Core Viewpoint - Weisheng Holdings (03393) has announced plans for a spin-off of its subsidiary, Weiyuan Energy, which is focused on digital energy solutions in smart distribution networks, data centers, and new energy storage [1] Group 1: Company Announcement - Weisheng Holdings' stock rose nearly 3%, with a current price of HKD 23.96 and a trading volume of HKD 60.90 million [1] - The company has submitted a proposal for the spin-off to the Hong Kong Stock Exchange, which has confirmed that the company can proceed with the plan [1] - Weiyuan Energy is a non-wholly owned subsidiary of Weisheng Holdings and has established a strong position in the Chinese market while expanding its global footprint [1] Group 2: Spin-off Details - The proposed spin-off is expected to be conducted through a global offering of Weiyuan Energy shares on the main board of the Hong Kong Stock Exchange [1] - Weiyuan Energy's listing application form (A1 form) was submitted to the Hong Kong Stock Exchange by its exclusive sponsor on January 27, 2026 [1] - Upon completion of the spin-off, Weiyuan Energy is anticipated to remain a subsidiary of Weisheng Holdings [1]

Core Viewpoint - Weiyuan Energy Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, having been spun off from Weisheng Holdings [1] Group 1: Business Overview - Weiyuan Energy focuses on the integration of digital technology and the energy sector, providing comprehensive solutions for data centers, smart power grids, and new energy storage scenarios [2] - The company operates in three core segments: smart power grids, data centers, and new energy storage [2] - The smart power grid segment has been the main revenue contributor, accounting for 62.9% of total revenue in the first nine months of 2025 [2][3] - The data center segment has seen significant growth, with its revenue share increasing from 8.4% in 2023 to 22.1% in the first nine months of 2025, driven by the demand for AI data centers [2][3] Group 2: Financial Performance - Weiyuan Energy reported revenues of 2.485 billion yuan in 2023, 2.903 billion yuan in 2024, and 1.967 billion yuan in the first nine months of 2025, indicating a consistent growth trend [3] - The gross profit margin is projected to improve from 23.5% in 2023 to 26.5% in 2024, reflecting enhanced profitability [4] - Net profit is expected to rise from 105 million yuan in 2023 to 200 million yuan in 2024, with a net profit margin increasing from 4.2% to 9.2% [6] Group 3: Market Trends and Opportunities - The global data center infrastructure market is projected to grow from approximately $25.6 billion in 2020 to about $39.5 billion in 2024, with a compound annual growth rate (CAGR) of 11.5% [5] - The market is expected to reach around $90 billion by 2029, with a CAGR of 17.9% from 2024 to 2029, providing significant growth opportunities for Weiyuan Energy [5] Group 4: Client Base and Global Expansion - Weiyuan Energy has established a diverse client base, including state-owned and private power companies, data center operators, and large industrial enterprises, with key clients such as State Grid and Southern Power Grid [9] - The company has initiated a globalization strategy, establishing sales and service centers in Malaysia, Australia, Brazil, Turkey, and Mexico, with overseas revenue expected to account for 14.4% in 2024 [9] - The company plans to use the proceeds from its IPO to enhance production capacity, improve R&D capabilities, expand its global marketing network, and optimize financial conditions [9]

Core Viewpoint - Weiyuan Energy Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor, focusing on digital energy solutions in smart distribution networks, data centers, and new energy storage [3]. Financial Performance - The projected revenues for Weiyuan Energy are 2.485 billion RMB for 2023 and 2.903 billion RMB for 2024, with annual profits of 105 million RMB and 200 million RMB respectively [5]. - For the first three quarters of 2025, the company reported revenues of 1.967 billion RMB, reflecting an 11.96% year-on-year growth, and profits of 181 million RMB, showing a significant increase of 52.79% [3][5]. Cost Structure - The cost of sales for 2023 is projected at 1.901 billion RMB, representing 76.5% of total revenue, while for 2024, it is expected to be 2.135 billion RMB, or 73.5% of revenue [5]. - Gross profit margins are expected to improve from 23.5% in 2023 to 26.5% in 2024 [5]. Board Composition - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors [6]. - The chairperson and executive director, Cao Zhaohui, has extensive experience in financial management and corporate strategy, having joined Weiyuan Holdings in 2000 [6].

