Nanshan Aluminum International (Ticker: 2610 HK), a leading high-quality alumina manufacturer in Southeast Asia, plans to list on the Hong Kong Stock Exchange on March 25, 2025. The IPO offering is for a price range between HKD 26.6-31.5 per share, with a lot size of 100 shares. The company is among the top three major alumina production enterprises in Southeast Asia. The deal aims to raise approximately HKD 2.58 Billion (USD 329.90 million). Key underwriters include Huatai Financial Holdings (Hong Kong) Limited. The indicated market capitalization is approximately USD 2 billion.

Visen Pharma (Ticker: 2561 HK), a late-stage biopharmaceutical company focused on endocrinology treatments in China (including Hong Kong, Macau, and Taiwan), and plans to list on the Hong Kong Stock Exchange on March 21, 2025. The IPO offering is for 9.9 million shares at an offer price range of HKD 68.44 - 75.28, with aims to raise approximately between HKD 677.56 - 745.27 million (around USD 92 million). The company has one core product, lonapegsomatropin (a once-weekly growth hormone for pediatric growth hormone deficiency, or PGHD) and two other pipeline drugs, TransCon CNP (for achondroplasia) and palopegteriparatide (for hypoparathyroidism). The IPO Proceeds will be used to develop their pipeline of drugs. Key underwriters include Jefferies Hong Kong Limited and Morgan Stanley Asia Limited. The indicated market cap range is approximately USD 1 billion.

Chifeng Jilong Gold Mining Co Ltd (Ticker: 6693 HK), a Chinese gold mining company, plans to list on the Hong Kong Stock Exchange on March 10, 2025. The IPO offering is for 205.65 million shares at a price range of HKD 13.72 - 15.83, aiming to raise HKD 3.26 billion (USD 418.72 million). The company operates seven gold and polymetallic mines in China, Laos, and Ghana. A greenshoe option of 15% (30.85M shares) exists. The company highlights its rapid growth, ranking fifth among Chinese gold producers in terms of both resources and 2023 production, and low all-in sustaining costs (AISC). Key underwriters include ABCI, BOCI, CCB International, CICC, and CLSA. The market cap is estimated to be around USD 3.5 billion.

Mixue Group (Ticker: 2097 HK) is a Chinese fruit and tea drinks, coffee, and ice cream chain, considered the world's largest fast-food chain by store count, with 45,000 stores in mainland China and 11 other countries, primarily through a franchise network.

Mixue Group is seeking to raise HK$3.45 billion (USD $443 million) in a Hong Kong IPO, with trading expected to start on March 3, 2025. The firm initially targeting to raise up to $1 billion, but scaled back the IPO size. Five cornerstone investors have committed to purchasing $200 million worth of stock. The firm is selling 17.06 million shares at the price of HK$202.5 each (USD $26.02). The expected Market Capitalization at offer is $9.8 billion. The offering is managed by CMB International Capital Ltd, China International Capital Corp HK Securities, GF Securities Hong Kong Brokerage Ltd, Goldman Sachs (Asia), Huatai Financial Holdings Hong Kong Ltd, and ICBC International.

Guming (Ticker: 1364 HK) is a beverage company in China, specializing in bubble tea. The company operates under the brand "Good me", which is China's largest mid-priced freshly-made tea store brand and the second largest across all price ranges in terms of both Gross Merchandise Value and store count as of December 31, 2023. The company primarily operates under a franchise model and focuses on the mid-priced segment of China's freshly-made tea store market, offering fruit tea, milk tea, and coffee beverages.

Guming will list on February 12, 2025, on the HKEX. The firm is selling 158.6 million shares at the price range of HK$8.68-HK$9.94. The expected Market Capitalization at offer is $2.8 billion. The total offer size is $189.63 million. The offering is managed by Goldman Sachs (Asia) L.L.C. and UBS Securities Hong Kong Limited. The IPO has attracted five cornerstone investors that have invested a total of US$71 million, including a wholly-owned subsidiary of Tencent Holdings. Guming plans to use the IPO proceeds to strengthen its information technology team, digitalize its business management and store operations, enhance supply chain capabilities, branding and consumer engagement efforts, and for other general corporate purposes.

