Group 1: IPO Activities - No companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from August 18 to August 24 [2] - No companies passed the listing committee review during the same period on both exchanges [3] - No companies submitted listing applications on the Shanghai Stock Exchange and Shenzhen Stock Exchange [4] - One company terminated its listing review on the Shanghai Stock Exchange, while none did so on the Shenzhen Stock Exchange [5] Group 2: Hong Kong Stock Exchange Activities - One company was listed on the Hong Kong Stock Exchange during the period [7] - Tian Yue Advanced, a technology company focused on silicon carbide single crystal substrate materials, saw its stock price rise by 6.40% on the first day of trading, closing at HKD 45 per share, a 5.14% increase from the issue price of HKD 42.8, with a market capitalization of approximately HKD 32.9 billion [8] - Two companies initiated new stock offerings, with one completing the offering during the week [9] Group 3: Company Listings and Financial Data - Shuangdeng Co., Ltd. is a battery storage company specializing in lead-acid and lithium-ion storage batteries for communication base stations, data centers, and power storage [11] - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine [12] Group 4: Recent IPO Filings - Star Ring Technology submitted its prospectus on August 18, aiming for a dual listing on the Hong Kong Stock Exchange and A-share market, focusing on AI infrastructure software [26] - Lixun Precision submitted its prospectus on August 18, also targeting a dual listing, and is a leading precision manufacturing technology company [29] - Huge Dental Limited (Hugao) submitted its prospectus on August 18, focusing on dental materials [32] - Zebra Intelligent submitted its prospectus on August 20, specializing in intelligent cockpit solutions [40] - Shenghong Technology submitted its prospectus on August 20, focusing on AI and high-performance computing PCBs [43] - Yingfa Ruineng submitted its prospectus on August 20, specializing in photovoltaic cell manufacturing [47] - Qianyuan Weike submitted its prospectus on August 21, focusing on coal logistics services [52] - Tianchen Biopharmaceutical submitted its prospectus on August 21, focusing on innovative drug development [56] - Shanghai Baoji Pharmaceutical submitted its prospectus on August 21, focusing on recombinant biopharmaceuticals [59] - Xinhua Xinjishu submitted its prospectus on August 22, providing software technology services [63] - Xiaoe Inc. submitted its prospectus on August 22, focusing on SaaS solutions for private domain operations [66] - Manycore Tech Inc. submitted its prospectus on August 22, specializing in cloud-native space design software [69] Group 5: Financial Performance - Star Ring Technology's revenue from 2022 to 2024 was CNY 373 million, CNY 491 million, and CNY 371 million, with losses of CNY 272 million, CNY 289 million, and CNY 344 million respectively [28] - Lixun Precision's revenue for the same period was CNY 214.03 billion, CNY 231.91 billion, and CNY 268.80 billion, with profits of CNY 10.49 billion, CNY 12.24 billion, and CNY 14.58 billion respectively [31] - Huge Dental's revenue was CNY 280 million, CNY 358 million, and CNY 399 million, with profits of CNY 64.03 million, CNY 88.35 million, and CNY 76.57 million respectively [34] - Zebra Intelligent's revenue was CNY 805 million, CNY 872 million, and CNY 824 million, with losses of CNY 878 million, CNY 876 million, and CNY 847 million respectively [42] - Shenghong Technology's revenue was CNY 7.88 billion, CNY 7.93 billion, and CNY 10.73 billion, with profits of CNY 791 million, CNY 671 million, and CNY 1.15 billion respectively [46] - Yingfa Ruineng's revenue was CNY 5.64 billion, CNY 10.49 billion, and CNY 4.36 billion, with profits of CNY 350 million, CNY 410 million, and losses of CNY 864 million respectively [51] - Qianyuan Weike's revenue was CNY 4.52 billion, CNY 3.74 billion, and CNY 3.66 billion, with profits of CNY 165 million, CNY 47 million, and CNY 33 million respectively [54] - Tianchen Biopharmaceutical's revenue was CNY 0 and losses of CNY 95.78 million and CNY 137 million for 2023 and 2024 respectively [58] - Shanghai Baoji Pharmaceutical's revenue was CNY 6.93 million and CNY 6.16 million, with losses of CNY 160 million and CNY 364 million respectively [61] - Xinhua Xinjishu's revenue was CNY 1.63 billion, CNY 1.93 billion, and CNY 1.80 billion, with profits of CNY 182 million, CNY 270 million, and CNY 202 million respectively [65] - Xiaoe Inc.'s revenue was CNY 299 million, CNY 415 million, and CNY 521 million, with losses of CNY 33.99 million, CNY 37.05 million, and CNY 15.08 million respectively [68] - Manycore Tech's revenue was CNY 601 million, CNY 664 million, and CNY 755 million, with losses of CNY 704 million, CNY 646 million, and CNY 513 million respectively [72]

