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Zhidrive Enterprises welcomes innovation with the launch of its IPO, introducing two cornerstone investors.

Shenzhen MINIEYE Innovative Technology Co., Ltd. (hereinafter referred to as "MINIEYE Innovation") started its IPO on December 17th and ended on the 20th, with plans to officially list on the main board of the Hong Kong Stock Exchange with the stock code "2431.HK" on December 27, 2024. In this IPO, MINIEYE Innovation plans to issue 39.19 million shares (subject to whether the over-allotment option is exercised). The offering price per share is between 17.00 and 20.20 Hong Kong dollars, with 200 shares per lot. The joint sponsors of the IPO are CITIC SEC and CICC. According to regulatory filings submitted by MINIEYE Innovation, Hong Cheng Hang International Investment Co., Ltd. and Horizon Together Holding Ltd. are cornerstone investors participating in this offering. Horizon Together Holding Ltd. is wholly owned by Horizon Robotics (stock code: 9660.HK). Established in 2014, MINIEYE Innovation is a Chinese supplier of intelligent driving and intelligent cockpit solutions. It is committed to gradually achieving mass production and implementation of level L0-L2+ autonomous driving technology through its self-developed full-stack technology, while actively developing more advanced autonomous driving solutions. Solutions include intelligent driving, intelligent cockpit, and vehicle-road coordination. MINIEYE Innovation's self-developed core algorithms cover perception, fusion, mapping positioning, and rule control, achieving comprehensive coverage of the intelligent driving algorithm stack chain. As of June 30 this year, MINIEYE Innovation has entered mass production with 94 vehicle models from 29 OEMs, including seven of the top ten domestic OEMs by sales volume. As of December 10 this year, MINIEYE Innovation has entered mass production with 35 OEMs. At the same time, MINIEYE Innovation is developing and testing the L4 level autonomous driving solution iRobo, with delivery expected in the first quarter of 2025. MINIEYE Innovation is also expanding overseas, tapping into new growth opportunities. As of the first half of this year, MINIEYE Innovation has achieved SOP for 21 exported vehicle models from 4 OEMs. These exported vehicles are sold to regions including the EU, Australia, the UK, and Southeast Asia. In addition, MINIEYE Innovation recently assisted a certain OEM in obtaining EU ADDW (Advanced Driver Distraction Warning System) certification, becoming one of the first Chinese suppliers to help OEMs obtain this certification. From a financial perspective, MINIEYE Innovation's operations are improving, with revenue showing rapid growth. Revenue for 2021-2023 was 175 million, 279 million, and 476 million RMB, with a compound annual growth rate of 64.9%. In the first half of this year, MINIEYE Innovation achieved revenue of 237 million RMB, a year-on-year increase of 44.5%. At the same time, the company's gross margin continues to improve, from 9.7% in 2021 to 14.3% in 2023. The gross margin for the first half of this year was 14.1%, compared to 8.3% in the same period of 2023. With its core advantages of self-developed algorithms, platformization, and integrated software and hardware, MINIEYE Innovation has gained the favor of two cornerstone investors. In the wave of intelligent driving companies going public, MINIEYE has shown tremendous market potential and sustainable development capabilities. In the race of technology and capital, its future development is highly anticipated.
17/12/2024

New Stock News | Jizhi Jia sprints to the Hong Kong Stock Exchange to provide solutions for the world's largest warehouse fulfillment AMR provider.