New Gonow Recreational Vehicles Inc. (Ticker: 805 HK) is a China-based manufacturer specializing in towable recreational vehicles (RVs). Headquartered in Tongxiang, Zhejiang Province, the company operates a 47,567-square-meter facility equipped with advanced manufacturing technology. New Gonow's product portfolio includes three brands: Snowy River (mid-range), Regent (luxury), and NEWGEN (semi-off-road). By 2023, the company had launched 39 RV models, including electric RVs with intelligent and autonomous driving systems.

The company will list on the Main Board of the Hong Kong Stock Exchange on January 13, 2025. The IPO involves a global offering of 240 million shares, with an expected price range of HKD 1.24 to 1.44 per share, aiming to raise up to HKD 345.6 million (USD 44.49 million). The offering is managed by BOCI Asia Ltd, CLSA Ltd, CMB International Capital Corp Ltd, First Shanghai Securities Ltd, Fosun International Securities Ltd, and Huatai International.

Yibin City Commercial Bank Co., Ltd. (Ticker: 2596 HK) is a city commercial bank headquartered in Yibin, Sichuan Province, China. Established in 2006, the bank provides a broad range of financial services, including deposits, loans, domestic settlements, bill discounting, government bond underwriting, insurance agency, and wealth management for both individuals and enterprises. As of December 31, 2023, it was the largest bank in Yibin by total assets and the second-largest city commercial bank in Sichuan by registered capital.

The bank will list on the Main Board of the Hong Kong Stock Exchange on January 13, 2025. The IPO involves a global offering of 688.4 million shares, with an expected price range of HKD 2.59 to 2.72 per share, aiming to raise up to HKD 1.87 billion (USD 241.17 million). A 15% greenshoe option of 103.26 million shares is included. The offering is managed by BOCI Asia Ltd, CCB International Capital Ltd, CLSA Ltd, CMBC Securities Co. Ltd, ICBC International Securities Ltd, Maxa Capital Ltd, and Shenwan Hongyuan.

Numans Health Food Holdings Co., Ltd. (Ticker: 2530 HK) is a China-based company specializing in the marketing, sales, and distribution of nutritional products. Established in 2019 and headquartered in Shanghai, the company's product portfolio includes algal oil DHA, probiotics, vitamins, multivitamins, and algal calcium, sold under proprietary brands. In 2022, Numans was the leading domestic brand in China’s algal oil DHA market, with a 22.5% market share by retail value, according to Frost & Sullivan.

The company will list on the Main Board of the Hong Kong Stock Exchange on January 10, 2025. Numans plans to offer 250 million shares globally, with an expected price range of HKD 0.80 to 1.09 per share, aiming to raise up to HKD 272.5 million (USD 35.1 million). A 15% greenshoe option equivalent to 37.5 million shares is included. The offering is managed by Caitong International Securities Co. Ltd., China Everbright Securities (HK), First Fidelity Capital International Ltd., and Futu Securities.

The proceeds from the IPO will be used to support product development, strengthen distribution networks, and enhance brand awareness within China's nutritional products market.

Bloks Group Ltd (Ticker: 325 HK) is a China-based toy manufacturer specializing in assembly character toys. Founded in 2014 and headquartered in Shanghai, the company offers a diverse portfolio of character and assembly toys, including licensed products from popular franchises such as Marvel, Ultraman and Transformers. As of June 30, 2024, the company had 431 SKUs and maintained partnerships with around 50 intellectual property franchises.

Bloks Group Ltd will list on the Main Board of the Hong Kong Stock Exchange on January 10, 2025. The company plans to offer 24.12 million shares globally, with an expected price range of HKD 55.65 to 60.35 per share, aiming to raise HKD 1.4557 billion (USD 187.4 million). The offering is managed by Goldman Sachs (Asia) and Huatai Financial Holdings Hong Kong Ltd.

The proceeds are earmarked for expanding product development, increasing production capacity, and strengthening the company's market presence in the toy industry.

ContiOcean Environment Tech Group Co., Ltd. (Ticker: 2613 HK) is a China-based provider of maritime environmental protection equipment and systems, offering solutions to help shipowners reduce sulfur and greenhouse gas emissions. The company also supplies interior design services and equipment aimed at improving onboard living conditions and enhancing maritime operations. Its product suite includes marine exhaust gas cleaning systems, energy-saving devices, clean-energy supply systems, and related services. In 2023, ContiOcean ranked third among Chinese ship exhaust gas cleaning system providers and fourth globally in terms of completed and cumulative orders, according to Frost & Sullivan.