Summary of New IPOs in Hong Kong Stock Market Core Viewpoint The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, those that are currently in the process of going public, and the performance of a recently listed company. Group 1: Companies Submitting Applications - A total of 12 companies submitted applications to the Hong Kong Stock Exchange from August 18 to August 24 [3] - StarRing Technology (688031.SH) focuses on AI infrastructure software and is projected to rank fifth in China's AI infrastructure software market by revenue in 2024, with revenues of approximately RMB 3.73 billion in 2022 and a loss of RMB 2.72 billion [4] - Luxshare Precision (002475.SZ) is a leading precision manufacturing technology company, expected to rank fourth globally in precision manufacturing solutions by revenue in 2024, with revenues of RMB 214.03 billion in 2022 and a profit of RMB 10.49 billion [5] - Huge Dental Limited specializes in dental materials, holding a 1.3% market share in China's dental materials market, with revenues of RMB 2.8 billion in 2022 and a profit of RMB 64.03 million [6] - Zebra Network Technology Co., Ltd. is a leader in smart cockpit solutions, projected to be the largest software-centric smart cockpit solution provider in China by revenue in 2024, with revenues of RMB 8.05 billion in 2022 and a loss of RMB 8.78 billion [7] - Victory Technology (300476.SZ) is a leading supplier of AI and high-performance computing PCBs, expected to hold the largest market share globally in 2025, with revenues of RMB 78.85 billion in 2022 and a profit of RMB 7.91 billion [8] - Sichuan Yingfa Ruineng Technology Co., Ltd. is a top manufacturer of photovoltaic cells, projected to be the third-largest N-type TOPCon cell manufacturer globally by shipment volume in 2024, with revenues of RMB 56.43 billion in 2022 and a profit of RMB 350 million [9] - Qianyuan Microco Holdings Limited provides coal logistics services, with revenues of RMB 45.24 billion in 2022 and a profit of RMB 165 million [10] - Tianchen Biopharmaceutical (Suzhou) Co., Ltd. focuses on innovative drug development, with revenues of RMB 2.23 million in 2023 and a loss of RMB 95.78 million [11] - Shanghai Baoji Pharmaceutical Co., Ltd. is a biotechnology company developing recombinant biopharmaceuticals, with revenues of RMB 6.93 million in 2023 and a loss of RMB 160 million [12] - Xinhua Technology International Limited provides customized software development services, with revenues of RMB 1.63 billion in 2022 and a profit of RMB 182 million [13] - Xiaoe Inc. is a leading SaaS solution provider in private domain operations, with revenues of RMB 2.99 billion in 2022 and a loss of RMB 33.99 million [14] - Manycore Technology is a leading provider of cloud-native space design software, with revenues of RMB 6.01 billion in 2022 and a loss of RMB 704 million [15] Group 2: Companies in the Process of Going Public - Shuangdeng Co., Ltd. is offering 58.57 million H-shares at a price of HKD 14.51 per share, with the subscription period from August 18 to August 21, 2025 [16] - Jiaxin International Resources is offering 110 million shares at a price of HKD 10.92 per share, with the subscription period from August 20 to August 25, 2025 [17] Group 3: Recent IPO Performance - Tianyue Advanced (02631.HK) was listed on the Hong Kong Stock Exchange on August 20, with a first-day increase of 6.40%, but later experienced fluctuations, closing with a cumulative increase of 4.35% from its issue price by August 22 [18] - The company is recognized as one of the top three manufacturers of silicon carbide substrates globally, with a market share of 16.7% [19]

