Weekly Hong Kong IPOs: 14 companies including Laoxiangji and Xinmai Semiconductor have submitted applications; Mingming is very busy, and Lantu Technology has passed the hearing

According to Hong Kong Exchanges and Clearing, a total of 14 companies submitted applications last week (January 5–11), with 2 companies passing the hearing; another 10 companies are raising funds, and 6 new stocks were listed.

14 Companies Submit Applications, Laoxiangji Makes Three Attempts to List on HKEX, COMMUNE Illusionist Aims to Become the First “Bar Restaurant” in Hong Kong Stocks

This week, 14 companies have filed for listing on the Main Board of HKEX, covering popular sectors such as infant and toddler snacks, influencer marketing, artificial intelligence, biopharmaceuticals, semiconductors, and fast-food chains.

On January 5, three companies submitted applications:

Grandpa’s Farm International Holdings Limited (“Grandpa’s Farm”) is a baby and toddler snack brand, with China Merchants Securities International as the sole sponsor. The prospectus shows that in 2024, based on the total transaction volume of Chinese baby and toddler snacks, the company ranks second; based on the transaction volume of organic baby and toddler snacks, it ranks first. Financially, the company achieved revenue of RMB 780 million and a profit of RMB 87.42 million in the first nine months of 2024.

ZhongAn XinKe (Shenzhen) Co., Ltd. (“ZhongAn XinKe”) is an enterprise AI solutions provider focusing on intelligent marketing and intelligent operation management solutions. Co-lead sponsors are ICBC International and Guolian Securities International. According to Frost & Sullivan data, based on 2024 revenue, ZhongAn XinKe ranks fourth among Chinese enterprise AI solution providers equipped with large-scale vertical models. In performance, the company achieved revenue of RMB 290 million and net profit of RMB 31.66 million in the first three quarters of 2024.

As the “Number One Influencer Economy Stock” in A-shares, Tianxiaxiu Digital Technology (Group) Co., Ltd. (“Tianxiaxiu”) is the first domestically mature influencer marketing solution platform, with Deutsche Bank and CICC as joint sponsors. In terms of performance, the company achieved revenues of RMB 4.066 billion and RMB 2.734 billion in the first three quarters of 2024 and 2025, respectively, with YoY declines of 3.23% and 10.21%; net profits were RMB 43.35 million and RMB 32.57 million, respectively, down 46.45% and 46.2%.

On January 6, two companies submitted applications:

Zhejiang Borui Biopharmaceutical Co., Ltd. (“Borui Biotech”) is a biopharmaceutical company focusing on immunotherapy, jointly sponsored by Huatai International and J.P. Morgan. According to Frost & Sullivan, based on revenue from immunological disease biologics, Borui Biotech has ranked first among Chinese pharmaceutical companies for two consecutive years since 2023. In performance, it achieved revenue of RMB 1.379 billion and net profit of RMB 122 million in the first three quarters of 2025.

Hangzhou Deshi Biotechnology Co., Ltd. (“Deshi Biotech”) has submitted a second application to HKEX. The company focuses on developing medical imaging products and services, with Huatai International as the sole sponsor. In performance, Deshi Biotech achieved revenue of RMB 111 million in the first three quarters of 2025, with a loss of RMB 36.65 million in the same period.

On January 7, one company submitted an application:

Xinmai Semiconductor Technology (Hangzhou) Co., Ltd. (“Xinmai Semiconductor”) has submitted a second application to HKEX. Its core business focuses on power management ICs (PMICs) and power devices. Huatai International is the sole sponsor. In performance, the company achieved revenue of RMB 1.458 billion and a net loss of RMB 234 million in the first three quarters of 2025.

On January 8, three companies submitted applications:

Hunan Xizi Health Group Co., Ltd. (“Xizi Health”) is a sports nutrition and functional food company, jointly sponsored by CITIC Lyon and CLSA. Financial reports show that from 2023 to the first three quarters of 2025, the company’s revenue was RMB 1.447 billion, RMB 1.692 billion, and RMB 1.609 billion, with net profits of RMB 91.79 million, RMB 149 million, and RMB 118 million, respectively.

Sunisondi (Hunan) Group Co., Ltd., a Chinese cultural IP toy company, jointly sponsored by Goldman Sachs and China International Capital Corporation. According to Frost & Sullivan, based on sales volume for the nine months ending September 30, 2025, the company is the largest Chinese cultural IP toy enterprise. In 2023–2024, the company achieved revenues of RMB 107 million and RMB 245 million; profits/losses for the year were RMB -19.92 million and RMB -0.505 million.