The company will list on the Main Board of the Hong Kong Stock Exchange on January 9, 2025. The IPO comprises 10 million shares, priced between HKD 31.80 and 39.80 per share, with the subscription period running from December 31, 2024, to January 6, 2025. The expected net proceeds, based on an offer price of HKD 35.80 per share, are approximately HKD 312 million (USD 46.02 million). The offering is managed by CITIC Securities and China Galaxy International, with Harvest as a cornerstone investor subscribing to shares worth USD 10 million.

Anhui Conch Material Technology Co., Ltd. (Ticker: 2560 HK) is a China-based chemicals company specializing in cement and concrete admixtures and their upstream raw materials. The company operates 11 production facilities across multiple provinces in China. Anhui Conch Material Technology Co., Ltd. is a subsidiary of Anhui Conch Group Co., Ltd., a state-owned enterprise with diversified operations in construction materials and related sectors.

The company will list on the Hong Kong Stock Exchange's Main Board on January 9, 2025. The offering aims to raise HKD 478.41 million (USD 61.59 million), selling 144.97 million primary shares at an expected price range of HKD 3.00 to 3.30. The offering is managed by ABCI Capital Ltd, BOCI Asia Ltd, BOCOM International Securities Ltd, CCB International Capital Ltd, and China Galaxy International Securities. A 15% greenshoe option equivalent to 21.75 million shares is included in the offering.

The proceeds are earmarked for expanding production capacity, market growth initiatives, research and development, debt repayment, potential acquisitions or joint ventures, and working capital.

BrainAurora Medical Technology Co., Ltd. (Ticker: 6681 HK) is a Chinese biotechnology company specializing in digital therapeutics for cognitive impairments. Founded in 2012, the company integrates neuroscience with artificial intelligence to develop products for diagnosing and treating cognitive disorders related to vascular diseases, neurodegenerative conditions, mental illnesses, and developmental defects. Its flagship product, "66nao," supports clinical assessment, treatment, and outcome management and is used in over 120 cognitive centers across China.

The company will list on the Hong Kong Stock Exchange on January 8, 2025, offering 181.11 million shares at HKD 3.22 per share, aiming to raise HKD 583.2 million (USD 74.97 million). The net proceeds will be used to enhance research and development, fund clinical trials, assist hospitals in setting up cognitive centers, and strengthen AI capabilities. Joint sponsors include SPDB International Capital and China International Capital Corporation. Despite reporting losses in recent years, BrainAurora aims to leverage its IPO proceeds to expand its market presence and further develop its cognitive health solutions.

InnoScience Suzhou Technology Holding Co Ltd (Ticker: 2577 HK) is a semiconductor company specializing in Gallium Nitride (GaN) technology. GaN is a wide-bandgap semiconductor material known for its high efficiency, fast switching speeds, and ability to operate at higher voltages and temperatures compared to traditional silicon. It is widely used in power electronics, enabling compact, energy-efficient solutions for consumer electronics, renewable energy systems, automotive electronics, and data centers. As the world's largest Integrated Device Manufacturer (IDM) fully focused on 8-inch GaN-on-Si processes, InnoScience designs and manufactures advanced GaN devices to meet diverse application needs.

InnoScience Suzhou Technology will list on the Hong Kong Stock Exchange on December 30, 2024. The IPO includes 45.36 million shares with an expected price range of HKD 30.86 to HKD 33.66, aiming to raise approximately HKD 1.53 billion (USD 196.50 million). The offering is managed by ABCI Capital Ltd, BOCI Asia Ltd, CLSA Ltd, CMB International Capital Corp Ltd, and China International Capital Corp HK Securities.

HealthyWay Inc (Ticker: 2587 HK) is an internet-based health and wellness service provider operating one of the largest digital health platforms in China. Established in 2001 and headquartered in the Cayman Islands, the company offers a wide range of services, including health membership schemes, remote medical consultations, pharmaceutical sales, and digital marketing solutions for corporations and institutions in the healthcare sector. HealthyWay leverages its platform to connect individual users, healthcare providers, and corporate clients, enabling accessible health management and efficient healthcare operations.

