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New stock announcement | Midea Group Co., Ltd (00300) set the maximum price for global issuance at HKD 30.668 billion net proceeds.

Midea Group Co., Ltd (00300) announced the distribution results, with approximately 566 million H shares sold globally, of which about 5.0% were publicly sold in Hong Kong and about 95.0% were internationally sold. The final offering price is HK$54.8 per share, with a net proceeds of HK$30.668 billion from the global offering. Each lot consists of 100 shares, and it is expected that the H shares will be listed on September 17, 2024. The overallotment option has been exercised, and as a result, the company will issue an additional 73.8202 million shares at the final offering price, representing approximately 15.00% of the total initial available shares for subscription. There will also be an allocation of 84.8932 million shares, which can be made up through exercising the overallotment rights, buying at a price not higher than the offering price in the secondary market, or through a combination of deferred delivery or the aforementioned methods. The public offering was oversubscribed by 5.31 times, while the international offering was oversubscribed by 8.06 times.
16/09/2024

New Stocks Grey Market | Midea Group Co., Ltd (00300) rose by 5.02% in the grey market, earning HK$275 per lot

Midea Group Co., Ltd (00300) will be listed in Hong Kong on September 17th (Tuesday). At the close, Levermore Securities' grey market trading showed a price of 57.55 Hong Kong dollars, up 5.02% from the offering price of 54.80 Hong Kong dollars. With 100 shares per lot, without transaction fees, one could earn 275 Hong Kong dollars per lot.
16/09/2024

New stock in the grey market | Midea Group Co., Ltd (00300) rose by 4.01% in the grey market, earning 220 Hong Kong dollars per hand.

Midea Group Co., Ltd (00300) will be listed in Hong Kong on September 17 (Tuesday). As of the time of writing, Levermore Securities' dark market trading shows a price of 57 Hong Kong dollars, an increase of 4.01% from the IPO price of 54.80 Hong Kong dollars. With each lot of 100 shares and no transaction fees, you can earn 220 Hong Kong dollars per lot.
16/09/2024

New stock news: Health road submits three consecutive annual reports to the Hong Kong Stock Exchange, with a loss of 314 million RMB in 2023.

According to the disclosure of the Hong Kong Stock Exchange on September 13, Health Road Co., Ltd. submitted its application to the Hong Kong Stock Exchange Main Board, with CCB International as its exclusive sponsor. The company had previously submitted applications to the Hong Kong Stock Exchange Main Board on June 13, 2023, and December 29, 2023. The prospectus shows that according to Frost & Sullivan data, based on the number of registered individual users on the company's platform as of December 31, 2023, Health Road operates one of China's largest digital health and medical service platforms. Since 2001, the company has been providing health and medical services to individual users in China on its digital platform. In 2015, the company also began providing services to enterprises and institutions in addition to digital marketing services. Over the past 20 years, the company has been actively involved in the significant digital transformation of the health and wellness industry in China, driving business growth. As an important part of China's national economy, the health and wellness industry in China has been steadily growing in recent years. According to Frost & Sullivan data, the Chinese health and wellness market is undergoing digital transformation, with an expected expansion of market share in digital health and wellness. The size of the Chinese digital health and wellness market is expected to increase from RMB 1.098 trillion in 2018 to RMB 5.823 trillion in 2023, with a compound annual growth rate of 39.6% from 2018 to 2023. The market size is projected to grow from RMB 5.823 trillion in 2023 to RMB 14.6 trillion in 2027, with an estimated compound annual growth rate of 25.8% from 2023 to 2027. According to Frost & Sullivan data, it is expected that the market size will further increase to RMB 2.7 trillion by 2030. The company's developed services empower key stakeholders in the Chinese digital health and wellness industry. These key stakeholders mainly include: (i) individual users; (ii) enterprises and institutions, such as pharmaceutical companies, hospitals, insurance companies, and local health departments; and (iii) doctors. For individual users, the company primarily provides health and medical services through its platform so that they can better manage their health and well-being. For enterprises and institutions, the company mainly provides enterprise services and digital marketing services to improve operational efficiency and drive business growth. The company also involves doctors, who play a key role on the company's platform. Users can access health and medical resources on the Health Road platform through various channels such as the Health Road mobile app, medical network, the company's WeChat official account, and WeChat mini programs. Financially, in the fiscal year 2021, 2022, 2023, and the six months ended June 30, 2024, the company's revenue was approximately RMB 431 million, RMB 569 million, RMB 1.244 billion, and RMB 611 million respectively. During the same period, the company incurred losses of approximately RMB 155 million, RMB 256 million, RMB 314 million, and RMB 57.275 million respectively.
16/09/2024

