Before the year-end closing, the new stock market continues to be lively. Today (the 18th), another 6 new stocks are starting their initial public offerings (IPOs), namely: household robot system provider Woan Robotics (6600), digital twin technology company 51WORLD (6651), high-end domestic skincare brand Lin Qingxuan (2657), prefabricated steel structure construction service provider Meilian Holdings (2671), AI-driven drug discovery and development company Insilico Medicine (3696), and real-time data infrastructure and analytics solutions provider XUNCE (3317). Together, they aim to raise nearly HKD 7.4 billion, with all subscriptions closing next Tuesday (the 23rd) and officially listing on December 30th. Among them, 5 are &#34;B-share new stocks,&#34; with 10% of shares available for public offering in Hong Kong, without a clawback mechanism; while 51WORLD is applying for listing under the special technology company (commonly known as 18C) regulations, with 5% available for public offering in Hong Kong, which can be clawed back up to 20%.
<h2>Woan Robotics focuses on Japan, Europe, and North America</h2>
Woan Robotics plans to issue 22,222,300 H shares, with an offering price of HKD 63 to 81, aiming to raise approximately HKD 1.8 billion. Each lot consists of 100 shares, with an entry fee of HKD 8,181.69. Guotai Junan International and Huatai International are the joint sponsors. The stock has introduced a total of 9 cornerstone investors, including HACF, Cithara, Infini, China Orient EIF, China Orient MSMF, Wind Sabre, Yield Royal, Sage Partners, and Sage Sunshine, with a subscription amount of USD 89.98 million.
The group's main markets include Japan, Europe, and North America, focusing on building an ecosystem centered around smart home robot products. The products mainly include enhanced execution robots, perception and decision-making systems, and other smart home products and services. The brand names are SwitchBot and Acemate. As of the last feasible date, the household robot system products involve 7 product categories with 47 SPUs.
In terms of performance, Woan Robotics recorded a revenue of RMB 396 million in the first half of this year, a year-on-year increase of 44%. The profit during this period was RMB 27.903 million, compared to a loss of RMB 13.641 million in the same period last year, achieving a turnaround.
As for the net proceeds from this fundraising, approximately 66.5% will be used to continuously enhance R&amp;D capabilities to further develop key technologies and products related to its household robot systems; about 19.8% will be used to expand sales channels and regional coverage, as well as to enhance the global visibility of the brand; approximately 3.8% will be used to repay part of the outstanding bank loans within 24 months after listing; and 10% will be used for general working capital and corporate purposes.
<h2>51WORLD as a digital twin technology company</h2>
51WORLD plans to issue 23,975,200 H shares, with an offering price of HKD 30.5, aiming to raise approximately HKD 730 million. Each lot consists of 200 shares, with an entry fee of HKD 6,161.51. China International Capital Corporation and Huatai International are the joint sponsors
In addition, the stock has not introduced cornerstone investors.
The group is a digital twin technology company in China, focusing on the core competitive advantages of technology development in three major areas: 3D graphics, simulation, and artificial intelligence. The prospectus states that digital twin technology is a high-precision virtual replica technology that uses 3D graphics, simulation, and AI to generate virtual copies of physical objects or systems (such as urban buildings or vehicles).
The prospectus also indicates that the group mainly provides digital twin solutions for enterprises of various sizes and industries, covering more than ten fields, such as urban development, water resource protection, energy, automotive, transportation, robotics, entertainment, and social media; suppliers mainly include hardware suppliers (such as all-in-one machines and specialized equipment) and software suppliers (such as scene design, artistic rendering, and digital model modeling). Currently, the group mainly offers products and solutions in three business areas: the digital twin development and application platform 51Aes, the synthetic data and simulation platform 51Sim, and the foundational platform 51Earth, which focuses on providing high-precision data assets required by developers through See3 and Short3A.
