IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
Butong Group 06090.HK	Children's and Infant Products	62.01-71.2	100	7,191.80	2025/09/18	2025/09/22	2025/09/23
Chery Automobile 09973.HK	Automobile Manufacturers	27.75-30.75	100	3,106.00	2025/09/22	2025/09/24	2025/09/25
Zijin Gold Intl 02259.HK	Gold & Precious Metals	71.59	100	7,231.19	2025/09/24	2025/09/26	2025/09/29
Hipine Precision 02583.HK	Watch & Jewellery	27-29.6	100	2,989.85	2025/09/24	2025/09/26	2025/09/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

Butong Group
06090.HK

Children's and Infant Products

62.01-71.2

100

7,191.80

2025/09/18

2025/09/22

2025/09/23

Chery Automobile
09973.HK

Automobile Manufacturers

27.75-30.75

100

3,106.00

2025/09/22

2025/09/24

2025/09/25

Zijin Gold Intl
02259.HK

Gold & Precious Metals

71.59

100

7,231.19

2025/09/24

2025/09/26

2025/09/29

Hipine Precision
02583.HK

Watch & Jewellery

27-29.6

100

2,989.85

2025/09/24

2025/09/26

2025/09/29

Summary

We are a designer, manufacturer and brand-owner of gold-case watches and gold-bezel watches in China. During the Track Record Period, our revenue was primarily derived from the sales of gold-case watches and gold-bezel watches designed and manufactured under our flagship proprietary brand “HIPINE” (西普尼). We assemble watch movements that are sourced from external suppliers into our watches. We also derived revenue by serving as an ODM manufacturer for third-party domestic jewellery brands and wholesalers, including developing and manufacturing watches and accessories under their labels and providing subcontract processing services to them. During the Track Record Period, our ODM customers included various renowned domestic jewellery brands, such as Lao Feng Xiang, Sino Gem and Chow Tai Seng, with whom we have formed long-term and stable supply relationships. Since 2023, we have also cooperated with the largest retailer and supermarket chain, Customer A, for the promotion and sales of products supplied by us in China, mainly including precious metal accessories and products, such as gold bullions, wearable accessories and decorative ornaments customised to Customer A’s specifications. According to CIC, based on QB/T 4160-2023, a standard issued by the Ministry of Industry and Information Technology of the PRC: (a) precious metal watches are watches with their watch case body entirely made of precious metal and its alloys. During the Track Record Period, the precious metal watches we manufactured and sold primarily consisted of precious metal watches with the watch case body entirely made of either (i) precious metal, i.e. 24K gold; or (ii) precious metal and its alloys, i.e. 18K gold. For ease of reference, they are referred to as gold-case watches, 24K gold-case watches and 18K gold-case watches, respectively, in this document; (b) partial precious metal watches are watches with part of their watch case body or other component(s) of their casing made of precious metal and its alloys. During the Track Record Period, we also manufactured and sold partial precious metal watches with the bezel (which is a part of the casing) made of either (i) precious metal, i.e. 24K gold; or (ii) precious metal and its alloys, i.e. 18K gold. For ease of reference, they are referred to as gold-bezel watches, 24K gold-bezel watches and 18K gold-bezel watches, respectively, in this document; and (c) there is no minimum weight requirement of the precious metal and/or its alloys contained in the specified part of the watch in order for a watch to be categorised as a a precious metal watch (and in our case, a gold-case watch) or a partial precious metal watch (and in our case, a gold-bezel watch). While we do not manufacture the movements used in our watch production and source movements from reputable suppliers, our key technological achievement is a proprietary upramolecular gold hardening technique that addresses the inherent softness of 24K gold. Leveraging this technology, we launched China’s first precious metal watch-24K gold which is capable of being produced in large quantities in 2014, which we believe is a significant technical achievement in the watch manufacturing industry. Building on this technical achievement, we developed a collection of smart watches with 24K gold part(s), integrated with Huawei’s smart movement technology in 2023. Our product portfolio is centred around our flagship proprietary watch brand, HIPINE, which has been recognised as a “Shenzhen Top Brand” (深圳知名品牌) by the Shenzhen Top Brand Evaluation Committee (深圳知名品牌評價委員會) since 2022, and the 3rd Shenzhen Top Hundred Brands (第三屆深圳品牌百強企業) by the Shenzhen Quality Promotion Association (深圳市質量強市促進會) in 2024. Our self-branded products are principally sold through our distribution network, supplemented by sales through, among others, our self-operated online stores, third-party online store operators and retail stores. Our distributorship business model leverages a principal-to-principal distribution strategy, utilising an extensive network of over 3,000 offline Retail Outlet locations nationwide as at 31 May 2025. This approach enables efficient market penetration, rapid response to consumer preferences, and comprehensive brand visibility across diverse consumer segments. In FY2024, we also began our overseas expansion by partnering with our Malaysian Partner, an experienced distributor and retailer in Malaysia, for the distribution and retail of our HIPINE watch products throughout the country. Building on this overseas expansion momentum, we will seek to expand our footprint in the Middle East over the next few years. Our revenue increased from RMB323.70 million in FY2022 to RMB445.48 million in FY2023, and further increased to RMB456.56 million in FY2024; and our revenue increased from RMB189.69 million in 5M2024 to RMB231.03 million in 5M2025. We recorded net profit of RMB24.54 million, RMB52.10 million, RMB49.35 million, RMB42.80 million in FY2022, FY2023, FY2024 and 5M2025, respectively. According to CIC, the Chinese precious metal watch market is projected to expand from RMB26.46 billion in 2024 to RMB34.08 billion by 2029, representing a CAGR of 5.19%. In 2024, China’s precious metal watch-gold market achieved a GMV of RMB24.74 billion, accounting for 93.48% of the total GMV of China’s precious metal watch market. By 2029, the market size in terms of GMV of China’s precious metal watch-gold market is expected to reach RMB32.11 billion (representing a CAGR of 5.36% from 2024 to 2029). Source: Hipine Precision (02583) Prospectus (IPO Date : 2025/09/19)
Listing Market	MAIN
Industry	Watch & Jewellery
Background	H Shares
Major Business Area	China

Corporate Information

No related information.

Real-time Futures	IPO Plus	Company Announcement
Top 20	Highs/ Lows	Company Dividend
Local Indices	DTDC RMB Traded Stocks	Result Announ. Schedule
World Indices	BioTech Stocks	Research Report
China Indices	Second Listing Stocks	Result Announ. News
Index Constituents	Short Selling	Corp. Event Search
H Shares (All)	ADR	Economic Calendar
Red Chips (All)	A+H+ADR	Economic Database
GEM (All)	A+H	Economic Data Chart
Industries	Shareholding Disclosures	World Interest Rates