The IPO market was hot in May

The total number of listings in May rose significantly in comparison to the two initial public offerings (IPOs) in April. This month, ten new stocks were listed on HKEX, and the overall IPO market was performing well. As of May 31st, BRETON (1333.HK) and HENGRUI PHARMA (1276.HK) saw a 71% and 32% increase in share price, respectively, since listing. Whereas PEGBIO CO-B (2565.HK) and SHOUHUI GROUP (2621.HK) saw a 35% and 18% decrease in share price since listing, respectively.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.

May Monthly Review

In May, the Solactive Hong Kong IPO Index included MIXUE GROUP (2097.HK) through the fast-track mechanism and removed LAOPU GOLD (6181.HK), VISEN PHARMA-B (2561.HK), and AIM VACCINE (6660.HK). The current number of constituent stocks has decreased from 51 to 49.

MIXUE GROUP (2097.HK) is a leading freshly-made drinks company and is committed to providing value-for-money products to consumers, including freshly-made fruit drinks, tea drinks, ice cream and coffee, typically priced around approximately 6 RMB per item. Through a franchise model, the company has cultivated a network of over 45,000 stores spanning China and 11 overseas countries as of September 30th, 2024. The company is the largest freshly-made drinks company both in China and worldwide in terms of the number of stores, according to data.

As of December 31st, 2023, the company’s revenue in 2023 was 20,302 million yuan (RMB, the same below), a year-on-year increase of 49.6%. Gross profit was 5,999 million, an increase of 55.9% YoY; the gross profit margin rose from 28.3% in 2022 to 29.5% in 2023. The profit for the year attributable to the company’s equity holders was 3,137 million, an increase of 57.1% YoY. Factors such as the increase in consumer demand for freshly made beverages, the expansion of the store network, the ability to manage the store network, scaling and efficient supply chain capabilities have directly driven the company’s sustainable growth in revenue and profits.

Top 10 Holdings

This month, the Solactive Hong Kong Newly Listed Equities Index’s top ten holdings changed. LAOPU GOLD (6181.HK) was removed from the index, while HEALTHYWAY INC (2587.HK) became the new top ten holdings of the month. The following industries are currently the focus of the index: consumer discretionary (including MIDEA, NIO, and LEAPMOTOR), information technology (including HORIZON ROBOT, KINGSOFT CLOUD, and ROBOSENSE), and consumer staples (including GIANT BIOGENE, WL DELICIOUS, and MAO GEPING). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:

Key Components Update

• BEKE-W (2423.HK): According to data, BEKE’s total transaction volume in the first quarter of 2025 was 843.7 billion yuan (RMB, the same below), an increase of 34.0% year-on-year. Net revenues were 23.3 billion, an increase of 42.4% year-on-year. Gross profit increased by 17.0% from 4.1 billion in the same period of 2024 to 4.8 billion in Q1 2025; gross profit margin decreased from 25.2% in the same period of 2024 to 20.7% in Q1 2025. Net income was 855 million, an increase of 97.9% year-on-year.
• HORIZON ROBOT-W (9660.HK): According to data, the delivery volume of Horizon Robot’s product solutions reached 2.9 million pieces in 2024, and the cumulative delivery volume reached 7.7 million pieces. The company ranked first in the market share of ADAS all-in-one machines in 2024, and the “smart driving equality” in 2025 is expected to drive the cumulative shipments of hardware to exceed 10 million. In 2024, the company ranked first in the market share of front-view integrated computer solutions for independent brand passenger cars in the Chinese market; it ranked second among independent suppliers of high-end autonomous driving solutions for Chinese partners.
• MIDEA GROUP (300.HK): On May 16th, Hang Seng Indexes Co., Ltd. (“Hang Seng Indexes”) announced the results of the quarterly review of the Hang Seng Index series as of March 31st, 2025. Midea Group will be included in the Hang Seng Index constituent stocks. The change will be implemented after the close of trading on June 6th, 2025 (Friday) and will take effect on June 9th, 2025 (Monday).
• NIO-SW (9866.HK): According to the May delivery data released by Nio, the company delivered 23,231 new vehicles this month, with a 13.1% year-over-year increase. The deliveries consisted of 13,270 vehicles from the company’s premium smart electric vehicle brand NIO, 6,281 vehicles from the company’s family-oriented smart electric vehicle brand ONVO, and 3,680 vehicles from the company’s small smart high-end electric car brand FIREFLY. As of the end of May 2025, Nio delivered a total of 89,225 vehicles this year, with a 34.7% year-over-year increase, and a total of 760,789 vehicles to date.
• TME-SW (1698.HK): According to data, TME’s total revenue in the first quarter of 2025 was 7.36 billion yuan (RMB, the same below), an increase of 8.7% year-on-year, mainly due to the strong year-on-year growth in the company’s online music service revenue, which was partially offset by the decline in social entertainment services and other service revenues. Gross profit increased by 14.3% to 3.2 billion from 2.8 billion in the same period of 2024; gross profit margin increased from 40.9% in the same period of 2024 to 44.1%.

