Hong Kong Listing

Manus

2026-10-08 04:10:48

Manus raises more than $500 million after Meta deal was unwound

Manus, through its parent company Butterfly Effect, said it has completed a new funding round worth more than $500 million. The round was led by Boyu Capital and IDG Capital, with existing investors Tencent, Sequoia China, and ZhenFund also participating. The financing comes after a previously reported Meta acquisition was reversed earlier this year. According to the input, Meta had agreed to acquire Manus late last year for about $2 billion. In April, regulators ordered the deal to be unwound. Tencent and other existing shareholders then took part in a buyback, and Manus resumed independent operations in September. Bloomberg and The Wall Street Journal had previously reported that the company was seeking a valuation of about $4 billion in the new round, roughly double the approximately $2 billion buyback valuation tied to the canceled Meta transaction. Manus did not disclose a final valuation in its announcement. The company is also considering changes to its corporate structure as it prepares for a possible Hong Kong listing, though that plan has not been officially confirmed.

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Moonshot AI

2026-09-10 11:39:54

Moonshot AI dual-listing report in Hong Kong and Shanghai denied by source

A report circulated on Tuesday saying Moonshot AI, a leading Chinese large-model company, was weighing a dual listing in Hong Kong and Shanghai to raise additional capital. The claim was later denied by a person described as familiar with the matter, who said the report was inaccurate. The item was carried by Odaily as a brief news update and cited Science and Technology Innovation Board Daily as the source of the rebuttal. No further details were provided on any listing plan, fundraising timetable, or venue selection beyond the claim that the market talk was not true. The update leaves no confirmed indication, based on the information provided, that Moonshot AI is pursuing a simultaneous listing in the two markets.

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Jiangbolong

2026-09-08 03:59:08

Jiangbolong faces a valuation puzzle as its H-share pricing, A-share placement and earnings surge point in different directions

Jiangbolong is heading to Hong Kong with an H-share offer price of HK$236 per share, set on Sept. 4 ahead of its planned Sept. 8 main board listing. Based on the Sept. 4 RMB-HKD midpoint, that works out to about RMB 204, roughly 40% below the company’s A-share closing price of RMB 347 on the same day. The discount has drawn attention because the company had completed a RMB 3.7 billion private placement in August at RMB 560 per share, a level about 45% above the A-share closing price of RMB 386.60 on the disclosure date. By Sept. 4, investors in that placement were sitting on a paper loss of nearly 38% based on the secondary-market close. At the same time, Jiangbolong reported a sharp jump in first-half 2026 results. Revenue reached RMB 24.088 billion, up 136.26% year over year. Net profit attributable to shareholders came in at RMB 10.577 billion, up 71,528.66%, while non-recurring-items-adjusted net profit was RMB 10.047 billion, up more than 310 times. The gap between those prices and the company’s earnings momentum has pushed investors back to the same question: how much of Jiangbolong’s valuation reflects lasting competitiveness, and how much comes from the storage upcycle and inventory-driven earnings elasticity?

950

Longsys

2026-09-08 02:46:23

Longsys lists in Hong Kong as first-half net profit jumps 71,528.66%

Longsys, a Shenzhen-based memory chip company, rang the bell for its Hong Kong listing on Sept. 8, pricing its shares at HK$236 each. The stock opened flat and was down 1.19% at HK$233.2 by 10:00 a.m., giving the company a market capitalization of HK$107.192 billion. The company said unaudited results for the first half of 2026 showed revenue of 24.088 billion yuan, up 136.3% year over year, and net profit attributable to shareholders of 10.577 billion yuan, up 71,528.66%. According to the prospectus, Longsys plans to use about HK$6.0202 billion in net proceeds from the global offering for research and development, strategic investments or acquisitions, and general working capital. The company brought in 14 cornerstone investors, including Transsion Holdings, Lenovo Group and Lens Technology, which subscribed for about $151 million worth of shares. Citing China Insights Consultancy data, the prospectus said Longsys ranked ninth among more than 100 global memory market participants by 2025 storage product revenue, third among more than 30 Chinese participants, and first among China’s independent memory makers, with a 1.2% share of the global semiconductor memory market.

