"Alibaba-affiliated" Zebra Intelligence reboots Hong Kong IPO, Futuo Medical and Putailai plan A+H listings

Author | Yang Xi

SSE

ShangHai

SZSE

ShenZhen

New shares listed

From March 17 to March 23, the SSE had no companies listed; the SZSE had no companies listed.

Consideration by the Listing Committee meeting

From March 17 to March 23, the SSE had no companies approved for listing; the SZSE had no companies approved for listing.

Postponed meeting

From March 17 to March 23, the SSE had no companies whose reviews were postponed; the SZSE had no companies whose reviews were postponed.

Submitting a listing application

From March 17 to March 23, the SSE had 1 company submit a listing application; the SZSE had no companies submit a listing application.

Data source: Public information; Chart preparation: Insight IPO

1. Unitree Technology: A high-performance general robotics company, focused on R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence model business.

Unitree Technology disclosed its prospectus on March 20

Plans to list on the SSE STAR Market

On March 20, Unitree Technology Co., Ltd. (hereinafter referred to as “Unitree Technology”)’s STAR Market IPO on the SSE was accepted for review, with Citic Securities as the sponsor.

Unitree Technology’s IPO has been pre-reviewed, and it has also disclosed responses to the first-round and second-round pre-review inquiry letters.

Unitree Technology is a high-performance general robotics company, focusing on R&D, production, and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components, and embodied intelligence model business. The company attaches great importance to independent R&D and technological innovation. While continuously iterating in R&D and enriching its humanoid robot and quadruped robot本体 product lineup, it has full-stack developed core robot model algorithms such as embodied intelligence, reinforcement learning, and motion control, as well as intelligent system capabilities such as thermal management and energy management, and motor drive, and core robot sub-components such as high-performance motors, reducers, smart grippers, LiDAR, and various sensors. The company adheres to full-stack in-house development of high-performance general-purpose robots and core sub-components, significantly improving system integration and whole-body dexterous motion capabilities of general-purpose robots, and continuously leading technological innovation in the general-purpose robotics industry.

The prospectus shows that Unitree Technology plans to issue no fewer than 40.4464 million shares, and intends to raise RMB 4.202 billion, which will be used for the intelligent robot model R&D project, robot本体 R&D project, new intelligent robot product development project, and the construction of an intelligent robot manufacturing base.

In terms of financial data, from 2022 to 2024, Unitree Technology achieved operating revenue of RMB 123 million, RMB 159 million, and RMB 392 million, respectively, and attributable net profits of RMB -22.1005 million, RMB -11.1451 million, and RMB 94.5018 million, respectively.

From January to September 2025, Unitree Technology’s operating revenue was RMB 1.167 billion, and attributable net profit was RMB 105 million.

The key risk factors disclosed by Unitree Technology in its prospectus mainly include: the risk that technological breakthroughs and product innovation may fall short of expectations; the risk that large-scale commercial applications in downstream markets may fall short of expectations; the risk of international trade frictions and upgrades to regulatory and control policies; the risk of intensifying industry competition and disorderly or inappropriate competition; the governance risk related to the shareholder’s special voting rights mechanism; and the risk of a relatively high revenue growth rate alongside a decline in gross margin level.

Termination of listing review

From March 17 to March 23, the SSE had no companies with termination of listing review; the SZSE had no companies with termination of listing review.

HKEX

Hong Kong

New shares listed

From March 17 to March 23, 4 companies were listed on the HKEX Main Board.

Data source: Public information; Chart preparation: Insight IPO

1. Lantu Auto: A premium intelligent new energy brand under Dongfeng. On the first day of listing, it fell 13.20%; its opening price was HK$7.5 per share. As of the close on March 23, it was HK$5.890 per share, with a total market capitalization of approximately HK$21.7 billion. In this listing, the listed company adopted the “introduction listing” method, without issuing new shares and without any immediate financing.

2. Guanghe Technology: Mainly engaged in R&D, production, and sales of customized printed circuit boards (PCBs) applied to compute servers and other compute scenarios. On the first day of listing, it rose 33.56%. As of the close on March 23, it was HK$83.450 per share, which was 16.10% lower than the offer price of HK$71.88 per share, with a total market capitalization of approximately HK$51.8 billion.

