Hong Kong Stock IPO Weekly Report: Ali launches a spin-off listing plan! Another “minimally invasive” company submitted an announcement. Is spin-off listing all the rage?

活報告 · May 21, 2023 22:18

活报告

自2023年开年以来，港股共迎来25只新股上市。最近一周（5月15日-5月21日）有0家公司上市，2家公司招股，1家公司通过聆讯，2家公司递交上市申请。

2家招股的公司分别是宏信建发和易点云。其中，宏信建发是中国领先设备运营服务供应商之一，其由远东宏信(3360.HK)分拆而出，拟募资16.99亿，此次公司引入7位基石投资者，持股约占全球发售的64.83%。

Growatt古瑞瓦特通过聆讯，公司是全球最大的户用光伏逆变器提供商，业绩高速增长，2022年净利润同比增长82.13%。

长久数科、微创心律向港交所递交上市申请。其中，微创心律是分拆自微创医疗(0853.HK)，是一家专注于心律管理（CRM）的医疗器械公司，获得高瓴、中金、易方达等多家机构投资。

值得注意的是，阿里巴巴在最新财报中宣布启动几个大动作：云智能集团分拆，目标未来12个月完成上市；菜鸟集团目标在未来12到18个月完成上市计划；盒马目标将在6到12个月内完成上市。

另外，据市场消息，深圳万盛堂计划年内赴港上市，募资约2到3亿美元。万盛堂是日本安全套生产商「冈本」中国地区总代理商。

一、新股上市 (0家)

最近一周，0家公司新上市。

二、招股 (2家)

1、宏信建发（9930.HK）

宏信建发（9930.HK）本周招股，招股日期为2023年5月12日至2023年5月18日，并预计于2023年5月25日在港交所挂牌上市。

宏信建发是中国领先设备运营服务供应商之一，其由远东宏信(3360.HK)分拆而出。宏信建发全球发售比例约为11.41%%，按发行价区间中位数计，约募16.99亿元，此次公司引入7位基石投资者，持股约占全球发售的64.83%。

2、易点云（2416.HK）

易点云(2416.HK)开始招股，招股日期为2023年5月15日至2023年5月18日，并预计于2023年5月25日在港交所挂牌上市。

易点云一家为企业客户提供一站式办公IT服务的公司。易点云全球发售比例约为10.20%，按发行价区间中位数计，约募6.44亿元，此次公司引入1位基石投资者，持股约占全球发售的24.33%。

三、通过上市聆讯 (1家)

最近一周，1家公司通过上市聆讯。

1、Growatt古瑞瓦特

Growatt于2023年5月14日通过港交所聆讯，不日将在香港主板上市，联席保荐人为瑞信和中金。

公司是全球领先的分布式能源解决方案提供商。2022年收入为人民币70.93亿元，同比增长93.56%；净利润12.13亿元，同比增长82.13%。

四、递表公司 (2家)

最近一周，2家公司在港交所递交上市申请。

1、长久数科

长久数科于2023年5月16日向港交所递交招股书，拟在香港主板上市，这是公司第1次递交上市申请，联席保荐人为中信证券(21.300, 0.01, 0.05%)和工银国际。

公司是中国汽车流通领域最大的数字风险管理服务提供商。2022年收入为5.48亿元，净利润为0.96亿元。

2、微创心律

微创心律于2023年5月18日向港交所递交招股书，拟在香港主板上市，这是公司第1次递交上市申请，联席保荐人为高盛、中金。

公司是分拆自微创医疗(0853.HK)，专注于心律管理(CRM)的医疗器械公司。这是继心脉医疗(169.990, -1.04, -0.61%)(688016.SH)、心通医疗-B(2160.HK)、微创机器人(15.400, -0.30, -1.91%)-B(2252.HK)、微创脑科学(2172.HK)后，医疗器械集团微创医疗(0853.HK)第五家分拆上市的公司。此外，微创医疗还推动联营公司微电生理(22.880, -0.03, -0.13%)(688351.SH)于2022年独立上市。

2022年收入为2.05亿元，净亏损为1.07亿元。

五、近期港股IPO市场情况

据LiveReport大数据，近10家上市新股平均发行市值为74.47亿，最大市值为珍酒李渡，最小市值为怡俊集团控股；平均发行PE为15.55倍，PE处于中位水平；平均申购人数为5828，平均认购倍数为8.26；平均基石占比为41.28%，近期比例略微回升；

近期港股新股市场表现较差，近10只新股暗盘平均上涨5.79%，首日平均下跌2.00%。中天湖南集团暗盘及首日大涨超120%，淮北绿金股份、中宝新材及北森控股均大跌，港股第一白酒公司珍酒李渡首日滑铁卢，最近新上的三家首日表现亦令人失望。

Live Report

Since the beginning of the year 2023, Hong Kong stocks have ushered in a total of 25 IPOs. In the last week (May 15 to May 21), 0 companies went public, 2 companies offered shares, 1 company passed hearings, and 2 companies submitted listing applications.

The two prospected companies are Hongxin C&D and Yi Dianyun respectively. Among them, Hongxin C&D is one of the leading equipment operation service providers in China. It was spun off from Yuandong Hongxin (3360.HK) and plans to raise 1,699 million dollars. This time, the company introduced 7 cornerstone investors, accounting for about 64.83% of global sales.

Growatt passed the hearing that Guriwatt is the world's largest provider of household photovoltaic inverters. Its performance grew rapidly, and net profit increased 82.13% year-on-year in 2022.

