Hong Kong Stock IPO Weekly Report: Wanchen Group and Several A-share Companies Submit Applications; Three New Stocks Double in First Week of Trading

Caixin Media, April 5 (Edited by Feng Yi). Caixin Media brings you weekly information on new Hong Kong stock listings.

According to information from Livermore Securities, this week (March 30–April 5) saw 40 companies submit filings to the Hong Kong Exchanges and Clearing Limited, and two companies proceed through the hearing stage. There were also six new stocks listed.

First, let’s look at the filings. This week, a total of 40 companies submitted listing applications:

1）On March 30, Wanchan Group (300972.SZ) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and China Merchants Securities International as joint sponsors.

According to the prospectus, the company is a large-scale and fast-growing snack and beverage retail operator. From 2023 to 2025, its GMV grew at a 156.4% year-on-year compound annual growth rate. According to information from Zhishang Consulting, based on GMV of snacks and beverages in 2025, the company is China’s second-largest snack and beverage retail operator. The company’s national brand, Hao Xiang Lai, ranks first on the list of China’s discount snack and beverage retail brands, and it is also the first discount snack and beverage retail brand in China to surpass 10,000 stores nationwide in 2024.

In terms of performance, in 2023, 2024, and 2025, the company’s revenue was approximately RMB 9.294 billion, RMB 32.329 billion, and RMB 51.459 billion respectively. During the same period, total profit and comprehensive income were approximately RMB -176 million, RMB 611 million, and RMB 2.427 billion respectively.

2）On March 30, Kunshan Wanyuantong Electronic Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Xingzheng International as its sole sponsor.

According to the prospectus, Wanyuantong is a high-tech enterprise specializing in the R&D, production, and sales of printed circuit boards (“PCBs”). Since its establishment, Wanyuantong has placed emphasis on building comprehensive capabilities across engineering design, process technology, and production execution. According to a report from Frost & Sullivan, based on revenue, in 2024 Wanyuantong ranked 42nd among PCB manufacturers in China and 6th in the Yangtze River Delta region.

In terms of performance, in 2023, 2024, and 2025, the company’s revenue was approximately RMB 984 million, RMB 1.043 billion, and RMB 1.180 billion respectively. During the same period, profit was approximately RMB 118 million, RMB 123 million, and RMB 125 million respectively.

3）On March 30, Shanghai Xizhi Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and Guotai Haitong as joint sponsors.

The prospectus shows that Xizhi Technology focuses on the optoelectronic hybrid computing field—an innovative paradigm that integrates the strengths of photonics and electronics. Since its establishment, the company has built a portfolio of products and solutions centered on optical interconnect and optical computing, supported by its self-developed optoelectronic hybrid chip technology, offering scalable and cost-effective solutions. According to Frost & Sullivan’s information, the company is the world’s first to achieve large-scale deployment of optoelectronic hybrid computing performance.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 38.235 million, RMB 60.191 million, and RMB 106 million respectively. During the same period, losses were approximately RMB 414 million, RMB 735 million, and RMB 1.342 billion respectively.

4）On March 30, Jiangsu Shouxihu Culture and Tourism Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Everbright Securities International as its sole sponsor.

The prospectus shows that Shouxihu Culture and Tourism is a state-owned comprehensive water sightseeing service provider. According to Frost & Sullivan data, in 2024 the company ranked second in Jiangsu’s water sightseeing services market by ticket sales revenue, representing about 16.0% of the province’s market share.

In terms of performance, in 2023, 2024, and 2025, the company’s revenue was approximately RMB 109 million, RMB 111 million, and RMB 141 million respectively. During the same period, profit and total comprehensive income were approximately RMB 46.43 million, RMB 42.884 million, and RMB 51.99 million respectively.

5）On March 30, Inno Semiconductor (688380.SH) submitted its listing application to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CICC Jianlian International as its sole sponsor.

The prospectus shows that Inno Semiconductor is China’s leading provider of intelligent control solutions. It focuses on the design and delivery of integrated circuit chips and uses microcontrollers (MCUs) as the core of its products. Based on 2024 shipment volume, the company is China’s No. 1 MCU enterprise by shipment volume; and by revenue, it ranks third.