3. Feisu Innovation: A global online DTC network solutions provider. Through its online sales platform FS.com, the company provides scalable, cost-effective, and one-stop network solutions. The scope of the company’s solutions includes high-performance network equipment, scalable network operating system, and a cloud network management platform. On the first day of listing, it rose 13.46%. As of the close on March 23, it was HK$47.200 per share, with a total market capitalization of approximately HK$18.9 billion.

4. National Technologies: A platform-based integrated circuit (IC) design company, committed to control chips and system solutions for various types of smart terminals, and it also operates a lithium battery anode materials business. On the first day of listing, it rose 4.17%. As of the close on March 23, it was HK$11.250 per share, with a total market capitalization of approximately HK$14.7 billion.

New share prospectus offerings

From March 17 to March 23, there were 9 new companies conducting prospectus offerings on the HKEX, of which 2 have completed the offering.

Data source: Public information; Chart preparation: Insight IPO

1. Kales: A provider of comprehensive intelligent intralogistics robotics, offering a rich lineup of robot products mainly centered on three core product lines: multi-directional shuttle cart robots (MSR), autonomous mobile robots (AMR), and conveyor sorting robots (CSR). The company’s robot product portfolio has core functions of storage, sorting, and handling, covering the full business scope of intralogistics.

2. Zejing Shares: Focused on HUD solutions. From 2022 to 2024 and the first nine months of 2025, the company provided comprehensive solutions mainly based on the company’s windshield HUD solution CyberLens and the company’s augmented reality HUD solution CyberVision, supplemented by testing solutions and other innovative vision technology solutions. During the solutions definition phase, the company worked in deep collaboration with original equipment manufacturers to co-create, bringing a deeper new vehicle model with more immersive human-vehicle interaction and intelligent driving experience.

3. Despith Bio: A medical device company specializing in developing medical imaging products and services. The company has developed a diversified product portfolio that can effectively enhance diagnostic efficiency and service quality, including: six medical imaging software products, three commercial medical devices; and four main reagents and consumables.

4. Hantian Tianceng: A company in the global silicon carbide (SiC) epitaxy industry. Mainly engaged in the R&D, mass production, and sales of silicon carbide epitaxial wafers and components used to manufacture silicon carbide semiconductor devices.

5. Hualian Robotics: A collaborative robotics company engaged in R&D, production, and sales of collaborative robots and core motion components for industrial automation applications.

6. Jiemingtong: A China-based AI computer vision solutions provider, providing end-to-end enterprise-grade solutions covering development, deployment, and management for enterprises across industries. In addition, the company also provides commercially feasible large-model solutions, and has successfully expanded in enabling enterprises’ digital transformation.

7. Tongrentang Health & Wellness: A strategic subsidiary under Tongrentang focused on providing TCM medical services in China. It provides comprehensive TCM medical services to individual customers, standardized management services to institutional customers, and offers various health products and other products. The company combines “medical care” and “nurturing,” providing modernized, customized TCM medical services, and combines TCM pharmaceutical treatments and non-drug therapies. Through standardized management, it provides customers with suitable treatment plans to meet their diverse needs.

8. Copper Master: Focuses on developing copper-based cultural and creative products by combining traditional craftsmanship with modern design and usage scenarios.

9. Fourier: A China supplier of power amplifier audio chips and tactile feedback chips. The company focuses, under a fabless business model, on designing low-power audio chips, mid-to-high-power audio chips, and tactile feedback chips, providing a broad range of solutions for emerging application scenarios.

Through the listing hearing

From March 17 to March 23, there was 1 company on the HKEX Main Board that passed the hearing.

Data source: Public information; Chart preparation: Insight IPO

1. Jiemingtong: A China-based AI computer vision solutions provider, providing end-to-end enterprise-grade solutions covering development, deployment, and management for enterprises across industries. In addition, the company also provides commercially feasible large-model solutions, and has successfully expanded in enabling enterprises’ digital transformation.

