After the opening of the Lunar New year, the Hong Kong IPO market is not as lively as in previous years. The emergence of the epidemic has disrupted the IPO rhythm of the world's important capital markets. Many companies have announced plans to postpone listing, and IPOs have entered the cold winter earlier than in previous years.

However, this does not mean that good companies will be buried, and values will only be late and will never be absent.

Youdao is, the vicissitudes of life, only show heroic character, good companies always increase in uncertainty, mass investors confused, such as the stars twinkling in the night, but who is the brightest star in the sky?

Gronghui IPO Research was launched for the first time at such a special time.[top 10 most noteworthy IPO themes]In fact, I want to tell every reader that hardship can affect our lives, but it can't defeat us. Hope is always there, whether in the market or in the world, there are always some maverick, different, silent-breaking things that are worth stopping and staying.

We have worked hard to select those that can still benefit under the current circumstances.Pharmaceutical, e-commerce, technology, property and game industriesAnd in theHas been submitted, heard, and listedThe three stages ofFor all of you to select comprehensivelyTen new stocks worthy of repeated attention, attachedConcise investment pointsIt is divided into two episodes to entertain you. Low moisture content, full of practical information, worthy of collection and re-reading.

With regard to this theme, the Gelonghui IPO research team needs to reiterate that the introduction contained as an independent third-party investment research platform is not used for individual stock recommendation, but only for communication and sharing with readers. Finally, the risk is revealed to you again: the stock market is risky, so you need to be cautious when entering the market. I wish you all every success in your continued investment in the year of the mouse.

New shares have been submitted

Heypree (H shares)

1. The company's main products are heparin sodium raw materials, which are exported all over the world. In terms of business composition, heparin sodium raw material drugs accounted for 62.95%, heparin sodium preparations accounted for 21.39%, and CDMO business accounted for 10.9%, and other main businesses accounted for 4.77%.

2. In 2018, the company's operating income reached 4.815 billion yuan, an increase of 69.34 percent over the same period last year, and the net profit reached 616 million yuan, an increase of 213.33 percent over the same period last year.

3. The company expects to achieve a net profit of about 950 million-1.13 billion yuan in 2019, an increase of 54.17% to 83.38% over the same period last year, mainly due to the rapid growth of revenue and gross profit margin in the CDMO business and strong growth momentum.

4. The company distributes innovative drug research and development in cardiovascular / circulatory system, oncology and anti-infection, with key projects including ovarian cancer project, AR-301 project, HTD-1801 project, RVX-208 project, H1710 project and so on. At the same time, the company has completed the closed loop of the whole industry chain of "crude heparin-API- enurol preparation".

5. After the listing of H shares, Heypree realized the dual listing of AH, and the ownership structure of "A share H" is conducive to capital flow.

Kangfang organism

1. As a clinical biopharmaceutical company, the company focuses on meeting the global outstanding medical needs in oncology, immunization, and other treatment areas. In the first three quarters of 2019, the company achieved revenue of 70.879 million yuan, an increase of 2408.1% over the same period last year, and a net profit of-145 million yuan, an increase of 77.23% over the same period last year.

2. In the research and development progress of the company, 10 antibodies are in the clinical stage, 6 bispecific antibodies (2 in the clinical stage) and 4 antibodies have been approved by FDA IND.

3. The research and development targets include PD-1, CTLA-4, VEGF, IL-12/IL-23, IL-17 and PCSK9, of which the CTLA-4 antibody (AK107) authorized by the company to Merck has a total consideration of US $200 million.

4. In the field of research and development, the company already has bispecific antibodies, and the layout time is earlier than that of competitors such as INNOVENT BIO, Corning Jerry and so on.

5. At present, the PD-1 antibody candidate drug (penpulimab AK105) developed by the company in cooperation with Zhengda Tianqing is expected to submit an application for listing in China in the first half of 2020.

6. The pre-IPO valuation of the company is about 836 million US dollars, and there are many well-known investment institutions behind it, including Zhengxin Innovation Capital, Sino Biopharmaceutical, Deep Venture Capital, Qingchi Capital, Guoxin Soochow overseas Fund, AIHC Capital, Aobo Capital, Jiahua Group, Jianxin Capital, Xingze Capital, Qinzhi Capital and BoCom International, etc.

Zhengrong service

1. The current outbreak has affected all industries, but the impact on residential properties is relatively small.

2. The property management industry has great development potential, which mainly stems from the urbanization rate and the improvement of per capita living space in our country. In addition, with the upstream real estate completion turning point rebound, the area to be completed in the past two years is expected to be released, and the property management industry will continue to grow rapidly in the next 1-2 years.

3. Property enterprises that can become the leader can often undertake the word-of-mouth and resources of their developers. The same is true of head property company Vanke property, Greentown Service, Country Garden Services Holdings, Poly property. In 2017, 2018 and the first three quarters of 2019, the company's revenue from providing services to Zhengrong Real Estate accounted for 88.2%, 71.9% and 67.7% of the total revenue, respectively.