New Stock News | AVA Holdings files for a second listing on the Hong Kong Stock Exchange, focusing on providing ART and related services.

According to the disclosure on September 13 by the Hong Kong Stock Exchange, AVA IVF Hospital Management Group Limited (referred to as "AVA IVF") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, following its failed submission on December 22, 2023. CITIC SEC is its exclusive sponsor. The prospectus shows that AVA IVF is a Chinese assisted reproductive technology (ART) and auxiliary service provider. Through its four authorized hospitals in Guangdong Province, Tianjin City, and Yunnan Province, the company focuses on providing ART and auxiliary services in many regions of China, attracting infertile patients from 15 surrounding provinces, autonomous regions, and municipalities. According to data from Frost & Sullivan, in 2023, the company's hospitals ranked fourth among private ART service providers in China, conducting a total of 7848 IVF cycles, accounting for about 1% of the total number of IVF cycles performed in China that year. According to the same source, the Chinese ART and auxiliary service market is relatively fragmented, with the top five ART and auxiliary service providers collectively holding around 16.5% of the total market share. In recent years, the incidence of infertility among Chinese couples has been increasing, and the penetration rate of ART services is low, leading to a significant market opportunity. For over a decade, the company has been focusing on providing ART and auxiliary services. With its internationally recognized medical technology and equipment, the company is able to provide patients with the services they need. According to Frost & Sullivan data, the company has solidified its market position by maintaining success rates and live birth rates (two key indicators of treatment quality for ART service providers recognized by the industry). In 2022 (the most recent year for which national industry data is available), the company's hospitals achieved average success rates of 57.2% and live birth rates of 45.7%, significantly higher than the industry average of 51.6% and 41.1%, respectively. ART treatment includes two main solutions: (i) artificial insemination (AI) using husband's sperm (AIH) or donor sperm (AID); and (ii) in vitro fertilization and embryo transfer (IVF-ET), which involves conventional IVF or intracytoplasmic sperm injection (ICSI) to achieve fertilization, as well as pre-implantation genetic testing (PGT) for embryo genetic disease diagnosis or screening during the process. All of the company's hospitals are able to perform AIH, conventional IVF, and ICSI for patients. The company considers the patient's medical history, evaluates their fertility capacity, and determines the cause of infertility to provide a suitable treatment plan. Patients who meet the conditions for AIH treatment will initially undergo AIH, and if previous AIH treatment fails, they will then switch to IVF-ET treatment. Therefore, a patient may receive both AIH and IVF-ET treatment at the company's hospitals. During the reporting period, most of the company's patients underwent IVF-ET treatment, with 950 patients receiving IVF-ET treatment after AIH treatment failure. Due to strict regulations in China and the time-consuming process of obtaining approvals, PGT technology is not widely used for ART services in China. The company also provides various auxiliary medical services to support the AIH and IVF-ET treatment processes. These services include customized treatment plans for patients with underlying diseases that may affect reproduction, assistance with pre-ART treatment physical conditioning, and other obstetric services. The company's service solutions include gynecological disease treatment, traditional Chinese medicine therapy, integrative medicine applications, and related Chinese medicine and health products. The company's auxiliary medical services also include psychological support, nutritional guidance, weight loss consultation, and other support services to improve the overall physical and mental health of patients and enhance success rates in subsequent ART treatments. Financially, the company's revenue generated from ART and auxiliary services increased from RMB 420 million in 2021 to RMB 494 million in 2023, with a compound annual growth rate of 8.5%, and increased 8.7% from RMB 230 million in the six months ended June 30, 2023, to RMB 251 million in the six months ended June 30, 2024. The company maintained relatively high gross profit margins in 2021, 2022, and 2023, as well as in the six months ended June 30, 2023, and June 30, 2024, at 45.9%, 43.3%, 44.4%, 43.5%, and 44.3%, respectively.
16/09/2024