In terms of performance, 51WORLD recorded revenue of RMB 53.82 million in the first six months of this year, an increase of 62% year-on-year, with a loss of RMB 94.049 million during the period, an increase of 44.5% year-on-year.
As for the net proceeds from this fundraising, approximately 80% will be used for research and development initiatives; about 10% will be used for marketing activities in China and overseas; and 10% will be used for working capital and general corporate purposes.
<h2>Lin Qingxuan focuses on the anti-wrinkle and firming skincare market</h2>
Lin Qingxuan plans to issue 13.9664 million H shares, with an offering price of HKD 77.77, raising approximately HKD 1.086 billion, with a minimum investment of 50 shares and an entry fee of HKD 3,927.72. CITIC Securities and Huatai International are the joint sponsors. The stock has introduced seven cornerstone investors, including Fidelity Fund, Mega Prime under the Greater Bay Area Common Home Investment, Duckling Fund, Zhengxin Valley Capital, SS Capital under Ju Xinghai, Dahua Insurance under Dahua Life, and Yield Royal Investment, with a total subscription amount of USD 62 million.
The group focuses on the anti-wrinkle and firming skincare market and is known for its long-term commitment to providing high-end skincare improvement solutions based on camellia ingredients for its flagship brand Lin Qingxuan, with the first camellia essence oil launched in 2014. According to total retail sales across all channels, the group's camellia essence oil has ranked first nationally among all facial essence oil products for 11 consecutive years since 2014.
As of the end of June this year, Lin Qingxuan offered 230 SKUs, accounting for the vast majority of the group's revenue, with total revenue reaching 99% in 2022, 2023, and 2024. In terms of overall performance, Lin Qingxuan recorded revenue of RMB 1.052 billion in the first six months of this year, an increase of 98% year-on-year; the profit during the period was RMB 182 million, an increase of 1.1 times year-on-year
In terms of stores, as of the end of June, there are 554 stores nationwide, with over 95% of the stores located in shopping malls. According to data from ZhiShi Consulting, it ranks first among domestic and international high-end skincare brands in China by total number of stores.
As for the use of net proceeds from this fundraising, approximately 20% will be used for brand value shaping and communication; about 20% will be used to enhance the deep construction of the omnichannel sales network and establish overseas sales channels to promote market penetration; approximately 15% will be used to strengthen production and supply chain capabilities; about 15% will be allocated for technology research and development and product portfolio expansion; around 15% will be used for endogenous incubation and external mergers and acquisitions to create a brand matrix; about 5% will be used for the digitalization and intelligent construction of operations and information infrastructure; and approximately 10% will be used for working capital and general corporate purposes.
<h2>Meilian Holdings is a provider of prefabricated steel structure building services</h2>
Meilian Holdings plans to issue 24.6 million H shares, with an offering price of HKD 7.1 to HKD 9.16, raising up to approximately HKD 225 million. Each lot consists of 300 shares, with an entry fee of HKD 2,775.7. Shenwan Hongyuan Hong Kong is the exclusive sponsor. The stock has introduced cornerstone investors including Caiyun, Tiny Jade, Wu Xinghua, and Logic Selective, with a total subscription amount of HKD 51.5 million.
The group is a comprehensive subcontractor for prefabricated steel structure building services in the industrial sector of the prefabricated steel structure building market, providing integrated services for construction projects across various industries, covering project design and optimization, procurement, manufacturing, and installation, primarily engaged in the construction of prefabricated steel structure buildings in China (followed by overseas). According to a Frost &amp; Sullivan report, it ranks third in the industrial sector of the prefabricated steel structure building market in China by revenue in 2024, with a market share of 3.5%.
The business is mainly divided into three categories: prefabricated steel structure building subcontracting services, professional engineering general contracting, and industrial environmental protection equipment; the main customers are in the automotive and automotive parts industry, accounting for 62.8% of revenue in the first half of this year, followed by the catering and machinery industries, accounting for 10.7% and 10.4% of revenue during the same period, respectively.