China’s largest Chinese-style fast-food brand Laoxiangji has submitted a third application to HKEX. The company previously submitted listing applications on January 3 and July 7, 2025. CICC and Haitong International Capital are joint sponsors. As of August 31, 2025, Laoxiangji has 1,658 stores across 61 cities in China. According to Zhuoshi Consulting, based on total transaction volume, it ranked first in China’s Chinese fast-food industry in 2024 with a market share of 0.9%.

On January 9, five companies submitted applications:

Jiwusiwei Co., Ltd. (“Jiwusiwei”), jointly sponsored by CICC and Bank of China International. The prospectus shows that as of September 30, 2025, the company operates 112 directly operated bars in 40 cities nationwide. According to Frost & Sullivan, from 2022 to 2024, its COMMUNE Illusionist brand has ranked first among Chinese bar brands for three consecutive years by revenue. In performance, the company achieved revenue of RMB 872 million and net profit of RMB 61 million in the first three quarters of 2025.

Shenzhen Yuanxin Energy Storage Technology Co., Ltd. (“Yuanxin Energy Storage”) focuses on R&D, manufacturing, and sales of energy storage systems, sponsored solely by China Merchants Securities International. In performance, it recorded revenue of RMB 881 million and net profit of RMB 70.89 million in the first three quarters of 2025.

Qingdao Guoneng Technology Co., Ltd. (“Guoneng”) is a Chinese supplier specializing in new chemical materials, gelatin, and collagen upstream and downstream products, sponsored exclusively by China Merchants Securities International. According to Frost & Sullivan, in 2024, based on sales revenue, it was the second-largest company in China for organic high-polymer modified materials and organic polymer composites, with a market share of 2.5%.

Xintianxia Technology Co., Ltd. (“Xintianxia”) is a chip design company focusing on code-based flash memory chips, sponsored jointly by GF Securities and CITIC Securities. The company previously filed an IPO prospectus with the Shenzhen Stock Exchange’s ChiNext in 2022, and it was approved but later withdrew. According to Zhuoshi Consulting, based on revenue generated in 2024, Xintianxia’s code-based flash memory chips ranked sixth among all waferless companies globally. In performance, in the first three quarters of 2025, Xintianxia achieved revenue of RMB 709 million and net profit of RMB 138 million.

Sensation Reborn Pharmaceuticals Co., Ltd. (“Sensation Reborn”) focuses on research, development, and commercialization of innovative oncology drugs, sponsored jointly by Morgan Stanley and CICC. In performance, from 2023 to September 2025, its revenue was RMB 1.522 billion, RMB 1.296 billion, and RMB 1.238 billion, with losses of RMB 336 million, RMB 506 million, and RMB 303 million in the same periods, and gross margins of 72.4%, 72.3%, and 68.1%.

2 Companies Pass the Hearing, Mingming Busy Strives to Become the First “Mass Snack Stock” in Hong Kong Stocks

On January 5, Lankei Technology Co., Ltd. (“Lankei Tech”) passed the listing hearing, with CICC, Morgan Stanley, and UBS as joint sponsors. Lankei Tech is a waferless integrated circuit design company dedicated to providing innovative, reliable, and energy-efficient interconnection solutions for cloud computing and AI infrastructure.

According to Frost & Sullivan, based on revenue, the company has become the world’s largest memory interconnect chip supplier, accounting for 36.8% of the market in 2024. Financial data shows that in the first nine months of 2025, it achieved revenue of RMB 4.058 billion and net profit of RMB 1.632 billion.

On January 6, Hunan Mingming Busy Commercial Chain Co., Ltd. (“Mingming Busy”) passed the listing hearing, aiming to become Hong Kong’s “Mass Snack Stock.” The hearing materials show that in the nine months ending September 30, 2025, Mingming Busy achieved retail GMV of RMB 66.1 billion, a 74.5% YoY increase, surpassing the entire 2024.

As of September 30, 2025, Mingming Busy operated 19,517 stores nationwide, covering 28 provinces and all tiers of cities, with over 20,000 signed stores. Frost & Sullivan reports that based on retail GMV in 2024, Mingming Busy is the largest casual food and beverage retail chain in China.