New Stock News | Zhengli New Energy Plans to List on the Stock Exchange. China Securities Regulatory Commission Requires Supplementary Explanation on July's Capital Increase Completion Situation and Other Matters.

On September 13, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing (from September 6, 2024 to September 12, 2024) to be made public, which included the requirement for Heli New Energy to provide further explanations on the completion of the capital increase in July and the company's latest equity structure. According to the Hong Kong Stock Exchange disclosure on July 26, Jiangsu Heli New Energy Battery Technology Co., Ltd. submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and CMB International as its joint sponsors. Specifically, the CSRC public announcement stated that Heli New Energy should provide supplementary explanations on the following matters, and the lawyers should verify and provide clear legal opinions: 1. Please list the changes in equity since June 2020, including pricing basis and fairness. 2. Please explain the completion of the capital increase in July 2024, the latest equity structure of the company, and have the lawyers verify the new shareholders. 3. Please explain the reasons and background for external personnel to participate in the employee shareholding platform, the share acquisition price, valuation basis, source of funds, whether there are subjects prohibited from holding shares by laws and regulations, whether there are benefits transfer and disputes; lawyers should provide a clear conclusion on the legality and compliance of the employee share ownership plan. 4. Please explain the progress of identifying state-owned shareholders, and have the lawyers provide a clear conclusion on whether the issuance and listing have been lawfully conducted in accordance with relevant state-owned asset management approval, filing, or approval procedures. 5. Please explain whether there are any disputed situations such as pledge, freeze, or other disputes in the shares held by the shareholders planning to participate in the "full circulation". According to the prospectus, Heli New Energy is a leading power and energy storage battery manufacturer in China, providing integrated solutions for cells, modules, battery packs, battery clusters, and battery management systems. It is committed to expanding the large-scale application of electrochemical products in the land, sea, and air interconnected full scenario (LISA). Data shows that as of the three months ending March 31, 2023 to the three months ending March 31, 2024, Heli New Energy ranked 2nd in the installation volume among the top ten companies in the power battery market in terms of year-on-year growth rate as of March 31, 2024, ranked 1st in the installation volume among the top ten companies in the lithium iron phosphate power battery market, and ranked 2nd in the installation volume among the top ten companies in the ternary power battery market.
13/09/2024

New Stock News | Shanghai Huige Environmental Protection Plans to List in Hong Kong IPO. The China Securities Regulatory Commission requires supplemental explanations on whether the business scope involves restrictions on the negative list for foreign investment access.

On September 13th, the China Securities Regulatory Commission announced the requirements for supplementary materials for overseas issuance and listing filing disclosures (from September 6, 2024 to September 12, 2024). The announcement mentioned that Shanghai Huige should provide additional explanations on whether the business scope of the company and its subsidiaries involves restrictions or prohibitions in the negative list for foreign investment, among other matters. According to the Hong Kong Stock Exchange disclosure, on July 31st, Shanghai Huige Environmental Protection Technology Group Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange, with CITIC SEC and China Galaxy International as joint sponsors. Specifically, the CSRC disclosure stated that Shanghai Huige should provide supplementary explanations on the following matters and have lawyers verify and provide clear legal opinions: 1. Whether the business scope of your company and its subsidiaries involves restrictions or prohibitions in the negative list for foreign investment. 2. Whether your company and its subsidiaries have established comprehensive internal control and risk prevention systems for safety production, and whether these systems are effectively implemented. The prospectus disclosed that Shanghai Huige Environmental Protection is a leading global provider of ESG solutions for ships. According to Frost & Sullivan data, as of June 30, 2024, the company ranked first among non-state-owned enterprises (private) in China in terms of completed and outstanding orders for ship desulfurization systems, and tenth globally among all ship desulfurization system providers. In terms of performance, the company's revenue for 2021, 2022, 2023, and up to April 30, 2024, were approximately RMB 141 million, RMB 267 million, RMB 510 million, and RMB 247 million respectively. During the same period, the net profits achieved were RMB 12.769 million, RMB 36.777 million, RMB 121 million, and RMB 66.522 million respectively.
13/09/2024

