18 companies filed for listing on the Hong Kong Stock Exchange in one week, with new energy and energy storage and biomedicine accounting for more than half.

Mars Finance reported on June 21 that from June 15 to 20, a total of 18 companies submitted prospectuses to the Hong Kong Stock Exchange, including Ningbo Yunsheng, Qingming Shangheyuan, Lingke Pharmaceutical, Dingtai Pharmaceutical, Cooper Energy, Taotao Auto, Yunzhong Rongxin, Sifang Co., Ltd., Junsai Bio, Growatt Technology Co., Ltd., Juhui Food, Boqian New Materials, Rongxin Shulian, Banu, DataStory, Zhiyi Bio, Transsion Holdings, and CSPC Innovation. Among them, Ningbo Yunsheng, Taotao Auto, Sifang Co., Ltd., Boqian New Materials, Transsion Holdings, and CSPC Innovation are already listed on the A-share market, aiming for a "A+H" dual financing platform. Among the companies in this batch, Sifang Automation, a provider of new power system solutions, and Boqian New Materials, a core global supplier of high-end MLCC nickel powder, are the most profitable, with market capitalizations of 62.175 billion yuan and 60.511 billion yuan respectively. Transsion Holdings, known as the "King of African Mobile Phones," has become the most closely watched target for secondary market pricing speculation. Its revenue is projected to exceed 50 billion yuan in 2025, but its net profit is expected to halve year-on-year, and its stock price has already halved from its 2024 high. It is also worth noting that among the companies submitting their IPO applications this week, new energy and energy storage, and biomedicine have the most, each accounting for 5 companies, totaling more than half of the total. In the new energy and energy storage sector, Growatt and Taotao Automotive are both submitting their IPO applications to the Hong Kong Stock Exchange for the third time. Growatt is a global leader in photovoltaic energy storage and Sequoia Capital's first photovoltaic project in China. In terms of performance, its revenue and profit fluctuated in a "V" shape from 2023 to 2025. In particular, net profit plummeted by over 97% to 20 million yuan in 2024. Revenue in 2025 reached 5.233 billion yuan, essentially returning to 2023 levels, but profit was only 413 million yuan, less than half of 2023's. Furthermore, it underpaid social security and housing provident fund contributions by 181 million yuan during the reporting period, facing a potential fine of up to 432 million yuan. Taotao Vehicles is a manufacturer of electric low-speed vehicles and outdoor recreational vehicles. Its business is highly internationalized, with over 97% of its revenue coming from overseas markets in 2025. The United States is its largest export destination, and changes in US trade policies or tariffs could increase operational risks. In the biopharmaceutical field, among Lingke Pharmaceutical, Junsai Bio, Dingtai Pharmaceutical, Zhiyi Bio, and Shiyao Innovation, only Zhiyi Bio is submitting its IPO application for the first time; the others are submitting it for the second time. Lingke Pharmaceutical is a developer of small molecule inhibitors for autoimmune and inflammatory diseases. The company did not generate any revenue from product commercialization in 2024-2025. In the first quarter of 2026, it recognized revenue of 39 million yuan, achieving its first commercial revenue breakthrough, but the scale of accumulated losses is yet to be disclosed. Junsai Bio focuses on tumor cell therapy (TIL). Its core product, GC101, is known as the world's first "chemotherapy-free" TIL therapy, requiring no high-intensity lymphoma chemotherapy or IL-2 concomitant drugs. The company's valuation has reached 2.137 billion yuan, but it has also not yet achieved profitability. Dingtai Pharmaceutical is a leading CRO for cardiovascular and metabolic diseases. The company successfully turned a profit in 2025, with a positive adjusted net profit, becoming the largest CRO in China's non-clinical research field for cardiovascular and metabolic diseases, and the most profitable among the five companies. Shiyao Innovation mainly deals in caffeine and biopharmaceuticals, and is the world's largest producer of chemically synthesized caffeine. It is the only listed company among the five with stable profitability. Banu Hot Pot, a company in the consumer sector, has submitted its IPO application for the third time. The company previously submitted its listing application to the Hong Kong Stock Exchange on June 16, 2025, and December 17, 2025. After its previous prospectus expired on June 17, 2026, it immediately resubmitted the application, demonstrating an extremely tight timeline. In terms of overall performance, the company achieved revenue of RMB 2.846 billion in 2025, a year-on-year increase of 23.4%; adjusted profit reached RMB 317 million, a year-on-year increase of 88.7%. However, in contrast to the revenue growth, its average customer spending has declined for three consecutive years. (Science and Technology Treasure Broadcast)