In terms of performance, in the fiscal years 2023, 2024, and 2025, the company recorded revenue of approximately RMB 714 million, RMB 912 million, and RMB 1.122 billion respectively. During the same period, profit was -RMB 21.949 million, RMB 137 million, and RMB 284 million respectively.

6）On March 31, Saimet Information Group Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Guotai Haitong as its sole sponsor.

The prospectus shows that Saimet is a leading provider of intelligent industrial software solutions in China. According to a report by Zhishang Consulting, based on the industrial software revenue of advanced industries in 2024, the company is the largest provider of advanced industrial intelligent manufacturing software companies in the China market, with a market share of 1.5%. Its market share in China’s industrial software market is about 10%.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 287 million, RMB 500 million, and RMB 731 million respectively; during the same period, profit was approximately RMB 24.565 million, RMB 73.832 million, and RMB 72.767 million respectively.

7）On March 31, Yaoxin Micro (Shanghai) Electronics Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Huatai International and China Merchants Securities International as joint sponsors.

According to the prospectus, the company is a leading supplier of power devices and audio chips in China. It focuses on providing high-quality and long-lasting power devices and audio chips for the automotive, consumer electronics, and energy and industrial (including AI data center power) markets. Based on revenue in 2024, among Chinese suppliers in the domestic non-IDM power device market, the company ranks sixth, with a market share of 0.3%.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 433 million, RMB 383 million, and RMB 541 million respectively. During the same period, losses were approximately RMB 151 million, RMB 184 million, and RMB 207 million respectively.

8）On March 31, Top Group (601689.SH) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and UBS Group as joint sponsors.

The prospectus shows that Top Group is a leading integrated system solutions provider serving OEMs (original equipment manufacturers) and humanoid robot developers. As per 2024 revenue, Top Group ranks first globally among lightweight chassis system suppliers and ranks first among suppliers of soft interior functional components in China.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 19.7 billion (renminbi, same meaning below), RMB 26.6 billion, and RMB 29.581 billion respectively. During the same period, profit was approximately RMB 2.150 billion, RMB 3.004 billion, and RMB 2.783 billion respectively.

9）On March 31, Focus International Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Jianquan Financing Limited as its sole sponsor.

The prospectus shows that the company is mainly engaged in the manufacturing and sales of disposable personal hygiene products. In 2024, the company’s share of retail sales revenue in China’s disposable personal hygiene products market (reflecting the final transaction price paid by end consumers) was approximately 0.1%. As of December 31, 2025, the company’s production facilities in total operate 8 production lines.

In terms of performance, for fiscal years 2023, 2024, and 2025, the company’s revenue was approximately RMB 372 million, RMB 447 million, and RMB 533 million respectively; during the same period, profit and other comprehensive income were RMB 39.467 million, RMB 65.605 million, and RMB 80.908 million respectively.

10）On March 31, Shenzhen Jincun Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with China Merchants Securities International and Guotai Junan International as joint sponsors.

The prospectus shows that Jincun Technology is a leading independent embedded storage products manufacturer in mainland China. It mainly focuses on the R&D, design, testing (as an important part of the production process) and sales of embedded storage products and other storage products. The company’s products are used in a diversified range of end markets, including consumer electronics such as smartphones, laptops, tablets, education electronics, smart home, wearable devices, and smart robots.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company’s revenue was approximately RMB 2.402 billion, RMB 3.714 billion, and RMB 5.919 billion respectively. During the same period, profit was approximately RMB 37.013 million, RMB 88.887 million, and RMB 880 million respectively.

11）On March 31, Changzhou Weiyi Intelligent Manufacturing Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with its sole sponsor being Oriental Securities.

According to the prospectus, Weiyi Intelligent Manufacturing is a leading enterprise in the field of industrial embodied intelligent robots, committed to revolutionizing manufacturing industries through cutting-edge technologies and shaping a new future for the global workforce. Based on revenue in 2024, the company is China’s largest EIIR product provider, with a market share of approximately 31.0% in the Chinese embodied intelligent industrial robotics industry.

In terms of performance, for 2023–2025, the company’s revenue was RMB 434 million, RMB 600 million, and RMB 796 million respectively; during the same period, profit was -RMB 114 million, RMB 15.74 million, and RMB 50.6 million.

12）On March 31, Shaanxi Maikaote Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Jianyin International and China Merchants Securities International as joint sponsors.

