This week, 12 companies including Xunlong Technology and Sinovac Biotech submitted applications to the Hong Kong Stock Exchange.

Mars Finance News, May 10—According to disclosures from the Hong Kong Stock Exchange, from May 4 to May 10, a total of 12 companies submitted IPO applications to the HKEX, including Libang Pharmaceutical, Zhefeng Intelligent, Sturgeon Technology, Jiangxi Biotech, Ketuo Shares, Sinovac Biotech, Yusheng, Shenxiang Technology, Haiguang Xinzheng, Tiannong Group, Fleeing Nature, and Xinde Semiconductor. Among them, Sinovac Biotech has already been listed on A-shares, with a latest market value of 5.041 billion yuan. Notably, these companies are mainly concentrated in fields such as biomedicine, new energy, and consumer services.

The biomedicine sector includes Libang Pharmaceutical, Jiangxi Biotech, and Sinovac Biotech. Libang Pharmaceutical is a biopharmaceutical company focused on kidney disease. As of the last practical date, the company’s clinical and preclinical product portfolio consists of one core product, AP301, and six other candidate products, including: one late-stage clinical candidate product (AP306), one early-stage clinical candidate drug (AP303), and four preclinical candidate drugs (AP308, AP304, AP305, and AP307). Jiangxi Biotech is China’s largest provider and exporter of human tetanus antitoxin (human TAT). According to the prospectus, it has completed three rounds of financing (Series A, Series B, and B+), with total financing of about 115 million yuan. Sinovac Biotech is one of the earliest biopharmaceutical companies in China. From 2023 to 2025, the company’s revenue was 1.259 billion yuan, 1.407 billion yuan, and 1.534 billion yuan, respectively; profits during the period were -195 million yuan, 27.048 million yuan, and 153 million yuan, respectively.

The new energy sector includes Zhefeng Intelligent, Shenxiang Technology, Haiguang Xinzheng, and Xinde Semiconductor. Zhefeng Intelligent was founded in 2015 and focuses on thermal safety management for lithium batteries, providing a comprehensive thermal safety system covering battery-pack-level thermal management, monitoring and early warning, and fire prevention and control. In terms of market share in China, it ranks No. 1 in both new energy heavy truck battery thermal management and electrochemical energy storage lithium battery fire prevention solution. Shenxiang Technology is a provider of new energy heavy trucks and intelligent highway freight transportation technologies. As of December 31, 2025, Shenxiang Technology is the world’s first and only new energy heavy truck company to realize subscription revenue through intelligent highway freight transportation technology; as of December 31, 2025, it is also one of only two Chinese companies to commercialize Level 4 technology through new energy heavy trucks. Haiguang Xinzheng is a provider of optical-electrical interconnect products, offering optical modules, active optical cables, and other products. From 2023 to 2025, the company’s revenue grew from 175 million yuan to 1.221 billion yuan, with a three-year compound annual growth rate of approximately 164%. Xinde Semiconductor is a provider of semiconductor packaging and testing technology solutions. In 2023, 2024, and 2025, the company’s revenue was approximately 509 million yuan, 827 million yuan, and 1.012 billion yuan, respectively; in 2023, 2024, and 2025, the company’s total full-year losses were approximately 359 million yuan, 377 million yuan, and 483 million yuan, respectively.

In the consumer services sector, Sturgeon Technology is the global leader in caviar. It previously attempted to list on the A-share market three times without success and submitted a Hong Kong listing application once, which also failed. Since 2015, it has ranked No. 1 globally for 11 consecutive years in caviar sales; its market share reached 36.1% in 2025. From 2023 to 2025, the company’s revenue was 577 million yuan, 669 million yuan, and 769 million yuan, respectively; net profits were 273 million yuan, 324 million yuan, and 365 million yuan, respectively. Ketuo Shares ranks second in China’s smart parking operations industry, and its digitalized parking system is its core revenue source. From 2023 to 2025, the company achieved revenue of 738 million yuan, 800 million yuan, and 831 million yuan, respectively; over the same period, net profits were 87.03 million yuan, 86.709 million yuan, and 93.678 million yuan, respectively. Yusheng (Taocheche) is a used car platform. Based on its total gross merchandise value in 2025, it ranks first among China’s used car trading platforms, with a market share of 3.8%. Tiannong Group is one of the providers of high-quality meat and meat products, building a vertically integrated full-industry-chain operating system around core products such as Qingyuan chickens, hogs, and related meat products. Fleeing Nature’s core brand, Bo Shi He, is positioned as a high-performance outdoor apparel brand. Its products cover three categories: apparel, footwear, and equipment accessories. Based on retail sales in 2024, Bo Shi He ranks among the top three domestic high-performance outdoor apparel brands in mainland China, with a market share of 5.2%.

(Ke Gu Bao Report)