4. From 2017 to September 30, 2019, the company's income was 273 million yuan, 456 million yuan and 517 million yuan respectively, while the net profit was 20 million yuan, 40 million yuan and 74 million yuan respectively.

5. In 2017, the company's community value-added services achieved operating income of 16 million yuan, accounting for 5.7% of revenue, with a gross profit margin of 43%. In 2018, the business achieved operating income of 59 million yuan, accounting for 12.9%, with a gross profit of 43.8%. In the first nine months of 2019, the business achieved 75 million yuan in income, accounting for 14.5%, with a gross profit of 64.5%. The proportion of community value-added services in the company's overall income is on the rise, and the gross profit margin is also on the rise. Although the scale of community value-added service is small at present, the future development of this business is worthy of attention.

6. The property sector is a popular sector in the Hong Kong stock market and continues to be popular with funds. Among them, the share price of China Shipping property has risen 406.13% since its listing in 2015, including 116.26% last week for the whole of 2019; the share price of Greentown Service has risen 332.91% since it was listed three years ago. Driven by the plate effect, the stock price performance of the company after listing is worth looking forward to.

Jianye New Life

1. Similar to Zhengrong service logic, the company, as a residential property company, was relatively less affected at the moment of the outbreak.

2. The property management industry has great development potential, which mainly stems from the urbanization rate and the improvement of per capita living space in our country. In addition, with the upstream real estate completion turning point rebound, the area to be completed in the past two years is expected to be released, and the property management industry will continue to grow rapidly in the next 1-2 years.

3. From 2016 to 2018, the company achieved operating income of 349 million yuan, 461 million yuan and 694 million yuan, with a compound annual growth rate of 41.02%, and revenue of 680 million yuan in the first half of 2019, an increase of 143% over the same period last year. At the same time, from 2016 to 2018, the company made a net profit of 11 million yuan, 2300 yuan and 1900 yuan, with a compound annual growth rate of 33.09%. The net profit in the first half of June 2019 was 108 million yuan, an increase of 440% over the same period last year. From 2016 to 2018 and the first half of 2019, the company's gross profit margin was 17.4%, 22.9%, 23.2% and 35.6% respectively, and its financial position was good.

4. Although the residential property fee is at a low level in all industries, the average property management fee of the company in charge of residential property has increased steadily: from 1.66 yuan / square meter / month in 2016 to 1.86 yuan / square meter / month at the end of June 2019, it also contributes to the improvement of performance.

5. From 2016 to 2018, the total corporate liabilities were 1.263 billion yuan, 1.24 billion yuan and 1.226 billion yuan respectively, which has been at a relatively stable level. It dropped to 795 million yuan at the end of June 2019, with an asset-liability ratio of 76.17%, which is at the industry average.

6. The total amount of the company's equity was 249 million yuan at the end of June 2019, but only 97 million yuan at the end of 2018. This is mainly due to the fact that the company keeps part of its profits in the enterprise for reinvestment, which provides a certain support for scale expansion. It is also one of the efforts made by shareholders to impact the listing.

7. As a hot sector in the Hong Kong stock market, also driven by the plate effect, we can actively pay attention to the stock price performance of the company after listing.

After hearing the new shares

Ignore science and technology

1. The performance of each segment of the company's business is outstanding:

(1) in the field of personal Internet, Face++ has become one of the largest open cloud-based computer vision platforms in China. Kuangshi is the world's largest provider of cloud face recognition authentication solutions by 2018 revenue, accounting for more than 60% of China's market share.

(2) in the field of urban IoT, the company's market share is about 7.4%, ranking third.

(3) in the field of intelligent logistics, the company entered the field of intelligent logistics in 2018 and quickly became the third largest participant.

2. The company has won 35 national and industry-wide awards, and has the lowest core self-developed deep learning framework Brain++, which is comparable to Alphabet Inc-CL C's TensorFlow and Facebook's PyTorch, with a leading position in the industry.

3. In 2016, the company's operating income reached 1.427 billion yuan, with a compound growth rate of 3588% from 2018 to 2018. In terms of net profit, excluding the impact of projects that management believes can not reflect operating performance, the company turned from loss to profit in 2018, and the gross profit margin showed an overall upward trend.

4. The three founders of the company hold 16.83% of the shares cumulatively, but hold all Class A shares. The three founders have excellent professional backgrounds-Yinqi, Tang Wenbin and Yang Mu all graduated from the Yao class of Tsinghua University. The R & D team is led by world-class scientists and the team members are of high quality.

5. The company was hatched by Lenovo at the beginning. At present, Ali is the largest shareholder with the blessing of a star investment team.

To be continued, please pay attention.