Summary of Key Points Core Viewpoint The article discusses the recent activities on the Hong Kong Stock Exchange (HKEX) from September 15 to September 21, highlighting the number of companies that submitted applications, those that passed hearings, and new listings. Group 1: Companies Submitting Applications - A total of 11 companies submitted applications to the HKEX during the specified period [1] - Notable companies include: - **Meilian Steel Structure (Shanghai) Co., Ltd.**: Ranked third in China's prefabricated steel structure market with a market share of 3.5% [2] - **Hangzhou New Element Pharmaceutical Co., Ltd.**: Focused on developing therapies for metabolic, inflammatory, and cardiovascular diseases [3] - **Jiangsu Zhongrun Solar Technology Co., Ltd.**: Second in global photovoltaic cell manufacturing with a market share of 14.6% [4] - **Beijing Junzheng Integrated Circuit Co., Ltd.**: A leading provider of chips for various high-tech applications [5] - **Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd.**: Focused on therapies for respiratory and pediatric diseases [7] - **Nuwa Insight Technology Co., Ltd.**: An AI technology company in the insurance sector [8] - **Huaqin Technology Co., Ltd.**: A leading ODM platform for smart products [9] - **Saimite Information Group Co., Ltd.**: A leading provider of intelligent industrial software solutions [10] - **Guangzhou Ruoyu Chen Technology Co., Ltd.**: An e-commerce operation company [11] - **Quantitative Holdings Limited**: Focused on online market operations in the consumer sector [12] - **Hangzhou Xianweida Biotechnology Co., Ltd.**: A biopharmaceutical company nearing commercialization [13] Group 2: Companies Passing Hearings - Two companies successfully passed the listing hearings: - **Shenzhen Xipuni Precision Technology Co., Ltd.**: A designer and manufacturer of gold watch cases and bands [14] - **Xuanzhu Biotechnology Co., Ltd.**: An innovative biopharmaceutical company with multiple drug assets in development [15] Group 3: Companies Launching IPOs - Four companies initiated their IPOs: - **Jingfang Pharmaceutical-B**: Global offering of 89.24 million shares with a net fundraising of approximately HKD 1.67 billion [17] - **Different Group**: Global offering of 10.98 million shares with a price range of HKD 62.01-71.20 [18] - **Chery Automobile**: Global offering of 297 million shares with a price range of HKD 27.75-30.75 [19] - **Zijin Gold International**: Global offering of 349 million shares with a price of HKD 71.59 [20] Group 4: New Listings - Three new stocks were listed: - **Hesai Technology (HK:02525)**: Closed at HKD 234.0 per share, up 9.96% on the first day [20] - **Health 160 (HK:02656)**: Closed at HKD 28.22 per share, up 137.34% on the first day [21] - **Jingfang Pharmaceutical-B (HK:02595)**: Closed at HKD 42.10 per share, up 106.47% on the first day [22]

Group 1: Macotian - Macotian plans to conduct an IPO in Hong Kong and has received material acceptance from the China Securities Regulatory Commission for its full circulation application [1] - The company offers a comprehensive product portfolio that meets clinical needs across various healthcare settings, including hospitals and community health centers [1] - As of June 30, 2025, Macotian has commercialized over 50 life support products, 80 minimally invasive products, and 210 in vitro diagnostic products, with a presence in over 140 countries and regions [1] Group 2: Shengwei Times - Shengwei Times is a provider of urban ride-hailing services and intercity passenger transport information services in China, ranking 14th in the ride-hailing market by GTV in 2024 [2] - The company has undertaken digital passenger transport projects in 17 provinces, autonomous regions, and municipalities as of June 30, 2025 [2] - Shengwei Times collaborates with various passenger transport companies to offer customized services, establishing operations in over 30 provinces and regions [2] Group 3: Zhongrun Solar Energy - Zhongrun Solar Energy specializes in the manufacturing and sales of N-type and P-type photovoltaic cells, with vertical expansion into the photovoltaic module industry [3] - The company ranks second globally in photovoltaic cell manufacturing by external shipment volume, holding a market share of 14.6% for the year 2024 [3] - Zhongrun Solar Energy has a market share of 18.3% among specialized photovoltaic cell manufacturers, serving over 1,000 customers across more than 32 countries and regions [3]

按2024年全球光伏电池对外出货量计，公司排名第二，市场占有率为14.6%。按专业化制造商计，市场 占有率为18.3%。公司产品远销32个国家和地区，在中国和东南亚设有生产基地，并计划在海外设立新 的生产基地。东南亚生产基地已成为公司业务增长的重要驱动力。公司的客户包括全球主要的十大光伏 组件制造商中的九家。 中润光能向港交所递交上市申请。中信建投（601066）国际和中信证券为联席保荐人。中润光能专注于 N型及P型光伏电池片的生产与销售，并已扩展至光伏组件业务。 ...

Core Viewpoint - Jiangsu Zhongrun Solar Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Construction Investment International and CITIC Securities as joint sponsors. The company previously filed its application on March 13, 2025 [1]. Company Overview - Zhongrun Solar is a specialized manufacturer of photovoltaic (PV) cells, focusing on the production and sales of N-type and P-type PV cells. The company has vertically expanded into the PV module industry [3]. - The company operates in over 32 countries and regions, serving more than 1,000 customers. It ranks second among global PV cell manufacturers with a market share of 14.6% in 2024, and holds an 18.3% market share among specialized PV cell manufacturers [3]. Production and Sales - The company has production bases in China and Southeast Asia, with plans to expand its global footprint by establishing new overseas production bases. The target customers for domestic production are primarily from China and India, while overseas bases focus on international markets [3]. - The production output from the Southeast Asia PV cell and module base has been a significant growth driver, with production volumes of 0.8 GW, 4.5 GW, and 7.0 GW for the years 2023, 2024, and the first half of 2025, respectively, accounting for 2.0%, 12.3%, and 35.7% of the company's total PV cell production during those periods [4]. Financial Performance - The company's PV cell sales for the years 2022, 2023, 2024, and the first half of 2025 were 13.2 GW, 34.9 GW, 34.5 GW, and 19.4 GW, respectively. The revenue generated from PV cell business during these years was approximately RMB 11.578 billion, RMB 18.967 billion, RMB 9.179 billion, and RMB 6.311 billion, representing 92.5%, 91.0%, 81.1%, and 84.6% of total revenue for the respective periods [5]. - The company's total revenue for the fiscal years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 12.517 billion, RMB 20.838 billion, RMB 11.320 billion, and RMB 5.903 billion, with net profits of RMB 834 million, RMB 1.681 billion, a loss of RMB 1.363 billion, and a loss of RMB 744.9 million for the same periods [5][6].