GuShiio.com ① Many companies such as Ningde Times submitted statements. What are the highlights?
② Mixue Ice City passed the listing hearing. What is the growth rate in recent years?
Cailian News, February 16 (Editor Feng Yi)Cailian brings you weekly news on Hong Kong stocks and new shares.
As of press time, this week (February 10-February 16), 4 companies have submitted statements, one company has passed the hearing, and one new share has been listed.
1) On February 11, Ningde Times (300750.SZ) submitted a statement to the main board of the Hong Kong Stock Exchange, with China International Capital, China CITIC Construction Investment, JP Morgan Chase and Bank of America Securities as joint sponsors.
According to the prospectus, as of September 30, 2024, Ningde Times has established six major R & D centers and thirteen major battery production and manufacturing bases around the world, with service outlets in 64 countries and regions. The company covers the world’s broadest customer and end-user groups. As of the end of November 2024, it has achieved a cumulative loading of approximately 17 million power batteries. On average, one out of every three new energy vehicles in the world is loaded with Ningde Times batteries and energy storage batteries. More than 1,700 projects have been used around the world.
In terms of finance, in 2022, 2023, and 2024, the revenue of Ningde Times was approximately 328.594 billion yuan, 400.917 billion yuan, and 259.045 billion yuan respectively; profits for the same period were 33.457 billion yuan, 47.342 billion yuan, and 38.806 billion yuan respectively. In 2023, 32.7% of the company’s operating income will come from overseas.
2) On February 12, laser radar manufacturer Seyond Holdings Ltd announced that it would be listed through a SPAC merger and acquisition through a backdoor TechStar(07855.HK).
Hong Kong Stock Exchange disclosures show that Tudatong is a global leader in the design, development and production of vehicle-scale lidar solutions. According to information from Zhuoshi Consulting, in 2023, Tudatong delivered a total of more than 147,000 vehicles of scale lidar, and the sales revenue of ADAS lidar solutions in 2023 ranks first in the world. As of the Latest Practicable Date, NIO has chosen to adopt Tudatone’s lidar solution on nine of its models.
According to the prospectus, in 2022, 2023 and the first three quarters of 2024, Tudatong achieved revenue of US$66.302 million, US$121 million, and US$118 million respectively; losses during the period were US$188 million, US$219 million, and US$130 million respectively.
3) On February 14, Meilian Steel Structure Building Systems (Shanghai) Co., Ltd. submitted a statement to the main board of the Hong Kong Stock Exchange, with Shen Wan Hongyuan (Hong Kong) as the exclusive sponsor.
According to the Frost Sullivan report, based on 2023 revenue, the company ranks third in the industrial sector of China’s prefabricated steel structure construction market, with a market share of 4.4%. Based on revenue recognition model and operating characteristics, Meilian’s business is divided into three business categories: prefabricated metal building solutions; professional engineering general contracting; and industrial environmental protection equipment.
In terms of finance, in 2022, 2023 and 2024, the revenue of Midland Shares for the nine months ended September 30 was approximately 1.903 billion yuan, 1.453 billion yuan, and 885 million yuan respectively; in the same period, the profits for the year were 87.706 million yuan, 62.132 million yuan, and 46.609 million yuan respectively.
4) On February 14, Manycore Tech Inc., the holding company of Hangzhou Qunhe Information Technology Co., Ltd., one of the “Six Little Dragons of Hangzhou”, officially submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan Chase and CCB International as joint sponsors.
Public information shows that Qunnuclear Technology, established in 2011, has built a physically correct world simulator as a spatial intelligence enterprise based on artificial intelligence technology and dedicated graphics processing unit clusters.
Qunnuclear Technology’s business focus begins with spatial design and visualization. According to Frost Sullivan, Qunhe Technology is the world’s largest spatial design platform based on the average number of monthly active users (MAUs) in 2023; based on revenue in 2023, the company is also the largest spatial design software provider in China, accounting for approximately 22.2% of the market share. In 2024, Qunnuclear Technology’s average monthly active visitors will be 86.3 million.
In terms of finance, the company’s revenue in 2022, 2023 and the first nine months of 2024 was 601 million yuan, 664 million yuan and 553 million yuan respectively. The adjusted net losses for the same period were 338 million yuan, 242 million yuan and 93.61 million yuan respectively.
Looking at the hearing again, on February 14, Mixue Ice City Co., Ltd. passed the Hong Kong Stock Exchange hearing.
According to the post-hearing data set released by Mixue Ice City, as of December 31, 2024, the company had 46479 stores. In 2024, the company’s store network will achieve a total of approximately 9 billion cups of drinks, achieving terminal retail sales of approximately 58.3 billion yuan, a year-on-year increase of 21.9% and 21.7% respectively. Based on the number of stores as of September 30, 2024, Mixue Ice City has now become the world’s largest freshly produced beverage company.
In terms of performance, Mixue Ice City still maintains steady growth based on its huge scale. From 2022 to 2024, the terminal retail sales of Mixue Ice City will increase from 30.7 billion yuan to 58.3 billion yuan. In the first nine months of 2024, Mixue Ice City’s operating income and net profit were 18.7 billion yuan and 3.5 billion yuan respectively, a year-on-year increase of 21.2% and 42.3%.
In addition, on February 12, tea brand Guming (01364.HK) officially landed on the Hong Kong Stock Exchange, closing down 6.44% on the first day. As of the close on February 14, the cumulative issue price in the first week of listing fell by 5.43%, and the total market value was HK$22.15 billion.
The prospectus shows that in the first three quarters of 2024, Guming’s GMV (commodity sales) reached 16.6 billion yuan, a year-on-year increase of 20.4%; but the adjusted profit was 1.149 billion yuan, a year-on-year increase of more than 10%. This makes the market worry about Guming’s growth potential.
In addition, based on the number of stores (9001) as of December 31, 2023, Guming ranks second among the existing tea shop brands in the all-price band after Mixue Ice City. However, due to the fierce competition in the tea beverage industry in recent years, the company’s performance has also been under pressure.
