Rate Of Return
Buffett Apprentice[HK IPO Subscription] Woan Robotics + May 1st Vision + Lin Qingxuan Subscription Strategy
1. Woan Robotics
Woan Robotics is a global provider of home robotics systems, with major markets including Japan, Europe, and North America, dedicated to building an ecosystem centered on smart home robotics products. The company offers a wide range of home robotics categories designed for various home life scenarios. Our products mainly include enhanced execution robots, such as flexible skill robots, enhanced mobile robots, and motion robots; perception and decision-making systems, including smart hubs, smart sensors, and smart cameras; and other smart home products and services, such as lighting, power tools, and smart appliances.
The company began its IPO on December 18, with an offer price of HKD 63~81, 100 shares per lot, a minimum subscription of HKD 8,181.69, a market cap of HKD 14~18 billion, and an issuance of 22.2223 million shares. It belongs to the digital solutions service industry and has a greenshoe option.
The sponsors are Guotai Junan and Huatai Hong Kong. The first-day rise rate of projects sponsored by Guotai Junan in the past two years is 77.77%, while Huatai Hong Kong's is 48.14%. The overall performance of the sponsors is average.
There are 9 cornerstone investors, including HACF, LP, Cithara, Infini, China Orient EIF, China Orient MSMF, Wind Sabre, Yield Royal, Sage Partners, and Sage Sunshine. The cornerstone investors collectively subscribed to USD 89.98 million, accounting for 43.75% of the total issuance, a relatively high proportion.
The company's revenue from 2022 to 2024 was HKD 275 million, HKD 457 million, and HKD 610 million, respectively, with a year-on-year revenue growth of 33.39% in 2024. Net profits from 2022 to 2024 were -HKD 86.983 million, -HKD 16.376 million, and -HKD 3.0784 million, respectively, with a year-on-year net profit growth of 81.23% in 2024.
In the first half of 2025, the company's revenue was HKD 396 million, a year-on-year increase of 44.1%, and the net profit was HKD 27.903 million, achieving a turnaround from loss to profit.
Based on the median offer price, the market cap is HKD 16 billion, with an issuance of HKD 1.6 billion, accounting for 10% of the total. Cornerstone investors locked in 43.75%, leaving a free float of HKD 700 million.
The IPO adopts the new Hong Kong IPO Mechanism B, with an initial public offering share of 10% and no clawback mechanism.
The current subscription multiple is 14.62x, and it's only the second day of the IPO. The main reason is the recent overlap of multiple new stock funds, and the final subscription popularity is expected to be better.
Subscription Strategy:
Woan Robotics is a global provider of home robotics systems, ranking first in the global home robotics market. The sponsors are Guotai Junan and Huatai Hong Kong, with average overall performance. The 9 cornerstone investors subscribed to USD 89.98 million, accounting for 43.75% of the total issuance, a relatively high proportion. The company's performance is decent, achieving a turnaround from loss to profit in the first half of 2025. The IPO adopts the new Hong Kong IPO Mechanism B, with an initial public offering share of 10% and a free float of HKD 700 million. The current subscription multiple is 14.62x, and the subscription popularity is decent. With too many new stocks—six in this batch—I can only allocate funds diversely. I plan to focus on this new stock!
2. Wuyi Vision
Wuyi Vision is a digital twin technology company in China. We have developed core competencies in three key areas: 3D graphics, simulation, and artificial intelligence. Digital twin technology is a high-precision virtual replication technology that uses 3D graphics, simulation, and AI to generate virtual replicas of physical objects or systems (such as urban buildings or vehicles). This virtual model can reflect its real-world counterpart in detail, enabling users to observe, analyze, and predict its behavior and changes over time. Digital twins are applied in various fields to simulate and plan scenarios that impact the real environment, such as urban development, traffic management, and emergency response strategies.
The company began its IPO on December 18, with an offer price of HKD 30.5, 200 shares per lot, a minimum subscription of HKD 6,161.51, a market cap of HKD 12.394 billion, and an issuance of 23.9752 million shares. It belongs to the digital solutions service industry, has a greenshoe option, but no cornerstone investors.
The sponsors are CICC and Huatai Hong Kong. The first-day rise rate of projects sponsored by CICC in the past two years is 60%, while Huatai Hong Kong's is 48.14%. The overall performance of the sponsors is average.
The company's revenue from 2022 to 2024 was HKD 170 million, HKD 256 million, and HKD 287 million, respectively, with a year-on-year revenue growth of 12.12% in 2024. Net profits from 2022 to 2024 were -HKD 190 million, -HKD 87.077 million, and -HKD 78.972 million, respectively, with a year-on-year narrowing of losses by 9.31% in 2024. However, net profit in the first half of 2025 showed a significant decline again.