The prospectus shows that Maikaote is a biotechnology company focusing on discovering, developing, and commercializing dual-/multi-specific peptide drugs used to treat metabolic diseases and cardiovascular and cerebrovascular diseases. The company has independently developed a product pipeline consisting of one core product and six other candidate products.

In terms of performance, the company has no commercialized revenue yet. In fiscal years 2024 and 2025, the company’s losses during the year were RMB 157 million and RMB 185 million respectively.

13）On March 31, Luoshi (Shandong) Robot Group Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with joint sponsors being CITIC Securities and Guotai Junan International.

The prospectus shows that Luoshi Robotics is a seasoned supplier of AI robot enterprise solutions. It is committed to the design, R&D, manufacturing, and commercialization of intelligent robots and robot solutions. Since 2023, for three consecutive years, the company’s sales growth rate has ranked first among domestic major multi-joint robot manufacturers. In 2025, in terms of sales of flexible collaborative robots and light-load industrial robots, the company ranks first in China.

In terms of performance, for 2023–2025, the company’s revenue was RMB 267 million, RMB 325 million, and RMB 522 million respectively; during the same period, losses were RMB 158 million, RMB 192 million, and RMB 179 million respectively.

14）On March 31, Kunshan Majing Electronics Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Ping An Securities (Hong Kong) as its sole sponsor.

The prospectus shows that Majing Electronics is a supplier of power inductor solution for advanced-process chips (used in consumer electronics, automotive electronics, and high-performance computing). Under the design-in business model, the company focuses on the development and manufacturing of power inductors. According to a Zhishang report, in 2024, based on revenue from power inductor solutions for advanced-process chips, the company ranked first among suppliers headquartered in Mainland China, and sixth globally.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company’s revenue was approximately RMB 362 million, RMB 436 million, and RMB 471 million respectively. During the same period, losses were approximately RMB 37.761 million, RMB 22.292 million, and RMB 17.914 million respectively.

15）On March 31, Hefei Youaizhihe Robotics Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

According to the prospectus, Youaizhihe is an industrial embodied intelligent technology company that empowers various industries through robotics technology and co-builds an intelligent world of harmonious coexistence between humans and robots. Based on revenue in 2024, in China’s market for mobile operating robot solutions, Youaizhihe ranks first, with a market share of 7.1%; globally, it ranks fourth.

In terms of performance, for 2023–2025, the company’s revenue was RMB 108 million, RMB 255 million, and RMB 340 million respectively. During the same period, losses were RMB 260 million, RMB 200 million, and RMB 384 million respectively.

16）On March 31, Jinghe Integrated (688249.SH) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that the company is a leading 12-inch pure-play wafer foundry enterprise, positioned at a critical point in the global semiconductor value chain. In 2025, by revenue, the company is the world’s ninth-largest and China’s mainland third-largest wafer foundry company.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 71.83 billion, RMB 91.20 billion, and RMB 103.88 billion respectively; during the same period, profit was approximately RMB 119 million, RMB 482 million, and RMB 466 million respectively.

17）On March 31, Beijing Shujuzhilian Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Huaxing Capital as its sole sponsor.

The prospectus shows that Shujuzhilian is a technology-driven full-chain brand operator. According to Frost & Sullivan’s information, based on GMV generated by comprehensive e-commerce platforms, in 2024 the company ranked among the top ten brand e-commerce solution companies in Mainland China.

In terms of performance, for 2023–2025, the company’s revenue was RMB 1.593 billion, RMB 1.379 billion, and RMB 1.608 billion respectively; during the same period, profit was RMB 80.485 million, RMB 9.168 million, and RMB 43.399 million respectively.

18）On March 31, TOP TOY submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with J.P. Morgan and UBS as joint sponsors.

The prospectus shows that TOP TOY is the largest collectible toys aggregation brand in China with the fastest growth rate. To date, the company has 24 proprietary IPs and 42 licensed IPs. According to Frost & Sullivan, from 2023 to 2025, the company’s GMV compound annual growth rate exceeded 50%, making it the fastest-growing collectible toys aggregation brand in China.

In terms of performance, for fiscal years 2023, 2024, and 2025, the company’s revenue was approximately RMB 1.461 billion, RMB 1.909 billion, and RMB 3.587 billion respectively; during the same period, profit was approximately RMB 212 million, RMB 294 million, and RMB 101 million respectively.

