As of September 25, the Hong Kong Stock Exchange (HKEX) disclosed that China Resources Beverage (Holdings) Co., Ltd. and Wing Lee Construction Holdings Limited had passed the HKEX Main Board listing hearings. On September 24, Qiniu Intelligent Technology Co., Ltd. also successfully passed the HKEX Main Board listing hearing. The uSMART HK app offers a specialized IPO center, allowing users to subscribe to new public offerings in real time.

China Resources Beverage (Holdings) Co., Ltd.

The joint sponsors for China Resources Beverage’s IPO are BofA Securities, BOCI, CITIC Securities, and UBS. According to a report by China Insights Consultancy (CIC), China Resources Beverage is one of the earliest enterprises specializing in the production of packaged drinking water in China. Over the years, it has grown to become the second-largest packaged drinking water company in China and the largest in the purified water segment, based on 2023 retail sales. The company's "C'estbon" brand generated retail sales of RMB 39.5 billion in 2023, making it the leading brand in China's purified water market.

China Resources Beverage's product portfolio includes 13 brands, such as "C'estbon," "Ziben Qingrun," "Honey Water Series," "Holiday Series," and "Zowei Tea," encompassing a total of 59 stock keeping units (SKUs). According to CIC, the company held the largest market share in 2023 across six key provinces in China: Guangdong, Hunan, Sichuan, Hainan, Guangxi, and Hubei, which together accounted for approximately 30% of the national packaged water market that year.

Financially, China Resources Beverage recorded revenues of approximately RMB 11.34 billion, RMB 12.62 billion, and RMB 13.52 billion for the years 2021, 2022, and 2023, respectively. Its net profits for these years were approximately RMB 858 million, RMB 989 million, and RMB 1.33 billion.

(Source: China Resources Beverage Prospectus)

Wing Lee Construction Holdings Limited

Tohka Finance Limited is the sole sponsor for Wing Lee Construction’s IPO. As detailed in its prospectus, Wing Lee Construction is a prominent Hong Kong contractor specializing in civil engineering, cable engineering, and solar photovoltaic (PV) system projects. The company’s civil engineering division primarily focuses on site formation, roadwork, and drainage systems, while its cable engineering operations are centered on cable trenching, laying, and connections. Wing Lee Construction also engages in the design, installation, and maintenance of solar PV systems. For certain projects, the company temporarily rents machinery and trades construction materials. Industry reports identify Wing Lee Construction as the largest subcontractor for cable and civil pipeline installation in Hong Kong in 2023, with a market share of approximately 13.6%, based on revenues for fiscal year 2023/24. Since 2019, the company has also been active in the design, installation, and maintenance of solar PV systems.

Financially, Wing Lee Construction's revenues for the fiscal years ending March 31, 2022, 2023, and 2024 were approximately HKD 520 million, HKD 361 million, and HKD 526 million, respectively. Its net profits for these periods were approximately HKD 59.1 million, HKD 40.6 million, and HKD 76.9 million.

(Source: Wing Lee Construction Holdings Prospectus)

Qiniu Intelligent Technology Co., Ltd.

Shenwan Hongyuan Hong Kong and BOCOM International are the joint sponsors for Qiniu Intelligent’s IPO. Established in 2011, Qiniu Intelligent is one of the earliest platforms in China to provide cloud-based audio and video services, aspiring to become a global leader in scenario-based intelligent audio and video solutions. The company primarily offers Media PaaS (Platform as a Service) and Application PaaS solutions. According to iResearch, Qiniu Intelligent is among the few companies in China to have developed comprehensive, high-performance MPaaS products with the technical capabilities to cover all aspects of the audio and video service chain. In 2023, Qiniu Intelligent accounted for 1.5% of the total cloud audio and video service market, ranking as the third-largest MPaaS provider with a market share of 5.8%. In terms of APaaS, Qiniu Intelligent was the second-largest provider in China in 2023, with a market share of 14.1%. The overall cloud services market in China reached RMB 513.7 billion in 2023.

Financially, Qiniu Intelligent posted revenues of RMB 1.471 billion, RMB 1.147 billion, RMB 1.334 billion, and RMB 342 million for the years 2021, 2022, 2023, and the first three months of 2024, respectively. Its net losses for these periods were RMB 220 million, RMB 213 million, RMB 324 million, and RMB 148 million. Adjusted net losses were RMB 106 million, RMB 119 million, RMB 116 million, and RMB 24 million, respectively.

(Source: Qiniu Intelligent Technology Prospectus)

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