Ules, the leading company in automotive circular packaging, successfully listed on the Hong Kong Stock Exchange, with Futu acting as underwriter to support the company's IPO.

On March 9, Suzhou Ules Shared Services Co., Ltd. (referred to as 'Ules', stock code:0 $ALSCO POOLING (02649.HK)$ ), the leading provider of shared operations for automotive circular packaging in China, successfully went public on the Main Board of the Hong Kong Exchange, officially embarking on a new journey in the capital markets. As a scarce circular packaging service target in the Hong Kong stock market, Ules' IPO was highly recognized by the capital market, with its public offering being oversubscribed4124 times, becoming a popular benchmark in the recent Hong Kong IPO market.

In this offering,Futu, acting as joint bookrunners (JBR) and joint lead managers (JLM),leveraged its advantages in technology trading platforms and investor ecosystems to become the core retail and institutional subscription channel for this IPO. The cumulative subscription amount on Futu’s platform ranked first in the market, with investors showing high enthusiasm. This enabled the company to efficiently attract a large number of highly active investors, significantly optimizing the investor structure and providing solid support for stock liquidity and market capitalization stability post-listing.

According to the prospectus, Ules is a leading company in ChinaProvider of reusable packaging solutions, focusing on offering shared operations, leasing, value-added services, and container sales to automotive parts manufacturers and整车 OEMs. It builds a full-chain service system covering container management, logistics distribution, and recycling cleaning. According to Frost & Sullivan data, by revenue in 2024, the company isthe second-largest provider in China's reusable packaging service marketwith a market share of 1.5%; it is alsothe largest provider in China's automotive shared operations services marketholding a market share of 8.2%, firmly ranking first in this niche sector.

The company has established a nationwide service network, operating 78 warehousing outlets covering more than 100 cities. It deeply serves leading domestic and international automakers and new energy companies such as BMW, FAW-Volkswagen, Toyota, BYD, CATL, and Tesla. Its products and services span the entire traditional automotive and new energy vehicle industry chain.

Financial data from the prospectus shows that U-Box has demonstrated strong operating performance: revenue in 2022, 2023, and 2024 wasRMB 648 million, RMB 794 million, RMB 838 million; achieved revenue in the first eight months of 2025RMB 533 million, with business scale continuing to expand steadily.

The prospectus shows that Youlesai's net proceeds from this IPO (based on a mid-range offer price of HKD 12.5) amount to approximatelyHKD 205 million, with clear use of proceeds focused on long-term development:

– 25%: Enhance and upgrade digital systems and platforms

– 25%: Advance overseas expansion strategy

– 20%: Expand nationwide service network

- 20%: Expand application scenarios through acquisitions

- 10%: Working capital and general corporate purposes

This successful listing on the Hong Kong stock market marks Youlesai's transition from an industry leader to a new stage of global development. Futu will continue to leverage its one-stop technology investment banking and trading platform advantages, providing full-chain capital services to accompany corporate growth, assisting high-quality Chinese supply chain enterprises in going public on international capital markets and realizing value enhancement.

As a leading digital financial technology company, Futu relies on an investor ecosystem of over 28 million and a comprehensive corporate service system, capable of offering companies full-process services spanning pre-IPO, during IPO, and post-IPO stages, including one-stop ESOP option management solutions, Hong Kong and US IPO distribution*, investor relations (IR) and PR, financial public relations services, and international placement 、 Secondary trading services and other core services.

As of Q3 2025, six out of the top ten Hong Kong IPOs by fundraising amount were in collaboration with Futu. Nearly half of the Hong Kong listings in Q3 involved cooperation with Futu. On the Futubull platform during Q3, a total of 12 new stocks had subscription amounts exceeding HKD 100 billion. Futu's capabilities in US IPOs have drawn attention, with all US subscribing clients successfully allocated shares in several popular new stocks like Bullish, Figure, and Gemini.

As of Q3 2025, Futu's corporate service clientele reached 1,112 companies, providing IPO distribution and IR services to 561 enterprises. It has successfully assisted 358 companies such as Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili in going public in Hong Kong and the US. A total of 804 ESOP clients have signed up cumulatively, and 1,300 listed companies are now hosted on the Futu platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market value calculated based on the first day of listing.

*Data source: Futu's Q3 2025 earnings report.

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