Submitting a listing application

From March 16 to March 23, there were 9 companies on the HKEX that submitted Main Board listing applications.

Data source: Public information; Chart preparation: Insight IPO

1. Haijing Zhiyuan: A China multispectral AI technology company specializing in acquiring, processing, and analyzing optical information in multiple specific spectral bands to provide more detailed information than visible light imaging.

2. Comfee Medical: An A-share listed company. The company is a China home medical device enterprise.

3. Puti Tailai: An A-share listed company. The company is a provider of comprehensive solutions in the upstream of the new energy battery industry chain.

4. Aike Baifa: A biotechnology company founded in 2013, focusing on discovering and developing therapies to address medical needs in the respiratory system and pediatric diseases.

5. Zebra Intelligence: A global company for intelligent cockpit solutions.

6. Baigew Online: An insurance technology company mainly engaged in insurance intermediary services that provide technology enablement for scenario partners and insurance companies.

7. Yingfa RuiNeng: A professional photovoltaic cell manufacturer.

8. New Elements Pharmaceutical: A biotechnology company focusing on developing therapies in the fields of metabolism, inflammation, and cardiovascular diseases.

9. MGR: A gold mining company listed on the Indonesian Stock Exchange, one of Asia’s pure gold producers.

Haijing Zhiyuan disclosed its prospectus on March 16

Plans to list on the HKEX Main Board

On March 16, Shenzhen Haijing Zhiyuan Technology Co., Ltd. (abbreviated as: Haijing Zhiyuan‌) submitted its prospectus to the HKEX Main Board, with Minyin Capital and Ping An International Securities as sponsors.

Haijing Zhiyuan is a China multispectral AI technology company specializing in acquiring, processing, and analyzing optical information in multiple specific spectral bands to provide more detailed information than visible light imaging. The company provides products and services capable of detecting spectral information that is visible and invisible to the human eye. Such products and services include multispectral AI modules; multispectral AI sensing terminals, which are devices integrating multispectral sensors, enhanced multispectral AI algorithms, and standard hardware components; and multispectral AI large-model services.

The prospectus states that the funds raised in this offering will be used to enhance the company’s R&D capabilities and increase product development investments; expand production capacity to support business growth and new product development; strategic investments and/or acquisitions to achieve the company’s long-term growth strategy; increase the company’s business expansion efforts and accelerate global market penetration; and provide funding for the company’s general working capital and be used for general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2023 to 2025, Haijing Zhiyuan achieved operating revenue of RMB 117 million, RMB 523 million, and RMB 669 million, respectively, and profits for the year were RMB -18.413 million, RMB 40.412 million, and RMB 29.354 million, respectively.

The key risk factors disclosed by Haijing Zhiyuan in its prospectus mainly include: the company’s business development is constrained by the uncertainty of terminal market demand and competitive pressures from technological iteration. If it cannot maintain technological leadership, it may have a material adverse impact on the company’s operating performance and financial position; the company has made and plans to continue to increase R&D investment, which may have an adverse effect on the company’s profitability and operating cash flows, and it may fail to achieve expected results; an inability to develop and launch new products and services may have a material adverse impact on the company’s future business, operating performance, financial position, and competitive position, etc.

Haijing Zhiyuan previously submitted a listing application to the HKEX in August 2025, which is now expired. This time is a second submission to the HKEX.

Comfee Medical disclosed its prospectus on March 16

Plans to list on the HKEX Main Board

On March 16, Comfee Medical Technology Co., Ltd. (abbreviated as: Comfee Medical‌) submitted its prospectus to the HKEX Main Board. It plans for an “A+H” listing, with Huatai International and BNP Paribas as sponsors.

Comfee Medical is an A-share listed company and was listed on the SZSE in 2021. The company is one of the largest home medical device enterprises in China.

According to Frost & Sullivan, based on domestic revenue for 2024, the company ranks second among all home medical device enterprises in China, with a market share of 2.1%.