According to the disclosure by the Hong Kong Stock Exchange on December 16, Beijing Jizhijia Technology Co., Ltd. (Jizhijia) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Morgan Stanley and CICC as joint sponsors. According to the prospectus, Jizhijia is a leading player in the global AMR market. The company provides a range of AMR solutions aimed at empowering warehousing fulfillment and industrial handling scenarios, significantly improving supply chain efficiency while reducing reliance on manual labor. According to data from Zhoushi Consulting, based on revenue calculations for 2023, Jizhijia has become the world's largest provider of warehousing fulfillment AMR solutions, maintaining this leading position for five consecutive years. The company has the broadest industry coverage in the global AMR market and is also the world's largest provider of AMR solutions in the e-commerce, fast-moving consumer goods, and third-party logistics sectors. Jizhijia's technological innovation, commitment to product quality, and long-term reliable service have been widely recognized and accepted by approximately 770 end customers worldwide. As of June 30, 2024, Jizhijia has delivered around 46,000 AMRs to approximately 40 countries and regions worldwide. Jizhijia's expansive footprint is supported by local sales, solution, project management, and service teams, as well as a network of local distribution and service partners. As of June 30, 2024, Jizhijia has over 40 service sites and partner sites globally, 12 spare parts centers, and over 290 engineers. Financially, for the fiscal years 2021, 2022, 2023, and the six months ending on June 30, 2024, Jizhijia's revenues were approximately RMB 790 million, 1.452 billion, 2.143 billion, and 782 million, respectively; during the same periods, the company achieved gross profits of approximately 80.245 million, 257 million, 659 million, and 252 million, respectively.
17/12/2024

New Stock Margin Statistics | December 16th

Xiaocaiyuan (00999) and Yuejiang (02432) are currently in the process of Initial Public Offerings (IPO). As of December 16, Huasheng, Yao Cai, Huili and other securities firms have collectively lent 0.07605 billion Hong Kong dollars to Xiaocaiyuan, with subscription not being fully met; they have lent 0.919 billion Hong Kong dollars to Yuejiang, oversubscribing by over 1.1 times.
16/12/2024

New stock news | Yongkang Holdings' application to list on the Hong Kong Stock Exchange has been rejected. The market share in Singapore's container yard is 17.9%.

Eternal Holdings Limited's Hong Kong IPO prospectus, submitted on June 14, 2024, expired after 6 months on December 14th, with Sinren Finance Limited serving as its exclusive sponsor at the time of submission. According to the prospectus, Eternal Holdings is a container yard operator based in Singapore, providing services to container shipping and leasing companies operating in the ASEAN region and China. The company is headquartered in Singapore and operates in mainland China, Hong Kong, Malaysia, Thailand, and Vietnam, with operations at 10 locations operating 20 container yards as of the last practicable date (June 7, 2024). According to a report by Euromonitor, the container yard industry in Singapore is relatively concentrated, with the top five operators accounting for approximately 65% of the total throughput of container yards in Singapore in 2023. The top five operators strategically operate near ports. Based on the 2023 container throughput, Eternal Holdings is the largest container yard operator in Singapore, with a market share of 17.9%.
16/12/2024

New stock news | Wise Accounting Hong Kong Stock IPO prospectus failed, with a cumulative loss of nearly 1.5 billion yuan in three years.

HuiSuanZhang Holdings Limited (HuiSuanZhang) submitted a Hong Kong IPO prospectus on June 14, 2024, which expired after 6 months on December 14. CITIC SEC was the exclusive sponsor at the time of submission. According to the prospectus, HuiSuanZhang is a provider specializing in financial and tax solutions for small and medium-sized enterprises. Based on data from Frost & Sullivan, HuiSuanZhang has been China's largest in terms of total revenue from 2021 to 2023. The company operates in a highly fragmented market that is still in its early stages of digitization. In terms of revenue, the company's market share in 2023 was 0.5%, almost five times that of its second largest competitor. The company offers AI-enabled financial and tax solutions including accounting, invoicing, tax compliance, and comprehensive financial management. Thanks to high customer satisfaction and strong brand awareness in the industry, HuiSuanZhang achieved a customer retention rate of 79.4% in 2023, higher than the industry average. The company has established a nationwide service network to enhance operational efficiency and help clients succeed. Through sales and marketing initiatives and strong brand awareness, SATP system served 672,085 small and medium-sized enterprises in 2023. In terms of the number of small and medium-sized enterprises directly served in 2023 (reaching 211,158), the company is the largest provider of financial and tax solutions for small and medium-sized enterprises in China. Financially, in 2021, 2022, and 2023, HuiSuanZhang achieved revenues of approximately RMB 347 million, RMB 516 million, and RMB 539 million respectively; with losses of approximately RMB 683 million, RMB 506 million, and RMB 302 million respectively.
16/12/2024

New Stock News | It is rumored that Foshan Haitian Flavouring and Food will go public in Hong Kong to raise at least HK$11.7 billion. This will be the second largest fundraising of the year.

