1. Jinko Electronics (02551.HK)

Jinko Electronics, recognized as a "Geely shadow stock," specializes in the manufacture of LED lighting sources and display backlighting.

It ranks third among domestic manufacturers of components and modules within China's high-end lighting sector and is positioned fifth among domestic manufacturers in the mid- to high-end automotive smart vision industry.

Subscription Period: October 31 to November 5, 09:30

Offer Price: HKD 3.61 per share

Entry Fee: HKD 3,646.4 for 1,000 shares

Joint Sponsor: CITIC Securities

Expected Listing Date: November 8

2. Aoki Technology (02519.HK)

Aoki Technology operates as a cross-border home e-commerce platform.

It is ranked first in the B2C overseas e-commerce market for furniture and home products sold by Chinese sellers and fifth globally in the B2C e-commerce market for these products.

The company primarily serves consumers in international markets, including the United States and Europe, through platforms such as Amazon, Walmart, and Wayfair.

Subscription Period: October 31 to November 5, 09:30

Offer Price: HKD 14.56 to 15.60

Entry Fee: HKD 4,727.2 for 300 shares

Joint Sponsor: Huatai International

Expected Listing Date: November 8

Subscription closes on Tuesday, November 5!

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Jinko Electronics (02551.HK)

As a "Geely shadow stock," Jinko Electronics (02551.HK) will be available for subscription from October 31 to November 5. The company plans to issue 33.6 million H-shares, with 10% allocated for public offering in Hong Kong, at a price of HKD 3.61 per share, aiming to raise HKD 1.2 billion. The entry fee for one lot of 1,000 shares is approximately HKD 3,646.4. Jinko Electronics is scheduled to be listed on November 8, with CITIC Securities acting as the sole sponsor.

Jinko Electronics specializes in "LED+" technology, offering smart vision products and system solutions. Its areas of expertise encompass automotive smart vision, high-end lighting, and advanced display technologies. By integrating LED technology with integrated circuits, electronic controls, software, sensors, and optics, Jinko Electronics provides a diverse array of "LED+" technologies characterized by sustainability, energy efficiency, and rapid iteration, thereby enhancing its smart vision products and systems.

According to the prospectus, Jinko Electronics reported revenues of HKD 1.388 billion and HKD 1.41 billion for 2021 and 2022, respectively, with gross profits of HKD 228 million and HKD 235 million. The net profits for these periods were HKD 78 million and HKD 39.07 million, respectively. In the first nine months of 2023, the company recorded revenues of HKD 1.339 billion, gross profits of HKD 234 million, and net profits of HKD 49.57 million. Notably, Jinko Electronics' automotive smart vision segment has experienced rapid growth, with revenue increasing from HKD 74 million in 2022 to HKD 526 million in the first nine months of 2023, leading to a rise in revenue contribution from 5.3% to 39.3%.

The IPO atmosphere for Jinko Electronics is robust, with an oversubscription rate of 32.8 times on the first day. The offer price is set at HKD 3.61, with total fundraising reaching HKD 1.2 billion, and there are no cornerstone investors involved. The entry fee for one lot of 1,000 shares is HKD 3,646.4. It is noteworthy that a significant portion of Jinko Electronics' automotive smart vision product sales is derived from companies related to Geely, with one shareholder being Li Xingxing, the son of Geely Automobile's chairman Li Shufu, holding nearly 13.8% of shares.

Approximately 70% of the net proceeds will be allocated to expanding automotive smart vision production capacity, while 20% will support technological innovation and product upgrades. Moreover, the remaining 10% will be used for working capital and general corporate purposes.

Aoki Technology (02519.HK)

Aoki Technology (02519.HK), a cross-border home e-commerce company, will be available for subscription from October 31 to November 5. The company plans to issue 29.895 million H-shares, with 10% allocated for public offering in Hong Kong, at a price range of HKD 14.56 to 15.60, aiming to raise up to HKD 470 million. The entry fee for one lot of 300 shares is approximately HKD 4,727.2. Aoki Technology is expected to list on November 8, with Huatai International as the sole sponsor.

Aoki Technology focuses on providing high-quality furniture and home products, operating as a brand operator and export logistics service provider. The company primarily sells products to consumers through third-party e-commerce platforms in international markets such as the U.S. and Europe (e.g., Amazon, Walmart, and Wayfair). According to Frost & Sullivan, Aoki Technology ranks fifth in the global B2C e-commerce market for furniture and home products based on GMV in 2023, while it ranks first in the B2C overseas e-commerce market for furniture and home products sold by Chinese sellers.

In this IPO, Aoki Technology plans to issue 29,894,700 H-shares at a price range of HKD 14.56 to 15.60. The company has introduced three cornerstone investors in this IPO, raising approximately HKD 109 million. Among these investors, existing shareholder Saiwei Times subscribed for USD 7 million, while Lechang Logistics and another individual investor subscribed for HKD 25 million and HKD 30 million, respectively. Furthermore, Aoki Technology has attracted investments from notable institutions and industry players, including Shenzhen Capital Group, CITIC Securities, Jinglin Investment, Sequoia China, Xingjie Capital, Yingshan Capital, Midea Capital, KKR, Shunwei Capital, Silk Road Fund, and Transsion Holdings.

In the first four months of this year, Aoki Technology's revenue increased by 16.9% year-on-year, while net profit grew by 96.8% year-on-year. In 2023, Aoki Technology had 11 brands with GMV exceeding HKD 100 million, and six product categories ranked first on Amazon's U.S. website.

Approximately 70% of the net proceeds will be allocated for business expansion, while 15% will be dedicated to enhancing digitalization. Additionally, 10% will be reserved for potential investments or acquisitions within the supply chain, and the remaining 5% will be used for working capital and general corporate purposes.

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