The prospectus shows that the funds raised in this offering by Comfee Medical will be used for global expansion; the company’s ongoing product R&D and technological innovation, including the company’s applications of artificial intelligence and the Internet of Things; expanding the company’s domestic sales channels and distribution network; brand promotion and marketing activities; working capital and general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2023 to 2025, Comfee Medical achieved operating revenue of RMB 2.854 billion, RMB 2.983 billion, and RMB 3.387 billion, respectively, and profits for the year were RMB 253 million, RMB 312 million, and RMB 370 million, respectively.

The key risk factors disclosed by Comfee Medical in its prospectus mainly include: the company’s success depends on whether its products can continue to be well received and gain market recognition, as well as whether it has the ability to effectively compete in the home medical device industry; as the company expands its product portfolio and explores new business areas, it may face challenges; the company relies on third-party e-commerce platforms for online sales of its products; the company faces intense competition in both domestic and overseas home medical device industries; if it fails to protect its intellectual property rights, it may weaken its competitive position and have an adverse impact on its business outlook. Lawsuits to protect intellectual property rights may be costly and may not be effective, etc.

Comfee Medical previously submitted a listing application to the HKEX in August 2025, which is now expired. This time is a second submission to the HKEX.

Puti Tailai disclosed its prospectus on March 16

Plans to list on the HKEX Main Board

On March 16, Shanghai Puti Tailai New Energy Technology Group Co., Ltd. (abbreviated as: Puti Tailai‌) submitted its prospectus to the HKEX Main Board. It plans for an “A+H” listing, with CICC as sponsors.

Puti Tailai is an A-share listed company and was listed on the SSE in 2017. The company is a provider of comprehensive solutions in the upstream of the new energy battery industry chain. The company enables leading global new energy battery companies. It conducts a vertically integrated industrial chain layout in the upstream of the new energy battery industry chain, providing platform-based industry solutions driven by technological innovation. It leads technological upgrades, promotes cost reduction and efficiency improvements for the industry, and creates value for energy conservation and environmental protection for the whole society and for the sustainable development of global energy.

According to the consulting firm Zhuoshi, the company is the only new energy battery materials and automation equipment enterprise with the capability for epitaxy-like extreme film processing (slit film) contract manufacturing services, providing integrated upstream solutions for battery manufacturers, automakers, and energy storage customers at home and abroad. According to the same source, based on new energy battery shipment volumes in 2025, it covers nine of the top ten new energy battery companies globally.

The prospectus shows that the funds raised in this offering by Puti Tailai will be used to further enhance the company’s production capabilities; support the company’s R&D plans, mainly involving advanced anode material and separator material and new solid-state battery electrolyte materials; working capital and general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2023 to 2025, Puti Tailai achieved operating revenue of RMB 15.293 billion, RMB 13.399 billion, and RMB 15.656 billion, respectively, and profits for the year were RMB 2.153 billion, RMB 1.387 billion, and RMB 2.614 billion, respectively.

The key risk factors disclosed by Puti Tailai in its prospectus mainly include: demand for the company’s products is driven by customers’ demand. The company’s average selling price may face downside pressure. The company’s success depends not only on its own capabilities, but also on whether customers can develop, produce, market, and sell its products in a timely, economically and efficiently manner to respond to changing customer preferences, regulatory standards, and technological progress. The company’s business is susceptible to policy changes in the new energy vehicle, energy storage, and consumer electronics industries, which could have a material adverse impact on the company’s business. The company faces intense competition in the industry it operates in, etc.

Aike Baifa disclosed its prospectus on March 17

Plans to list on the HKEX Main Board

On March 17, Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd. (abbreviated as: Aike Baifa‌) submitted its prospectus to the HKEX Main Board, with China International Capital Corporation and Morgan Stanley as sponsors.

Aike Baifa is a biopharmaceutical company founded in 2013, focusing on discovering and developing therapies to address medical needs in the respiratory system and pediatric diseases. The company has developed a pipeline of six candidate drugs, including two core products: Cyriresovir and AK3280.