According to informed sources, one of China's largest seasoning manufacturers, Foshan Haitian Flavouring and Food (603288.SH), has appointed CICC, Goldman Sachs, and Morgan Stanley to handle its second listing in Hong Kong, with the fundraising amount rumored to be at least $1.5 billion (approximately 11.7 billion Hong Kong dollars). If the amount is confirmed, it will be the second largest IPO since the beginning of the year, second only to Midea Group Co., Ltd (00300). The company is rumored to plan to submit its preliminary prospectus to HKEX as early as January next year. It was previously rumored that the company had engaged KPMG as its auditing agency for the listing. Previously, Haitian announced that to further promote its globalization strategy, enhance its international brand image, and overall competitiveness, the company plans to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange. The company stated that it will fully consider the interests of existing shareholders and the conditions of domestic and international capital markets, and select an appropriate time and issuing window to complete the listing within the validity period of the shareholder resolution. The company is actively discussing the relevant work of the listing with related intermediaries, and apart from the relevant resolutions passed by the board of directors, the specific details of the listing have not been finalized. Founded 400 years ago in Foshan, Haitian, not only is one of the first Chinese time-honored brands, but also a "top student" among A-share listed companies. Since its listing in 2014, it has maintained steady and continuous growth, with revenue growing from 9.8 billion yuan to over 25 billion yuan, an increase of over 150%. The A+H dual listing is seen in the industry as an important means and channel for Foshan Haitian Flavouring and Food to seek new growth points in the international market. It is worth noting that in September this year, Foshan Haitian Flavouring and Food underwent a personnel change, replacing the "leader" and declaring Cheng Xue as the chairman, while former chairman Pang Kang exited the board of directors. Subsequently, in October, there were rumors in the industry about Haitian's plan to go public in Hong Kong, and in December, Foshan Haitian Flavouring and Food officially announced the plan to list in Hong Kong. It is also believed in the industry that Haitian's listing in Hong Kong may be the new chairman's "first fire" after taking office. Currently, Haitian has five production bases in China, with an annual production and sales volume exceeding 4 million tons. Haitian has a large product matrix, including 10 series of more than 300 varieties and over 1000 specifications including soy sauce, oyster sauce, sauces, vinegar, cooking wine, etc. Its products are not only available in China but also in over 100 countries and regions worldwide. Financially, this year, Foshan Haitian Flavouring and Food's performance has rebounded. In the first three quarters of this year, Foshan Haitian Flavouring and Food achieved a revenue of 20.399 billion yuan, a year-on-year increase of 9.38%; and a net profit of 4.815 billion yuan, a year-on-year increase of 11.23%.
16/12/2024

New stock news: Coal logistics service provider Qianyuan Weike submits its application to the Hong Kong Stock Exchange, anticipating revenue exceeding 3.7 billion yuan in 2023.

According to the disclosure made by the Hong Kong Stock Exchange on December 13th, Qianyuan Weike Holdings Limited (Qianyuan Weike) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Agricultural Bank International as its exclusive sponsor. The prospectus shows that Qianyuan Weike is a comprehensive coal logistics service provider in China dedicated to providing modern, intelligent, and environmentally friendly services. According to information from Frost & Sullivan, Qianyuan Weike is the leading non-long-term coal comprehensive logistics service provider in China, with the largest revenue scale in Shaanxi Province and the second largest in the Northwest region of China in 2023. By seamlessly integrating upstream and downstream resources in the coal industry value chain into comprehensive services, Qianyuan Weike has become a one-stop service provider for customers. In particular, according to Frost & Sullivan, most companies providing non-long-term coal logistics services lack this capability, giving the company a unique competitive advantage compared to its peers. Qianyuan Weike integrates industry resources and participants that were previously scattered in the coal industry value chain through its own resources and data development and analysis capabilities, in order to provide a comprehensive service covering coal source search and procurement, warehousing, and multimodal transportation. During the historical period, the company had three core business segments, namely coal logistics comprehensive services, coal logistics specialized services, and coal logistics value-added services. As of June 30, 2024, Qianyuan Weike had four logistics stations, including the self-owned Hongdonghaoqiang logistics station, the leased Shiyaodian logistics station, and agreements with operators of two other logistics stations, namely Shanmei Smart Logistics Park logistics station and Wuziwan logistics station in Inner Mongolia. Through these logistics stations, Qianyuan Weike effectively covers more than 30 coal mines. In terms of finance, for the year 2021, 2022, 2023, and the six months ending June 30, 2024, Qianyuan Weike's revenue was approximately RMB 2.721 billion, 4.524 billion, 3.738 billion, and 1.795 billion, respectively. During the same period, the company's annual profit was approximately 32.331 million, 165 million, 47.003 million, and 18.773 million respectively.
16/12/2024

