New stock news: Xirui Aircraft passes a hearing. In 2022, the company's market share in the global private aviation market is 29.6%.

According to the Hong Kong Exchange's disclosure on November 15th, CICC is the exclusive sponsor for the listing hearing of Cirrus Aircraft Limited (hereinafter referred to as "Cirrus Aircraft") on the Hong Kong Stock Exchange Main Board. According to the prospectus, based on the number of aircraft delivered, Cirrus Aircraft had a market share of 29.6% in the global private aviation market in 2022, according to Frost Sullivan's data. The company's two aircraft product lines (namely, the SR2X series and Vision jet) have successfully established industry standards for owner-piloted aircraft and have obtained certification and validation in over 60 countries. According to the General Aviation Manufacturers Association (based on Frost Sullivan's data, this association is the only trusted and authorized industry association in general aviation), the SR2X series has been the best-selling single-engine piston aircraft for the past 21 years. Since its establishment in Wisconsin, USA in 1984, the company has delivered over 9,000 SR2X series aircraft and over 450 Vision jets. As part of the company's product portfolio strategy, the SR2X series includes the entry-level SR20, as well as the SR22 and SR22T, which have continuously improved performance and capabilities to meet the different needs and preferences of customers for single-engine piston aircraft. The SR2X series aircraft can typically carry up to four adults and one child. The Vision jet is designed for the private aviation industry's different and high-end markets, offering significantly enhanced performance, capabilities, and specifications at a higher price. The Vision jet can typically carry up to five adults and two children. In terms of its product portfolio, the company designs, manufactures, and sells single-engine piston and jet aircraft, continuously improving performance, safety, and comfort through innovative technology and advanced systems. The company offers an innovative and complementary product portfolio that covers a range of private aviation solutions. The company's aircraft are mainly used for private and business travel and are typically piloted by licensed aircraft owners. Each aircraft produced by the company is made of composite materials and equipped with advanced features. The Vision jet is equipped with advanced technologies such as the Cirrus Whole Airframe Parachute System, Cirrus IQ (the company's integrated digital platform and mobile application that collects extensive flight and aircraft data during flights to provide useful data to pilots), and Safe Return (the company's emergency autoland system), bringing customers a safe and exceptional enhanced experience. The company also customizes special purpose aircraft for institutional flight training, charter fleets, and various other specific applications (also known as special missions). According to Frost Sullivan's data, the company has an overall accident rate that is three times lower than the average level of the general aviation industry for every 100,000 flight hours. In addition, the company focuses on a "customer-centric" model as a key mission. Under this model, the company is able to rapidly respond to customer needs to ensure close contact with potential and existing owners and operators in every aspect of the aircraft sales process, including sales representatives, product demonstrations, contracts, finance, insurance, and delivery, facilitating efficient ownership of Cirrus Aircraft. The company has established sales organizations in over 36 countries through Cirrus sales agents, allowing the company to reach customers globally. The company's sales network consists of internal sales teams based in the United States, Canada, and France. The company requires members of its sales teams to be experienced pilots qualified to directly demonstrate flights to customers. In terms of financials, for the five months ended May 31, 2020, 2021, 2022, and 2023, Cirrus Aircraft achieved revenues of approximately $586 million, $738 million, $894 million, and $316 million, respectively. During the same period, the annual net income was approximately $36.116 million, $72.403 million, $88.076 million, and $16.152 million, respectively. Furthermore, according to the prospectus, some of the main risks faced by the company include changes in customer demand and preferences that may impact its financial performance, uncertainties and risks associated with the company's business and growth strategies, including commercial success in customer acceptance and the company's strategic initiatives, as well as uncertainties and risks related to significant capital expenditures and investments for providing new products and services, which could have a significant adverse impact on the company's business, financial condition, operating performance, and prospects. If the company's production activities suffer significant interruptions that cannot be compensated by increasing production capacity at other factories, its business, financial condition, operating performance, and prospects could be significantly affected. Additionally, the company also faces supply chain-related risks. Any supply delays or disruptions, or substandard quality of supplies, could have a significant adverse impact on the company's business, financial condition, operating performance, and prospects. The company relies on a limited number of suppliers (including aircraft engines and other key components), which exposes its aircraft production to risks.