Daily Brief China: Ingdan, Haier Smart Home , Busy Ming Group, Suzhou Novosense Microelectron, JD Industrial Technology , Artificial Intelligent Interconnection Technology, Vanke Property Overseas, InxMed and more

• Technology platform play Ingdan (400 HK) is moving ahead, again, with the spin-off and listing of 72.42%-held Shenzhen Comtech in the PRC. 
• The listing – should it go ahead, as the previous attempt was abandoned – is expected to involve the issuance of new shares. Ingdan will maintain a stake in Comtech. 
• Comtech accounted for 95% of Ingdan’s revs in the 1H25. Expect the market to heavily discount Ingdan’s stub ops, and Ingdan’s NAV post spin-off. 

• Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.
• Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness
• Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.

• Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
• In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
• Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.  

• Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
• According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
• JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
• We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.

• Artificial Intelligent Interconnection Technology (AII HK)  (AIIT) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CITIC and CCB International.
• Artificial Intelligent Interconnection Technology (AIIT) is a provider of AI technology, products, and spatial intelligence solutions in China, with a particular strength in high-precision AI-based urban traffic management.
• Its solutions combine hardware, software, and scenario-derived datasets to deliver full-stack AI systems that improve traffic efficiency, safety, and the management of public spaces.

• Vanke Property Overseas serves as the international asset management and property development arm for its parent, China Vanke, focusing on prime global cities but facing significant headwinds from the broader Chinese real estate crisis.
• The company’s financial performance shows a concerning trend, with a sharp decline into a net loss in the latest reported year despite revenue growth, alongside collapsing margins and a reduced dividend, reflecting severe market pressures.
• Valuation appears distressed, with a very low price-to-book ratio; however, high uncertainty in the Chinese and Hong Kong property markets, coupled with negative profitability and growth trends, suggests significant risks for investors.

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• FAK inhibitors’ R&D is not smooth.The breakthrough in FAK clinical protocol lies in the possibility of finding new application scenarios, such as the potential for combination with various anticancer drugs.
• If ifebemtinib can be successfully approved for 2-3 core indications (e.g. PROC, NSCLC) and enter medical insurance smoothly, its sales peak in the China market may reach RMB2-3 billion.
• Post-Money valuation after Series C Financing was USD306 million. The issuance valuation of InxMed may be given a certain premium on top of Series C valuation, such as US$350-500 million.