Lemo Services, a shared massage equipment provider, surged 45% in Hong Kong's grey market trading; Jinyan Kaolin rocketed 23%.

According to its prospectus, Lemo Services provides massage services through its machines installed in high-traffic public locations across China. Data from Frost & Sullivan shows that from 2022 to 2024, the company ranked first in transaction value among all machine-based massage service providers in China, with market shares of 33.9%, 37.3%, and 42.9% respectively. In terms of revenue, Lemo Services also led China's machine massage market in 2024, capturing over 50% market share.

Launched in 2016 under the brand "LEMO Bar," the company focuses on providing machine-based massage services in commercial complexes, cinemas, and transportation hubs (including airports and high-speed rail stations). As of November 15, 2025, Lemo Services had established over 48,000 service points with more than 533,000 massage machines, covering 31 provincial-level regions and 337 cities in China.

Jinyan Kaolin specializes in coal-series kaolin in China, with integrated capabilities spanning mining, R&D, processing, production, and sales. According to Frost & Sullivan, it ranks fifth in China’s calcined coal-series kaolin market by 2024 revenue, holding a 5.4% share. It is also the largest producer of mullite materials for precision casting, with a 19.1% market share.