Top constituent movers in May:

Bottom constituent movers in May:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for May

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 0.41% monthly decrease in May, underperforming the Hang Seng Index’s (HSI) 5.29% monthly increase and the Hang Seng Tech Index’s (HSTI) 1.63% monthly increase. As of May 31st, this ETF had grown 12.77% since its listing, underperforming the HSI’s rise of 29.44% and the HSTI’s rise of 38.15%.

The IPO market did not perform well in April

The total number of listings in April dropped significantly in comparison to the six initial public offerings (IPOs) in March. This month, only two new stocks were listed on HKEX, but the overall IPO market was performing well. As of April 30th, DUALITYBIO-B (9606.HK) and ZENERGY (3677.HK) saw a 119% and 1% increase in share price, respectively, since listing.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.

April Monthly Review

In April, the Solactive Hong Kong IPO Index included CHIFENG GOLD (6693.HK) and VISEN PHARMA-B (2561.HK) through the fast-track mechanism and removed WELLCELL HOLD (2477.HK). The current number of constituent stocks has increased from 50 to 51.

CHIFENG GOLD (6693.HK) is principally engaged in the mining, processing, and sale of gold. The company owned and operated seven gold and polymetallic mines across the world, including China, Southeast Asia, and West Africa. According to the report, the company experienced the fastest growth among major gold producers in China from 2021 to 2023, with a CAGR of 33.1% in gold production over that period. Also, the company had the greatest overseas presence in terms of both overseas assets and revenue contribution among gold producers in China as of the end of the year 2023.

As of December 31st, 2023, the company’s revenue in 2023 was 7,221.0 million yuan (RMB, the same below), a year-on-year increase of 15.2%. Gross loss was 2,352.9 million, an increase of 31.1% YoY; the gross loss margin rose from 28.6% in 2022 to 32.6% in 2023. The profit for the year attributable to the company’s equity holders was 804.5 million, an increase of 78.4% YoY. The increase in the company’s revenue is directly related to the increase in the gold and non-ferrous metal prices and demand in end markets, the increase in production through the acquisition of new mining areas, the decrease in sales costs and increase in recovery rates, and the exchange rate fluctuations.

Top 10 Holdings

This month, the Solactive Hong Kong Newly Listed Equities Index’s top ten holdings changed. DOBOT (2432.HK) fell out of the top ten holdings due to market movement, while WL DELICIOUS (9985.HK) became the new top ten holdings of the month. The following industries are currently the focus of the index: consumer discretionary (including NIO, MIDEA, and LEAPMOTOR), information technology (including HORIZON ROBOT, KINGSOFT CLOUD, and ROBOSENSE), and consumer staples (including WL DELICIOUS, GIANT BIOGENE, and MAO GEPING). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:

Key Components Update

• BEKE-W (2423.HK): According to the 2024 annual report announced by BEKE, the company’s number of stores is 51,573, an increase of 17.7% from 2023. And the number of active stores is 49,693, an increase of 18.3% from 2023. The company has 499,937 brokers, a year-on-year increase of 16.9%. And the number of active brokers is 445,271, a year-on-year increase of 12.1%. In the fourth quarter of 2024, the number of mobile monthly active users averaged 43.2 million, compared with 43.2 million in the same period of 2023.
• HORIZON ROBOT-W (9660.HK): According to the 2024 audited annual report released by Horizon Robot, the company’s product solution delivery volume reached 2.9 million units in 2024, with more than 100 new models added throughout the year, and the total number of models added exceeded 310. At the same time, HSD high-level autonomous driving solutions have obtained integration intentions from multiple leading OEMs. The company expects that the cumulative shipments of the Journey series chips will exceed 10 million pieces in 2025, marking that it is expected to become the first domestic autonomous driving chip company to enter the 10 million level.
• NIO-SW (9866.HK): According to the April delivery data released by Nio, the company delivered 23,900 new vehicles this month, with a 53.0% year-over-year increase. The deliveries consisted of 19,269 vehicles from the company’s premium smart electric vehicle brand NIO, 4,400 vehicles from the company’s family-oriented smart electric vehicle brand ONVO, and initial deliveries of the company’s small smart high-end electric car brand FIREFLY, which started in late April 2025. As of the end of April 2025, Nio delivered a total of 65,994 vehicles this year, with a 44.5% year-over-year increase, and a total of 737,558 vehicles to date.
• WL DELICIOUS (9985.HK): According to the 2024 annual report released by WL Delicious, the group’s overall revenue for the year was 6,266.3 million (RMB, the same below), an increase of 28.6% YoY. Gross profit was 3,016.1 million, an increase of 29.9% YoY. The gross profit margin was 48.1%, an increase of 0.4% over the previous year’s 47.7%. Net profit was 1,068.1 million, up 21.3% from the previous year.
• MIDEA GROUP (300.HK): According to the financial report released by Midea Group as of March 31st, 2025, the revenue in 2025 Q1 was 127.838 billion (RMB, the same below), an increase of 20.49% YoY. Compared with the 9% YoY growth in the overall revenue in 2024 Q4, the quarter-on-quarter growth rate was also significantly accelerated. The net profit in 2025Q1 was 12.422 billion, an increase of 38% YoY; the net profit after deducting non-recurring items in 2025Q1 also increased 38% YoY to 12.75 billion.