Group 1: Recent IPOs - Agricultural B2B e-commerce platform Yimuyuan officially listed on NASDAQ, raising approximately $20.54 million by issuing 5.01 million shares, with a market capitalization of $255 million [1] - Silicon carbide substrate manufacturer Tianyue Advanced completed its listing on the Hong Kong Stock Exchange, raising about HKD 2.044 billion by issuing 47.74 million shares, with a market capitalization of HKD 20.636 billion [2] - English education institution Monkey Tree submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.6 million shares to raise approximately $7 million [3] - New energy technology company EcoFusion filed for an IPO with the SEC, planning to issue 1.5 million shares to raise $6 million [4] - Marketing company AM PM Group submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.5 million shares to raise approximately $7 million [5] - Logistics solution provider Smart Logistics filed for an IPO with the SEC, planning to issue 1 million shares with a fundraising range of $5-6 million [6] - Hong Kong brokerage Huanbo Capital submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.4 million shares to raise $6 million [8] - Software development service provider Yihua Box filed for an IPO with the SEC, planning to issue 1.5 million shares with a fundraising range of $6-7.5 million [9] - Consumer goods supplier Aigou Holdings submitted an IPO application to the SEC for NASDAQ listing, planning to issue 2 million shares to raise approximately $10 million [10] Group 2: Upcoming IPOs - AI infrastructure software provider StarRing Technology submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, focusing on AI and big data infrastructure software [11] - Precision manufacturing innovation technology company Luxshare Precision submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, providing integrated manufacturing solutions for various sectors [12] - Photovoltaic cell manufacturer Yingfa Ruineng filed for an IPO on the Hong Kong Stock Exchange, recognized as the third-largest N-type TOPCon cell manufacturer globally with a market share of 14.7% [13] - Intelligent cockpit solution provider Zebra Smart submitted an application for IPO on the Hong Kong Stock Exchange, focusing on developing intelligent cockpit solutions [14] - AI and high-performance computing PCB supplier Shenghong Technology submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, leading the market in AI and high-performance computing PCB revenue [15] - Biopharmaceutical company Tianchen Biotech filed for an IPO on the Hong Kong Stock Exchange, focusing on the development of biological products for allergic and autoimmune diseases [16] Group 3: Ongoing IPO Processes - AIDC supporting energy storage company Shuangdeng Group is in the process of an IPO, planning to issue 58.557 million shares to raise approximately HKD 850 million, expected to list on August 26 [17] - Tungsten mining company Jiaxin International is undergoing an IPO process, planning to issue 109.8 million shares to raise approximately HKD 1.088 billion, expected to list on August 28 [17]

Core Viewpoint - Starry Technology has submitted an IPO application to the Hong Kong Stock Exchange, despite having the smallest revenue among its peers and experiencing a decline in performance since its A-share listing [2][4]. Group 1: Company Performance - Starry Technology's revenue for 2024 is projected to be lower than its initial listing year in 2022, with figures of 3.71 billion yuan, down from 3.73 billion yuan in 2022 [6][18]. - The company has reported increasing losses over the years, with net profits of -2.71 billion yuan in 2022, -2.88 billion yuan in 2023, and -3.43 billion yuan in 2024, totaling over 9 billion yuan in losses [6][18]. - The company's revenue is significantly lower than its peers, with 2024 revenue figures for comparable companies being 8.88 billion yuan for Zhongwang Software, 51.21 billion yuan for Kingsoft Office, 20.43 billion yuan for Anheng Information, and 43.49 billion yuan for Qi Anxin-U [3][6]. Group 2: Financial Data Discrepancies - There are significant discrepancies between the financial data reported in Starry Technology's A-share announcements and its Hong Kong IPO prospectus, raising questions about the accuracy of its financial reporting [9][14]. - For instance, the revenue from direct sales was reported as 93.7% in the Hong Kong prospectus for 2024, while the A-share report indicated it was only 50.64% [11][14]. - The company's sales expense ratio is notably high at around 55%, which has not translated into revenue growth, as evidenced by a 24.31% decline in revenue for 2024 [17][18]. Group 3: Market Position and Strategy - Starry Technology aims to enhance its international brand image and leverage international capital markets through its Hong Kong listing, despite having less than 2.2% of its revenue coming from overseas in the past three years [5][6]. - The company has faced challenges in justifying the necessity of fundraising, especially after terminating a previous fundraising plan shortly before the IPO application [7][8].

