① What are the highlights as companies like Guanghe Technology and others submit applications? ② Foshan Haitian Flavouring and Food's IPO has attracted market enthusiasm, how high is the subscription heat?
The weekly new stock News for Hong Kong stocks is as follows:
As of the time of writing, this week (June 9 to June 15), 10 companies have submitted applications, 7 companies have passed the hearing, and 4 companies have initiated IPOs, with 3 new stocks listed.
First, looking at the submissions, a total of 10 companies have submitted applications this week:
1) On June 9, Guangzhou $Guangzhou Innogen Pharmaceutical Group Co., Ltd (810659.HK)$ Group Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with CITIC SEC and China International Capital Corporation as its joint sponsors.
According to the prospectus, since its establishment in 2014, Yinruo Pharmaceutical has developed a pipeline of candidate drugs targeting diabetes and other metabolic diseases. The company successfully obtained regulatory approval in China for the treatment of type 2 diabetes (T2D) with Isu-Paglutide α in January 2025.
In terms of performance, in the fiscal years 2023 and 2024, Yinnon Pharmaceuticals' research and development expenses are approximately 0.492 billion yuan and 0.103 billion yuan respectively; during the same period, the company's annual losses are approximately 0.733 billion yuan and 0.175 billion yuan. Starting in 2025, Yinnon Pharmaceuticals will enter a new stage of commercial operation for its first product.
On June 9, Shenzhen $Shenzhen Chuangzhi Semi-link Technology Co., Ltd. (810783.HK)$ Science and Technology Co., Ltd. submitted an IPO application to the Hong Kong Stock Exchange, and HAITONG INT'L, China International Capital Corporation, and China Merchants International are its joint sponsors.
The prospectus shows that Creative Smart Chip Alliance is a provider of metallization interconnect plating materials and key process technology solutions, dedicated to promoting wafer-level and chip-level packaging, as well as the supply chain development of plating materials in the PCB manufacturing field. According to Frost & Sullivan's data, based on 2024 revenue, the company is the largest domestic supplier of wet process plating materials in the Chinese market, as well as the largest one-stop plating solution provider in the Chinese market.
In terms of performance, in the fiscal years 2022, 2023, and 2024, Creative Smart Chip Alliance achieved revenues of approximately 0.32 billion yuan, 0.312 billion yuan, and 0.41 billion yuan respectively; during the same period, annual profits were 27.328 million yuan, 19.421 million yuan, and 52.706 million yuan.
On June 10, $Mininglamp Technology (810784.HK)$ The listing application has been submitted to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor.
According to the prospectus, Minglue Technology is a leading data intelligence application software company in China. Relying on the core technology and industry insights of the company, it provides data intelligence products and solutions, covering marketing and operational intelligence, involving both online and offline scenarios. According to Frost & Sullivan, based on total revenue in 2023, the company is the largest data intelligence application software supplier in China.
In terms of performance, the company's revenue for 2022, 2023, and 2024 is 1.269 billion yuan, 1.462 billion yuan, and 1.381 billion yuan respectively; during the same period, the net income is approximately 1.638 billion yuan, 0.318 billion yuan, and 7.949 million yuan.
4) On June 11, Guangdong $SUNSHINE LAKE PHARMA CO., LTD. (810660.HK)$ Guangdong Hec Technology Holding Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor.
According to the prospectus, Guangdong Hec Pharmaceuticals is a comprehensive pharmaceutical company mainly engaged in drug research, development, production, and commercialization. The company strategically focuses on treatment areas such as infections, chronic diseases, and tumors, manufacturing drugs in China and primarily selling them in the Chinese market. As of the last feasible date, the company sells 48 types of drugs in China and 23 types in overseas markets.
In terms of performance, the company's revenue for 2023 and 2024 is 6.386 billion yuan and 4.019 billion yuan respectively. The profit during the same period is 0.185 billion yuan and -0.207 billion yuan.
On June 11, $Delton Technology (Guangzhou) Inc. (810785.HK)$submitted a listing application to the Hong Kong Stock Exchange, with CITIC SEC and HSBC as joint sponsors.
According to the prospectus, Guanghe Technology is a global leader in the manufacturing of key components PCB for computing power servers, mainly engaged in the research and development, production, and sales of customized PCBs used in computing power servers and other computing scenarios. Based on cumulative revenue from 2022 to 2024, the company ranks first among computing power server PCB manufacturers headquartered in mainland China, and third globally, accounting for 4.9% of the global market share.
In terms of performance, Guanghe Technology achieved revenue of approximately 2.412 billion yuan, 2.678 billion yuan, and 3.734 billion yuan in 2022, 2023, and 2024 respectively; during the same period, total comprehensive income was approximately 0.28 billion yuan, 0.415 billion yuan, and 0.68 billion yuan respectively.
