Shengsheng Cold Chain and Zhenqu Technology file for Hong Kong listing; Chow Tai Fook and MicroPort Robotics issue profit warnings | HKEX Morning Brief

| Friday, July 24, 2026 |

NO.1 Shengsheng Cold Chain and Zhenqu Technology file for Hong Kong IPO

According to a disclosure by the Hong Kong Stock Exchange on July 22, Shanghai Shengsheng Pharma Cold Chain Technology Co., Ltd. (hereinafter referred to as 'Shengsheng Cold Chain') and Zhenqu Technology (Shanghai) Co., Ltd. (hereinafter referred to as 'Zhenqu Technology') have submitted applications for listing on the Main Board of the Hong Kong Stock Exchange. Shengsheng Cold Chain is a leading integrated temperature-controlled supply chain service provider in China for the pharmaceutical and life sciences industries, with a core focus on clinical trial temperature-controlled supply chain services, while also extending into commercial healthcare product temperature-controlled logistics and the R&D and manufacturing of temperature-controlled equipment and materials. Zhenqu Technology is a technology-driven provider of electronic control solutions, primarily serving the new energy vehicle sector.

Commentary:Shengsheng Cold Chain and Zhenqu Technology refiled their Hong Kong IPO applications on the same day, each operating in distinct high-barrier segments. However, Shengsheng Cold Chain’s profitability has been volatile, while Zhenqu Technology has yet to turn a profit—both companies’ earnings potential remains to be validated over time.

NO.2 Hong Kong Exchanges and Clearing adds Bursa Malaysia as a Recognized Stock Exchange

Reporters from National Business Daily learned that on July 23, Hong Kong Exchanges and Clearing (HKEX) announced it had added Bursa Malaysia as a Recognized Stock Exchange. Going forward, companies with primary listings on Bursa Malaysia’s Main Market will be eligible to apply for a secondary listing in Hong Kong. This move brings the total number of HKEX-recognized stock exchanges in Southeast Asia to four, with the other three being the Indonesia Stock Exchange, Singapore Exchange, and the Stock Exchange of Thailand.

Commentary:This initiative further expands HKEX’s connectivity footprint in Southeast Asia and will help high-quality Malaysian enterprises access international capital markets, reinforcing Hong Kong’s role as a core regional hub for cross-border financing.

NO.3 Chow Tai Fook reports 15.1% year-over-year increase in retail value for first fiscal quarter

On July 23, Chow Tai Fook (HK01929) announced that for the three months ended June 30, 2026 (first quarter of fiscal year 2027), its retail value rose 15.1% year-over-year. Same-store sales at company-operated stores in mainland China increased by 19.6% during the quarter, while franchised stores saw same-store sales growth of 15.7%, outperforming the broader jewelry retail market. Same-store sales in Hong Kong and Macau benefited from an upbeat consumer sentiment and robust foot traffic, surging 41.7% during the period—up 35.0% in Hong Kong and 64.6% in Macau.

Commentary:Chow Tai Fook reported steady growth in retail sales value in the first quarter of fiscal year 2027, with both directly operated and franchised stores in mainland China delivering same-store sales growth that outperformed the industry. Sales in the Hong Kong and Macau markets strengthened significantly, driven by a rebound in customer traffic.

NO.4 MicroPort MedBot is expected to swing to a profit for the first half of the year on a year-over-year basis.

On July 22, MicroPort MedBot-B (HK02252) announced that its board expects the company to report net profit for the six months ended June 30, 2026, compared to a net loss previously, with projected net profit ranging from RMB 28 million to RMB 40 million, versus a net loss of RMB 115 million for the six months ended June 30, 2025. This marks the company's first-ever profitable half-year period.

Commentary:Strong sales growth of its flagship product, the 'Toumai Laparoscopic Surgical Robot,' both domestically and overseas, combined with improved gross margins and ongoing optimization of expense management, signals a clear commercial inflection point for the company.

NO.5 Hong Kong Stock Market Update:

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