Top constituent movers in April:

Bottom constituent movers in April:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for April

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 0.95% monthly increase in April, outperforming the Hang Seng Index’s (HSI) 4.33% monthly decrease and the Hang Seng Tech Index’s (HSTI) 5.70% monthly decrease. As of April 30th, this ETF had grown 13.23% since its listing, underperforming the HSI’s rise of 22.94% and the HSTI’s rise of 35.93%.

The IPO market performed not well in March

The total number of listings in March increased significantly in comparison to the two initial public offerings (IPOs) in February. This month, six new stocks were listed on HKEX, and the overall IPO market was performing well. As of March 31st, MIXUE GROUP (2097.HK) and CHIFENG GOLD (6693.HK) saw a 108% and 20% increase in share price, respectively. Whereas VISEN PHARMA-B (2561.HK) and NANSHAN AL INTL (2610.HK) saw a 23% and 5% decrease in share price since listing, respectively.

Phillip Hong Kong Newly Listed Equities Index ETF (2835.HK)

The ETF aims to fully replicate the Solactive Hong Kong Newly Listed Equities Index, a rules-based equity benchmark designed to track the performance of securities that had a recent initial public offering or new listing on the main board of HKEX. The index is rebalanced quarterly, incorporating securities with IPOs or new listings within the last 756 business days, aiming for a total of 50 securities based on free-float market capitalization. The index also undergoes monthly IPO reviews to include recent IPOs, subject to liquidity and market capitalisation criteria.

March Monthly Review

A total of 15 stocks were included in the Solactive HK Newly Listed Equities Index in March through the quarterly rebalancing mechanism, including TME-SW (1698.HK), HEALTHYWAY INC (2587.HK), BLACK SESAME (2533.HK), UBTECH ROBOTICS (9880.HK), GUMING (1364.HK), WL DELICIOUS (9985.HK), SYNAGISTICS (2562.HK), CALB (3931.HK), WELLCELL HOLD (2477.HK), JF SMARTINVEST (9636.HK), MINIEYE (2431.HK), LEPU BIO-B (2157.HK), MICROPORT NEURO (2172.HK), YSB (9885.HK), and HUITONGDA NET (9878.HK). In addition, 17 existing constituents were removed, including SENSETIME-W (20.HK), NETEASE MUSIC (9899.HK), CONANT OPTICAL (2276.HK), GUSHENGTANG (2273.HK), ONEWO (2602.HK), CHERVON (2285.HK), ASYMCHEM (6821.HK), JLMAG (6680.HK), GUOQUAN (2517.HK), SHIYUE DAOTIAN (9676.HK), AINNOVATION (2121.HK), IMMUNEONCO-B (1541.HK), UBOX ONLINE (2429.HK), PAGODA GP (2411.HK), STARPLUS LEGEND (6683.HK), CONCORD HC GP (2453.HK), and EASOU TECH (2550.HK). The current number of constituent stocks has decreased from 52 to 50.

GUMING (1364.HK) is a leading and fast-growing freshly made beverage company in China, dedicated to serving fresh, tasty, and value-for-money beverages of consistently high quality. GUMING is China’s largest mid-priced, freshly made tea store brand and the second largest freshly made tea store brand across all price ranges, in terms of both GMV in 2023 and store count as of December 31st, 2023. The company generates revenue mainly from the sales of goods and equipment and the provision of services to its franchisees.

