New stock news | Sipuni held a hearing at the Hong Kong Stock Exchange, ODM customers include Lao Feng Xiang, China Jewelry and Chow Tai Seng Jewellery.

According to the disclosure of the Hong Kong Stock Exchange on September 15th, Shenzhen Hipine Precision Technology Co., Ltd. (hereinafter referred to as "Hipine") conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor. According to the prospectus, Hipine is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China. During the reporting period, the company's revenue mainly came from the sales of gold case watches and gold bezel watches designed and manufactured under its flagship independent brand HIPINE (Hipine). The company assembles watch movements purchased from external suppliers into watches. The company also generates revenue by serving as an ODM manufacturer for third-party domestic jewelry brands and wholesalers, including developing and producing private label watches and jewelry, and providing commissioned processing services. During the reporting period, the company's ODM customers included several well-known domestic jewelry brands, such as Lao Feng Xiang, China Jewelry, and Chow Tai Seng Jewellery, with whom they have established long-term stable supply relationships. Starting in 2023, the company also collaborated with the largest retailer and chain store customer A to promote and sell the products supplied by the company in China, mainly including precious metal jewelry and products, such as gold bars, wearable accessories, and custom-made ornaments according to customer A's specifications. Although the company does not manufacture watch movements for watch production and purchases movements from reputable suppliers, its key technological achievement is the proprietary super molecular gold hardening technology, which solves the inherent softness problem of pure gold. With this technology, the company launched China's first mass-produced pure gold precious metal watch in 2014, which the company believes is a significant technological achievement in the watch manufacturing industry. Based on this technological achievement, the company developed a series of smart watches using Huawei smart movement technology with gold components in 2023. The company's product portfolio is centered around its flagship independent watch brand HIPINE (Hipine), which was recognized as a well-known brand in Shenzhen by the Shenzhen Brand Evaluation Committee in 2022 and certified as the Third Shenzhen Brand Strong Enterprise by the Shenzhen Quality-Promoting Association in 2024. The sales of the company's own brand products are primarily through distribution networks, with retail sales as a supplement, conducted through (including) self-operated online stores, third-party online store operators, and retail stores. As of May 31, 2025, the company's distribution model adopts a direct trading strategy between two parties, leveraging a vast network of over 3,000 offline retail points nationwide. This approach enables effective market penetration, rapid response to consumer preferences, and comprehensive brand recognition among different consumer groups. In the 2024 fiscal year, the company also began overseas expansion, partnering with a Malaysian partner (an experienced distributor and retailer in Malaysia) to distribute and retail the company's HIPINE (Hipine) watch products in Malaysia. Building on this momentum of overseas expansion, the company will seek to expand its presence in the Middle East in the coming years. According to data from Insight Consultancy, the Chinese precious metal watch market is expected to expand from RMB 26.46 billion in 2024 to RMB 34.08 billion in 2029, with a compound annual growth rate of 5.19%. In 2024, China National Gold Group Gold Jewellery accounted for 93.48% of the total GMV of the Chinese precious metal watch market, achieving a GMV of RMB 24.74 billion. By 2029, it is estimated that the market size of China National Gold Group Gold Jewellery precious metal watch market, in terms of GMV, will reach RMB 32.11 billion (compound annual growth rate of 5.36% from 2024 to 2029). In terms of finances, in the 2022 fiscal year, 2023 fiscal year, 2024 fiscal year, and the first five months of 2025, the company's revenues were approximately RMB 324 million, RMB 445 million, RMB 457 million, and RMB 231 million respectively; during the same period, net profits and comprehensive income totaled RMB 24.54 million, RMB 52.099 million, RMB 49.348 million, and RMB 42.797 million respectively.