Core Viewpoint - The company, Xipuni (02583), is set to launch an initial public offering (IPO) from September 19 to September 24, 2025, aiming to issue 10.6 million shares at a price range of HKD 27.0 to 29.6 per share, with a significant portion allocated for international sales [1] Group 1: Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [1] - The company also acts as an ODM manufacturer for various domestic jewelry brands, developing and producing private label watches and jewelry [1] - Xipuni has established long-term relationships with notable ODM clients, including brands like Laofengxiang, China Jewelry, and Zhou Dashi [1] Group 2: Product and Sales Strategy - The product portfolio centers around the flagship brand HIPINE, recognized as a "Shenzhen Famous Brand" since 2022 and listed among the top 100 brands in Shenzhen in 2024 [2] - Sales are primarily conducted through a direct dealer network, leveraging over 3,000 offline retail points to penetrate the market effectively [2] - The company has begun overseas expansion, partnering with a Malaysian distributor to retail HIPINE watches, with plans to extend its reach into the Middle East [2] Group 3: Use of IPO Proceeds - The estimated net proceeds from the global offering are approximately HKD 255 million, assuming a median offer price of HKD 28.3 per share [3] - The allocation of proceeds includes approximately 40.28% for enhancing production capacity, 17.11% for establishing a research and development center in Putian, and 33.24% for expanding the sales network and brand building [3] - About 9.37% of the proceeds will be used for working capital or general corporate purposes [3]

Group 1 - The company Shenzhen Xipuni Precision Technology Co., Ltd. is a designer, manufacturer, and brand owner of gold watch cases and gold bezel watches in China, with its flagship brand being "HIPINE" [1] - The company generates revenue from both its own brand sales and as an ODM manufacturer for third-party domestic jewelry brands, including developing and producing private label watches and accessories [1] - By May 31, 2025, the company's OBM product portfolio is expected to include over 10,000 SKUs [1] Group 2 - According to market data, HIPINE is projected to be the largest brand in China for both pure gold watches and gold-inlaid watches, with market shares of 27.08% and 28.96% respectively in terms of GMV [1] - The company's revenue for the years 2022, 2023, 2024, and the first five months of 2025 are reported as 323.7 million, 445.5 million, 456.6 million, and 231 million respectively, while net profits for the same periods are 24.54 million, 52.10 million, 49.35 million, and 42.80 million [2]