Xipuni (02583) will be listed from September 19th to September 24th, and is expected to be listed on September 29th.

HIPINE (02583) will offer public subscription from September 19 to September 24, 2025. The company plans to globally issue 10.6 million shares, of which 10% will be sold in Hong Kong and 90% internationally, with an additional 15% over-allotment option. The offer price is set at HK $27.0 to HK $29.6 per share. Trading of the shares is expected to begin on September 29, 2025, at 9 am on the Stock Exchange. The company is a designer, manufacturer, and brand owner of gold watch cases and gold watch bezels in China. During the reporting period, the company's revenue mainly came from sales of gold watch cases and bezels designed and manufactured by the company's flagship independent brand, "HIPINE." The company assembles watch movements purchased from external suppliers into its watches. The company also generates revenue through acting as an ODM manufacturer for third-party domestic jewelry brands and wholesalers, developing and producing OEM watches and accessories, and providing entrusted 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 the company has established long-term stable supply relationships. Since 2023, the company has also partnered with the largest retailer and supermarket customer, A, to promote and sell the company's products in China, mainly including precious metal jewelry products such as gold bars, wearable accessories, and custom-made ornaments according to customer A's specifications. The company's product portfolio is centered around its flagship independent watch brand, HIPINE, which was recognized as a "Famous Brand in Shenzhen" by the Shenzhen Famous Brand Evaluation Committee in 2022 and as the third Shenzhen Top 100 Brand Enterprise by the Shenzhen Quality City Promotion Association in 2024. The sales of the company's independent brands mainly rely on its distribution network, with sales as a supplement, conducted through the company's online stores, third-party online store operators, and retail stores. As of May 31, 2025, the company's distribution business model adopts a direct trading strategy, utilizing a vast network of over 3,000 offline retail points nationwide. This approach allows it to efficiently penetrate the market, respond quickly to consumer preferences, and establish comprehensive brand awareness among different consumer groups. In the 2024 fiscal year, the company also began overseas expansion, partnering with a Malaysian distributor and retailer to sell HIPINE watches in Malaysia. Building on this momentum of overseas expansion, the company intends to expand its footprint in the Middle East in the coming years. The company estimates that the net proceeds from the global offer (after deducting underwriting fees and estimated expenses payable by the company for the global offer, assuming an indicative offer price range of HK $28.3 per share) will total approximately HK $255 million. The company intends to use the net proceeds as follows: around 40.28% will be used to further enhance the company's production capacity. Approximately 17.11% will be used to strengthen research and development capabilities and drive continued business growth through establishing a R&D center in Putian at the New Putian Production Base. Approximately 33.24% will be allocated to expand and optimize the company's sales network, strengthen brand building efforts, and enhance brand influence and awareness. Approximately 9.37% will be used for working capital or general corporate purposes.