The September hearing schedule of the Hong Kong Stock Exchange has not yet been officially announced, and a preliminary list of as many as 18 companies has been circulated in the market.From mother-to-child travel, folding bicycles to AI medical care, and lidar, companies from all walks of life queue to deliver meters, and secret quotes from investment banks and securities firms have also spread wildly among friends.The following list is from recent media revelations and investment bank profiles for your reference. The official hearing time is subject to the announcement of the Hong Kong Stock Exchange, but it is enough for new players to do their homework first.
BeBeBus, a high-end maternal and child travel brand that is known as the "Hermès in the cart industry", will have revenue of 1.249 billion yuan in 2024, a repurchase rate of 40%, and DTC revenue accounting for 70% of its revenue.The core group is a first-and second-tier Kochi mother aged 25-35, with more than 1.3 million small red book notes.The company has made baby strollers, child safety seats and mommy bags into a "bundled" scene, and the unit price of customers has reached 4200 yuan, but still exceeds demand.If it is successfully listed, it will become the "first stock in maternal and infant consumption" of Hong Kong stocks. The scarcity premium is visible to the naked eye, but it must also focus on the long-term ceiling brought by the decline in birth rate.
Bama Tea Industry ranks first in the Tieguanyin segment, with a net profit of 224 million yuan in 2024.In addition to traditional tea retail, the company also supplies tea bases for Xi Tea, Naixue, and Shangshang Aunt. To B's revenue share has quietly climbed to 28%, hedging the risk of slowing down the growth of raw leaf tea consumption.The government of Anxi County in Fujian Province is the company's second largest shareholder. The origin resources are deeply bound to the brand. The market regards it as the dual target of "tea + new tea beverage supply chain."
Bosch and Outdoor PELLIOT focuses on high-end functional clothing for 8000-meter extreme outdoor. In 2024, it will have a revenue of 2.9 billion yuan, a gross profit margin of 54%, and overseas revenue will account for 38%.The company has made the jacket into a "technological luxury", and the price of each piece can be compared to Archaeopteryx. However, it has quickly increased the volume through the Douyin Live Broadcast Room, with an online CAGR of 92% in 2023-2024.Investors are interested in the China version of the "Patagonia" story, but the inventory turnover days are higher than those of peers, and it is necessary to verify whether the brand premium can be sustained.
Dahang Science and Technology's DAHON folding bicycles are invisible 1st, with a global market share of 42%, and a revenue of 451 million yuan in 2024.As the urban commuting and camping economy has once again become popular, the company has launched an ultra-light carbon fiber model, with a unit price exceeding 15,000 yuan and still hard to get one.The HK$1.5 billion small market value + fitness riding concept has been locked in the "Mechanism B high callback" script in advance by securities firms. However, the overall bicycle industry is shrinking, and a second growth curve is still needed in the medium and long term.
Jinfang Pharmaceutical's small molecule oncology innovative pharmaceutical company, its core pipeline GHF925 (benchmark zebutinib) has entered Phase III and is expected to submit an NDA in 2026.The company adopts the "fast follow + differentiation" strategy to make me-better overseas verified targets to reduce clinical failure rates.The 18A channel is superimposed on the expectations of medical insurance negotiations and has great valuation flexibility; the risk lies in the crowded targeting of similar targets, and subsequent commercialization is a sales iron army.
Lixun Precision LUXSHAREiCT Apple Vision Pro main assembly factory +AirPods SiP faucet, plans to be launched for the second time as "A+H".The company has three major customers: Apple, Tesla, and Meta. In 2024, consumer electronics revenue will account for 68%, and the growth rate of automotive and communications businesses will exceed 50%.If the hearing is successful in September and the fundraising scale may reach US$2 billion, you can directly benchmark Goer's +15% market on the first day of its "second listing", but you need to be wary of seasonal fluctuations in Apple orders.
Xiangong's intelligent AMR mobile robot leader, with revenue of 339 million yuan in 2024 and a gross profit margin of 33%.In the three major scenarios of 3C, lithium battery and photovoltaic, the market share ranks first, and customers include BYD, Ningde Times, and LONGi Green Energy.The company has turned the laser SLAM algorithm into "robot Android", allowing small and medium-sized factories to deploy flexible logistics at low codes.The sexy thing about the story lies in "Industrial AI+ Going to Sea", but downstream capital expenditures are extremely cyclical and we need to keep an eye on the manufacturing PMI.
