School of Business and Management Department of Finance 181 Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: HUANG Hongxuan / ECOF Course: UROP 1100, Fall In the UROP project “Hong Kong IPO Market” with Professor Zhang Chu, I completed two major tasks: (1) collect data of new Hong Kong IPO in quarter 1 of 2023 (2023Q1 HKIPO) by searching from secondary sources like prospectus and HKEX website, and (2) conduct a case study on one of the new IPO (Edianyun Limited) chosen from the pile of 2023 Q1 HKIPO by conducting technical and fundamental analysis. For data collection, by looking at 12 prospectuses, searching online, and referring to the recommended book, Initial Public Offerings: A Synthesis of the Literature and Directions for Future Research, I recorded basic IPO information, share information, price information, 3-years balanced sheet information, 3-year income statement information, underwriter information, commission rate, etc. on a table for each of 12 new HK IPO companies (Please refer to Appendix A for the full excel table). For the case study, by analyzing the fundamental information, market, and stock metrics, I conclude that Edianyun Limited have strong potential of growth in net profit in the future and that its stock price is undervalued. The case study “Edianyun Limited: Leveraging on the Sharing Economy of SMEs” will be presented in the following report. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: WANG Wanping / RMBI Course: UROP 1100, Spring Rept Battero Energy Co., Ltd. (0666.HK) is a Chinese technology company in the lithium-ion battery field. Its revenue has experienced rapid growth from less than 1 billion yuan in 2020 to over 14.6 billion yuan in 2022. This growth is largely attributed to the booming new energy vehicle market and the company's strong productivity and research advancements. Besides, Rept Battero Energy’s post-IPO performance was disappointing because its prices continuously declined and persistent losses causing concern. Hong Kong IPO Market Supervisor: ZHANG Chu / FINA Student: WONG Yeung Yi / QFIN Course: UROP 1100, Fall The Hong Kong IPO market is sluggish in H1 2023 due to lack of investor sentiment and interest towards the Hong Kong stock market, geopolitical tensions, and macroeconomic uncertainties. The research started by gathering H1 2023 IPO data from HKEX. Fenbi, the first IPO of year 2023, was chosen to be the case study analysis. This IPO Case Analysis hopes to deliver a few points: • Explore the reasons for Fenbi reaching the highest subscription ratio in H1 2023 • Propose multiple reasons on why Fenbi would pursue an IPO with a small deal size • Understand the role of PE/VC investors in an IPO, their insider trading impacts, and their impacts towards Hong Kong IPO landscape in 2023
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