to expand and optimize the sales network, strengthen brand building, and enhance brand influence and recognition [1] - Approximately 17.11% will be invested in establishing a research and development center in Putian to strengthen R&D capabilities for sustainable business growth, while around 9.37% will be used for working capital or general corporate purposes [1]

Group 1 - The company, Xipuni, announced a global offering of 10,600,000 H shares, with a maximum offer price of HKD 29.6 per share [1] - The shares are expected to begin trading on September 29 [1] - Xipuni is identified as a designer, manufacturer, and brand owner of gold watch cases and gold watch bezels in China [1]

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. (hereinafter referred to as Xipuni) is preparing for its listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold watch cases and gold bezel watches in China. The company's revenue primarily comes from sales of gold watch cases and bezels designed and manufactured under its flagship brand HIPINE [4]. - The company also generates income by acting as an ODM manufacturer for third-party domestic jewelry brands and wholesalers, developing and producing private label watches and jewelry, and providing entrusted processing services [4]. - Xipuni has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Dasheng [4]. Technological Achievements - The company has developed proprietary supramolecular gold hardening technology, addressing the inherent softness of pure gold. This technology led to the launch of China's first mass-produced pure gold watch in 2014, which is considered a significant technological achievement in the watch manufacturing industry [5]. - In 2023, Xipuni developed a series of smart watches with pure gold components using Huawei's smart chip technology [5]. Brand Recognition and Sales Strategy - The flagship brand HIPINE has been recognized as a well-known brand in Shenzhen since 2022 and is expected to be listed among the top 100 brands in Shenzhen by the Shenzhen Quality Strong City Promotion Association in 2024 [5]. - The company's sales strategy primarily relies on a distribution network, utilizing over 3,000 offline retail points across the country to penetrate the market effectively and respond quickly to consumer preferences [5]. International Expansion - In the 2024 fiscal year, Xipuni began its overseas expansion by partnering with an experienced distributor and retailer in Malaysia to distribute and retail its HIPINE watches [6]. - The company aims to expand its presence in the Middle East in the coming years based on its momentum in overseas expansion [6]. Market Outlook - According to Zhaoshang Consulting, the Chinese precious metal watch market is expected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion by 2029, with a compound annual growth rate (CAGR) of 5.19% [8]. - The gold precious metal watch market in China is projected to reach RMB 32.11 billion by 2029, with a CAGR of 5.36% from 2024 to 2029 [8]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 was approximately RMB 324 million, RMB 445 million, RMB 456 million, and RMB 231 million, respectively [9]. - The net profit and total comprehensive income for the same periods were RMB 24.54 million, RMB 52.10 million, RMB 49.35 million, and RMB 42.80 million, respectively [9].