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Bilibili

2026-08-27 10:58:47

Bilibili posts 55% rise in Q2 net profit, daily active users reach 116.5 million

Bilibili Inc. reported its unaudited financial results for the second quarter ended June 30, 2026, showing gains in revenue, profitability, and user activity. Average daily active users reached 116.5 million, up 7% from a year earlier, while average daily time spent climbed to 113 minutes and total time spent rose 14%. Monthly active users stood at 371 million, according to Chairman and CEO Rui Chen. Total net revenues came in at RMB 7.94 billion, or about $1.17 billion, up 8% year over year. Advertising remained the fastest-growing major segment, rising 28% to RMB 3.13 billion. Value-added services revenue increased 5% to RMB 2.97 billion, while mobile games revenue fell 14% to RMB 1.39 billion. Revenue from IP derivatives and other businesses edged up 2% to RMB 449.8 million. Gross profit rose 10% to RMB 2.95 billion, with gross margin improving to 37.2% from 36.5% a year earlier. Operating profit increased 48% to RMB 372.9 million. Net profit reached RMB 339.1 million, up 55%, while adjusted net profit grew 25% to RMB 703.6 million. As of June 30, 2026, the company held RMB 24.30 billion in cash, cash equivalents, time deposits, and short-term investments.

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Ingenic

2026-08-25 02:09:10

Ingenic Joins the A+H Ranks After Hong Kong Listing, Backed by Memory, Compute and Analog Chip Lines

Ingenic rang the opening bell in Hong Kong on Aug. 25, debuting at HK$100 per H share and reaching an opening market capitalization of about HK$51.5 billion. The company had already been listed on Shenzhen’s ChiNext board since May 31, 2011, and the new listing places it among semiconductor companies with both A-share and H-share listings. The prospectus outlines a chip platform strategy built across three product lines: memory, compute and analog. That structure took shape after Ingenic completed its acquisition of Beijing Silicon and indirectly took control of Integrated Silicon Solution Inc. (ISSI) in 2020. Since then, the company has operated around three brands: ISSI for memory, Ingenic for compute and Lumissil for analog. Its recent numbers show a rebound. Revenue moved from RMB 45.31 billion in 2023 to RMB 42.13 billion in 2024, then back up to RMB 47.41 billion in 2025. First-quarter 2026 revenue reached RMB 15.60 billion, up 47.1% from a year earlier, while net profit rose to RMB 3.20 billion and gross margin climbed to 42.6%. Ingenic said it expects to raise HK$3.13 billion from the Hong Kong offering. Half of the proceeds are earmarked for R&D, while 25% is set aside for strategic investments and acquisitions.

1250

Baidu

2026-08-18 09:08:51

Baidu misses Q2 estimates, shares fall more than 5% premarket as Hong Kong listing conversion moves ahead

Baidu Group reported second-quarter results on Aug. 18 that came in below market expectations. Revenue for the quarter was 31.33 billion yuan, versus a consensus estimate of 31.59 billion yuan. The company also said core AI new business revenue reached 12.5 billion yuan in the second quarter. Adjusted earnings per ADS came in at 7.22 yuan, missing the expected 9.75 yuan. Alongside the earnings release, Baidu said it is advancing work related to its conversion to a dual primary listing in Hong Kong, with the change expected to take effect within the year. Market reaction was negative. According to pricing data from BIT (bit.com), Baidu shares were down more than 5% in U.S. premarket trading. The update combines weaker-than-expected quarterly figures with a capital markets move that Baidu said is still on track for completion this year.

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Moore Threads

2026-08-10 10:28:52

Moore Threads posts 1H 2026 revenue of 1.736 billion yuan and plans H-share listing in Hong Kong

Chinese GPU maker Moore Threads reported first-half 2026 revenue of 1.736 billion yuan, up 147.42% year over year, while net loss attributable to shareholders narrowed to 11.56 million yuan. The company said the improvement was driven by demand for AI computing power and faster commercialization of its Kua’e intelligent computing cluster. Second-quarter revenue reached about 999 million yuan, up 35.4% from the previous quarter, while R&D spending totaled 769 million yuan, equal to 44.3% of revenue. Inventory climbed to 3.55 billion yuan by the end of the period, up 166.5% from the end of last year, which the company said reflected proactive stocking to meet market demand. On the same day, Moore Threads said it is planning to issue H shares and seek a main board listing in Hong Kong. The proposal still requires shareholder approval and regulatory clearance, and remains uncertain.

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