On September 1, Financial Association News (Editor Feng Yi) brings you weekly news about new stocks in Hong Kong Stock Exchange.

As of the time of writing, this week (August 26 to September 1), five companies have submitted applications, two companies passed the listing hearing, and one company has initiated an IPO.

First, regarding the submitted applications, five companies submitted applications this week:

1) On August 26, Immutep BioPharma submitted an application to the main board of the Hong Kong Stock Exchange, with Morgan Stanley, Jefferies, and Citic Securities as joint sponsors.

According to the prospectus, Immutep BioPharma is a global leader in the field of Antibody Drug Conjugates (ADC) and is dedicated to developing next-generation ADC innovative drugs for patients with cancer and autoimmune diseases. Since its establishment in 2019, the company has developed a highly innovative and differentiated pipeline consisting of 12 internally developed ADC candidate drugs.

In terms of finances, for the three months ending on March 31 in 2022, 2023, and 2024, Ying'en Bio's revenue was approximately 1.6 million yuan, 1.787 billion yuan, and 0.641 billion yuan respectively; the losses during the period were approximately 0.387 billion yuan, 0.358 billion yuan, and 65.942 million yuan respectively.

2) On August 27, Shuangdeng Group Limited submitted its IPO prospectus to the Hong Kong Stock Exchange. China International Capital Corporation, Industrial and Commercial Bank International, and Huatai International are the joint sponsors.

According to the prospectus, in 2023, based on shipment volume, Shuangdeng Group ranked first among global suppliers of Communications and Datacenter storage batteries, holding a market share of 10.4%.

From a financial perspective, the company achieved revenues of approximately 2.44 billion yuan, 4.072 billion yuan, 4.26 billion yuan, and 0.808 billion yuan for the fiscal years 2021, 2022, 2023, and the three months ending March 31, 2024, respectively; during the same periods, the gross profits were approximately 0.183 billion yuan, 0.69 billion yuan, 0.867 billion yuan, and 0.166 billion yuan respectively.

On August 30, Fengchao Holdings Limited submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor.

According to the prospectus, Fengchao is a leading provider of end Logistics solutions in China and globally, being the largest end Logistics solution provider in China by revenue in 2023, and the largest operator of smart express cabinet networks globally, based on the number of cabinets as of December 31, 2023, and the parcel volume in 2023. As of May 31, 2024, Fengchao has served approximately 0.368 billion consumers and 35 million couriers.

From a financial standpoint, during the five months ending May 31 for 2021, 2022, 2023, and 2024, Fengchao achieved revenues of approximately 25.26 million yuan, 2.891 billion yuan, 3.812 billion yuan, and 1.904 billion yuan, respectively, with profits during these periods being approximately -2.071 billion yuan, -1.166 billion yuan, -0.541 billion yuan, and 71.602 million yuan.

4) On August 30, Power Direct Technology Holdings Limited submitted its listing application to the Hong Kong Stock Exchange, with joint sponsors being HSBC Institutional Trust Services (Asia) Limited and China International Finance Hong Kong Securities Limited.

According to the prospectus, in 2023, in terms of shipments, Power Direct Technology is the fourth largest electric vehicle battery system supplier in China, with a market share of 5.1%. Financially, in 2021, 2022, and 2023, the company's revenues were 2.567 billion yuan, 5.574 billion yuan, and 3.176 billion yuan respectively; and the net profits during the same period were -65.92 million yuan, 0.108 billion yuan, and 59.17 million yuan respectively.

5) On August 30, Chifeng Jilong Gold Mining Co., Ltd. (600988.SH) submitted its listing application to the Hong Kong Stock Exchange, with Citic Securities as the sole sponsor.

According to the prospectus, Chifeng Jilong Gold Mining mainly engages in the mining, selection, and sales of gold and is the largest privately-owned gold producer in China. As of the last viable date (August 20, 2024), Chifeng Jilong Gold Mining owns and operates seven gold and multi-metal mines located in China, Southeast Asia, and various parts of West Africa.

Financially, as of the end of March for the years 2021, 2022, 2023, and 2024, Chifeng Jilong Gold Mining achieved revenues of approximately 3.783 billion yuan, 6.267 billion yuan, 7.221 billion yuan, and 1.854 billion yuan respectively, with profits for the period of approximately 0.613 billion yuan, 0.494 billion yuan, 0.872 billion yuan, and 0.238 billion yuan respectively.

Looking at the hearings, two companies passed the listing hearing this week:

1) On August 30th, Midea Group Co., Ltd. went through the main board listing hearing of the Hong Kong Stock Exchange, with China International Capital Corporation and Bank of America Securities as its joint sponsors.

According to the prospectus, based on the sales volume and revenue in 2023, Midea Group is the world's largest home appliance enterprise, with a market share of 7.9% by sales volume. In 2023, it ranks among the top three in the global market in the fields of household air conditioners, washing machines, refrigerators, kitchen appliances, and other household appliances, with market shares of 23.7%, 14.2%, 10.5%, and 6.0%, respectively.

In terms of finance, for the four months ending April 30, 2021, 2022, 2023, and 2024, Midea Group's revenue was approximately CNY 343.361 billion, 345.709 billion, 373.71 billion, and 145.78 billion respectively, and the annual/period net income was approximately CNY 29.031 billion, 29.812 billion, 33.747 billion, and 13.646 billion respectively.

2) On August 30th, Carlux (Commercial) Co., Ltd. went through the main board listing hearing of the Hong Kong Stock Exchange, with China CITIC Securities and BNP PARIBAS as its joint sponsors.

According to the prospectus, Carlot provides a variety of kitchenware products to consumers. Based on 2023 retail sales, Carlot ranks among the top five in the online cookware industry across major markets, ranking fourth in China, second in the USA, third in Western Europe, second in Southeast Asia, and third in Japan, with market shares of 1.2%, 13.1%, 1.3%, 8.6%, and 8.1%, respectively.

In the financial aspect, for the years 2021, 2022, 2023, and the three months ending on March 31, 2024, Carrot achieved revenues of approximately 0.675 billion yuan, 0.769 billion yuan, 1.583 billion yuan, and 0.503 billion yuan respectively, with profits during the period approximately 0.032 billion yuan, 0.109 billion yuan, 0.237 billion yuan, and 0.089 billion yuan respectively.

In addition, SYNTRUST GK (08629.HK) opened its offering this week, with the subscription period from August 26 to September 3. The company plans to issue 10.179 million shares, with 10% for public offering and 90% for placement, along with an additional 15% over-allotment option. The offering price will not exceed 10.4 HKD per share, and is expected to be no lower than 8.6 HKD per share, with each hand consisting of 500 shares. The shares are expected to start trading on the Stock Exchange of Hong Kong on September 6, 2024.