Hong Kong IPO Observation

As of the 48th week of 2024, Hong Kong Stock Exchange had 3 new listings, 2 new IPOs, no hearing rejections, and 13 submissions of prospectuses.

Listed that week

• The first domestic logistics company $S.F. Holding (06936)$ (A+H)

• Gold jewelry original brand manufacturer $Mengjinyuan (02585)$

• Biopharmaceutical company $Jiuyuan Genes (02566)$

Stock offerings that week

• Hydrogen energy company $Reshape Energy (02570)$

• Local retailers provide retail digital solutions with Multi-Point Intelligence (02586).

• High-end cosmetic brand Mao Gapin (01318).

Diabiao Corporation

• Emerging leader in inhalation drug delivery technology for respiratory system diseases, Changfeng Pharmaceuticals.

• Leading supplier of intelligent driving and intelligent cockpit solutions, Youjia Innovation.

• Integrated circular packaging service provider, Yewloesai.

• The second largest caravan manufacturer in Oceania, New Kea RV.

• Comprehensive leader in the digital twin industry, May 1st Vision (18C).

• DaZhong Stomatology, a leading private dental medical service provider in central China.

• Unity Biotech, a clinical-stage biotechnology company.

• Hui Zhi Holdings, a data intelligence application software company.

• Zhi Da Technology, a provider of home electric vehicle charging stations.

• Shanghai Cell Therapy Group, a company covering the full value chain of cellular medical health.

• Sipani, a precious metal watch designer, manufacturer, and brand owner.

• Top Win, a wholesaler of international luxury watch trading, distribution, and retail.

• Xuanzhu Bio, an innovative biopharmaceutical company spun off from Sihuan Pharm.

• Innovative biotechnology company Hanxie Aitai

Other products

• Ying Shi Insta360 is planning to go public in Hong Kong, seeking a valuation of at least 15 billion RMB

• Singapore logistics and warehousing facility supplier GLP is planning to list in Hong Kong, planning to raise approximately 1.6 billion to 2 billion US dollars, with Vanke as the major shareholder (21.4%)

• Leading GaN chip company InnoSight listed in Hong Kong receives notice of filing

Reshape Energy initiates IPO

Reshape Energy will conduct an IPO from November 28 to December 3, expected to be listed on the Hong Kong Stock Exchange on December 6, 2024, with China International Capital Corporation as the exclusive sponsor.

The company plans to globally issue 4.82792 million H shares, with an offering price ranging from HK$145 to HK$165 per share, 20 shares per board lot, raising approximately HK$0.797 billion in total. One cornerstone investor will be introduced, with Jiujiang State-owned Assets Supervision and Administration Commission subscribing for RMB 0.3 billion

公司成立于2015年，作为中国领先的氢能科技企业，专注于氢燃料电池系统、氢能装备及相关零部件的设计、开发、制造和销售，并提供氢燃料电池工程开发服务。根据弗若斯特沙利文的数据，按2023年已售重卡氢燃料电池系统的总输出功率、总销售输出功率、总销售额计，重塑能源均位居中国氢燃料电池系统市场第一，市场份额分别为23.8%、42.4%、29.4%。

公司产品及服务组合涵盖制氢(上游供应)到氢能应用(下游应用于商用车、发电站、工程机械等领域)的氢能全产业链，实现了氢气和电的协同应用，实现了氢气和电的协同应用，从而形成了一个「电-氢-电」的新的商业模式。重塑能源与国内外领先的商用车制造商、汽车配件制造商和能源企业建立并保持牢固的业务关系，包括宇通、一汽解放、杭叉、正泰集团、日本丰田汽车、德国大陆集团、舍弗勒集团等。重塑能源的收入主要来自销售氢燃料电池系统及零部件、提供氢燃料电池工程开发服务、销售氢能装备及相关零部件、其他(主要包括提供售后服务)

业绩方面，在2021年、2022年和2023年和2024年前5个月，公司营收分别为0.524 billion、0.605 billion、0.895 billion和0.13亿元，同期净亏损分别为0.654 billion、0.546 billion、0.578 billion和4.09亿元。

多点数智启动招股

多点数智于11月28日至12月3日招股，预计2024年12月6日在港交所挂牌上市，瑞银、招银国际、招商证券国际联席保荐。

每股发售价30.21港元，每手100股，最多募资约0.779 billion港元。此次IPO招股引入1名基石投资者，Jardine Matheson(怡和集团)的成员公司DFI零售集团通过DFI Development认购39.06 million美元

公司成立于2015年，为本地零售业的零售商提供零售数字化解决方案，已成功将业务扩展至亚洲其他国家及地区，包括香港特别行政区、柬埔寨、新加坡、马来西亚、澳门特别行政区、印度尼西亚、菲律宾及文莱。根据弗若斯特沙利文的数据，于2023年，按收入计，多点Dmall是中国最大的零售数字化解决方案服务商以及亚洲领先的零售数字化解决方案服务商。

其数字化零售业务始于与物美集团的合作，公司在物美集团的全国门店网络中实施了多点Dmall的云解决方案，亦为其他大型零售商提供服务，包括麦德龙实体、重庆百货集团、银川新华集团、以及DFI Retail Group经营的惠康、万宁、佳宁药房、巨人超市及7-Eleven(Hong Kong)等知名品牌。

Currently, Duodian Dmall has developed a comprehensive retail cloud solution for customers of all sizes and formats, covering the local retail business chain from procurement and supply chain management, store and headquarters management to marketing and omni-channel sales. Duodian Dmall currently covers all major retail formats, including chain supermarkets, warehouse supermarkets, department stores, convenience stores, specialty retailers, and retailers operating in a new retail manner. Duodian Dmall's revenue mainly comes from retail core service cloud, e-commerce service cloud, and other.

