Financial Services Association, September 1 (Editor: Feng Yi) Financial Association brings you weekly Hong Kong stock IPO information.

As of press release, this week (August 26 to September 1), 5 companies have submitted forms, 2 companies have passed the listing hearing, and another company has opened a stock offering.

Let's take a look at the delivery form first. 5 companies submitted the forms this week:

1) On August 26, Yingen Biotech submitted a listing application to the main board of the Hong Kong Stock Exchange. Morgan Stanley, Jeffrey, and CITIC Securities were co-sponsors.

According to the prospectus, Yingen Biotech is a global leader in the field of antibody-conjugated drugs (“ADC”), and is committed to developing next-generation ADC innovative drugs for patients with cancer and autoimmune diseases. Since its establishment in 2019, the company has established a highly innovative and differentiated pipeline composed of 12 self-developed ADC drug candidates.

On the financial side, in 2022, 2023, and 2024 for the three months ending March 31, Yingen Biotech's revenue was approximately 1.6 million yuan, 1.787 billion yuan, and 0.641 billion yuan respectively; 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 Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange. CICC, CCB International, and Huatai International are co-sponsors.

According to the prospectus, in 2023, in terms of shipment volume, Shuangdeng Group ranked first among global telecommunication and data center energy storage battery suppliers, accounting for 10.4% of the market share.

At the financial level, in 2021, 2022, 2023, and the three months ending March 31 in 2024, the company achieved revenue of approximately 2.44 billion yuan, 4.072 billion yuan, 4.26 billion yuan, and 0.808 billion yuan respectively; during the same period, realized gross profit of about 0.183 billion yuan, 0.69 billion yuan, 0.867 billion yuan, and 0.166 billion yuan, respectively.

3) On August 30, Fengchao Holdings Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. Huatai International is the sole sponsor.

According to the prospectus, Fengchao is a leading supplier of terminal logistics solutions in China and the global industry. It is the largest supplier of terminal logistics solutions in China in terms of revenue in 2023, and is the world's largest smart courier network operator based on the number of cabinets as of December 31, 2023 and package volume in 2023. As of May 31, 2024, Fengchao has provided services to 0.368 billion consumers and 35 million couriers.

On the financial side, in 2021, 2022, 2023, and the five months ending May 31, 2024, Fengchao achieved revenue of approximately 25.26 yuan, 2.891 billion yuan, 3.812 billion yuan, and 1.904 billion yuan respectively. The profit for the period was approximately -2.071 billion yuan, -1.166 billion yuan, -0.541 billion yuan, and 71.602 million yuan, respectively.

4) On August 30, Miyuan Technology Holdings Limited submitted a listing application to the Hong Kong Stock Exchange. The co-sponsors were HSBC Institutional Finance (Hong Kong) Limited and China International Finance Hong Kong Securities Limited.

According to the prospectus, in 2023, in terms of shipment volume, Miyuan Technology is the fourth largest supplier of electric vehicle battery systems for passenger electric vehicles in China, with a market share of 5.1%. At the financial level, in 2021, 2022, and 2023, the company's revenue was 2.567 billion yuan, 5.574 billion yuan and 3.176 billion yuan, respectively; net profit for the same period was -65.92 million yuan, 0.108 billion yuan, and 59.17 million yuan, respectively.

5) On August 30, Chifeng Geelong Gold Mining Co., Ltd. (600988.SH) submitted a listing application to the Hong Kong Stock Exchange. CITIC Securities was the sole sponsor.

According to the prospectus, Chifeng Gold is mainly engaged in gold mining, selection and sales business, and is the largest private gold producer in China. As of the last practical date (August 20, 2024), Chifeng Gold owns and operates 7 gold and polymetallic mines, distributed all over the world, including China, Southeast Asia and West Africa.

On the financial side, in the three months ended March 31 in 2021, 2022, 2023, and 2024, Chifeng Gold achieved revenue of approximately 3.783 billion yuan, 6.267 billion yuan, 7.221 billion yuan, and 1.854 billion yuan respectively. The profit for the period was approximately 0.613 billion yuan, 0.494 billion yuan, 0.872 billion yuan, and 0.238 billion yuan, respectively.

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

1) On August 30, Midea Group Co., Ltd. passed the Hong Kong Stock Exchange main board listing hearing. CICC and Bank of America Securities were its co-sponsors.

According to the prospectus, according to 2023 sales volume and revenue, Midea Group is the world's largest home appliance company, with a market share of 7.9% in terms of sales volume. In 2023, in terms of sales, household air conditioners, washing machines, refrigerators, kitchen appliances and other household appliances all ranked among the top three in the world, with market shares of 23.7%, 14.2%, 10.5% and 6.0% respectively.

On the financial side, for the four months ended April 30 in 2021, 2022, 2023, and 2024, the Midea Group's revenue was approximately RMB 343.361 billion, 345.709 billion, 373.71 billion, and 145.78 billion yuan, respectively. The profit for the same year/period was approximately RMB 29.031 billion, 29.812 billion, 33.747 billion, and 13.646 billion yuan, respectively .

2) On August 30, Carrot (Commercial) Limited passed the Hong Kong Stock Exchange Main Board listing hearing. CMB International and BNP PARIBAS were its co-sponsors.

According to the prospectus, Carot provides consumers with a variety of kitchenware products. In terms of retail sales in 2023, Carrot ranked in the top 5 in the online cookware industry in all major markets, 4th in China, 2nd in the US, 3rd in Western Europe, 2nd in Southeast Asia, and 3rd in Japan. The market shares were 1.2%, 13.1%, 1.3%, 8.6%, and 8.1%, respectively.

On the financial side, in 2021, 2022, 2023, and 2024 for the three months ending March 31, Carrot achieved revenue of approximately 0.675 billion yuan, 0.769 billion yuan, 1.583 billion yuan, and 0.503 billion yuan respectively. The profit for the period was approximately 0.032 billion yuan, 0.109 billion yuan, 0.237 billion yuan, and 0.089 billion yuan, respectively.

Furthermore, Jixin State Control (08629.HK) opened a stock offering this week. The offering period is August 26 to September 3. The company plans to sell 10.179 million shares, with a public offering accounting for 10%, placement accounting for 90%, and an additional 15% over-allotment rights. The offering price will not be higher than HK$10.4 per share, and is expected to be no less than HK$8.6 per share, with 500 shares per lot. It is expected that the shares will be traded on the Stock Exchange on September 6, 2024.