01 本周上市企业： 美国东部时间7月8日，来自香港的建筑分包商——Masonglory，成功登陆美国纳斯达克。该公司通过其运营子公司在香港开展业务，主要提供湿作业(wet trades)服务，包括批灰（抹灰）、铺砖等建筑施工环节，同时也涵盖其他辅助性建筑服务。其主要客户为房地产开发和土木工程项目的总承包商。此次 IPO，Masonglory共发行150万股股份，募集资金600万美元。截至定稿，该公司市值为7042万美元。 财经印刷服务供应商Rich Sparkle正式登陆纳斯达克上市 美国东部时间7月8日，来自香港的财经印刷服务供应商——Rich Sparkle，成功在纳斯达克挂牌上市。该公司为包括香港联合交易所上市公司及拟上市公 司在内的广泛客户提供设计及印制高质量财经印刷材料等服务。在2024年，该公司为超过190间上市公司提供服务，涵盖排版、校对、翻译、设计及印刷 等全面解决方案。透过度身订造的顾问服务，协助客户有效传达企业形象与财务信息，同时提升披露质量并确保符合法规要求。此次IPO，Rich Sparkle共 发行125万股股票，募集资金500万美元。截至定稿，该公司市值为4588万美元。 泛亚洲 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a significant surge in IPO activities, with multiple companies successfully listing and attracting substantial investments, indicating a revitalized market confidence and a robust pipeline for future listings [2][7][10]. Group 1: Recent IPO Activities - On July 9, five companies including Lens Technology and Geek+ collectively listed on the HKEX, creating a lively atmosphere and showcasing the exchange's appeal [2][4]. - Lens Technology, with a market capitalization exceeding 110 billion HKD, completed its IPO in just 100 days, marking a record speed for the HKEX [4]. - Geek+, a robotics unicorn, achieved a market valuation of 22 billion HKD upon listing, highlighting the growing interest in technology-driven companies [4][5]. Group 2: Market Trends and Statistics - Over 40 companies successfully completed IPOs on the HKEX in the first half of the year, raising a total of 1,067 billion HKD, a dramatic increase of 688.56% compared to the previous year [7]. - Notable IPOs include CATL, which reached a market value of 1.3 trillion HKD, and other major players like Heng Rui Medicine and Hai Tian Flavor, each raising over 10 billion HKD [7]. - The HKEX is preparing for over 100 upcoming IPOs, with around 200 applications currently received, indicating a strong pipeline for future listings [7][10]. Group 3: Investor Sentiment and Market Dynamics - There is a renewed confidence in the HKEX, with institutional investors actively seeking opportunities to list companies, contrasting sharply with previous years' challenges [10][11]. - In the first half of the year, 36 out of 42 listed companies had cornerstone investors, accounting for 43.7% of total IPO fundraising, demonstrating strong backing from major investment firms [10]. - The successful performance of cornerstone investors in recent listings has further fueled interest in the HKEX as a viable platform for capital raising [11].

Group 1 - The Hong Kong IPO market is experiencing a surge, with five companies completing their IPOs on July 9, 2025, marking a significant moment reminiscent of the 2018 tech listing boom [2] - The five companies that went public on the same day include 极智嘉-W, 蓝思科技, FORTIOR, 讯众通信, and 大众口腔, all of which had a successful debut with positive first-day performance [3][4] Group 2 - The first-day performance of the five companies showed gains ranging from 0.22% to 16.02%, with FORTIOR leading at a 16.02% increase, resulting in a market capitalization of approximately 20.8 billion HKD [3] - 蓝思科技 achieved a first-day increase of 9.13%, with a total market value reaching 129.3 billion HKD, while 极智嘉 saw a 5.36% rise, totaling 23 billion HKD in market capitalization [3] - The IPOs were highly sought after, with FORTIOR's public offering receiving 138.26 times subscription, and 蓝思科技's public offering receiving 462.76 times subscription, indicating strong investor interest [3][4] Group 3 - As of July 7, 2025, over 200 companies are in the queue for IPOs in Hong Kong, primarily from the technology, new consumption, and healthcare sectors, reflecting robust market activity [5] - The first half of 2025 saw 44 new listings, a 47% increase from the same period last year, with total fundraising amounting to 1,071 billion HKD, a 699% increase year-on-year [6] - The Hong Kong stock market is expected to maintain its momentum, with projections of around 80 new listings and fundraising between 1,300 billion HKD to 1,500 billion HKD for the entire year [7]