HealthyWay will list on the Hong Kong Stock Exchange on December 30, 2024. The IPO includes 25 million shares with an expected price range of HKD 7.80 to HKD 8.80, aiming to raise approximately HKD 220 million (USD 28.31 million). The offering is managed by BOCI Asia Ltd, China Everbright Securities (HK), Fosun International Securities Ltd, Futu Securities International Hong Kong Ltd, Livermore Holdings Ltd, and Ruibang Securities Ltd.

Xunfei Healthcare Technology Co Ltd (Ticker: 2506 HK) is a healthcare technology company and a subsidiary of iFLYTEK, specializing in artificial intelligence (AI) applications for the medical sector. Founded in 2016, the company integrates AI technologies such as speech and image recognition, natural language understanding, and large language models to enhance medical diagnosis, chronic disease management, and hospital information systems. Xunfei Healthcare aims to improve access to quality care, empower community-level medical services, and support national healthcare reform policies.

Xunfei Healthcare will list on the Hong Kong Stock Exchange on December 30, 2024. The IPO includes 7.04 million shares priced at HKD 82.80 each, targeting proceeds of HKD 582.54 million (USD 74.97 million). The offering is managed by ABCI Capital Ltd, Advent Securities Hong Kong Ltd, CCB International Capital Ltd, CMBC Securities Co Ltd, and China Galaxy International Securities.

Minieye Technology Co Ltd (Ticker: 2431 HK) is a China-based company specializing in automotive and truck parts and equipment, with a focus on intelligent driving solutions, smart cockpits, and vehicle-to-road collaboration systems. Minieye develops full-stack, self-developed autonomous driving solutions supporting levels L0 to L4, enhancing safety and comfort in driving experiences. The company also provides advanced solutions for connected vehicles and smart cities.

Minieye Technology will list on the Hong Kong Stock Exchange on December 27, 2024. The IPO includes 39.19 million shares with an expected price range of HKD 17.00 to HKD 20.20, aiming to raise approximately HKD 791.64 million (USD 101.89 million). The offering is managed by ABCI Capital Ltd, BOCI Asia Ltd, CLSA Ltd, CMBC Securities Co. Ltd, China International Capital Corp HK Securities, and Fosun International Securities Ltd.

A greenshoe option of 15% (5.88 million shares) is available, though no details on its exercise have been disclosed. The expected market capitalization at the offer has not been announced.

Shenzhen Dobot Corp Ltd (Ticker: 2432 HK) is a robotics company specializing in industrial automation and the development of collaborative robots (cobots) for human-machine collaboration. The company offers eight main product lines, covering payloads from 0.25 kg to 20 kg, and serves over 15 industries, including consumer electronics, automotive, metal processing, semiconductor, and healthcare. Since its founding in 2015, Dobot has sold over 72,000 robots to customers in 80 countries and regions, ranking first in Chinese robot exports by volume for five consecutive years.

Shenzhen Dobot Corp Ltd will list on the Hong Kong Stock Exchange on December 23, 2024. The IPO includes 40 million shares with an expected price range of HKD 18.80 to HKD 20.80, aiming to raise approximately HKD 832 million (USD 107 million). The offering is managed by ABCI Capital Ltd, China PA Securities Hong Kong Co. Ltd, Guotai Junan Securities (Hong Kong) Ltd, Shenwan Hongyuan Securities HK Ltd, and TradeGo Markets.

Xiaocaiyuan International Holding Ltd (Ticker: 999 HK) is a retail company operating in the restaurant industry, specializing in Hui cuisine and Chinese catering. The company, whose name means “Little Vegetable Garden”, has over 661 directly operated stores across major regions in China and provides cold-chain logistics services to its locations.

Xiaocaiyuan is listing on the Hong Kong Stock Exchange on December 20, 2024. The IPO included 101.18 million shares priced at HKD 8.50 each, raising HKD 860.04 million (USD 110.63 million). The market capitalization at the offer is HKD 10 billion (USD 1.29 billion). The offering was managed by ABCI Securities Co. Ltd., CMB International Capital Corp. Ltd., Guoyuan Securities Brokerage Hong Kong Ltd., Huatai Financial Holdings Hong Kong Ltd., and ICBC International Securities Ltd.