Changjiu Mathematics and Minimally Invasive Heart Rate submitted listing applications to the Hong Kong Stock Exchange. Among them, Minimally Invasive Heart Rhythm is a spin-off from Minimally Invasive Medicine (0853.HK), a medical device company focusing on heart rhythm management (CRM), and has received investment from various institutions such as Gaoyuan, CICC, and E-Fangda.

Notably, Alibaba announced several major moves in its latest financial report: Cloud Intelligence Group's spin-off with the goal of completing the listing in the next 12 months; Cainiao Group aims to complete the listing plan in the next 12 to 18 months; and Hema aims to complete the listing within 6 to 12 months.

Also, according to market information, Shenzhen Wanshengtang plans to go public in Hong Kong within this year to raise about 200 to 300 million US dollars. Manseido is the general agent of the Japanese condom manufacturer “Okamoto” in China.

1. IPO (0)

In the last week, 0 new companies went public.

II. Prospectus (2 companies)

1. Hongxin Construction & Development (9930.HK)

Hongxin C&D (9930.HK) is offering shares this week. The offering date is May 12, 2023 to May 18, 2023, and is expected to be listed on the Hong Kong Stock Exchange on May 25, 2023.

Hongxin C&D is one of the leading equipment operation service providers in China. It was spun off from Far East Hongxin (3360.HK). Hongxin C&D's global sales ratio was about 11.41%. Based on the median issue price range, it raised about 1,699 billion yuan. This time, the company introduced 7 cornerstone investors, and its shareholding accounted for about 64.83% of global sales.

2. Easy Point Cloud (2416.HK)

Easy Dianyun (2416.HK) has begun offering shares. The offering date is from May 15, 2023 to May 18, 2023, and is expected to be listed on the Hong Kong Stock Exchange on May 25, 2023.

EasyDianyun is a company that provides one-stop office IT services to enterprise customers. EasyDiCloud's global sales ratio is about 10.20%. Based on the median issue price range, it raised about 644 million yuan. This time, the company introduced 1 cornerstone investor, and its shareholding accounted for about 24.33% of global sales.

3. Passed the listing hearing (1)

In the last week, 1 company passed a listing hearing.

1. Growatt Guriwatt

Growatt passed the Hong Kong Stock Exchange hearing on May 14, 2023, and will be listed on the Hong Kong Main Board soon. The co-sponsors are Credit Suisse and CICC.

The company is a leading global provider of distributed energy solutions. Revenue in 2022 was RMB 7.093 billion, up 93.56% year on year; net profit was RMB 1,213 billion, up 82.13% year on year.

4. Form Submission Companies (2)

In the last week, two companies submitted listing applications on the Hong Kong Stock Exchange.

1. Long-term mathematics

Changjiu Digital Technology submitted a prospectus to the Hong Kong Stock Exchange on May 16, 2023 to be listed on the Hong Kong Main Board. This is the first time that the company has submitted a listing application. The co-sponsor isCITIC Securities(21.300, 0.01, 0.05%) and ICBC International.

The company is the largest digital risk management service provider in the automotive distribution sector in China. Revenue in 2022 was $548 million and net profit was $96 million.

2. Minimally invasive cardiac rhythm

Minimally Invasive Heart Rhythm submitted a prospectus to the Hong Kong Stock Exchange on May 18, 2023 to be listed on the Hong Kong Main Board. This is the first time the company has submitted a listing application. The co-sponsors are Goldman Sachs and CICC.

The company is a medical device company spun off from Minimally Invasive Medicine (0853.HK) that focuses on heart rhythm management (CRM). This is a continuationCardiac medicine(169.990, -1.04, -0.61%) (688016.SH), Xintong Medical-B (2160.HK), minimally invasiverobots(15.400, -0.30, -1.91%) After -B (2252.HK) and Minimally Invasive Brain Science (2172.HK), Medical Device Group Minimally Invasive Healthcare (0853.HK) was the fifth company to be spun off and listed. In addition, minimally invasive medicine is also promoting joint venturesmicroelectrophysiology(22.880, -0.03, -0.13%) (688351.SH) was independently listed in 2022.

Revenue in 2022 was $205 million and net loss was $107 million.

5. Recent market conditions for Hong Kong stock IPOs

According to LiveReport's big data, the average issued market value of the last 10 listed IPOs was 7.447 billion, the largest market capitalization was Li Du, and the lowest market value was Yijun Group Holdings; the average number of issued PE was 15.55 times, and PE was at the middle level; the average number of subscribers was 5828, and the average subscription multiplier was 8.26; the average cornerstone ratio was 41.28%, with a slight increase recently;

Recently, the performance of the Hong Kong IPO market has been poor. The average increase in the dark market of the last 10 IPOs was 5.79%, and the average drop on the first day was 2.00%. Zhongtian Hunan Group surged more than 120% in dark trading and on the first day. Huaibei Green Gold Co., Ltd., Zhongbao New Materials, and Beisen Holdings all plummeted. The first-day performance of the three new companies recently launched on the first day of Waterloo, the first day of Hong Kong stock liquor company, was also disappointing.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

港股IPO周报：阿里启动分拆上市计划！又一“微创系”公司递表，分拆上市蔚然成风？

Hong Kong Stock IPO Weekly Report: Ali launches a spin-off listing plan! Another “minimally invasive” company submitted an announcement. Is spin-off listing all the rage?

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