The prospectus shows that the funds raised in this offering by Aike Baifa will be used for R&D of its core products Cyriresovir and AK3280; R&D-related preclinical studies, submitting IND applications, and clinical trials for the company’s other candidate drugs, including AK0610 RSV protection, AK0901 for treating ADHD, AK0705 for treating COPD, and AK0406 for treating influenza; milestone payments for license acquisitions already in place and for other collaboration opportunities; commercialize candidate drugs in the China market; and working capital and general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2024 to 2025, Aike Baifa had no products approved for commercial sales, and profits for the year were RMB -197 million and RMB -228 million, respectively.

The key risk factors disclosed by Aike Baifa in its prospectus mainly include: the company may be unable to obtain regulatory approval for its core product Cyriresovir, and any delay in or failure to obtain such approvals will cause material damage to the company’s business; clinical drug development involves a long and costly process, and outcomes are uncertain, and the company may fail to commercialize its candidate drugs in a timely manner; if the company’s candidate drugs cannot prove their safety and efficacy to regulators, or cannot produce other positive results, the company may ultimately be unable to complete development and commercialization of candidate drugs; the company’s candidate drugs may cause adverse reactions; the company may be unable to discover new candidate drugs, etc.

Aike Baifa previously submitted a listing application to the HKEX in June 2021 and September 2025, which is now expired. This time is a third submission to the HKEX.

Aike Baifa previously had its STAR Market IPO accepted in April 2023, entered the inquiry stage in May 2023, and was then terminated in January 2024.

Zebra Intelligence disclosed its prospectus on March 18

Plans to list on the HKEX Main Board

On March 18, Zebra Intelligence Information Technology Co., Ltd. (abbreviated as: Zebra Intelligence‌) submitted its prospectus to the HKEX Main Board, with sponsors Deutsche Bank, CICC, and Guotai Junan International.

Zebra Intelligence is an intelligent cockpit enterprise co-incubated by Alibaba and SAIC. Currently, the Alibaba ecosystem holds 41.67% in total and controls 37.09% of voting rights; the SAIC ecosystem holds 32.90% in total and controls 35.48% of voting rights. Both parties are joint controlling shareholders, with no single actual controller.

According to Zhuoshi Consulting, based on 2024 revenue, Zebra Intelligence is the largest software-centric intelligent cockpit solution provider in China; and according to the same source, it is also ranked No.1 based on solution deployment volume.

In September 2025, Zebra Intelligence launched the world’s first multimodal in-vehicle large-model solution based on the globally most advanced fifth-generation automotive-grade intelligent cockpit solution chip platform.

The prospectus shows that the funds raised in this offering by Zebra Intelligence will be used for R&D; further increasing the company’s market share and consolidating its leading position in China, and expanding into global markets; promoting strategic collaborations, investments, and acquisitions that align with the company’s long-term growth strategy to consolidate its market leadership; and replenishing working capital and other general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2023 to 2025, Zebra Intelligence achieved operating revenue of RMB 872 million, RMB 824 million, and RMB 861 million, respectively, and profits for the year were RMB -876 million, RMB -847 million, and RMB -1.896 billion, respectively.

The key risk factors disclosed by Zebra Intelligence in its prospectus mainly include: the growth rate of the industry in which the company operates may be lower than expected. The company faces intense competition from well-known companies and new market entrants. The company’s past performance may not represent future growth or financial results. Given that the company has limited operating history in some business areas, it makes it difficult to assess the company’s prospects and potential risks and challenges it may face in the future. Failure to commercialize the company’s strategic plans on a large scale will adversely affect the company’s operating performance and business and financial results, and may even harm the company’s reputation. Failure to retain existing customers, attract new customers, or increase customer spending may have a material impact on the company’s business, financial condition, and operating performance, etc.

Zebra Intelligence previously submitted a listing application to the HKEX in August 2025, which is now expired. This time is a second submission to the HKEX.

Baigew Online disclosed its prospectus on March 18

Plans to list on the HKEX Main Board

On March 18, Baigew Online (Xiamen) Digital Technology Co., Ltd. (abbreviated as: Baigew Online‌) submitted its prospectus to the HKEX Main Board, with sponsors Minyin Capital and Bank of China International.