IPO Announcement | Midea Group Co., Ltd (00300): The offering price for each H share is 54.8 Hong Kong dollars.

Midea Group Co., Ltd (00300) announced that on September 12, 2024 (Thursday), the offer price has been set at HK$54.80 per H share. The over-allotment option was exercised, and as a result, the company will issue and distribute an additional 73.8202 million shares at the offer price, representing approximately 15.0% of the total number of shares available for subscription in the global offering. Assuming the global offering becomes unconditional by 8:00 am on September 17, 2024 (Tuesday), it is expected that the H shares will begin trading on the Main Board of the Hong Kong Stock Exchange at 9:00 am on September 17, 2024 (Tuesday). H shares will be traded in board lots of 100 shares each.
13/09/2024

New stock news | Xunce Technology filed a second application with the Hong Kong Stock Exchange and ranked fourth in China's real-time data infrastructure and analysis market.

On September 12th, Shenzhen Xunce Technology Co., Ltd. submitted its application to the main board of the Hong Kong Stock Exchange, with CICC acting as its exclusive sponsor. The company had previously submitted an application for listing to the Hong Kong Stock Exchange on March 12th of this year. According to the prospectus, Xunce Technology is a well-known supplier of real-time data infrastructure and analytics solutions in China. The company provides real-time information technology solutions covering data infrastructure and data analysis for enterprises across various industries, with a strategic focus on asset managers. The company's system integration services enhance its solutions, ensuring seamless deployment in customers' self-managed cloud environments or on-premises computing systems. Data infrastructure is classified into real-time and non-real-time based on processing mechanisms and efficiencies. These classifications meet different data processing needs and are not interchangeable. Xunce Technology's product portfolio is all in real-time, and based on revenue projections for 2023, the company ranks fourth in the Chinese real-time data infrastructure and analytics market with a market share of 3.4%. The core of Xunce Technology's product portfolio is real-time data infrastructure, a cloud-native unified data platform that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources in milliseconds to seconds. This means that once data is collected, it can be processed almost immediately and used for decision-making, analysis, or further action. Built on this foundation is the company's data analytics application layer, which leverages the underlying infrastructure to generate insights, make predictions, or provide data for business decision-making. Xunce Technology started in the asset management industry. Based on revenue projections for 2023, the company ranks first in the Chinese asset management industry in terms of real-time data infrastructure and analytics market, with a market share exceeding 13%. The company's solutions help asset managers optimize various aspects of their asset management lifecycle, from investment decisions, portfolio monitoring and performance analysis, order execution, valuation, risk management, to compliance. Xunce Technology's existing customer base mainly consists of institutional asset managers. The company has established a strong and highly engaged customer base by providing a range of artificial intelligence-enabled solutions to asset managers. The company's customers cover 100% of the top 10 asset managers in China based on group-based assets under management at the end of 2022, including insurance companies, mutual funds, bank asset management departments, securities firms, corporate finance, family offices, high-net-worth individuals, and more. The company has successfully expanded its solutions to diversified industries beyond asset management, mainly including financial services (excluding asset management), urban management, and telecommunications, covering China's three major state-owned telecom operators. In terms of finances, the company's revenue was approximately RMB 120 million, RMB 288 million, RMB 530 million, and RMB 75 million for the years 2021, 2022, 2023, and the three months ended March 31, 2024, respectively. During the same periods, the company's net losses were approximately RMB 119 million, RMB 96.512 million, RMB 63.391 million, and RMB 83.851 million. According to Xunce Technology's disclosure in the prospectus, operating in an emerging and fast-growing industry, the company's success depends on its continuous innovation and ability to predict and respond to industry trends and changing customer needs in a cost-effective manner. If the company fails to accurately predict, prepare for, and timely respond to industry changes and evolving customer demands, its business, financial condition, operational performance, and prospects will be significantly adversely affected.
13/09/2024