New Stock News | Bruco can attend the hearing at the Hong Kong Stock Exchange. The product relies heavily on third-party licensed IP.

According to the disclosure by the Hong Kong Stock Exchange on December 15th, Bluco Group Limited (hereinafter referred to as "Bluco") has conducted a hearing through the Hong Kong Stock Exchange, with Goldman Sachs and Huatai International acting as its joint sponsors. The prospectus shows that Bluco is a leader in the Chinese construction role-playing toy industry. With over 500 patented layouts, original IP capabilities, and non-exclusive partnerships with about 50 well-known IPs, the company focuses on providing consumers with a wide range of high-quality and affordable construction role-playing toy products and has experienced rapid growth. The company's construction role-playing toys highly replicate the essence of IP characters. Through the combination of strong product power and supply chain capabilities, the company is able to maintain cost advantages and continuously expand the toy category. The company has established a multi-channel sales network in China, forming a comprehensive and widely covered consumer reach. With the launch of construction role-playing toys in 2022, the company is shifting towards a distributor-centered offline sales channel. According to data from Frost & Sullivan, the company is the largest and leading construction role-playing toy company in China, achieving approximately 1.8 billion yuan in GMV in 2023. The company is also a rapidly growing toy company, with GMV growth exceeding 170% in 2023. In 2023, by GMV calculation, the company's market share in the Chinese construction role-playing toy sub-market and the Chinese construction toy market were 30.3% and 7.4% respectively. The market size of Chinese construction role-playing toys was 5.8 billion yuan in 2023, accounting for 5.5%, 14.3%, and 24.4% of the overall Chinese toy market, role-playing toy market, and construction toy market in 2023 respectively. In terms of industry development, Frost & Sullivan data shows that the global and Chinese role-playing toy market sizes reached 345.8 billion yuan and 40.3 billion yuan, respectively, in 2023, and are projected to reach 540.7 billion yuan and 91.1 billion yuan in 2028, with an annual compound growth rate of 9.3% and 17.7%. The market size of construction role-playing toys globally and in China reached 27.8 billion yuan and 5.8 billion yuan, respectively, in 2023, and is expected to reach 99.6 billion yuan and 32.5 billion yuan in 2028, with an annual compound growth rate of 29.0% and 41.3%. The market penetration rate of construction role-playing toys globally and in China is projected to increase from 8.0% and 14.3% in 2023 to 18.4% and 35.6% in 2028. In 2023 and for the six months ending June 30, 2024, most of the company's revenue came from sales of products based on the Ultraman IP, accounting for 63.5% and 57.4% of the company's revenue, respectively. In 2021, the company entered into an authorization agreement with the IP licensor to develop and sell Ultraman IP products, and has maintained a good relationship since then. This indicates that the company's Ultraman IP authorization in China has been extended until 2027 before the expiry date. Financially, the company recorded revenues of approximately 330 million yuan, 326 million yuan, 877 million yuan, 310 million yuan, and 1.046 billion yuan in 2021, 2022, 2023, the first half of 2023, and the first half of 2024, respectively; with losses of approximately 507 million yuan, 423 million yuan, 207 million yuan, 203 million yuan, and 255 million yuan during the same periods.
16/12/2024

New stock news | Gu Ming submits its second application to the Hong Kong Stock Exchange. As of the first nine months before 2024, its GMV reached 16.6 billion yuan, a year-on-year increase of 20.4%.

