Weekly Hong Kong IPOs: 14 companies including Laoxiangji and Xinmai Semiconductor have submitted applications; Mingming is very busy, and Lantu Technology has passed the hearing

According to the Hong Kong Stock Exchange disclosure, last week (January 5–11), a total of 14 companies submitted applications, 2 companies passed the hearing; another 10 companies launched IPOs, and 6 new stocks listed.

14 Companies Submit Applications, Laoxiangji Makes Three Attempts to List on HKEX, COMMUNE Illusionist Seeks to Become the “First Restaurant-Bar Stock” in Hong Kong

This week, 14 companies applied for listing on the Main Board of HKEX, covering popular sectors such as infant and toddler snacks, influencer marketing, artificial intelligence, biopharmaceuticals, semiconductors, and fast-food chains.

On January 5, three companies submitted applications:

Grandpa’s Farm International Holdings Limited (referred to as “Grandpa’s Farm”) is a baby and toddler snack brand, with China Merchants Securities International as the sole sponsor. The prospectus shows that in 2024, by total transaction volume of Chinese baby and toddler snacks, the company ranks second; by organic baby and toddler snack transaction volume, it ranks first. Financially, the company achieved revenue of RMB 780 million and a profit of RMB 87.42 million in the first nine months of 2023.

ZhongAn XinKe (Shenzhen) Co., Ltd. (referred to as “ZhongAn XinKe”) is an enterprise-level AI solutions provider, focusing on intelligent marketing and intelligent operation management solutions. Co-lead sponsors are ICBC International and Guolian Securities International. According to Frost & Sullivan data cited in the prospectus, based on 2024 revenue, ZhongAn XinKe ranks fourth among Chinese enterprise AI solution providers equipped with vertical large models. In performance, the company achieved revenue of RMB 290 million and net profit of RMB 31.66 million in the first three quarters of 2023.

As the “Number One Red Influencer Economy Stock” in A-shares, Tianxiaxiu Digital Technology (Group) Co., Ltd. (“Tianxiaxiu”) is the first domestically mature influencer marketing solution platform, with Deutsche Bank and Guotai Junan Securities as joint sponsors. In terms of performance, the company achieved revenues of RMB 4.066 billion and RMB 2.734 billion in the first three quarters of 2024 and 2025, respectively, with YoY declines of 3.23% and 10.21%; net profits were RMB 43.35 million and RMB 32.57 million, respectively, down 46.45% and 46.2%.

On January 6, two companies submitted applications:

Zhejiang Borui Biopharmaceutical Co., Ltd. (“Borui Biotech”) is a biopharmaceutical company focusing on immunotherapy, jointly sponsored by Huatai International and J.P. Morgan. According to Frost & Sullivan, based on revenue from autoimmune disease biologics, Borui Biotech has ranked first among Chinese pharmaceutical companies for two consecutive years since 2023. In performance, in the first three quarters of 2025, the company achieved revenue of RMB 1.379 billion and net profit of RMB 122 million.

Hangzhou Deshi Biological Technology Co., Ltd. (“Deshi Biological”) submitted a second application to HKEX. The company focuses on developing medical imaging products and services, with Huatai International as the sole sponsor. In performance, in the first three quarters of 2025, Deshi Biological achieved revenue of RMB 111 million, with a loss of RMB 36.65 million in the same period.

On January 7, one company submitted an application:

Xinmai Semiconductor Technology (Hangzhou) Co., Ltd. (“Xinmai Semiconductor”) submitted a second application to HKEX. Its core business focuses on power management ICs (PMICs) and power devices. Huatai International is the sole sponsor. In performance, in the first three quarters of 2025, the company achieved revenue of RMB 1.458 billion, with a net loss of RMB 234 million.

On January 8, three companies submitted applications:

Hunan Xizi Health Group Co., Ltd. (“Xizi Health”) is a sports nutrition and functional food company, jointly sponsored by CITIC Lyon and CLSA. Financial reports show that from 2023 to the first three quarters of 2025, the company’s revenue was RMB 1.447 billion, RMB 1.692 billion, and RMB 1.609 billion, with net profits of RMB 91.79 million, RMB 149 million, and RMB 118 million, respectively.