On June 11, $CF PharmTech, Inc (810654.HK)$ Limited Company submitted a listing application to the Hong Kong Stock Exchange, with CITIC SEC and China Merchants International as its joint sponsors.
The prospectus shows that Changfeng Pharmaceutical primarily focuses on the research, production, and commercialization of inhalation technology and inhalation drugs, concentrating on the treatment of respiratory diseases. According to Frost & Sullivan, in 2024, in terms of sales volume, CF017 accounts for about 16% of the inhaled budesonide drug market in China.
In terms of performance, the company's revenue for the years 2022, 2023, and 2024 is approximately 0.349 billion yuan, 0.556 billion yuan, and 0.608 billion yuan, respectively. During the same period, the company achieved gross profits of approximately 0.267 billion yuan, 0.458 billion yuan, and 0.491 billion yuan.
7) June 11, $Cloudbreak Pharma (810545.HK)$ Submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and Huatai International as its joint sponsors.
The prospectus indicates that Cloudbreak Pharma is a clinical-stage ophthalmic biotech company dedicated to developing various therapies. Ophthalmology is the medical branch that studies the structure, function, and diseases of the eye. Cloudbreak Pharma has two core products (CBT-001 and CBT-009), both of which are independently developed. The core product CBT-001 is suitable for treating pterygium (a benign proliferative ocular surface disease), and the company launched Phase 3 multi-regional clinical trials ("multi-regional clinical trials") in the USA and China in June 2022 and September 2023, respectively.
In terms of performance, Cloudbreak Pharma's losses for the years 2022, 2023, and 2024 were approximately 0.067 billion USD, 0.129 billion USD, and 0.099 billion USD, respectively. In addition, the revenue for 2024 is approximately 10 million USD.
8) June 11, Shenzhen $Allystar Technology (Shenzhen) Co., Ltd. (810786.HK)$ BGI Beidou Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants and Ping An Securities (Hong Kong) serving as joint sponsors.
According to the prospectus, BGI Beidou is a leading space positioning service provider in China, empowered by the Beidou satellite navigation system. In 2024, based on the shipment volume of dual-frequency high-precision RF baseband integrated GNSS chips and modules, the company is the fourth largest GNSS space positioning service provider in the world and the largest among all companies in mainland China, with a global market share of 10.5%.
In terms of performance, in the fiscal years 2022, 2023, and 2024, BGI Beidou achieved revenues of approximately 0.698 billion yuan, 0.645 billion yuan, and 0.84 billion yuan, respectively; during the same periods, the losses were approximately 92.612 million yuan, 0.289 billion yuan, and 0.141 billion yuan.
9) On June 13, Suzhou $ALSCO Pooling Service Co., Ltd (810649.HK)$ Shared Services Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC SEC International serving as the exclusive sponsor.
According to the prospectus, Ulassay is a provider of circular packaging services in China, primarily focusing on providing services to automotive parts manufacturers and OEMs within the Autos Industry. According to Frost & Sullivan, based on 2024 revenue, Ulassay is the second largest provider of circular packaging services in China and the largest provider in the automotive shared operation services market. In 2024, circular packaging services, shared operation services, and automotive shared operation services will account for 6.4%, 2.4%, and 1.0% of the overall logistics packaging solutions market in China, respectively.
In terms of performance, the company's revenue for the fiscal years 2023 and 2024 is 0.794 billion yuan and 0.838 billion yuan respectively; during the same period, the profit is 0.064 billion yuan and 0.051 billion yuan.
10) On June 13, $Xuanzhu Biopharmaceutical Co., Ltd. (810652.HK)$ The Technology Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor.
The prospectus shows that Xuan Zhu Bio is a Chinese biopharmaceutical company, and as of the latest feasible date, the company has more than ten drug assets actively under development, covering digestive system diseases, tumors, and non-alcoholic fatty liver disease (NASH), including two NDA approved assets, two drug projects in the NDA registration stage, four drug projects in Phase I clinical trials, and five have obtained IND approval.
In terms of performance, for the fiscal year 2023, 2024, and the three months ending March 31, 2024, and 2025, Xuan Zhu Bio achieved revenues of 0.029 million yuan, 30.094 million yuan, 6.514 million yuan, and 2.559 million yuan respectively; during the same period, the total annual loss and comprehensive loss were approximately 0.301 billion yuan, approximately 0.556 billion yuan, 51.734 million yuan, and 65.461 million yuan.