Baigew Online is an insurance technology company mainly engaged in insurance intermediary services that provide technology enablement for scenario partners and insurance companies. The company mainly uses scenario insurance as a tool to generate revenue by providing insurance transaction services, precision marketing and digital solutions, as well as third-party management services (TPA services).

According to Zhuoshi Consulting, there are more than 100 participants in China’s scenario insurance market. Based on total gross premiums for 2024, among China’s internet insurance intermediaries, the company ranks 11th in China, 5th among China’s scenario internet insurance intermediaries, and 1st among China’s third-party scenario internet insurance intermediaries, with a market share of 3.4%.

The prospectus shows that the funds raised in this offering by Baigew Online will be used to invest in the R&D of solutions and services, recruit and retain relevant R&D talent, and improve infrastructure; seek acquisition and investment opportunities for target companies in the same industry or upstream and/or downstream ecosystem partners; expand the China and overseas sales network and branches; establish R&D centers and office buildings equipped with smart exhibition halls; and provide general working capital and other general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2023 to 2025, Baigew Online achieved operating revenue of RMB 660 million, RMB 914 million, and RMB 1.227 billion, respectively, and profits for the year were RMB -17.18 million, RMB -27.712 million, and RMB -46.669 million, respectively.

The key risk factors disclosed by Baigew Online in its prospectus mainly include: the company may be unable to continuously provide digital insurance services to effectively meet the needs of stakeholders; the process of removing intermediaries is called “disintermediation,” which may put the company at a disadvantage in competition and reduce demand for the company’s solutions and services; the company’s insurance products may be replicated by other types of insurance intermediaries and traditional insurance companies aiming to engage in online insurance intermediary business; the company’s business is subject to regulation and management by insurance regulatory authorities and other government departments, and any inadequate measures under applicable regulations and rules may lead to financial losses or business being affected, etc.

Baigew Online previously submitted a listing application to the HKEX in February 2025 and August 2025, and it passed the HKEX hearing in December 2025 before expiring. This time is a third submission to the HKEX.

Yingfa RuiNeng disclosed its prospectus on March 19

Plans to list on the HKEX Main Board

On March 19, Sichuan Yingfa RuiNeng Technology Co., Ltd. (abbreviated as: Yingfa RuiNeng‌) submitted its prospectus to the HKEX Main Board, with sponsors CCB International and Huatai International.

Yingfa RuiNeng is a professional photovoltaic cell manufacturer. The company is customer-demand-oriented. Its products sold to the market cover P-type and N-type cell wafers. Meanwhile, based on its N-type TOPCon cell wafer position, the company has also laid out the technical route for N-type xBC cell wafers.

According to Frost & Sullivan, based on 2024 shipment volume, the company is the world’s third-largest specialized manufacturer of N-type TOPCon cell wafers, with a market share of 13.5%. The company was recognized as one of the 2025 GEI China Unicorn Enterprises and the fastest-growing company in the photovoltaic and energy storage sector. It also participated in drafting multiple standards within the China industry. In addition, the company’s cell products have passed France Carbon Footprint certification and German TÜV SÜD certification.

The prospectus shows that the funds raised in this offering by Yingfa RuiNeng will be used for two technology upgrade and transformation projects (half-cell passivation project and multi-main grid project); R&D of advanced technologies applicable to developing photovoltaic cell products; improving and optimizing the company’s domestic and overseas sales channels; and working capital and general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2023 to 2025, Yingfa RuiNeng achieved operating revenue of RMB 10.494 billion, RMB 4.359 billion, and RMB 8.713 billion, respectively, and profits for the year were RMB 410 million, RMB -864 million, and RMB 857 million, respectively.

The key risk factors disclosed by Yingfa RuiNeng in its prospectus mainly include: the company’s business is affected by fluctuations in the photovoltaic cell industry; the company’s operations depend on major suppliers and on the ability to procure raw materials and equipment in a timely and cost-effective manner; the company’s operations may be affected by the major suppliers and the raw materials they need for their businesses; if the company cannot maintain continuous innovation capability, it may be unable to compete effectively; the company faces intense competition in the photovoltaic cell industry; it recorded losses in 2024, and past financial performance has varied unpredictably, etc.

