①The listing of Tongyuan Kang Medicine rose nearly 80% in its first week, why is the market paying so much attention to it? ②Guangzhou Jingke Electronics submitted its application to the Hong Kong Stock Exchange, what are the key points to note?
Financial Union News on August 25 (Editor Feng Yi) brings you weekly news about new Hong Kong stocks.
As of the time of publication this week (August 19th to August 25th), 3 companies submitted their applications, two companies went through the hearing, and another new stock was listed.
First, let's look at the applications submitted this week, with 3 companies doing so:
1) On August 19th, Jiaxin International Resources Investment Co., Ltd. submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation as its exclusive sponsor.
The prospectus shows that Jiaxin International is a tungsten mining company rooted in Kazakhstan, focusing on the development of the Bakuta Tungsten Mine (Bakuta Tungsten Mine Project). According to Frokost Sullivan's data, as of June 30, 2024, it is one of the largest open-pit tungsten mines globally with a reserve of tungsten trioxide (WO3).
Financially, the Bakuta Tungsten Mine project was in the exploration and development stage throughout the previous financial period, thus the company did not recognize any revenue. As of September 30 in 2021, 2022, 2023, and 2024, the company incurred losses of 26.117 million Hong Kong dollars, 94.45 million Hong Kong dollars, 80.129 million Hong Kong dollars, and 64.969 million Hong Kong dollars respectively.
2) On August 23rd, Guangdong Jingke Electronics Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (Hong Kong) Limited as its exclusive sponsor.
According to the information from Torch Insight Consulting, based on revenue, Jinko Electronics ranks third among domestic device and module manufacturers in China's high-end lighting industry, and fifth among all device and module manufacturers in the same industry, with a market share of 5.3% in 2023.
Financially, in 2021, 2022, and 2023, as well as the five months ended May 31, 2024, the company's revenue was RMB 1.388 billion, 1.411 billion, 1.858 billion, 0.625 billion, and 0.843 billion respectively; net income was RMB 78 million, 39.07 million, 72.04 million, 7.56 million, and 32.17 million respectively.
On August 23, Xiamen Jihong Technology Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and CMB International as its joint sponsors.
According to the prospectus, Jihong Technology was established in 2003 and is a dual-driven enterprise with cross-border social e-commerce and paper consumer goods packaging businesses. The company is committed to providing one-stop paper packaging products and services for consumer goods companies, focusing on providing services such as marketing strategies, product design, process design, technical planning, transportation, and logistics.
Financially, from 2021 to 2023 and the first quarter of 2024, Jihong Technology's total revenue was RMB 5.18 billion, 5.38 billion, 6.69 billion, and 1.32 billion respectively; net income was RMB 0.209 billion, 0.172 billion, 0.332 billion, and 39.5 million respectively.
Looking at public hearings, two companies passed the listing hearing this week:
1) On August 22, Cerebral Aurora Medical Technology Co., Ltd. passed the listing hearing of the Hong Kong Stock Exchange Main Board, with China International Capital Corporation and BOC International as its joint sponsors.
The prospectus shows that Cerebral Aurora Medical was established in 2012, with a product pipeline covering a wide range of cognitive impairments induced by vascular diseases, neurodegenerative diseases, mental illnesses, and developmental defects in children. As of July 5, 2024, the company's core product, the brain function information management platform software system, has commercially realized eight indications for four major types of cognitive impairments and is developing several other indications for cognitive impairments.
In terms of finance, in the fiscal years 2021, 2022, 2023, and the three months ended March 31, 2024, the company achieved revenues of 2.299 million yuan, 11.291 million yuan, 67.2 million yuan, and 25.884 million yuan; with losses of 0.698 billion yuan, 0.502 billion yuan, 0.359 billion yuan, and 51.608 million yuan respectively, totaling over 1.5 billion yuan in losses over 3 years.
On August 23, Guangdong Juxin Guokong Testing and Certification Technology Service Center Co., Ltd. conducted its listing hearing on the GEM of the Hong Kong Stock Exchange. Hua Jinrong Finance International and Yuexiu Finance acted as its joint sponsors.
According to the prospectus, Juxin Guokong Testing mainly engages in construction engineering testing and inspection services, serving clients in Maoming, Guangdong Province, China. The company's testing and inspection services are mainly focused on private commercial and residential construction projects, as well as public buildings and infrastructure projects. As of the fiscal years 2021, 2022, 2023, and the first six months of 2024, the company had 268, 182, 279, and 196 clients respectively.
In terms of finance, in the fiscal years 2021, 2022, 2023, and the first six months of 2024, Juxin Guokong Testing's revenues were RMB 39.781 million, 19.966 million, 41.5 million, and 22.83 million yuan respectively, with net profits for the same periods of RMB 17.737 million, 2.912 million, 13.254 million, and 7.343 million yuan.
Additionally, on August 20, Tongyuan Kang Medicine-B (02410.HK) was officially listed on the Hong Kong Stock Exchange, closing the first day with a 13.22% increase.
It is worth noting that after its listing, Tongyuan Kang Medicine continued to rise for four consecutive trading days. As of the close on August 23, it had risen by 78.51% from the issue price.
Information shows that Tongyuan Kang Medicine is a clinical-stage biopharmaceutical company. Its core business model includes the discovery, acquisition, development, and commercialization of innovative drugs related to small molecule drugs and other small molecule drug categories to address unmet needs in the field of cancer, especially in the area of lung cancer.
In the short term, the market is focusing on the company's use of deuterium substitution technology to improve existing drugs and develop new drugs with better pharmacokinetic properties and efficacy.
Currently, Homologous Kang Pharmaceuticals has established a pipeline consisting of 11 candidate drugs based on the aforementioned technology, including the core product TY-9591. Currently, it is undergoing Phase II clinical trials in China for monotherapy with TY-9591.