19）On March 31, Sirius Therapeutics submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Goldman Sachs, Haitong International, and HSBC as joint sponsors.

The prospectus shows that Sirius Therapeutics is a global clinical-stage biotechnology company founded in 2021, focusing on siRNA therapies targeting diseases related to coagulation function disorders, cardiac metabolic diseases, and obesity. The company’s core product SRSD107 targets major thromboembolism indications requiring anticoagulant therapy.

In terms of performance, for fiscal years 2024 and 2025, the company’s other revenue and gains were approximately RMB 9.788 million and RMB 232 million respectively. During the period, losses were approximately RMB 342 million and RMB 255 million respectively.

20）On April 1, Shengbang Co., Ltd. (300661.SZ) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and Huatai International as joint sponsors.

The prospectus shows that Shengbang Co., Ltd. is a comprehensive analog integrated circuit (IC) company. It R&Ds and sells high-performance analog integrated circuits and sensors with functions including sensing, amplification, conversion, and driving, forming the fundamental building blocks for all electronic systems. Based on revenue in 2025, the company ranks first among domestic analog integrated circuit companies in China and eighth globally, with a market share of 1.8%.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 26.16 billion (renminbi, same meaning below), RMB 33.47 billion, and RMB 38.98 billion respectively. During the same period, profit was approximately RMB 2.7 billion, RMB 4.91 billion, and RMB 5.34 billion respectively.

21）On April 1, Shenzhen Yimei Intelligent Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and China Merchants Securities International as joint sponsors.

The prospectus shows that the company has been deeply involved in the global pan-semiconductor quality control space, and is committed to providing PCB quality control solutions. PCB is a key underlying carrier for signal transmission and component integration within the pan-semiconductor ecosystem. According to Zhishang Consulting’s information, based on its operating revenue in 2025, the company is China’s largest and the world’s second-largest provider of PCB quality control solutions, with market shares of 13.8% and 8.4% respectively.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 340 million, RMB 476 million, and RMB 764 million respectively. Net profit was approximately RMB 69.905 million, RMB 114 million, and RMB 202 million respectively.

22）On April 1, Sina Semiconductor (688521.SH) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities, and UBS Group as joint sponsors.

According to the prospectus, Sina Semiconductor is a leading listed company providing customized chip solutions. Based on revenue in 2025, the company is the world’s fourth-largest full-stack customized chip solutions provider, and it is also the largest enterprise in Mainland China.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company’s revenue was approximately RMB 23.29 billion, RMB 23.17 billion, and RMB 31.48 billion respectively; during the same period, losses were RMB 2.96 billion, RMB 6.01 billion, and RMB 5.28 billion respectively.

23）On April 1, MicronLink Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Huatai International as its sole sponsor.

According to the prospectus, as a leading domestic online emotional social platform, MicronLink Technology understands the different needs that ordinary users face when establishing emotional connections. For the year ended December 31, 2025, the company’s average monthly active users were 10.30 million; average daily active users were 2.20 million; and average monthly paying users were 1.20 million.

In terms of performance, for fiscal years 2023, 2024, and 2025, the company’s revenue was RMB 1.034 billion, RMB 2.373 billion, and RMB 4.122 billion respectively; during the same period, profit was -RMB 16.8 million, RMB 146 million, and RMB 519 million respectively.

24）On April 1, Shida Shenghua (603026.SH) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that the company is a comprehensive supplier of materials related to lithium-ion batteries, establishing a leading position in the electrolyte solvent field. Since 2020, the company has ranked first for six consecutive years in global shipments in the electrolyte solvent market, and in 2025 its global shipment volume market share reached 22.2%.

In terms of performance, in 2023, 2024, and 2025, the company’s revenue was approximately RMB 56.35 billion, RMB 55.47 billion, and RMB 68.08 billion respectively. During the same period, losses were RMB 65.234 million, RMB 70.423 million, and RMB 5.879 million respectively.

25）On April 1, Yongkang Holdings Limited submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Tongren Financing and Huafu Jianye Enterprise Financing as joint sponsors.