New stock preview | YingEn Biotech: Revenue of nearly 1.8 billion yuan still in losses, Zhu Zhongyuan's "Capital Bureau" AB side

In the 2023 ADC against BD transaction, Imeon Biotech emerged in the capital market as a strong "dark horse". At that time, Imeon Biotech's ADC assets in the research and development pipeline were almost completely swept away. Following BioNTech's introduction of two ADCs for 1.67 billion USD in April 2023, in August they once again jointly pushed forward the development of a third ADC candidate drug, DB-1305. BEIGENE gave a total transaction contract of 1.3 billion USD for only one preclinical ADC drug, demonstrating its strong capabilities. In the secondary market in 2024, Imeon Biotech's ambitions are revealed. Recently, the company applied for an IPO in Hong Kong, which was accepted by the China Securities Regulatory Commission. On August 26th, it submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Morgan Stanley, Credit Suisse, and CITIC SEC as joint sponsors. Imeon Biotech was founded in 2019, and this innovative drug company, established only 5 years ago, has quickly risen and made an impact on the capital market, thanks to its founder, Zhu Zhongyuan. Backed by Zhu Zhongyuan's powerful "circle of friends" in the pharmaceutical investment circle, Imeon Biotech completed 4 rounds of financing in a short period of time, with cumulative financing of up to 138 million USD. Investors include "Yao Ming Group", investment institutions under the Lilly Asia Fund, China New Venture Capital, Fujian Septwolves Industry's Shenglian, and Tianlishi International Capital. Imeon Biotech's post-dilution estimated valuation is 270 million USD, equivalent to 1.86 billion RMB (calculated at the exchange rate on September 1, 2022). Imeon Biotech holds 12 ADC drugs, with losses exceeding 800 million RMB over 2 years. According to the prospectus, Imeon Biotech is dedicated to developing a new generation of ADC innovative drugs for cancer and autoimmune diseases. The company has established a highly innovative and differentiated pipeline consisting of 12 independently developed ADC candidate drugs. Specifically: six clinical stage ADCs, which have the potential in unmet clinical needs in broad indications, each of them ranks among the global leaders in terms of overall or major indications development progress, according to Frost & Sullivan; two new generation bispecific ADCs ("BsADC") and one ADC for the treatment of autoimmune diseases ("Autoimmune-ADC") are expected to enter the clinical stage from 2024 to 2026; and multiple other preclinical ADCs. Imeon Biotech's three clinical stage assets (including its core products DB-1303/BNT323 and DB-1311/BNT324, as well as the key product DB-1305/BNT325) have been granted fast-track designation by the FDA. DB-1303 has been granted breakthrough therapy designation by the FDA and the Chinese National Medical Products Administration for specific indications. Imeon Biotech has also developed four leading ADC technology platforms: the Imeon Immunotoxin Antibody Conjugate Platform (DITAC), the Imeon Innovative Bispecific Antibody Conjugate Platform (DIBAC), the Imeon Immunomodulatory Antibody Conjugate Platform (DIMAC), and the Imeon Unique Payload Antibody Conjugate Platform (DUPAC) to push the boundaries of ADC therapies. Despite holding 12 ADC drugs, Imeon Biotech has no commercial products on the market, and its income mainly relies on external licensing. Imeon Biotech disclosed that the total value of milestones established for its ADC-related assets has exceeded 4 billion USD, but the company has still not emerged from the loss morass. For the three months ending on March 31, 2022, 2023, and 2024 (hereinafter referred to as the reporting period, the same below), Imeon Biotech's revenue was approximately 1.6 million RMB, 1.787 billion RMB, and 641 million RMB respectively; the total loss during the period was approximately 387 million RMB, 358 million RMB, and 65.942 million RMB, totaling a loss of approximately 811 million RMB. The loss is mainly due to expenses related to research and development activities and the fair value changes of financial liabilities related to preferred shares; research and development expenses were 340 million RMB, 559 million RMB, and 311 million RMB respectively. In