Yingfa RuiNeng previously submitted a listing application to the HKEX in August 2025, which is now expired. This time is a second submission to the HKEX.

New Elements Pharmaceutical disclosed its prospectus on March 20

Plans to list on the HKEX Main Board

On March 20, Hangzhou New Elements Pharmaceutical Co., Ltd. (abbreviated as: New Elements Pharmaceutical‌) submitted its prospectus to the HKEX Main Board, with Citic Securities as sponsor.

New Elements Pharmaceutical is a biotechnology company focusing on developing therapies in the fields of metabolism, inflammation, and cardiovascular diseases. As of March 11, 2026, the company’s pipeline products include one core product ABP-671, another clinical-stage candidate product ABP-745, and multiple preclinical-stage candidate products such as AT6616, ABP-6016, and ABP-6118.

The prospectus shows that the funds raised in this offering by New Elements Pharmaceutical will be used for R&D of its core product ABP-671; R&D of its main product ABP-745; continuing to develop the company’s technology platform, improving other existing pipeline assets, and exploring and developing new candidate drugs into clinical trial stages; and working capital and other general corporate purposes. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2024 to 2025, New Elements Pharmaceutical still had no products approved for commercial sales, and profits for the year were RMB -434 million and RMB -534 million, respectively.

The key risk factors disclosed by New Elements Pharmaceutical in its prospectus mainly include: candidate drug development risks; commercialization risks for the company’s candidate drugs; reliance on third parties; the company’s financial position and additional capital needs; intellectual property rights; government regulations; the company’s operations, etc.

New Elements Pharmaceutical previously submitted a listing application to the HKEX in September 2025, which is now expired. This time is a second submission to the HKEX.

MGR disclosed its prospectus on March 20

Plans to list on the HKEX Main Board

On March 20, PT Merdeka Gold Resources Tbk (abbreviated as: MGR‌) submitted its prospectus to the HKEX Main Board, with sponsors UBS Group and Citic Securities.

MGR is a gold mining company listed on the Indonesia Stock Exchange, and one of Asia’s pure gold producers. MGR is uniquely positioned thanks to its resource potential supported by its reserves base, the world’s lowest average strip ratio, and a rapid capacity expansion curve that can achieve production peak output in a short time. The company has made good use of Indonesia’s outstanding natural endowments and the mining industry’s critical importance to national economic development.

Backed by the Pani gold mine, and based on CRU’s materials, using the resource and reserve benchmarks, this project is the largest primary gold mine in Indonesia. The company expects it will rank among the top two primary gold mines in Asia by production volume by 2030.

The prospectus shows that the funds raised in this offering by MGR will be used for timely and safe commercialization of production at the Pani gold mine, application of a proven operating system to ensure execution discipline, expanding the resource base through focused near-mine exploration, maintaining financial discipline and balance sheet strength, and the company’s future industry-leading ESG operating roadmap. The specific amount of funds to be raised has not been disclosed.

In terms of financial data, from 2023 to 2025, MGR achieved operating revenue of US$1.394 million, US$1.750 million, and US$0.132 million, respectively, and profits for the year were US$-6.837 million, US$-12.700 million, and US$-27.494 million, respectively.

The key risk factors disclosed by MGR in its prospectus mainly include: the company’s reserve estimate and gold production estimate are based on multiple assumptions, and if any of those assumptions change, it may require the company to reduce its estimates. The company may be unable to achieve its production estimates. The company has limited operating history, making it difficult to assess the company’s business activities and prospects. The company recorded losses from 2023 to 2025, and there is uncertainty regarding the company’s ability to achieve profitability. The company’s financial performance is highly dependent on the market price of gold. The company faces risks related to dependence on a single mine area. The company may be unable to obtain, maintain, or renew the government licenses, permits, and approvals required for the operation and expansion plans of the Pani gold mine and fulfill related obligations. Damage to tailings storage facilities of the carbon-in-leach (CIL) processing facilities may adversely affect the company’s business, reputation, and operating performance, etc.

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