Recently, the China Securities Regulatory Commission (CSRC) has collectively confirmed the overseas listing applications of five domestic enterprises, all of which are planning to list in Hong Kong. The five companies are: Cogobee, SGMicro, Dajin Heavy Industries, Mecotest and Huahong Biology. The list is not long, but the covered industries are quite interesting – artificial intelligence, semiconductors, offshore wind power, innovative biopharmaceuticals and synthetic biology, almost all hitting the hottest industrial hotspots of the moment.
1. Cogobee
It plans to issue no more than 60,668,600 overseas listed common shares and list on the Hong Kong Stock Exchange.
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Currently, there is no prospectus information for this company on the HKEX official website, so it should be a confidential listing applicant.
Cogobee focuses on artificial intelligence for data intelligence and decision intelligence, focusing on multimodal data analysis, semantic understanding and AI-aided decision-making, providing intelligent solutions for government and enterprise clients.

       
SGMicro: A top A-share firm’s secondary listing
01

Let’s start with SGMicro. This veteran player on the Shenzhen Stock Exchange is now going to ring the bell on the Hong Kong Main Board, focusing on high-performance analog integrated circuits, covering two core product lines: signal chain and power management. Its revenue has jumped from 2.6 billion two years ago to nearly 4 billion, and its net profit has also been steadily rising, belonging to the category with solid finances and clear structure. The Hong Kong stock market has always treated such "top A-share firms" favorably.

       
Dajin Heavy Industries: A leading wind power player with scarce growth potential
02

Dajin Heavy Industries’ story is more intriguing. As a leading global supplier of offshore wind power foundation equipment, it not only manufactures products but also takes charge of transportation, delivery and new energy operations, making it a true "one-stop solution" provider. Its revenue surged by more than 60% in the past year, and its net profit more than doubled. Such growth potential is quite scarce in the current Hong Kong stock market.

       
Mecotest: A differentiated innovative drug company using the HKEX 18A channel
03

Mecotest is still in the loss-making period, but its R&D path of dual-target peptide new drugs focusing on kidney and cardiovascular and cerebrovascular diseases is differentiated. Having no revenue but having a pipeline, for early-stage biopharmaceutical enterprises, the HKEX 18A rules provide them with a listing channel.

       
Huahong Biology: A representative of synthetic biology seeking valuation and financing upgrades
04

Huahong Biology is one of the representatives of the synthetic biology track. After listing on the A-share market for many years, it chose to go public in Hong Kong, driven by the logic of seeking higher valuation recognition and international financing channels.

       
Industry Signals Conveyed by the Filings
05

Overall, the approval of these enterprises’ filings conveys a relatively positive signal: the regulators have not relaxed the review rhythm for enterprises with solid fundamentals and clear industry positioning, nor have they set up artificial barriers. The Hong Kong stock market track is continuing to expand, and the next batch of worthy enterprises is already on the way.

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