Based on the offer price, the market cap is HKD 12.394 billion, with an issuance of HKD 731 million, accounting for 5.9% of the total. With no cornerstone lock-up, the entire HKD 731 million is the free float.
The IPO adopts the clawback mechanism for 18C companies, with an initial Hong Kong public offering of 5%. If the subscription multiple is 10x or more but less than 50x, it will be clawed back to 10%; if 50x or more, it will be clawed back to 20%.
The current subscription multiple is 7.45x, and it's only the second day of the IPO. The main reason is the recent overlap of multiple new stock funds, and the final subscription popularity is expected to be better.
Subscription Strategy:
Wuyi Vision is a digital twin technology company in China, ranking first in the industry. The sponsors are CICC and Huatai Hong Kong, with average overall performance. The company is still in the red, with narrowing losses in recent years, but performance declined again in the first half of 2025. The IPO adopts the clawback mechanism for 18C companies, with an initial Hong Kong public offering of 5% and a maximum clawback of 20%, and a free float of HKD 731 million. The current subscription multiple is 7.45x, and the subscription popularity is average. Digital twin is indeed a cutting-edge hot concept, but this time there are no cornerstone investors, and with many new stocks recently, competition is fierce. The previous 18C company, Xidi Zhijia, also broke its issue price. I think this new stock should be approached with caution. If the subscription multiple exceeds 10x, I plan to skip it and focus on other new stocks.
3. Lin Qingxuan
Lin Qingxuan is a high-end domestic skincare brand focused on the anti-wrinkle and firming skincare market, renowned for its long-term commitment to providing high-end skincare solutions based on camellia ingredients under our flagship brand, Lin Qingxuan. We are dedicated to providing safe and effective skincare products. The first camellia oil essence was launched in 2014, laying the foundation for our core oil-based skincare product line. After more than a decade of cultivation, we have accumulated expertise in cellular-level anti-wrinkle oil essences. In terms of total retail sales across all channels, our camellia oil essence has ranked first in China among all facial oil products for 11 consecutive years since 2014.
The company began its IPO on December 18, with an offer price of HKD 77.77, 50 shares per lot, a minimum subscription of HKD 3,927.72, a market cap of HKD 10.862 billion, and an issuance of 1.3964 million shares. It belongs to the personal care industry and has a greenshoe option.
The sponsors are CITIC Securities and Huatai Hong Kong. The first-day rise rate of projects sponsored by CITIC Securities in the past two years is 85.36%, while Huatai Hong Kong's is 48.14%. The sponsors are a combination of the best and the worst performers.
There are 7 cornerstone investors, including Fidelity Fund, Greater Bay Area Homeland Investments, ZhenFund, Duckling Fund, SynerSuccess Capital Ltd, and Yield Royal Investment. The cornerstone investors collectively subscribed to USD 62 million, accounting for 44.43% of the total issuance, a relatively high proportion.
The company's revenue from 2022 to 2024 was HKD 691 million, HKD 805 million, and HKD 1.21 billion, respectively, with a year-on-year revenue growth of 50.27% in 2024. Net profits from 2022 to 2024 were -HKD 5.931 million, HKD 84.518 million, and HKD 187 million, respectively, with a year-on-year net profit growth of 121.06% in 2024.
Based on the offer price, the market cap is HKD 10.862 billion, with an issuance of HKD 1.086 billion, accounting for 10% of the total. Cornerstone investors locked in 44.43%, leaving a free float of HKD 603 million.
The IPO adopts the new Hong Kong IPO Mechanism B, with an initial public offering share of 10% and no clawback mechanism.
The current subscription multiple is 18.3x, which is already considered good among this batch of new listings. The main reason is the recent overlap of multiple new stock funds, and the final subscription popularity is expected to be better.
Subscription Strategy:
Lin Qingxuan is a high-end domestic skincare brand in China, ranking 13th in the industry and the only local brand among China's top 15 high-end skincare brands. The sponsors are CITIC Securities and Huatai Hong Kong—CITIC has a strong sponsorship record, but Huatai's is poor. The 7 cornerstone investors subscribed to USD 62 million, accounting for 44.43% of the total issuance, a relatively high proportion. The company achieved significant net profit growth in 2024 and the first half of 2025, with excellent performance. The IPO adopts the new Hong Kong IPO Mechanism B, with an initial public offering share of 10% and a free float of HKD 603 million. The current subscription multiple is 18.3x, and the subscription popularity is good. The company's P/E ratio is around 28x, and the valuation is not high. If not for the many new stocks this time, I would go all in. Now, I can only allocate funds diversely. I plan to focus on this new stock!
My comments represent personal views only and do not constitute any investment advice. The stock market is risky; invest with caution!
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