In terms of performance, in the past 2021, 2022, 2023, and the first half of 2024, the company's revenue was 0.848 billion, 1.328 billion, 1.585 billion, and 9.39 billion respectively, while net losses were 1.808 billion, 0.9 billion, 0.749 billion, and 4.82 billion respectively, and adjusted net losses were 0.942 billion, 0.356 billion, 0.233 billion, and 560 million respectively.

Wisdom Holding/Mingli Artificial Intelligence submitted an IPO prospectus

On November 29, Shanghai Mingli Artificial Intelligence of Wisdom Holding submitted a prospectus to the Hong Kong Stock Exchange for an IPO listing on the main board. China International Capital Corporation serves as its exclusive sponsor

Established in 2006, as a leading Chinese data intelligent application software company, Wisdom Holding is dedicated to transforming enterprise marketing and business decision-making processes and operations by integrating large models, industry-specific knowledge, and multimodal data. As of June 30, 2024, Wisdom Holding has served 135 Fortune Global 500 companies, with customers in industries including retail, consumer goods, food and beverages, automotive, 3C, cosmetics, and maternal and child products.

According to Frost & Sullivan data, based on the total income in 2023, Wisdom Holding is the largest data intelligent application software supplier in China. Wisdom Holding is a pioneer in China in applying big data technology to business scenarios, focusing on developing online advertising measurement and media budget allocation tools since 2008, introducing the flagship product Miaozhen System.

As of December 31, 2023, in terms of the number of large customers, the renewal rate of the Miaozhen System exceeds 90% and the bidding success rate exceeds 90%. The company subsequently entered the field of operational intelligence, integrating and analyzing various types of multimodal data related to sales, service, operations, and training to form industry-specific insights, providing real-time guidance for enterprise operational strategies, assisting in strengthening business decisions, effectively increasing productivity, and reducing operating costs by at least 20%. According to Frost & Sullivan data, Wisdom Holding is one of the first companies in China to adopt AIoT, AIOps, and multimodal LLM technologies, providing support for IT and production equipment and system maintenance services. According to Frost & Sullivan data, Wisdom Holding's proprietary conversational intelligent hardware, Lingting, was commercialized in 2019, and is also the first conversational intelligent hardware in China that can be used in noisy environments.

In terms of performance, in the past 2021, 2022, 2023, and the first half of 2024, the company's revenue was 1.043 billion, 1.269 billion, 1.462 billion, and 5.65 billion respectively, while net profit was -2.502 billion, 1.638 billion, 0.318 billion, and -0.99 billion respectively, and net losses were 1.067 billion, 1.059 billion, 0.174 billion, and 0.48 billion respectively.

Observation on IPO in the US stock market.

Newly listed stocks this week.

• Pony.ai (PONY) (First day -7.69%)

• Brazil Potash Corp. (GRO) (First day -9.93%)

• Venu Holding Corp. (Notes Live, Inc.) (VENU) (First day +1.20%)

• BrilliA Inc. (BRIA) (First day +0.00%)

• Rongye Food (WYHG) (First day +6.00%)

• Chuangzhi Global (CGTL) (First day -7.00%)

Upcoming listings next week.

• Fast Track Solutions Inc. (FTRK)

• JINXIN TECHNOLOGY HOLDING COMPANY (NAMI)

• Wanban Technology Wanban (NTCL)

• Diginex Ltd. (DGNX)

• Callan JMB Inc. (CJMB)

• Fitness Champs Holdings Limited (FCHL)

• Yishengxin (YSXT)

• Leishen Energy Holding Co., Ltd. (LSE)

• Health in Tech (HIT)

Other submission forms

• Wholesale luxury watch dealer Top Win Hengrong International

Luxury watch wholesaler Top Win Hengrong International submitted an IPO prospectus

On November 25, Hong Kong Top Win International publicly disclosed its prospectus to the U.S. Securities and Exchange Commission (SEC), planning to list on the NASDAQ in the USA, with its stock code as TOPW. It secretly submitted the filings to the SEC on August 16, 2024. Revere Securities LLC is its underwriter.

Coming from Hong Kong, the company, as a wholesaler engaged in international brand luxury watch trade, distribution, and retail, directly or indirectly purchases luxury goods from authorized dealers, distributors, and brand owners in Europe, Japan, Singapore, and other regions, and sells them to our customers, including independent watch dealers, watch distributors, and retail buyers in the watch industry. Our strategic position in Hong Kong gives us a favorable position in the Asia Pacific luxury goods market.

Top Win currently offers a selection of over 30 internationally renowned watch brands, including Blancpain, Breguet, Cartier, Chopard, Hermès, IWC, Jaeger-LeCoultre, Rolex, Omega, and Longines. The company mainly sells watches in the price range of $1,900 to $7,500, targeting middle to high-income customers.

In terms of performance, in the past fiscal years 2023 and 2024, the company's revenue was 14.2252 million, 18.8144 million, and 7.9254 million US dollars, while the net income for the same period was 0.0715 million, 0.1981 million, and -0.2186 million US dollars respectively.

SPAC aspect

$HUDSON ACQUISITION I CORP(HUDA)$ announced a merger with electric vehicle company Aiways Europe (爱驰汽车).