The prospectus shows that Yongkang Holdings mainly provides services to container shipping companies and container leasing companies operating in the ASEAN region and in China. Based on container throughput in 2025, the company is Singapore’s leading and Southeast Asia’s second-largest container yard operator (according to a Frost & Sullivan report, the company has the highest market share in Singapore at 16.2% and a market share of 5.9% in Southeast Asia).

In terms of performance, in 2023, 2024, and 2025, the company’s revenue was approximately SGD 156 million (Singapore dollars, same meaning below), SGD 165 million, and SGD 149 million respectively. During the same period, profit was approximately RMB 8.37 million, RMB 11.618 million, and RMB 13.266 million respectively.

26）On April 1, XREAL Ltd. (abbreviation: XREAL) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and Citi as joint sponsors.

The prospectus shows that XREAL is an AR glasses company. It designs, develops, manufactures, and sells AR glasses under its own brand, and provides related products and services. Based on sales revenue, from 2022 to 2025 the company ranked first in the global AR glasses market every year. Meanwhile, based on sales revenue in 2025, the company ranked second in the global smart glasses market, including both AR glasses and non-display glasses, and ranked first in China.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 390 million (renminbi, same meaning below), RMB 394 million, and RMB 516 million respectively. During the same period, losses were approximately RMB 882 million, RMB 709 million, and RMB 456 million respectively.

27）On April 2, Helin Micro (688661.SH) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Guotai Junan International and CITIC Jianlian International as joint sponsors.

The prospectus shows that Helin Micro is one of the world’s leading micro-and nano-manufacturing solutions providers. Based on revenue in 2025, the company ranks second globally in the MEMS acoustic module micro-and nano manufacturing component market, with a market share of 12.4%. In the global semiconductor final test (“FT”) probe market, the company ranks first among enterprises within China, fourth among all global suppliers, with a market share of 6.6%.

In terms of performance, for fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 286 million, RMB 568 million, and RMB 864 million respectively. During the same period, profit was -RMB 20.907 million, RMB 8.639 million, and RMB 29.795 million respectively.

28）On April 2, Tianhua New Energy (300390.SZ) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Huatai International and CMB International as joint sponsors.

According to the prospectus, Tianhua New Energy is a new energy technology company mainly engaged in R&D, production, and sales of lithium battery materials. Based on sales volume and revenue in 2025, Tianhua New Energy is China’s largest producer of battery-grade lithium hydroxide, and also the world’s third-largest producer of battery-grade lithium hydroxide. In the same year, Tianhua New Energy is China’s and the global fourth-largest producer of battery-grade lithium compounds.

In terms of performance, in 2023, 2024, and 2025, the company’s revenue was approximately RMB 104.68 billion, RMB 66.08 billion, and RMB 75.49 billion respectively. Profit was approximately RMB 21.58 billion, RMB 10.29 billion, and RMB 4.57 billion respectively.

29）On April 2, Chaohongji (002345.SZ) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that Chaohongji is a multi-brand jewelry company founded in 1996 in China, with its flagship jewelry brand CHJ Chaohongji as its business cornerstone. By revenue, the company ranked first among numerous jewelry enterprises in Mainland China in 2024, achieving a market share of 1.4%. The company ranks 9th among national jewelry enterprises, with a market share of 0.8%.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 5.836 billion, RMB 6.452 billion, and RMB 9.238 billion respectively; profit was approximately RMB 330 million, RMB 169 million, and RMB 472 million respectively.

30）On April 2, Synlait Milk (002946.HK) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with J.P. Morgan and CITIC Securities as joint sponsors.

The prospectus shows that the company is a technology and nutrition food enterprise. Based on the retail sales value in 2025, it ranked fifth in China’s liquid dairy products market and fifth in China’s chilled liquid dairy products market.

In terms of performance, for 2023, 2024, and 2025, the company’s operating revenue was approximately RMB 10.987 billion, RMB 10.665 billion, and RMB 11.233 billion respectively; net profit was approximately RMB 438 million, RMB 549 million, and RMB 754 million respectively.

31）On April 2, Pu Yuan Jingdian (688337.SH) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that Pu Yuan Jingdian is a leading electronic measurement instruments company in China, with strong advanced technological capabilities and a large global footprint. According to Frost & Sullivan’s information, the company is the largest supplier of electronic measurement instruments in China, and by revenue, ranked eighth globally in 2024.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company recorded revenue of approximately RMB 671 million, RMB 776 million, and RMB 900 million respectively. Profit was approximately RMB 108 million, RMB 92.303 million, and RMB 86.083 million respectively.