As of December 31st, 2023, the company’s revenue in 2023 was 7,675.7 million yuan (RMB, the same below), a year-on-year increase of 38.1%. Gross loss was 2,403.3 million, a year-on-year increase of 53.8%; the gross loss margin in 2023 rose from 28.1% as in 2022 to 31.3% in 2023. The profit for the year attributable to the company’s equity holders was 1,059.8 million, a year-on-year increase of 173.9%. The significant increase in the company’s revenue is mainly attributed to the company maintaining and enhancing product appeal, expanding its store network, improving franchise store performance, effectively managing costs, and controlling operating expenses.

Top 10 Holdings

This month, the Solactive Hong Kong Newly Listed Equities Index’s top ten holdings changed. SENSETIME-W (20.HK), MINISO (9896.HK), and KINGSOFT CLOUD (3896.HK), the original top ten holdings in February, were removed from the index since they were listed over 3 years, while TME-SW (1698.HK), DOBOT (2432.HK), and LAOPU GOLD (6181.HK) became the new top ten holdings of the month. The following industries are currently the focus of the index: consumer discretionary (including NIO, MIDEA, and LEAPMOTOR), information technology (including HORIZON ROBOT, KINGSOFT CLOUD, and ROBOSENSE), and industrials (including J&T EXPRESS-W, DOBOT, and UBTECH ROBOTICS). The following figures show the top 10 holdings and sector breakdown of the Phillip HK Newly Listed Equities Index:

Key Components Update

• BEKE-W (2423.HK): According to the unaudited financial results announced by BEKE for the year ended December 31st, 2024, the company’s total transaction volume for the year 2024 was 3,349.4 billion yuan (RMB, the same below), a year-on-year increase of 6.6%. Gross profit increased by 5.6% year-on-year to 22.9 billion yuan; gross profit margin decreased from 27.9% in 2023 to 24.6% in 2024; net profit in 2024 was 4,078 million yuan, a year-on-year decrease of 30.8%.
• HORIZON ROBOT-W (9660.HK): According to the audited financial results announced by Horizon Robot for the year ended December 31st, 2024, the company’s revenue in 2024 was 2,383.6 million yuan (RMB, the same below), a year-on-year increase of 53.6%. The gross profit was 1,841.4 million yuan, a year-on-year increase of 68.3%; the gross profit margin increased from 70.5% in 2023 to 77.3% in 2024; and the profit attributable to the company’s equity holders for the year was 2,074.6 million yuan, turning loss into profit.
• NIO-SW (9866.HK): According to the March delivery data released by Nio, the company delivered 15,039 new vehicles this month, with a 26.7% year-over-year increase. The deliveries consisted of 10,219 vehicles from the company’s premium smart electric vehicle brand NIO and 4,820 vehicles from the company’s family-oriented smart electric vehicle brand ONVO. Nio delivered a total of 42,094 vehicles in the first quarter of the year 2025, with a 40.1% year-over-year increase. As of the end of March 2025, the company had delivered a total of 713,658 vehicles to date.
• MIDEA GROUP (300.HK): According to Midea’s announcement of its financial results for the year ending December 31st, 2024, the company’s revenue in 2024 was 409.1 billion yuan (RMB, the same below), a year-on-year increase of 9.5%. The gross profit was 107.1 billion yuan, a year-on-year increase of 12.2%, and the company’s gross profit margin in 2024 was 26.2%, a year-on-year increase of 0.7%. The company’s equity holders’ attributable profit for the year was 2,167.5 million yuan, a year-on-year increase of 33.1%.
• GIANT BIOGENE (2167.HK): According to the audited financial results announced by GIANT BIOGENE for the year ended December 31st, 2024, the company’s sales revenue in 2024 was 5,538.8 million yuan (RMB, the same below), a year-on-year increase of 57.2%. Gross profit was 4,546.9 million yuan, a year-on-year increase of 54.3%; gross profit margin decreased from 83.6% in 2023 to 82.1% in 2024, mainly due to the increase in sales costs and the expansion of product categories. The company’s profit attributed to equity holders for the year was 2,062.3 million yuan, a year-on-year increase of 42.1%.

Top constituent movers in March:

Bottom constituent movers in March:

The Phillip HK Newly Listed Index ETF (2835.HK) monthly performance for March

The Phillip HK Newly Listed Index ETF (2835.HK) recorded a 0.92% monthly increase in March, outperforming the Hang Seng Index’s (HSI) 0.78% monthly increase and the Hang Seng Tech Index’s (HSTI) 3.11% monthly decrease. As of March 31st, this ETF had grown 12.16% since its listing, underperforming the HSI’s rise of 28.50% and the HSTI’s rise of 44.14%.