Mao Geping Cosmetics Co. Ltd. (Ticker: 1318.HK) is a Chinese cosmetics company specializing in premium beauty products. The company plans to list on December 10, 2024, on the Hong Kong Stock Exchange. Mao Geping Cosmetics is offering 70.59 million shares at an expected price range of HKD 26.30–29.80, aiming to raise HKD 2.10 billion (USD 270.3 million).

The total offer includes a 15% greenshoe option. The offering is managed by ABCI Capital Ltd, CCB International Capital Ltd, CMBC Securities Co Ltd, China Galaxy International Securities (Hong Kong), Guotai Junan Securities (Hong Kong), and Huatai Financial. Proceeds will be used for expanding the company's sales network and enhancing its online presence.

Mokingran (Ticker: 2585.HK) is a watch and jewelry company specializing in high-purity gold jewelry products. The company operates as an Original Brand Manufacturer (OBM) with a diversified sales network in third and lower-tier cities in the People's Republic of China. Its operations encompass the entire gold jewelry value chain, from raw material sourcing and product design to manufacturing and retailing.

Mokingran will list on November 29, 2024, on the Hong Kong Stock Exchange. The company aims to raise $74.55 million, with an expected market capitalization of $463.05 million. The offering is managed by CITIC Securities (Hong Kong) Limited.

Jiuyuan Gene (Ticker: 2566.HK) is a biopharmaceutical company based in Zhejiang Province, China, with over 30 years of experience in the research, development, manufacturing, and commercialization of biopharmaceutical products and medical devices. The company focuses on four major therapeutic areas: orthopedics, metabolic diseases, oncology, and hematology, which collectively accounted for over half of China’s pharmaceutical sales in 2023. Its product portfolio includes eight marketed products, such as Guyoudao, China’s first recombinant human bone morphogenetic protein-2 (rhBMP-2) bone repair material, and over ten product candidates, including the country’s first semaglutide biosimilar, JY29-2.

Jiuyuan Gene will list on November 28, 2024, on the Hong Kong Stock Exchange. The IPO aims to raise $70.12 million, with an expected market capitalization of $378.99 million. The offering is managed by Huatai Financial Holdings (Hong Kong) Limited.

S.F. Holding (Ticker: 6936.HK) is a leading global integrated logistics service provider headquartered in China, offering a full range of domestic and international logistics services. The company operates across multiple segments, including express delivery, freight, cold chain logistics, and supply chain solutions, with a strong presence in Asia and global markets. As of 2023, S.F. Holding was the largest logistics player in Asia and the fourth-largest globally by revenue.

S.F. Holding will list on November 27, 2024, on the Hong Kong Stock Exchange. The expected market capitalization at listing is between HKD 161.05 billion and HKD 181.00 billion (USD 20.57 billion–USD 23.11 billion), with a total offer size of approximately HKD 5.22 billion–HKD 5.86 billion (USD 748.87 million–USD 841.17 million).

The offering is managed by Huatai Financial Holdings (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C., and J.P. Morgan Securities (Far East) Limited, alongside a consortium of underwriters.

Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. (Ticker: 2582.HK) is a China-based manufacturer specializing in hydrogen energy storage and transport equipment. The company will list its H-shares on the Hong Kong Stock Exchange on November 15, 2024.

Jiangsu Guofu aims to raise approximately HKD 416 million to HKD 468 million (USD 53.27 million) by offering shares at a price range of HKD 65.00 to HKD 73.00 per share. The expected market capitalization at listing is between HKD 6.81 billion and HKD 7.64 billion (USD 929.68 million). The offering is managed by Haitong International Capital Limited, CITIC Securities (Hong Kong) Limited, and CLSA Limited, among others.

AuGroup (Shenzhen) Cross-border Business Co. Ltd. (Ticker: 2519.HK) is a cross-border e-commerce platform specializing in household products, including furniture and home furnishings. The company will list its H-Shares on November 8, 2024, on the Stock Exchange of Hong Kong (Main Board). AuGroup aims to raise up to HK$470 million (USD 60 million) through this IPO, offering nearly 30 million shares, with approximately 10% allocated for local investors. The share price range has been set between HK$14.56 and HK$15.60. Shares are sold in lots of 300, with an investor admission fee of HK$4,727.20.