32）On April 2, Rui Ming Technology (002970.SZ) submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that Rui Ming Technology is a leading global provider of AI solutions for commercial vehicles. Based on continuing business revenue in 2025, it ranks globally fourth in the overall commercial vehicle vision AI solutions market, with a market share of 7.2%; within logistics scenarios, it ranks globally third with a market share of 7.0%; and in public transportation scenarios, it ranks globally second with a market share of 10.3%.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 1.505 billion, RMB 1.998 billion, and RMB 2.477 billion respectively. Profit was approximately RMB 98.224 million, RMB 294 million, and RMB 389 million respectively.

33）On April 2, Zhejiang Maoyuan Chang Eyewear Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Huafu Jianye Enterprise Financing as its sole sponsor.

The prospectus shows that Maoyuan Chang Eyewear is a regional eyewear retail chain operator in Zhejiang and Gansu provinces. Based on offline retail sales including both self-operated stores and franchised stores, in 2024 Maoyuan Chang ranked first in Zhejiang’s offline eyewear retail industry, with a market share of approximately 8.8%.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 272 million, RMB 250 million, and RMB 265 million respectively. Profit was approximately RMB 37.116 million, RMB 18.054 million, and RMB 41.181 million respectively.

34）On April 2, Wuhan Binhuai Biotech Co., Ltd.-B submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with Huatai International, CMB International, and Bank of China International as joint sponsors.

The prospectus shows that the company was registered and established in 2010. It is an oncolytic virus therapy biotechnology company based in China, committed to the discovery, development, and commercialization of cancer immunotherapy. The company’s core product BS001 is a novel oncolytic virus candidate drug based on herpes simplex virus type II (HSV-2). Its design enables selective replication capability in tumor cells, triggers direct oncolysis, and secretes human granulocyte–macrophage colony-stimulating factor (hGM-CSF) to induce systemic immune activation.

In terms of performance, for 2024 and 2025, the company’s revenue was RMB 1.725 million and RMB 88.4 million respectively; losses were approximately RMB 113 million and RMB 121 million respectively.

35）On April 2, Natural Hall Global Holdings Limited updated its prospectus on the Hong Kong Exchanges and Clearing Limited, with joint sponsors being Huatai International and UBS Group.

According to the prospectus, Natural Hall is a strategy-driven multi-brand cosmetics company in China. Based on 2024 retail sales, it ranks tenth in China’s overall cosmetics market (including international brands), with a market share of 0.8%. It is also China’s third-largest domestic cosmetics group, with a market share of 1.7%.

In terms of performance, from 2023 to 2025, its revenue was RMB 4.442 billion, RMB 4.601 billion, and RMB 5.318 billion respectively; net profit was RMB 302 million, RMB 190 million, and RMB 351 million respectively.

36）On April 2, Angqing Computer Information Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that Angqing was established in 2017. It is a technology company in China focusing on the development, design, manufacturing, and sales of AI computing equipment, and also providing related technical services and support. Based on revenue in 2024, Angqing is China’s sixth-largest provider of AI computing equipment solutions. The company is also the largest independently owned enterprise among providers of AI computing equipment solutions in China.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 2.206 billion (renminbi, same meaning below), RMB 2.760 billion, and RMB 5.500 billion respectively. Profit was approximately RMB 54.435 million, RMB 63.675 million, and RMB 122 million respectively.

37）On April 2, Shanghai Huilun Pharmaceutical Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that Huilun Pharmaceutical is a pharmaceutical company with a solid track record in drug development and commercialization. The company has a product portfolio consisting of more than ten already marketed products and multiple candidate drugs, covering key therapeutic areas such as immunoinflammation, pain treatment, oncology, and other chronic diseases.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company recorded revenue of approximately RMB 985 million, RMB 686 million, and RMB 686 million respectively. Profit was approximately RMB 20.659 million, -RMB 124 million, and -RMB 174 million respectively.

38）On April 2, Shanghai Yijing Information Technology Co., Ltd. submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CMB International and Bank of Communications International as joint sponsors.

