HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Hipine Precision Technology / Equity Capital Markets

<ul>
<li>Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.</li>
<li>The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.</li>
<li>Due to the concerns on the future growth potential and profitability, we'e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.</li>
</ul>


Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
Due to the concerns on the future growth potential and profitability, we'e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.


Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.</li>
<li>Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.</li>
<li><a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> , <a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> and <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> were the largest IPOs of the year while <a href="https://www.smartkarma.com/entities/pegbio-co-ltd" target="_blank" data-smartkarma-citation="entities:40924:1" rel="noopener">PegBio (2565 HK)</a> has had the best return.</li>
</ul>


Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.
Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.
Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.


China

Shenzhen Hipine Precision Technology (HPT HK)

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Shenzhen Hipine Precision Technology (HPT HK)

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...

Xinyao (Criss) Wang

Hong Kong: IPO SPOTLIGHT - OVERVIEW 2025

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

​High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...

Xinyao (Criss) Wang

Hong Kong: IPO SPOTLIGHT - OVERVIEW 2025

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this...

David Mudd

High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...