Looking at the hearing, this week, 7 companies passed the listing hearing:
1) On June 9, $TRANSTHERA-B (02617.HK)$ (Nanjing) Technology Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange, with CITIC SEC and Huatai International as its joint sponsors.
According to the prospectus, PharmaJet is a biopharmaceutical company focused on clinical needs, currently in the registration clinical stage, concentrating on the discovery and development of innovative therapies for small molecules in tumors, inflammation, and cardiovascular metabolic diseases. The company's global partners include leading pharmaceutical companies such as LG Chem, Roche, Teijin, and EA Pharma. Their partnerships encompass various business cooperation models including clinical collaboration, joint research and development, and licensing agreements.
In terms of performance, the company currently has no products approved for commercial sales and has not generated any revenue from product sales. For 2023 and 2024, revenues are approximately 1.181 million yuan and 0 yuan respectively, while the corresponding annual losses are approximately 0.343 billion yuan and 0.275 billion yuan.
PharmaJet-B (02617.HK) will be offering shares for subscription from June 13 to June 18, 2025, aiming to globally issue 15.281 million H shares, with about 10% in Hong Kong and about 90% for international sales, along with a 15% over-allotment option. The offer price per share is HKD 13.15, with a minimum order of 500 shares. The company's H shares will commence trading on the Hong Kong Stock Exchange on June 23, 2025, at 9:00 AM (Hong Kong time).
2) June 9, $Eternal Beauty Holdings Limited (810628.HK)$ The company has passed the listing hearing on the Hong Kong Stock Exchange, with BNP Paribas and CITIC SEC as its joint sponsors.
According to the prospectus, based on retail sales in 2023, YingTong Holdings is the largest perfume group in China (including Hong Kong and Macau) excluding the brand owner Perfume Group. The company provides a comprehensive sales and distribution network covering a wide range of perfume, skincare, makeup, personal care products, eyewear, and home fragrance channels across China (including Hong Kong and Macau). As of March 31, 2025, the company’s products are sold through over 100 directly operated offline POS and more than 8,000 POS operated by retail customers in over 400 cities in China (including Hong Kong and Macau).
In terms of performance, the company's revenue for 2023, 2024, and the first quarter of 2025 is approximately 1.699 billion yuan, 1.864 billion yuan, and 2.083 billion yuan respectively; during the same period, profits are approximately 0.173 billion yuan, 0.206 billion yuan, and 0.227 billion yuan respectively.
On June 9, Saint Bella held a listing hearing through the Hong Kong Stock Exchange, with UBS Group and CITIC SEC as joint sponsors.
The prospectus shows that Saint Bella is a postpartum care and recovery group, also providing home care services and food products tailored to women's needs. According to a Frost & Sullivan report, it accounted for approximately 1.2% of the market share based on revenues from maternity centers in China in 2024.
In terms of performance, from 2022 to 2024, Saint Bella achieved operating revenue of 0.472 billion yuan, 0.56 billion yuan, and 0.799 billion yuan respectively; the losses during the year were 0.412 billion yuan, 0.239 billion yuan, and 0.543 billion yuan respectively.
On June 10, Hubei $X.J. ELECTRICS (HU BEI) CO., LTD (810641.HK)$ Limited Company held a listing hearing through the Hong Kong Stock Exchange, with Sinolink as its exclusive sponsor.
According to the prospectus, Xiangjiang Electric is a manufacturer of household goods in China. Based on the export value in 2024, the company is the tenth largest in China's kitchen small appliance industry, with a 0.8% market share.
In terms of performance, the company's revenue for the fiscal years 2022, 2023, and 2024 was approximately 1.097 billion yuan, 1.188 billion yuan, and 1.502 billion yuan respectively; during the same period, the net profit was approximately 80.261 million yuan, 0.121 billion yuan, and 0.14 billion yuan.
5) On June 10, $CaoCao Inc. (810590.HK)$ the company listed on the Hong Kong Stock Exchange, with joint sponsors being HAITONG INT'L, Agricultural Bank of China International, and GF SEC (Hong Kong).
According to the prospectus, as of the end of 2024, Caocao Rides operates in 136 cities, with 53 new cities added in half a year. The company's total transaction value (GTV) in 2023 was 12.2 billion yuan, a year-on-year increase of 37.5%, and is expected to reach 17 billion yuan in 2024, a year-on-year increase of 38.8%. According to Frost & Sullivan data, its market share is 5.4%.
In terms of performance, from 2021 to 2024, the company’s revenues were approximately 7.153 billion, 7.631 billion, 10.668 billion, and 14.657 billion yuan respectively; losses during the period were approximately 3.007 billion, 2.007 billion, 1.981 billion, and 1.246 billion yuan.