Huatai Financial Holdings (Hong Kong) Limited is managing the offering. AuGroup previously faced challenges when it was banned by Amazon in 2021 for posting fake reviews, which impacted its revenue. However, the company has since adjusted its business strategies, reporting a 22% revenue increase in 2023 and a further 17% growth in the first four months of 2024.

T.S. Lines Limited (Ticker: 2510.HK) is a container shipping company focused on the Asia Pacific region. The company will list its shares on the Hong Kong Stock Exchange (HKEX) on November 1, 2024.

The offering, managed by China Merchants Securities (HK) Co., Limited and J.P. Morgan Securities (Far East) Limited, aims to raise approximately $129.18 million. T.S. Lines is valued at around $849.88 million at the offer.

Beijing Biostar Pharmaceuticals Co., Ltd. (Ticker: 2563.HK) is a biotechnology company focused on developing synthetic biology-driven innovative oncology drugs. The company will list its H-shares on the Hong Kong Stock Exchange (HKEX) on October 31, 2024.

The offering is managed by CCB International Capital Limited and China Securities (International) Corporate Finance Company Limited. The company is raising approximately $35.67 million through this IPO, which values it at around $891.50 million.

Jiangsu Lopal Tech. Co., Ltd. (Ticker: 2465.HK) is a new energy materials company specializing in the production of LFP (lithium iron phosphate) cathode materials and automotive specialty chemicals in mainland China. The company will list on the Hong Kong Stock Exchange (HKEX) on October 30, 2024.

The firm is offering 10,000,000 shares, representing 10.0% of the total offer shares, with a price range of HKD 4.50 to HKD 7.00 per share. The estimated market capitalization at the time of the offer ranges from HKD 2.99 billion to HKD 4.66 billion (USD 382 million to USD 594 million). The total offer size is HKD 574 million (USD 74 million). Halcyon Capital Limited and Guotai Junan Capital Limited are the sponsors, with underwriting led by Guotai Junan Securities (Hong Kong) Limited and others.

Horizon Robotics (Ticker: 9660.HK) is a Chinese technology company specializing in advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, powered by its proprietary AI chips. Headquartered in Beijing, the company was founded in 2015 by former Baidu employees, including Yu Kai, and has secured investments from major backers such as Intel, Volkswagen Group, and Hillhouse Investment.

Horizon Robotics will list on the Hong Kong Stock Exchange (HKEX) on October 24, 2024. The company is offering shares to raise approximately HKD 5.27 billion (USD 672.89 million), with an expected market capitalization at the offer of HKD 50.71 billion (USD 6.47 billion). The IPO is managed by Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., and China Securities (International) Corporate Finance Company Limited.

China Resources Beverage (Ticker: 2460.HK), the division of China Resources responsible for non-alcoholic beverages, primarily manufactures and distributes packaged drinking water under the brand C'estbon, along with other products like tea and coffee. Headquartered in Shenzhen, the company also operates regional offices in cities such as Beijing, Chengdu, and Shanghai.

China Resources Beverage will list on the Hong Kong Stock Exchange (HKEX) on October 23, 2024. The firm is offering shares to raise approximately HKD 4.91 billion (USD 626.43 million). The expected market capitalization at the offer is HKD 33.15 billion (USD 4.23 billion). The IPO is managed by BOCI Asia Limited, Merrill Lynch (Asia Pacific) Limited, UBS Securities Hong Kong Limited, and CITIC Securities (Hong Kong) Limited.

Qiniu Ltd. (Ticker: 2567.HK) is an internet services and infrastructure company that provides Platform-as-a-Service (PaaS) solutions, focusing on one-stop audiovisual cloud services for enterprise customers. The company operates primarily in China.

Qiniu Ltd. is scheduled to list on The Stock Exchange of Hong Kong Limited (Main Board) on October 16, 2024. The firm is offering 15,975,000 shares at an offer price of HKD 2.74-2.86 per share, with an expected market capitalization of approximately USD 719.85 million at offer. The total offer size is USD 57.59 million. The IPO is being managed by BOCOM International (Asia) Limited and Shenwan Hongyuan Capital (H.K.) Limited, alongside several underwriters including Huatai Financial Holdings and GF Securities.