Hipine International Watch Technology Co., Ltd.

Date of Prospectus: 19 September 2025

Hipine International Watch Technology 2025 IPO: In-Depth Investor Analysis, Financials, Growth, Risks, and Listing Outlook

IPO Snapshot: Offer Structure and Key Details

Hipine International Watch Technology Co., Ltd. launches its Hong Kong IPO, offering investors a gateway into China’s thriving gold-case and gold-bezel watch sector. This listing is structured to raise significant capital for expansion, brand building, and R&D, presenting a growth-driven narrative for investors.

• IPO Symbol: 2583
• Offer Price Range: HK\$27.0 – HK\$29.6 per H Share
• Expected Offer Price (mid-point): HK\$28.3 per H Share
• Number of Shares Offered: 10,600,000 (H Shares)
• Post-IPO Outstanding Shares: Exact figure not disclosed
• Total Offer Size (mid-point): Net proceeds estimated at HK\$255.38 million
• Offer Breakdown:
  • Hong Kong Public Offer: 1,060,000 H Shares (10%)
  • International Placing: 9,540,000 H Shares (90%)
• Trading Lot Size: 100 H Shares
• Listing Date: 29 September 2025

Use of Proceeds: Growth-Driven Investment Strategy

Hipine International Watch Technology is channeling IPO funds primarily toward growth and innovation, signaling a robust expansion strategy:

• Production Capacity Expansion: 40.28% (HK\$102.87 million) for New Putian Production Base and upgrades to Shenzhen Production Base
• Marketing & Brand Building: 33.24% (HK\$84.90 million) for establishing new marketing centers, after-sales outlets, and extensive online/offline brand campaigns
• R&D Enhancement: 17.11% (HK\$43.68 million) for Putian R&D Centre construction, talent acquisition, and technology upgrades
• Working Capital/General Purposes: 9.37% (HK\$23.93 million)

This allocation confirms a strong focus on scaling operations, innovating products, and solidifying brand presence – a clear growth story.

Dividend Policy and Commitment

Hipine International Watch Technology does not have a specific dividend policy or pre-determined payout ratios as of the date of the prospectus. No concrete timetable or percentage commitment is provided, and future dividends will depend on financial performance, business needs, and board decisions.

Share Placement and Issuance Breakdown

• Hong Kong Public Offer: 1,060,000 H Shares (10% of total offering)
• International Placing: 9,540,000 H Shares (90%) allocated to institutional, professional, and corporate investors outside the United States in offshore transactions
• No cornerstone or anchor investor tranches or employee allocations disclosed
• All new shares; no pre-listing disposals or sales by existing shareholders stated

Investor Participation and Book Quality

Indications of interest and allocation for the International Placing will be determined by the Sole Overall Coordinator based on demand, asset size, and likelihood of holding post-listing. No specific anchor/institutional investor names or subscription multiples are disclosed. There is no explicit mention of oversubscription metrics or tranche-level outcomes in the document.

Book quality and first-day performance may be supported by the robust underwriter line-up and strong sector positioning.

Deal Parties and IPO Structure

Investment banks and sponsors:

• Sole Overall Coordinator and Sole Global Coordinator: Ping An Securities (Hong Kong) Company Limited
• Bookrunners: Ping An Securities (Hong Kong) Company Limited, AVICT Global Asset Management Limited, uSMART Securities Limited, ABCI Securities Company Limited, Patrons Securities Limited, Ruibang Securities Limited
• Hong Kong Underwriters: Ping An Securities (Hong Kong) Company Limited, AVICT Global Asset Management Limited, uSMART Securities Limited, ABCI Securities Company Limited, Patrons Securities Limited, Ruibang Securities Limited
• Sole Sponsor: Ping An of China Capital (Hong Kong) Company Limited

No explicit stabilization/over-allotment (greenshoe) option disclosed.

Strong syndicate and full underwriting support suggest confidence in listing-day performance, supported by experienced deal parties.

Company Overview: Sector Leadership in Gold-Case Watches

Hipine International Watch Technology Co., Ltd. is a leading designer, manufacturer, and brand-owner of gold-case and gold-bezel watches in China, with the flagship brand “HIPINE”. Revenue is primarily generated from:

• Sales of proprietary gold-case and gold-bezel watches (flagship brand: HIPINE)
• ODM manufacturing for third-party domestic jewelry brands and wholesalers
• Subcontract processing services

Geography: China, with expansion plans for international brand exposure and new demographic segments.

Financial Health: Key Metrics

Directors confirm no material adverse change in financials since 31 May 2025.

Market Position: Hipine is recognized for its proprietary technologies in watch manufacturing, robust brand equity, and a diversified customer base including top domestic jewelry brands.

Management Team: Directors: Mr. Li Yongzhong, Mr. Hu Shaohua, Mr. Li Shuo, Mr. Linmao, Mr. Li Yangjin (roles as warranting directors/shareholders). Experience and qualifications detailed in the prospectus.