峰岹科技的最终发售价为120.5港元，所得款项总额为2,258.70百万港元，扣除基于最终发售价的估计应付上市开支122.38百万港元， 所得款项净额为2,136.32百万港元。 | 所得 款項 | | | --- | --- | | 所得款項總額(附註) | 2,258.70百萬港元 | | 減:基於最終發售價的估計應付上市開支 | (122.38) 百 萬 港元 | | 所得款項淨額 | 2,136.32 百萬港元 | 中国经济网北京7月9日讯 峰岹科技(深圳)股份有限公司（简称：峰岹科技，01304.HK）今日在港交所上市，开盘报130.8港元，涨幅 8.55%。截至今日收盘，峰岹科技报139.8港元，涨幅16.02%。 最终发售价及分配结果公告显示，峰岹科技发售股份数目18,744,400股，其中，公开发售的最终发售股份数目（重新分配后） 8,149,800股，国际发售的最终发售股份数目（重新分配后）10,594,600股。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 18.744.400 | | 公開發售的最終發售股份數目(於重新分配後) | 8.149,800 | ...

名场面。 作者 I 杨继云 刘博 报道 I 投资界PEdaily 此时此刻，港交所人潮涌动。 今 天 （ 7 月 9 日 ） ， 港 股 再 度 上 演 热 闹 一 幕 —— 蓝 思 科 技 、 极 智 嘉 、 峰 岹 科 技 、 讯 众 通 信、大众口腔，5家企业集体鸣锣。 其中，蓝思科技一举引入1 0名基石投资者，开盘市值一度突破1 0 0 0亿港元； 极智嘉也登 顶港股机器人IPO规模之最，市值2 20亿港元 ；峰岹科技、讯众通信、大众口腔则开盘大 涨。 放眼望去，赴港IPO队伍人头攒动。这一幕注定将载入港股史册。 蓝 思 科 技 此 次 赴 港 IPO ， 从 今 年 3 月 31 日 向 港 交 所 递 交 招 股 书 ， 到 6 月 20 日 迎 来 上 市 聆 讯，再到今天正式挂牌上市，用时只有1 0 0天时间。速度之快，堪称港股IPO市场的生动 写照。 备受瞩目的还有机器人独角兽极智嘉。来自北京的极智嘉，创始人郑勇是学霸出身，他本 硕毕业于清华大学，也是德国亚琛工业大学硕士，后来曾加入了新天域资本。早年郑勇在 考察亚马逊仓库物流项目时被震撼到，于是他与几位好友在2 0 15年创办极智嘉，专注于 ...

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格隆汇6月30日丨FORTIOR(01304.HK)发布公告，公司拟全球发售1629.95万股H股(视乎发售量调整权及 超额配股权行使与否而定)，中国香港发售股份163万股，国际发售股份1466.95万股；2025年6月30日至 7月4日招股，预期定价日为7月7日；发售价将为每股发售股份不超过120.50港元，每手买卖单位为100 股，中金公司为独家保荐人；预期股份将于2025年7月9日开始在联交所买卖。 集团已订立基石投资协议，据此，基石投资者已同意遵照若干条件，按发售价认购或促使其指定实体认 购可购入的有关数目的发售股份，总金额为1.12亿美元(或约8.79亿港元)。假设发售价为120.50港元(即 最高发售价)，基石投资者将认购的发售股份总数将为729.57万股。基石投资者包括泰康人寿保险有限 责任公司("泰康人寿")、保银资产管理有限公司("保银")、3W Fund Management Limited("3W Fund")、 Wind Sabre、华夏基金(香港)有限公司("华夏基金(香港)")、Mega Prime Development Limited("Mega Prime")、三花国际新加坡 ...