Xiaohongshu Community + e-commerce two-wheel-driven "National Grass Planting Machine" will have a GMV of 63 billion yuan in advertising + e-commerce in 2024, achieving full-year profits on the 1st.Women account for 60% of the first and second tier cities in 300 million months, the average daily use time of users exceeds 65 minutes, and the conversion rate of goods with goods reaches 8.5%.If Hong Kong stocks land in September, it will be the largest Internet platform IPO in the past four years. It is said that the cornerstone lineup has been finalized by Temasek, Sequoia and Tencent, with a valuation range of US$18 billion to US$22 billion.The game between regulatory trends and profit sustainability will be the biggest suspense in pricing.
Yiwei Lithium Energy EVE is among the top three global consumer lithium batteries and plans to issue H-share plus energy storage batteries.The company's shipments of square lithium iron phosphate energy storage cells have ranked second in the world, second only to the Ningde era. In 2024, it will achieve a total operating income of 48.615 billion yuan.If the fundraising is implemented, it will become the "first stock in energy storage" of Hong Kong stocks. However, the hidden worry of overcapacity in the industry has emerged, and a price war is imminent.
Zijin Gold/Zijin International Zijin Mining's gold mining + trade spin-off platform, its parent company Zijin Mining has the world's top ten gold and copper resource reserves, and is a scarce "upstream + trade" two-wheel target for the Hong Kong stock gold sector.The gold price stands at US$2500/ounce, and the company enjoys both volume and price increases, but metal price fluctuations are still the biggest beta risk.
SHEIN is valued at US$46 billion as the global fast fashion powerhouse. Its share of revenue in the U.S. has dropped to 27%. Hong Kong may become the first choice for secondary listings.The company has made the "quick return of small orders" model very special, with 7 days for proofing and 14 days for shelves. In 2024, 6000+ SKUs will be added every day.If it can be implemented, it will be the largest consumer IPO in the history of Hong Kong stocks, but ESG and geopolitical risks are still valuation discount factors.
Hesai Technology ranks first in the world in laser radar shipments and has secretly submitted a statement to raise US$500 million.The company's solid-state lidar AT128 has been targeted by three new forces: Ideal, Chang 'an and Great Wall. In 2025, the delivery volume of vehicle-mounted lidar is expected to exceed 1 million.The story is sexy, but the industry's price war is fierce. The gross profit margin has been compressed from 55% to 38%. The profit turning point needs to be continuously tracked.
Chery's overall listing plan after the mixed reform has surfaced, and it is rumored to raise US$1 billion.Export sales have ranked first among independent brands for 22 consecutive years, and overseas revenue will account for 46% in 2024.If it successfully lands in Hong Kong stocks, it will become the "first stock of a complete vehicle to go to sea", but the proportion of fuel vehicles will still be high, and the speed of new energy transformation is directly linked to valuation.
Celis AITO asked for cash flow after the explosion, and internally studied "H+A" parallel.In 2024, a total of 350,000 M7 and M9 units will be delivered, and the net profit of bicycles will turn positive on the 1st.Whether Huawei's smart selection model can continue to increase volume is the key to whether the company's valuation can exceed 100 billion yuan.
Dongpeng Beverage's A-shares have gone up many times, and rumors of a secondary listing of Hong Kong stocks have resurfaced.Energy drinks ranked second in market share, with revenue of 726 million yuan in the first half of 2025. In Q2 of 2025, revenue from electrolyte drinks increased by 190.05% year-on-year.The Hong Kong stock market may give discounts to A-shares, but the high prosperity and national channels of the energy drink track are still hard core support.
Mingming Busy Group has exceeded 8000 mass snack stores, with revenue of 39.344 billion yuan and net profit of 913 million yuan in 2024.The company used the "very cost-effective + sinking market" approach to open its stores to county-level cities in two years. It was called "the honey snow ice city in the snack industry" by the media.China International Capital has been signed to do Pre-DD, or it has grabbed the October schedule. However, the homogenization competition of snack collection stores is fierce, and the profit quality needs to be continuously tracked.
--The above list is still dynamically updated. Once the hearing window of the Hong Kong Stock Exchange opens in September, the pace will be extremely fast.It is recommended to set the four items of intensive reading of the prospectus, cornerstone list, green shoe ratio, and callback mechanism as the "must-check list before making a new one". I wish you all the best to eat meat.
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