Xinde Technology, Gori Li, Delan Minghai, Hongyeji list on the Hong Kong Stock Exchange; Hong Kong High Court dismisses Country Garden's winding-up petition | HKEX early report

| February 20, 2026, Friday |

NO.1 XinDe Technology, GoriLi, Delanminghai, Hongyeji Submit Listings to HKEX

According to HKEX, recently, Shandong XinDe Technology Co., Ltd. (hereinafter XinDe Technology), Shanghai GoriLi Software Co., Ltd. (hereinafter GoriLi), Shenzhen Delanminghai New Energy Co., Ltd. (hereinafter Delanminghai), and Shenzhen Hongyeji Geotechnical Technology Co., Ltd. (hereinafter Hongyeji) submitted listing applications to the Main Board of HKEX. According to their respective prospectuses, XinDe Technology mainly engages in the research, development, production, and sales of a full range of animal health and supporting products. GoriLi is a leading provider of intelligent manufacturing software solutions in the broader semiconductor industry. Delanminghai operates under the BLUETTI brand, serving as a leading portable energy storage product supplier and innovator. Hongyeji provides geotechnical engineering services in South China, with over 23 years of experience in geotechnical engineering projects.

Comment: The four companies are simultaneously applying for listing on HKEX, covering animal health, broad semiconductor software, portable energy storage, and geotechnical engineering fields. They represent diverse sectors, each with its own leading niche advantages.

NO.2 Sunmi Technology Passes HKEX Listening Session

According to HKEX, recently, Shanghai Sunmi Technology Group Co., Ltd.-W (hereinafter Sunmi Technology) passed the HKEX Main Board listing hearing. Deutsche Bank, CITIC Securities, and ABC International are joint sponsors. According to the prospectus, the company is a global leading provider of Business Internet of Things (BIoT) solutions. According to Zhuoshi Consulting, based on 2024 revenue, Sunmi Technology is the world’s largest Android-based BIoT solution provider, holding over 10% of the market share.

Comment: Sunmi Technology has a significant competitive edge in its sector. Listing in Hong Kong is expected to further strengthen its global expansion and R&D investment, accelerating penetration in the BIoT field.

NO.3 Hong Kong High Court Dismisses Country Garden Liquidation Petition

On the evening of February 16, Country Garden (HK02007) announced on HKEX that, according to a ruling by the Hong Kong High Court, the company’s liquidation petition has been dismissed.

Comment: The dismissal of the liquidation petition temporarily alleviates the risk of delisting and liquidation. It also reflects, to some extent, the Hong Kong High Court’s recognition of its offshore debt restructuring plan.

NO.4 Tongcheng Travel Says Nine-Day Spring Festival Holiday Boosts “Segmented New Year” Celebrations

On February 19, Tongcheng Travel (HK00780) released data showing that the nine-day Spring Festival holiday has made “segmented New Year” celebrations even more popular. February 18 (the second day of the Lunar New Year) and February 19 (the third day) became peak travel periods during the festival, with civil aviation travel heat increasing by 38% compared to the same period last year. Overall, the number of air travelers taking more than two trips during the holiday is expected to increase by over 50% year-on-year.

Comment: The optimized holiday structure extends the consumption cycle, potentially further consolidating Tongcheng Travel’s traffic and conversion advantages as an online travel platform, supporting its revenue growth.

NO.5 Hong Kong Stock Market Overview:

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