--- title: "[HK IPO] Subscription Strategy for NIRVANA AJ-B + HUI GE ENVIRONMENTAL + NEWMONS" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/26393777.md" description: "1、Aurora BrainTech    The company was founded in 2012. Our product pipeline covers the assessment and intervention of a wide range of cognitive impairments induced by vascular diseases, neurodegenerative diseases, mental disorders, and childhood developmental defects. As of the latest practicable date, our core product—the Brain Function Information Management Platform Software System ("the System" or "Core Product")—has been commercialized for eight indications across four major types of cognitive impairments, with several other indications under development.    The company began its IPO on December 30, with an offer price of HKD 3.22..." datetime: "2025-01-02T12:23:37.000Z" locales: - [en](https://longbridge.com/en/topics/26393777.md) - [zh-CN](https://longbridge.com/zh-CN/topics/26393777.md) - [zh-HK](https://longbridge.com/zh-HK/topics/26393777.md) author: "[小散老俞](https://longbridge.com/en/profiles/3011188.md)" --- # [HK IPO] Subscription Strategy for NIRVANA AJ-B + HUI GE ENVIRONMENTAL + NEWMONS **1\. Aurora Braintech-B** The company was founded in 2012. Our product pipeline covers the assessment and intervention of a wide range of cognitive impairments induced by vascular diseases, neurodegenerative diseases, mental disorders, and childhood developmental defects. As of the latest practicable date, our core product—the Brain Function Information Management Platform Software System ("System" or "Core Product")—has been commercialized for eight indications across four major types of cognitive impairments, with several other indications under development. The company began its IPO on December 30, with an offer price of HKD 3.22 per share, 1,000 shares per lot, and a minimum subscription of HKD 3,252.47. The market cap is HKD 4.077 billion, with 181 million shares issued. It belongs to the healthcare equipment and services industry and has a greenshoe option. The sponsors are CICC and SPDB International. CICC's first-day rise rate for projects sponsored in the past two years is 53.65%, while SPDB International has only sponsored one project in the past two years, making its track record less reliable. There are four cornerstone investors: Tasly Hong Kong, Tasly International, Huang Guangwei, and Suzhou Ceyuan. At the offer price, the cornerstones subscribed to a total of USD 48.5 million, accounting for 64.27% of the total issuance—a relatively high proportion. The lock-up period is six months. The company's revenue from 2021 to 2023 was HKD 2.299 million, HKD 11.291 million, and HKD 67.2 million, respectively, with a 495.16% YoY growth in 2023. Net losses from 2021 to 2023 were HKD -689 million, HKD -502 million, and HKD -359 million, respectively, with a 28.53% YoY narrowing of losses in 2023. In the first half of 2024, revenue was HKD 51.887 million, up 112.55% YoY, while net loss was HKD -114 million, narrowing by 51.23% YoY. The company is still in the red but shows rapid growth. At the median offer price, the market cap is HKD 4.077 billion, with an issuance of HKD 583 million, accounting for 14.3% of the total. Cornerstones locked in 64.27%, leaving a float of HKD 208 million—not small. Pre-IPO investors have no lock-up restrictions, but early shareholders have voluntarily committed to a 12-month lock-up unless written consent is obtained from the company or sponsors. Subscription interest is lukewarm, with a current oversubscription rate of 3.64x, likely meaning no clawback. **Subscription Strategy:** Aurora Braintech is a seasoned player in China's digital therapeutics market for cognitive impairments, being the first to offer medical-grade digital therapeutics for such conditions. CICC, the sponsor, has a 53.65% first-day rise rate for past projects—decent odds. Four cornerstones subscribed to USD 48.5 million, accounting for 64.27% of the issuance—a high proportion. The company is still loss-making but growing fast, with narrowing losses. Pre-IPO investors are not locked up but have voluntarily committed to a 12-month lock-up. Subscription interest is tepid, likely no clawback. With the recent 回暖 in HK IPO sentiment, I’ll try my luck with one lot. **2\. Huige Environmental** The company is a Chinese provider of ship environmental protection equipment and systems, serving