The prospectus shows that the company is a provider of full-stack intelligent hardware product solutions in the AI era. According to Frost & Sullivan’s data, in 2025, based on shipment volume, it is one of the world’s top ten smartphone brand manufacturing solution providers.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 2.225 billion, RMB 3.508 billion, and RMB 3.219 billion respectively. Profit was RMB 56.158 million, RMB 62.076 million, and RMB 70.217 million respectively.

39）On April 2, Kaisai Times Holding Limited submitted its listing application documents to the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities as its sole sponsor.

The prospectus shows that Kaisai Times is a leading digital intelligence platform dedicated to empowering China’s automotive aftermarket. Based on the annual GMV in 2025, the cumulative number of SKUs, and the number of registered automotive service stores, all of these rank first among automotive aftermarket enterprise empowerment platforms in China.

In terms of performance, for the fiscal years 2023, 2024, and 2025, the company achieved revenue of approximately RMB 685 million, RMB 742 million, and RMB 930 million respectively; losses were approximately RMB 576 million, RMB 448 million, and RMB 399 million respectively.

40）On April 2, Shandong Baojiain New Materials Technology Co., Ltd. submitted its listing application documents to the GEM Board of the Hong Kong Exchanges and Clearing Limited, with Zhongtai International as its sole sponsor.

According to the prospectus, the company was established in 2009 and has become a specialized manufacturer in China’s composite material cable tray cover board industry. In 2024, by market share, the company ranked first in China’s cable tray cover board and GFRP cable tray cover board industry, and by market share, it ranked third in the cable tray cover board industry.

In terms of performance, for 2023, 2024, and 2025, the company’s revenue was approximately RMB 137 million, RMB 131 million, and RMB 144 million respectively; profit was RMB 25.222 million, RMB 21.624 million, and RMB 24.054 million respectively.

Now let’s look at the hearings. This week, two companies passed through listing hearings:

1）On March 30, Huaqin Technology (603296.SH) passed the listing hearing for the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and BofA SECURITIES as joint sponsors.

The prospectus shows that according to information from Zhishang Consulting, Huaqin Technology is a full-stack intelligent products ODM platform, achieving the global No. 1 position across multiple intelligent product categories. In addition, based on global consumer electronics ODM shipment volume, the company is the world’s largest consumer electronics ODM manufacturer in 2024, with a market share of 22.5%.

Financially, for the fiscal years 2023, 2024, and 2025, Huaqin Technology achieved revenue of approximately RMB 853.38 billion, RMB 1,098.78 billion, and RMB 1,714.37 billion respectively. Profit was approximately RMB 2.657 billion, RMB 2.916 billion, and RMB 4.132 billion respectively.

2）On April 2, Maierwei Bio (688062.SH) passed the listing hearing for the Main Board of the Hong Kong Exchanges and Clearing Limited, with CITIC Securities and Haitong International as joint sponsors.

The prospectus shows that Maierwei Bio is a pharmaceutical company in China mainly focusing on independently developing drugs for oncology and age-related diseases, covering areas including oncology, immunology, ophthalmology, orthopedics, and more. These diseases pose significant health risks globally and have unmet clinical needs. The company’s core product 9MW2821 is a targeted antibody-drug conjugate. In addition, the company has established a pipeline product portfolio, including 4 already approved/marketed products of different types and 10 candidate drugs.

Financially, for fiscal years 2024 and 2025, the company’s revenue was approximately RMB 200 million and RMB 659 million respectively; during the same period, the company’s annual/period losses were approximately RMB 10.47 billion and RMB 9.72 billion respectively.

In addition, six new stocks were listed this week:

March 30 (Monday), Juejijue (06636.HK), Hantian Tiancheng (02726.HK), Deshi-B (02526.HK), and Hualong Robotics (01021.HK) rose by over 150%, 35.06%, 111.72%, and 8.23% respectively on their first trading day, followed by strong volatility in the days after.

As of April 3 (Friday), Juejijue’s cumulative gain in its first week was 149.25%, and Deshi-B’s first-week gain was 136.36%. Both companies fall under the AI application concept.

On March 31, Tongshifu, a cultural and creative products brand (00664.HK), fell 49.17% on its first trading day, and as of Friday it was still down cumulatively by 46.67%. On the same day, Fourier (03625.HK), an AI chip company, closed up 100% on its first day, and as of Friday it was up cumulatively by 130%.

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