Industry Overview and Market Position

Hipine operates in China’s precious metal watch and jewelry sector. The sector is characterized by:

• Rapid growth in gold-case and partial precious metal watches
• Increasing consumer preference for branded, high-quality timepieces
• Strong demand from younger demographics
• Robust distribution networks and digital marketing channels

The company’s market share, sector size, and ranking are not quantified in the prospectus, but Hipine is positioned as a top player in its segment.

Sector Trends, Timing, and Economic Environment

Global and regional demand for precious metal watches is driven by rising affluence, gifting culture, and digital commerce expansion. Hipine’s IPO timing aligns with:

• IPO Offer Period: 19–24 September 2025
• Price Determination Date: 25 September 2025
• Listing Date: 29 September 2025

Macro conditions described: Economic growth in China, evolving consumer preferences, competitive retail environment, and commodity price volatility (especially gold).

Recent developments: No material adverse change since 31 May 2025; strong expansion plans and product launches highlighted.

Market conditions appear favorable for the IPO, with sector momentum and company-specific growth initiatives.

Risk Factors: Key Exposures for Investors

• Gold Price Volatility: Fluctuations in gold prices and raw material availability could materially impact profitability.
• Economic Conditions: Uncertainty and government actions may adversely affect business.
• Brand Reliance: Dependency on “HIPINE” flagship brand exposes company to reputational risk.
• Competitive Industry: Intense market competition may affect sales and growth prospects.
• Customer Concentration: Top five customers contribute significant revenue; loss or reduced purchasing could materially impact financials.
• Distribution Model Risks: Shifts in consumer trends and distribution challenges.

Other risks: Regulatory changes, FX fluctuations, supplier dependence, and legal exposures as outlined in the prospectus.

Growth Strategy and Expansion Plans

• Production Expansion: New Putian Production Base and upgrades to Shenzhen facilities
• Brand Building: Extensive investment in online/offline marketing, new experience centers, and after-sales outlets
• R&D Enhancement: Establishment of Putian R&D Centre, recruitment of talent, and acquisition of advanced equipment/software
• Digital Transformation: Launch of audio-visual campaigns, social media engagement, and e-commerce penetration
• Timeline: Major initiatives to be implemented within two years post-listing

Ownership Structure and Lock-ups

• Promoter/Controlling Shareholder: Mr. Hu Shaohua (sole original promoter)
• Pre-IPO Shareholding: Details not fully disclosed
• Post-IPO Shareholding: Share breakdown not fully disclosed; estimated 18% public float post-listing
• Lock-up Commitments:
  • Company: No new share issuance for six months post-listing (except as per Listing Rules)
  • Controlling Shareholders: 6-month lock-up on disposals; additional 6 months on disposals that would reduce control
• No founder, management, or deferred shares issued/agreed in last two years
• No ESOPs or employee allocations disclosed

Valuation and Peer Comparison

No specific peer valuation metrics (P/E, EV/EBITDA, etc.) or sector comparables disclosed in the prospectus. No data on recent sector IPOs or 10-day performance of peers provided.

Research and Analyst Opinions

Industry Consultant: China Insights Consultancy (CIC) provided an independent sector report. No explicit analyst coverage, price targets, or external opinions are included in the prospectus.

IPO Allotment Results and Implications

Results of the allocation will be published:

• On the company’s website: www.hipine.com
• On the Stock Exchange website: www.hkexnews.hk
• Via dedicated results page: www.tricor.com.hk/ipo/result or www.hkeipo.hk/IPOResult (search by ID function)
• By telephone: +852 3691 8488 (business days post-listing)

No specific subscription ratios or oversubscription data disclosed.

Listing Outlook: Likely First-Day Performance and Investment Appeal

Hipine’s IPO is underwritten by leading banks, fully funded for ambitious growth, and positioned in a robust sector. The allocation of proceeds, strong management, and clear expansion plans suggest solid investor interest.

Based on prospectus data, the IPO appears worth subscribing for investors seeking exposure to China’s luxury watch and jewelry sector. First-day trading is likely to be strong, with the offer price expected to hold or exceed the mid-point (HK\$28.3), especially if institutional demand materializes as anticipated.

Prospectus and Application Information

Prospectus Access: www.hkexnews.hk and www.hipine.com

How to Apply for Hipine International Watch Technology IPO Shares

• Application Channels:
  • Online via HK eIPO White Form service: www.hkeipo.hk
  • Through HKSCC EIPO channel via brokers/custodians linked to HKSCC’s FINI system
• Application Window:
  • Opens: 9:00 a.m. Friday, 19 September 2025
  • Closes: 12:00 noon Wednesday, 24 September 2025
• Minimum Application: 100 H Shares
• Eligibility: Applicants must be 18 or older, with a Hong Kong address (for HK eIPO White Form), and not an existing shareholder, director, supervisor, or close associate thereof.

Key Takeaways: Hipine International Watch Technology IPO

Hipine’s 2025 Hong Kong IPO delivers a compelling growth story, robust sector positioning, and substantial capital for expansion and innovation. Investors benefit from a well-defined use of proceeds, strong underwriting, and favorable market conditions. The lack of a fixed dividend policy and concentration risks warrant consideration, but overall, this IPO stands out for those seeking exposure to China’s luxury goods sector.