clients worldwide. According to Frost & Sullivan, as of December 31, 2023, it ranked third in China and fourth globally by completed orders and cumulative backlog for ship exhaust gas purification systems. The IPO began on December 31, with an offer price range of HKD 31.8–39.8 per share, 100 shares per lot, and a minimum subscription of HKD 4,020.14. The market cap ranges from HKD 1.272 billion to HKD 1.592 billion, with 10 million shares issued. It belongs to the transportation industry and has no greenshoe. Sponsors are CITIC Securities and Galaxy International. CITIC's first-day rise rate for past projects is 86.66%—a high win rate. Galaxy International has no track record in the past two years. One cornerstone investor, Harvest Fund, subscribed to USD 10 million, accounting for 21.7% of the issuance—a low proportion. Revenue from 2021 to 2023 was HKD 141 million, HKD 267 million, and HKD 510 million, respectively, with 90.94% YoY growth in 2023. Net profit was HKD 12.769 million, HKD 36.777 million, and HKD 121 million, respectively, with 227.74% YoY growth in 2023. At the median offer price, the market cap is HKD 1.432 billion, with an issuance of HKD 358 million (25.03% of total). Cornerstones locked in 21.7%, leaving a float of HKD 280 million—not small. Subscription interest is decent, with a current oversubscription rate of 7.91x. There are four days left in the offer period—uncertain if clawback will occur. **Subscription Strategy:** The company is a Chinese provider of ship environmental protection systems, ranking third domestically. Sponsor CITIC Securities has an 86.66% first-day rise rate—very high odds. One cornerstone subscribed to USD 10 million (21.7% of issuance)—low proportion. Performance is strong, with rapid revenue and profit growth. At the median offer price, the float is HKD 280 million—not small. Current oversubscription is 7.91x—decent interest. No greenshoe, so cautious investors may skip. I might participate if no clawback occurs. **3\. Nemans** The company primarily markets, sells, and distributes nutritional products in China under its proprietary brands "Nemans" and "Nemans" (English: "Nemans"). Products fall into five categories: algal DHA, probiotics, vitamins, multinutrients, and algal calcium. The business heavily relies on its brand, with suppliers using OEM models to manufacture or label products. The IPO began on December 31, with an offer price range of HKD 0.8–1.09 per share, 8,000 shares per lot, and a minimum subscription of HKD 8,807.94. The market cap ranges from HKD 800 million to HKD 1.09 billion, with 250 million shares issued. It belongs to the pharmaceuticals industry, has a greenshoe, and no cornerstones. The sponsor is CTI International, which has no track record in the past two years. Revenue from 2021 to 2023 was HKD 338 million, HKD 367 million, and HKD 427 million, respectively, with 16.13% YoY growth in 2023. Net profit was HKD 120 million, HKD 87.522 million, and HKD 159 million, respectively, with 82.06% YoY growth in 2023. In H1 2024, revenue was HKD 146 million (-23.94% YoY), and net profit was HKD 45.281 million (-41.39% YoY)—a clear decline. At the median offer price, the market cap is HKD 945 million, with an issuance of HKD 236 million (25% of total). No cornerstone lock-up means the entire HKD 236 million is float—not small. Subscription interest is decent, with a current oversubscription rate of 15.68x. Five days remain in the offer period—clawback seems likely. **Subscription Strategy:** The company markets and distributes nutritional products in China. Sponsor CTI International has no track record. Past performance was solid, but H1 2024 saw a clear decline. At the median offer price, the float is HKD 236 million—not small. Oversubscription is 15.68x—likely clawback. Cautious investors may skip; I’ll pass. My views are personal and not investment advice. The market is risky—invest cautiously! Follow me: Retail Investor Lao Yu $NUMANS(02530.HK) $CONTIOCEAN(02613.HK) $BRAINAURORA-B(06681.HK) ### Related Stocks - [JG.US](https://longbridge.com/en/quote/JG.US.md) - [02530.HK](https://longbridge.com/en/quote/02530.HK.md) - [02613.HK](https://longbridge.com/en/quote/02613.HK.md) - [06681.HK](https://longbridge.com/en/quote/06681.HK.md) ## Comments (1) - **一夜回到之前 · 2025-01-08T14:57:04.000Z**: Just logged in to subscribe to new stocks in Hong Kong today, but was discouraged by the handling fees.