Sunisen Di (Hunan) Group Co., Ltd., a Chinese cultural IP toy company, jointly sponsored by Goldman Sachs and China International Capital Corporation. According to Frost & Sullivan, based on sales volume for the nine months ending September 30, 2025, the company is the largest Chinese cultural IP toy enterprise. In 2023–2024, the company achieved revenues of RMB 107 million and RMB 245 million; profits/losses for the year were RMB -19.92 million and RMB -0.505 million.

China’s largest Chinese-style fast-food brand Laoxiangji submitted a third application to HKEX, having previously submitted listing applications on January 3 and July 7, 2025. CICC and Haitong International Capital are joint sponsors. As of August 31, 2025, Laoxiangji has 1,658 stores across 61 cities in China. According to Zhuoshi Consulting, based on total transaction volume, it ranked first in China’s Chinese fast-food industry in 2024 with a 0.9% market share.

On January 9, five companies submitted applications:

Jiwusiwei Limited (“Jiwusiwei”), jointly sponsored by CICC and Bank of China International. The prospectus shows that as of September 30, 2025, the company operates 112 directly operated restaurant-bars in 40 cities nationwide. According to Frost & Sullivan, from 2022 to 2024, its COMMUNE Illusionist brand has ranked first among Chinese restaurant-bar brands for three consecutive years by revenue. In performance, in the first three quarters of 2025, the company achieved revenue of RMB 872 million and net profit of RMB 61 million.

Shenzhen Yuanxin Energy Storage Technology Co., Ltd. (“Yuanxin Energy Storage”) focuses on R&D, manufacturing, and sales of energy storage systems, sponsored solely by CMB International. In performance, in the first three quarters of 2025, revenue was RMB 881 million, with a net profit of RMB 70.89 million.

Qingdao Guoneng Technology Co., Ltd. (“Guoneng”) is a Chinese supplier specializing in new chemical materials, gelatin, and collagen upstream and downstream products. Sponsored by China Merchants Securities International, Frost & Sullivan data shows that in 2024, based on sales revenue, it was the second-largest company in China for organic high-polymer modified materials and organic polymer composites, with a market share of 2.5%.

Xintianxia Technology Co., Ltd. (“Xintianxia”) is a chip design company focusing on code-based flash memory chips, sponsored jointly by GF Securities and CITIC Securities. The company previously filed an IPO application with Shenzhen Stock Exchange’s ChiNext in 2022, which was approved but later withdrawn. According to Zhuoshi Consulting, based on revenue generated in 2024, Xintianxia’s code-based flash memory chips ranked sixth among all waferless companies globally. In performance, in the first three quarters of 2025, revenue was RMB 709 million, with a net profit of RMB 138 million.

Xiansheng Zai Ming Pharmaceutical Co., Ltd. (“Xiansheng Zai Ming”) focuses on research, development, and commercialization of innovative oncology drugs, sponsored jointly by Morgan Stanley and CICC. In performance, from 2023 to September 2025, the company’s revenue was RMB 1.522 billion, RMB 1.297 billion, and RMB 1.238 billion, with losses of RMB 336 million, RMB 506 million, and RMB 303 million in the same periods, and gross profit margins of 72.4%, 72.3%, and 68.1%.

2 Companies Pass the Hearing, Mingming Strives to Become the “First Mass Snack Stock” in Hong Kong

On January 5, Lanshi Technology Co., Ltd. (“Lanshi Tech”) passed the listing hearing, with CICC, Morgan Stanley, and UBS as joint sponsors. Lanshi Tech is a fabless integrated circuit design company dedicated to providing innovative, reliable, and energy-efficient interconnection solutions for cloud computing and AI infrastructure.

According to Frost & Sullivan, based on revenue, the company has become the world’s largest memory interconnect chip supplier, accounting for 36.8% of the market in 2024. Financial data shows that in the first nine months of 2025, revenue was RMB 4.058 billion, with a net profit of RMB 1.632 billion.

On January 6, Hunan Mingming Very Busy Commercial Chain Co., Ltd. (“Mingming Very Busy”) passed the listing hearing, aiming to become Hong Kong’s “First Mass Snack Stock.” The hearing materials show that in the nine months ending September 30, 2025, Mingming Very Busy achieved a retail GMV of RMB 66.1 billion, up 74.5% YoY, surpassing the entire 2024.

As of September 30, 2025, Mingming Very Busy operated 19,517 stores nationwide, covering 28 provinces and all tiers of cities, with over 20,000 signed stores. Frost & Sullivan reports that based on 2024 product retail GMV, Mingming Very Busy is China’s largest casual snack and beverage retail chain.