Core Viewpoint - Starry Technology is the smallest in terms of revenue among its peers and is facing significant challenges, including declining revenue and increasing losses, raising doubts about its ability to attract investors in the Hong Kong IPO market [1][4][6]. Company Performance - Starry Technology's revenue for 2022, 2023, and 2024 was 3.73 billion, 4.91 billion, and 3.71 billion respectively, indicating a decline in 2024 compared to 2022 [6][17]. - The company reported net losses of -2.71 billion, -2.88 billion, and -3.43 billion for the same years, with total losses exceeding 9 billion over three years [6][17]. - As of the first quarter of 2025, the company's undistributed profits stood at -14.03 billion, making it difficult for investors to expect cash dividends [7]. Market Position - Starry Technology is the latest to list on the A-share market among its peers, with its IPO occurring in October 2022, while competitors listed earlier [3][4]. - The company's revenue is significantly lower than its peers, with 2024 revenue being less than half of the second-lowest peer, Zhongwang Software, which reported 8.88 billion [3][4]. Financial Discrepancies - There are inconsistencies in the financial data reported by Starry Technology, with significant differences between the revenue proportions from direct sales and third-party distributors in its A-share announcements and Hong Kong prospectus [9][11][12]. - For instance, the company claimed that direct sales accounted for 96.3% of total revenue in the Hong Kong prospectus, while its A-share report indicated a much lower figure of 50.64% for 2024 [11][12]. Sales and Expenses - Starry Technology's sales expense ratio was notably high, at approximately 55% from 2022 to 2024, which did not translate into revenue growth [14][17]. - The sales expenses for the years 2022, 2023, and 2024 were 2.05 billion, 2.63 billion, and 2.04 billion, respectively, consistently maintaining a high percentage of revenue [14][17]. Cash Flow and Efficiency - The company has been experiencing negative cash flow from operating activities, with net cash flows of -3 billion, -3.65 billion, and -3.27 billion for the years 2022, 2023, and 2024 [17]. - The accounts receivable turnover days have increased significantly, indicating slower collection efficiency, with days extending from 198 in 2022 to 342 in 2024 [17].

Group 1 - The core viewpoint of the article highlights that Xinghuan Technology-U is a leading player in the AI infrastructure software sector, ranking fifth in the Chinese market in 2024 and being the largest pure AI infrastructure software provider [1] - As of August 20, 2025, the stock price of Xinghuan Technology-U is reported at 53.15 yuan, reflecting a decrease of 0.67% from the previous trading day, with a trading volume of 57,980 lots and a transaction amount of 303 million yuan [1] - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 18, 2025, with disclosed revenue of 371 million yuan for 2024 and 64.205 million yuan for the first quarter of 2025 [1] Group 2 - The company specializes in AI infrastructure software, integrating artificial intelligence, big data, and cloud technology to provide intelligent transformation solutions for enterprises [1] - The core technologies of the company encompass seven major areas, including container-based data cloud technology and distributed computing technology [1] - On August 20, 2025, the net inflow of main funds was 1.4025 million yuan, while the net outflow over the past five days was 135.2507 million yuan [2]

Core Viewpoint - Xinghuan Information Technology (Shanghai) Co., Ltd. has submitted an application for listing on the Hong Kong main board, with Haitong International Capital as the sponsor [1] Group 1: Company Overview - The company is a leading provider of AI infrastructure software in China, integrating artificial intelligence, big data, and cloud technology to help enterprises efficiently build AI infrastructure software [1] - According to Frost & Sullivan, the company ranks fifth in the Chinese AI infrastructure software market by revenue in 2024 and is the largest pure AI infrastructure software provider [1]

Core Viewpoint - Xinghuan Information Technology (Shanghai) Co., Ltd. has submitted an application for listing on the Hong Kong main board, with Haitong International Capital as the sponsor [1] Group 1: Company Overview - The company is a leading provider of AI infrastructure software in China, integrating artificial intelligence, big data, and cloud technology to help enterprises efficiently build AI infrastructure software [1] - According to Frost & Sullivan, the company ranks fifth in the Chinese AI infrastructure software market by revenue in 2024 and is the largest pure AI infrastructure software provider [1]