summary, like most biotechs, Imeon Biotech is also facing a financial squeeze. Even in 2023 when it achieved a large licensing deal, Imeon Biotech still suffered a loss of 358 million RMB. Currently, Imeon Biotech's total assets are 1.7 billion RMB, while total liabilities amount to 2.8 billion RMB, a serious imbalance. Observing further, the continuous losses of Imeon Biotech are due to the need for large-scale research and development, as well as the effects of previous financing. The large investors in the various rounds of financing before the IPO mostly acquired preferred shares, and with the increase in valuation, Imeon Biotech recorded a large loss of 1.018 billion RMB in the fair value change of preferred shares in 2023. Imeon Biotech also explicitly stated in the prospectus a shareholder agreement for the redemption of preferred shares. As of March 31, Imeon Biotech had cash reserves of 1.33 billion RMB, which the company stated is enough to cover until next March. Imeon Biotech can no longer afford any redemption requests for shares. Therefore, Imeon Biotech stated that in August, a supplemental agreement was reached with shareholders to suspend the redemption function, provided that the IPO is withdrawn or rejected, or until 18 months after the initial submission date. Imeon Biotech's only way forward now is to strive for a listing on the Hong Kong Stock Exchange. Most of its pipeline is in the early clinical stages, with commercialization still in the early stages. In fact, not building its own facilities but using CXO (pharmaceutical contract outsourcing), and financing through BD, can be considered as a lesson and survival strategy that domestic biotechs have learned in the post-wave years of the innovative drug industry. This also aligns more with the biotech's inherent strengths and division of labor in the industry, where its competitive advantage lies in innovative technology research and development, while late-stage development and commercialization are the strengths of large pharmaceutical companies. However, it is important to note that despite the broader exploration space for ADC as a drug type compared to the previous PD-1 target, competition in this field globally is equally fierce. From the perspective of Imeon Biotech's pipeline layout, most of its pipeline is in early clinical stages, and commercialization is still in the early stages.There are mature validated targets HER2 and TROP2, as well as emerging targets B7-H3, HER3, etc. Subsequently, dual targeting ADCs such as DB-1419 and ADCs targeting self-immune diseases such as DB-2304 have also been developed.In terms of progress and differentiation development strategy, taking the example of DB-1303 targeting HER2, its first indication is HER2-positive EC, avoiding collision with already marketed drugs. It is currently in the global single-arm phase 2 registration study stage and is expected to apply for accelerated approval from the FDA (Food and Drug Administration) in 2025. In terms of the global market capacity for HER2 ADC, it is estimated that the market will grow at a compound annual growth rate of 30.8% from 2023 to 2028 and 16.8% from 2028 to 2032, reaching $34.5 billion in 2032. In terms of competitive landscape, as of the last feasible date, there are two HER2 ADCs approved in the United States (Enhertu and Kadcyla), while there is another HER2 ADC approved in China (. As of the same date, three HER2 ADCs, including Enhertu were in the global multi-regional clinical trial (MRCT) phase III clinical development or later stage. With many competitors, it can be seen that Anning Bio's commercialization process is not early. In conclusion, although BD transactions have contributed a lot of revenue to Anning Bio, the company still faces a situation of insolvency due to the fact that the drug has not yet been commercialized, and research and development investment, as well as the value change of preferred stocks brought by early financing. From the prospectus, most of the company's pipeline products are still in the early stages of clinical development, so whether they can stand out in the competitive ADC technology platform will still depend on their subsequent research and development capabilities and market performance.
12/09/2024
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