In terms of performance, Meilian Holdings recorded revenue of RMB 1.424 billion in the first six months of this year, an increase of 180% year-on-year, with a profit of RMB 62.629 million during the period, up 360%.
As for the use of proceeds from this fundraising, approximately 37.7% will be used for capital investment, including the construction of production facilities and the purchase of equipment; about 26.7% will be used to pay prepaid expenses related to new projects; approximately 12.3% will be used to strengthen sales and marketing development; about 9.3% will be reserved for optional acquisitions and investments; around 9% will be allocated to enhance research and development capabilities; and approximately 5% will be used for working capital and general corporate purposes.
<h2>Yingsi Intelligent entry fee is HKD 12,146</h2>
Yingsi Intelligent plans to issue 94.6905 million shares, with an offering price of HKD 24.05, raising approximately HKD 2.28 billion. Each lot consists of 500 shares, with an entry fee of HKD 12,146.27. Morgan Stanley, CICC, and GF Securities are the joint sponsors
The group has generated over 20 clinical or IND filing stage assets through its self-developed generative artificial intelligence platform Pharma.AI, among which 3 assets have been licensed to international pharmaceutical and healthcare companies, with a total contract value of up to $2.1 billion, including a maximum upfront payment of $110 million and milestone payments of up to $1.9 billion, as well as a Phase II asset that is in the self-development stage and is relatively advanced in the industry.
The prospectus also states that the group operates under a project-based business model, with its main revenue sources being external licensing and collaboration arrangements, but it cannot guarantee or clearly predict future revenue generation. At the same time, the group independently develops candidate drugs through drug discovery and pipeline development; co-develops licensed drugs while retaining some intellectual property rights; and collaborates with other pharmaceutical companies without retaining any intellectual property rights.
Under the utilization of Pharma.AI, the average time for candidate drugs to go from target discovery to preclinical candidate (PCC) (1) confirmation is 12 to 18 months, significantly shorter than traditional methods (which take an average of 4.5 years). The group is also expanding the application of Pharma.AI to multiple industries, such as advanced materials, agriculture, nutritional products, and veterinary medicine.
In terms of performance, the revenue for the first 6 months of this year was $27.456 million, a year-on-year decrease of 54%; the loss during the period was $19.215 million, compared to a profit of $8.03 million in the same period last year, marking a year-on-year turnaround from profit to loss.
The stock has introduced a total of 16 cornerstone investors, including Eli Lilly, Tencent (700), Oaktree, Schroders, Temasek, UBS, Huaxia Fund, China Pacific Insurance (2601), E Fund, Franklin Templeton Hong Kong, Franklin Templeton, Harvest Fund, Taikang Life, RTW, Exome, and Infini, with a total investment amount of $115 million.
As for the use of net proceeds from the fundraising, approximately 48% will be used to fund further clinical development of key clinical stage pipeline candidate drugs; approximately 15% will be used to develop new generative AI models and related validation research work; approximately 12% will be used for further development and expansion of automated laboratories; approximately 20% will be used to fund research and development for early drug discovery and development (including preclinical and clinical stages of other pipeline candidate drugs); and 5% will be used for working capital and other general corporate purposes

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Today, 6 new stocks are starting their initial public offerings, including Aito, 51WORLD, Linqingxuan, Meilian Holdings, Yingsi Intelligent, and XUNCE, raising a total of nearly HKD 7.4 billion. 5 of them are "B system new stocks" without a clawback mechanism; 51WORLD, however, applies for listing under the special technology company regulations, with a maximum clawback of up to 20%. Aito plans to issue 22,222,300 H shares, with an offering price of HKD 63 to 81, raising a maximum of approximately HKD 1.8 billion

6 new stocks are going public on the same day, including Woan Robotics, raising a total of nearly 7.4 billion, with 5 not offering a clawback