Dongshan Precision, Lingyi iTech, and 23 other companies submit applications to HKEX

Mars Finance News, May 23—According to disclosures by the Hong Kong Exchanges and Clearing Limited (HKEX), from May 17 to May 23, a total of 25 companies submitted listing prospectuses to HKEX, including Jinsheng New Energy, Borui Pharmaceuticals, Shimaichi Pharmaceuticals, Ketuo Shares, Jiangxi Biotech, XiaoeTing, Lingong Heavy Machinery, Taga Zhi Xing, Lingyi Intelligent Manufacturing, Sinovac Biotech, China Travel Hong Kong & Macau Cultural Tourism, Guan’an Information, Keliang Information, Liu Liu Mei, Silicon-based Intelligence, Bertoli, Runtai Pharmaceuticals, Dongsheng Industrial, Puxiang Health, Xiangdao Mobility, Xinde Semiconductor, and Shenzhou Cells.

Among them, Dongshan Precision, Borui Pharmaceuticals, Tianxia Show, Sinovac Biotech, Shenzhou Cells, Lingyi Intelligent Manufacturing, and Bertoli are already listed on A-shares. Their latest market values are 4039.61 billion yuan, 246.17 billion yuan, 98.34 billion yuan, 46.01 billion yuan, 191.19 billion yuan, 1191.97 billion yuan, and 304.66 billion yuan, respectively.

It is worth noting that the above companies are mainly concentrated in fields such as semiconductor hard technology, AI and intelligent driving, and biopharmaceuticals.

In the semiconductor hard-tech sector, Dongshan Precision is a leading supplier in the AI PCB field. In 2025, its revenue is expected to exceed 400 billion yuan. It is deeply embedded in the Apple supply chain, and this filing is the most heavyweight case among A-share tech leaders returning to Hong Kong this year. Lingyi Intelligent Manufacturing’s chairman, Zeng Fangqin, is acclaimed as the “Queen of the Fruit Chain.” The company is deeply tied to Apple and other customers, with 2025 revenue exceeding 514 billion yuan, and it is actively laying out AI hardware and robot component parts. Xinde Semiconductor is primarily engaged in advanced packaging and testing. From 2023 to 2025, its revenue increased from 509 million yuan to 1012 million yuan. However, it has accumulated losses of more than 12 billion yuan over the three-year period, and there is also approximately 30 billion yuan of share repurchase liabilities; a failure to be listed would trigger redemption provisions. It is one of the riskiest targets in this round of filings.

In the AI and intelligent driving sector, Silicon-based Intelligence is a top company in the AI digital human track, focusing on products such as AI anchors and AI customer service. It plans to rush for the “No. 1 digital human stock,” making it the AI target drawing the most market attention in this round of filings. Xiangdao Mobility is the online ride-hailing and Robotaxi operation platform under SAIC Group. It is advancing L4-level Robotaxi large-scale operations, but its profit model still needs validation. Taga Zhi Xing is a leading autonomous driving company in domestic mining areas, having already achieved commercialized operations of driverless mining trucks in multiple large mining areas. Bertoli is a leading provider of China’s intelligent chassis system. In 2025, its revenue exceeded 117 billion yuan. At the same time, it is also developing humanoid robot joint actuators, representing the “automobile + robotics” dual narrative.

In the biopharmaceuticals sector, Borui Pharmaceuticals and Shenzhou Cells are both innovative drug companies listed on the STAR Market, and they are seeking an “A+H” dual listing this time. In terms of performance, Sinovac Biotech’s revenue increased from 12.59 billion yuan in 2023 to 15.34 billion yuan in 2025. Net profit turned from loss to profit, and its attributable net profit attributable to shareholders in 2025 was 1.53 billion yuan, with the performance inflection point being clear. Shimaichi Pharmaceuticals focuses on tumor immunotherapy, with its core product being bispecific antibodies, which is currently at a crucial stage in clinical development.

Among the other companies, Ketuo Shares is a global leader in caviar. In 2025, its global caviar market share reached 36.1%. The company previously failed to pursue an A-share listing three times; this time is its second HK filing and its fifth attempt to approach the capital market. China Travel Hong Kong & Macau Cultural Tourism was spun off from China Travel Service Hong Kong. It enters the Hong Kong market via an introduction listing method and does not involve new share financing—this is the only “spin-off + introduction listing” case in this round of filings. Jinsheng New Energy is a leading China-based enterprise in recycling spent lithium batteries, and due to fluctuations in lithium prices, it is still loss-making. Liu Liu Mei is a leading domestic brand of plum-based leisure snacks. XiaoeTing is a SaaS platform for knowledge monetization and private-domain operations. Tianxia Show is known as the “No. 1 internet celebrity economy stock,” and it is seeking a second listing in Hong Kong this time.

Good (K-Stock Bao Broadcast)