根据弗若斯特沙利文的资料：集团是中国首家专注于BLDC电机驱动控制芯片设计的芯片设计厂商;及截 至2023年12月31日，集团在中国BLDC电机主控及驱动芯片市场的份额达到4.8%(按收入计)，排名第 六，且集团为该市场前十大企业中唯一的中国企业。 智通财经APP讯，FORTIOR(01304)于2025年6月30日-7月4日招股，拟全球发售1629.95万股H股，其中 香港发售占10%，国际发售占90%;发售价将不会超过每股120.50港元;每手100股H股，预期H股将于2025 年7月9日上午九时正开始在联交所买卖。 集团是一家芯片设计公司，专注于BLDC电机驱动控制芯片的设计与研发，并在BLDC电机主控及驱动 芯片行业建立强大的市场地位。BLDC电机是一种采用电子换向方式驱动的无刷电机，其通过电子换向 实现磁场的变化，驱动电机转子旋转。根据弗若斯特沙利文的资料，与传统电机相比，BLDC电机具有 效率高、功耗低、控制精度高、噪音低等优点，在各类应用领域得到广泛使用。集团的产品旨在帮助最 大发挥BLDC电机的性能优势，实现高效率、低噪音、高精度的运行表现。根据弗若斯特沙利文的资 料，集团的产品组合涵盖典型电 ...

Core Viewpoint - Fengfan Technology (688279.SH) is set to become a dual-listed chip design company on both A-shares and H-shares, with recent stock price fluctuations reflecting market sentiment and the company's upcoming capital expansion plans [1]. Company Overview - Fengfan Technology specializes in the design and research of BLDC motor drive control chips, holding a 4.8% market share in China's BLDC motor control and drive chip market, ranking sixth overall and being the only Chinese company among the top ten [2][5]. - The company has a comprehensive product matrix covering core components of motor drive control systems, including MCU, ASIC, HVIC, and MOSFET [5]. Financial Performance - Revenue is projected to grow from 322.973 million RMB in 2022 to 600.325 million RMB in 2024, with a compound annual growth rate (CAGR) of 36.4% [7][8]. - Net profit is expected to increase from 142 million RMB in 2022 to 222 million RMB in 2024, with a CAGR of 25.1% [7][8]. Market Dynamics - The global and Chinese BLDC motor market is experiencing significant growth, with projected CAGRs of 22.6% and 24.9% from 2019 to 2023, respectively [11]. - The company faces intense competition from international firms, which hold 54.1% of the market share, prompting Fengfan Technology to adopt a "price-for-volume" strategy to expand its customer base [12]. Research and Development - High R&D investment is a key driver of the company's growth, with R&D expenses increasing from 64 million RMB in 2022 to 116.73 million RMB in 2024, representing 19.4%-20.6% of revenue [11]. - The company has accumulated 110 patents, including 68 invention patents, focusing on core algorithms and chip design [11]. Sales Strategy - The company has seen a rise in sales and distribution expenses, from 12.605 million RMB in 2022 to 24.670 million RMB in 2024, reflecting efforts to optimize customer structure and expand into new markets [12][13]. - The concentration of revenue from the top five customers has decreased from 56.6% in 2022 to 46.8% in 2024, indicating progress in diversifying its customer base [13]. Future Outlook - Fengfan Technology's growth potential is supported by the high demand in the BLDC motor drive control chip sector and its innovative product offerings, as it prepares for A+H share capital expansion [14]. - The company must balance pricing strategies and expenditure to optimize profitability while navigating potential risks related to customer concentration and R&D investment returns [14].

证券研究报告 峰岹科技 (688279 CH) |BLDC"驱控+传感"双核驱动 | 华泰研究 | | | 首次覆盖 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 07 日│中国内地 | 半导体 | 首次覆盖峰岹科技并给予"买入"评级，目标价 307.5 元，基于 64.2x 26 年 PE。公司围绕 BLDC 电机提供全套解决方案（控制+驱动+功率+传感器）， 通过工程化创新在智能小家电、运动出行等 BLDC 电机驱控应用中已实现 较高市场份额，并保有高于行业平均的盈利能力。中短期业绩有望受益于公 司产品在白电、汽车等新市场渗透，长期来看机器人有望带来更大成长空间。 充分受益小家电 BLDC 电机渗透，差异化驱动控制方案带来高盈利能力 2015-2018 年，随着 BLDC 电机在智能小家电、运动出行等市场开始渗透， 公司基于前期 BLDC 电机驱动控制产品布局，营收实现快速增长。尽管 MCU 市场进入门槛相对较低，但公司通过自研电机驱动控制处理器内核 ME，并 实现 FOC 算法硬件化，为客户提供高效率、低噪音、高可靠性的差异化控 制效果。公司盈利能力远高于行业 ...