According to the disclosure of the Hong Kong Stock Exchange on December 15th, Master Kong Holdings Limited (hereinafter referred to as "Master Kong") submitted its application to the Hong Kong Stock Exchange Main Board, with Goldman Sachs and UBS Group as joint sponsors. This is the company's second time submitting an application to the Hong Kong Stock Exchange Main Board, having previously submitted in January of this year. The prospectus shows that Master Kong is a leading and rapidly growing Chinese ready-to-drink beverage company, committed to providing consumers with fresh, delicious, consistently produced, and affordable high-quality products. Based on the gross merchandise volume (GMV) for 2023 and the number of stores as of December 31, 2023, Master Kong is the largest mass-produced tea beverage brand in China and the second largest ready-to-drink tea beverage brand in all price ranges in China. In 2023, the company's GMV was 19.2 billion RMB, an increase of 37.2% from 2022. For the nine months ending on September 30, 2024, the company's GMV was 16.6 billion RMB, an increase of 20.4% from the same period in 2023. As of December 31, 2023, the company's store network included 9,001 stores, a 35.0% increase from December 31, 2022, and expanded to 9,778 stores by September 30, 2024. Master Kong mainly operates the Master Kong brand by opening stores through a franchise model. Master Kong stores mainly sell three types of beverages: fruit tea beverages, milk tea beverages, coffee beverages, and others. The company focuses on the Chinese mass-produced tea beverage market. Based on 2023 GMV and expected GMV growth from 2023 to 2028, this market segment is the largest and fastest-growing, with intense competition. In line with Master Kong's slogan "Drink a cup every day and never get tired," the company offers consumers a variety of consistently produced products. The company has strong product development capabilities and regularly introduces new products to maintain product appeal. In 2023 and for the nine months ending on September 30, 2024, the company launched 130 and 85 new products, respectively. At the same time, as the company rapidly iterates new products, it has the ability to ensure that all stores provide stable quality and consistent taste products. Master Kong has become a beloved brand among consumers. The company has built a loyal membership base, with approximately 94 million and 135 million registered Mini Program members as of December 31, 2023 and September 30, 2024, respectively. The number of active members in the quarter ending on December 31, 2023 and the quarter ending on September 30, 2024 exceeded 36 million and 43 million, respectively. The average quarterly repurchase rate in 2023 reached 53%, far exceeding the average repurchase rate of less than 30% for mass-produced tea beverage brands. In terms of finances, for the nine months ending on September 30, 2021, 2022, 2023, and 2024, Master Kong's revenue was approximately 4.384 billion, 5.559 billion, 7.676 billion, and 6.441 billion RMB, respectively; during the same period, the total comprehensive income for the year was approximately 23.992 million, 392 million, 1.077 billion, and 1.112 billion RMB respectively.
16/12/2024

New Stocks Outlook | Unable to sprint in A shares for 3 years, will Sina Baidu-backed Zhuoyue Ruixin's "southward move" fulfill the capital dream?

8.5 2019-20231.715.929.279.589.9222.3%1.9%14.6%36.6%38.6%Not low. As of the end of each period from 2021 to the first half of 2024, the company's cash and cash equivalents were 97.43 million yuan, 2.06 billion yuan, 1.42 billion yuan, and 67.719 million yuan respectively; meanwhile, the company's trade receivables and retention receivables were 1.28 billion yuan, 1.41 billion yuan, 2.15 billion yuan, and 2.69 billion yuan respectively during the same period. Overall, the business model of Zluxx RuiXin almost determines that if it wants to grow and strengthen, it must continuously rely on external forces to provide "bullets" for it, thereby providing support for the company's expansion.It is not difficult to understand that, after failing to make an impact on the A-share market, even with the backing of Sina and Baidu, Zhuoyue Rui Xin still needs to shift its focus to the Hong Kong stock market without stopping. However, considering that investors in the current market environment are becoming more selective with their investment targets, if Zhuoyue Rui Xin cannot improve the certainty and stability of its performance, it may not be easy to impress the market.
15/12/2024
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