On June 11, $ANJOY FOODS GROUP CO., LTD. (810687.HK)$Listed through the Hong Kong Stock Exchange hearing, Goldman Sachs and China International Capital Corporation are the joint sponsors.
The prospectus shows that Anjoy Foods Group is a leading company in China's frozen food Industry, dedicated to providing food for various consumption scenarios such as home, restaurants, and dining out. According to Frost & Sullivan data, based on revenue in 2024, the company is the largest frozen food company in China, with a market share of 6.6%.
In terms of performance, in the years 2022, 2023, and 2024, Anjoy Foods Group achieved revenues of approximately 12.106 billion yuan, 13.965 billion yuan, and 15.03 billion yuan respectively; during the same period, the annual profits were approximately 1.118 billion yuan, 1.501 billion yuan, and 1.514 billion yuan respectively.
7) On June 12, $Unisound AI Technology Co Ltd (810501.HK)$ Listed through the Hong Kong Stock Exchange hearing, China International Capital Corporation and HAITONG INT'L serve as joint sponsors.
Unisound AI Technology Co Ltd was established in 2012, and as an AI solution provider, its business focuses on the intelligent voice sector, mainly selling conversational AI products and solutions for daily life and Medical-related applications in China. According to Frost & Sullivan's data, in terms of revenue, Unisound is the fourth largest AI solution provider in China, with a market share of 0.6%.
In terms of performance, Unisound AI Technology Co Ltd's revenue for the years 2022 to 2024 is expected to be 0.601 billion yuan, 0.727 billion yuan, and 0.939 billion yuan respectively. However, the cumulative net loss over three years has exceeded 1.2 billion yuan, with a projected loss of 0.45 billion yuan in 2024.
Additionally, three more companies have initiated their IPOs this week:
1） $HAITIAN FLAV (03288.HK)$The IPO is scheduled from June 11, 2025, to June 16, 2025. The company plans to offer 0.263 billion shares of H-shares globally, with 6% for public offering in Hong Kong and 94% for international offering. An additional 15% is allocated for the over-allotment option. The offer price per share is between 35-36.3 Hong Kong dollars, with a minimum purchase of 100 shares. It is expected that H-shares will start trading on the Hong Kong Stock Exchange on June 19, 2025 (Thursday) at 9 AM.
According to media reports, the Hong Kong listing of Foshan Haitian Flavouring and Food has attracted over 100 billion Hong Kong dollars (12.7 billion US dollars) in margin subscriptions for the retail portion. Foshan Haitian Flavouring and Food is expected to list in Hong Kong on June 19.
2） $SANHUA (02050.HK)$From June 13 to June 18, 2025, an initial public offering will be conducted, during which the company plans to globally issue 0.36 billion H shares, with 7% allocated for public sale in Hong Kong and 93% for international offering, along with an additional 15% over-allotment option. The price per share is expected to be between 21.21 and 22.53 HKD, with a trading unit of 100 shares. It is anticipated that the H shares will begin trading on the Hong Kong Stock Exchange at 9:00 AM on June 23, 2025 (Monday).
3） $BAYZED HEALTH (02609.HK)$ From June 13 to June 18, 2025, an initial public offering will be conducted, proposing a global issuance of 0.133 billion shares, with approximately 10% allocated for sale in Hong Kong and about 90% for international offering. The price per share is expected to be between 4.22 and 6.75 HKD, with a trading unit of 600 shares. The shares are expected to begin trading on the Hong Kong Stock Exchange at 9:00 AM on June 23, 2025 (Monday).
This week, there are three new stocks being listed:
1) On June 10, $METALIGHT (02605.HK)$The stock fell more than 30% on the first trading day and continued to fluctuate weakly. As of June 13, the stock had accumulated a decline of 26.36% in its first week of listing. By the end of 2024, the company's cash balance was only 56.31 million yuan, with short-term liabilities reaching as high as 0.426 billion yuan.
On June 10, $NEWTREND GROUP (02573.HK)$On the first day of listing, it rose by 21.43%, but then fell continuously in the following trading days. As of June 13, the stock has cumulatively dropped 16.30% in its first week of listing. The prospectus shows that New Qian An is a producer of food-grade glycine and sucralose. The Earnings Reports show that the company's net income is continuously declining from 2022 to 2024.
On June 10, $RONGTA TECH (09881.HK)$On the first day of listing, it rose by 42%, but then also fell continuously in the following trading days. As of June 13, the stock has cumulatively risen 18% in its first week of listing. It is reported that Rongda Technology is a supplier of automatic identification and data collection (AIDC) devices and solutions with a global sales network. Revenue for 2024 is 0.35 billion yuan, with a net income of 41.35 million yuan.
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