Summary of Conference Call Notes Company and Industry Involved - The notes pertain to **Weisheng Holdings** and its subsidiary **Weiyuan Energy**, which focuses on power distribution and is planning to list separately on the Hong Kong Stock Exchange. Core Points and Arguments 1. **New Orders and Revenue Projections**: - In 2025, Weiyuan Energy secured new orders related to data centers amounting to **23 billion**. - For 2026, the company anticipates these orders to exceed **35 billion**, establishing itself as a primary supplier for data center power distribution systems both domestically and internationally [1][2]. 2. **Product Expansion**: - In 2026, Weiyuan Energy plans to expand its product offerings to include energy storage and liquid cooling systems, indicating a diversification strategy to enhance its market presence [1][2]. 3. **Strategic Investors**: - Weiyuan Energy has recently attracted two major strategic investors: - **Bohui**, holding **8%** of the company - A leading battery manufacturer, holding approximately **4%** [1][2]. 4. **Ownership Post-IPO**: - After the IPO, Weisheng Holdings is expected to retain a **59%** ownership stake in Weiyuan Energy, ensuring significant control over the subsidiary post-listing [1][2]. Other Important but Possibly Overlooked Content - The focus on data center-related orders highlights the growing demand for power distribution solutions in the tech sector, which may present further investment opportunities in related industries. - The introduction of strategic investors may enhance Weiyuan Energy's credibility and financial stability, potentially leading to increased market confidence and investment interest [1][2].

建议分拆目前拟以于香港联交所主板全球发售惟远能源股份的方式进行。于本公告日期，惟远能源为公 司的非全资附属公司，其乃一间聚焦于智能配电网、数据中心及新型储能相关三大核心领域的数字能源 解决方案提供商，于中国市场已建立稳固的地位，且全球业务版图不断扩大。于建议分拆完成后，预期 惟远能源仍将为公司的附属公司。 智通财经APP讯，威胜控股(03393)公布，公司已根据上市规则第15项应用指引就建议分拆向香港联交所 提交建议，而香港联交所已确认公司可继续进行建议分拆。 于2026年1月27日，惟远能源透过其独家保 荐人向香港联交所递交上市申请表格( A1表格)，申请惟远能源股份在香港联交所主板上市及买卖。 ...

Group 1 - The company has submitted a proposal for a spin-off to the Hong Kong Stock Exchange, which has confirmed that the company can proceed with the proposed spin-off [1] - The spin-off is planned to be executed through a global offering of shares for Weiyuan Energy on the main board of the Hong Kong Stock Exchange, with the application submitted on January 27, 2026 [1] - Weiyuan Energy, a non-wholly owned subsidiary of the company, focuses on three core areas: smart distribution networks, data centers, and new energy storage solutions, and has established a strong position in the Chinese market while expanding its global footprint [1]

格隆汇1月27日丨威胜控股(03393.HK)宣布，于2026年1月27日，惟远能源透过其独家保荐人向香港联交 所递交上市申请表格(A1表格)，申请惟远能源股份在香港联交所主板上市及买卖。 现建议，建议分拆将以于香港联交所主板全球发售惟远能源股份的方式进行。于公告日期，惟远能源为 公司的非全资附属公司。于建议分拆完成后，预期惟远能源仍将为公司的附属公司。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。 本公告不構成在美國或任何其他未根據任何有關司法權區證券法登記或具備資格前作出有關要約、招攬或出 售即屬違法的司法權區提呈出售或招攬購買任何證券的要約。本公告所述證券不會根據一九三三年美國證券 法（ 經修訂（）「證券法」）登記，且除非獲豁免遵守證券法登記規定或為毋須遵守證券法登記規定進行的交易， 否則不得在美國境內提呈發售或出售。於美國公開發售證券將以招股章程的方式進行。該招股章程將載有關 於提呈發售的公司、其管理層及財務報表的詳細資料。本公司無意於美國公開發售證券。 （ 於開曼群島註冊成立之有限公司） （股份代號︰3393） 建議分拆惟遠能源技術股份有限公司 並於香港聯合交易所有限公司主板獨立上市 本公司已根據上市規則第15項應用指引就建議分拆向香港聯交所提交建議，而香港聯交 所已確認本公司可繼續進行建議分拆。 本公司謹此宣佈於二零二六年一月 ...

Group 1 - Hong Kong's Hang Seng Index fell by 0.04%, down 11 points, closing at 26,552 points, while the Hang Seng Tech Index decreased by 0.66% with a trading volume of HKD 129.8 billion in the morning session [1] - Pop Mart (09992) surged over 8% as the company repurchased shares worth HKD 251 million [1] - Major airlines continued to rise, with strong expectations for industry growth; China Southern Airlines (01055) increased by 3.72%, China Eastern Airlines (00670) by 4.56%, and Air China (00753) by 2.5% [1] Group 2 - Weisheng Holdings (03393) rose nearly 9%, reaching new highs as the State Grid increased its investment scale, indicating a favorable phase for smart meter investments [2] - Health Road (02587) increased by over 4% after the controlling shareholder extended the lock-up period, and the company repurchased 327,000 shares recently [3] - Blucube (00325) rose against the trend by 3.95%, benefiting from the expansion of China's trendy toy industry and the enrichment of its IP system and product matrix [4] Group 3 - Hou Shang Ayi (02589) saw a rise of over 10% as its 25-year performance forecast exceeded expectations, with net profit expected to grow by up to 60% year-on-year [5] - Gigadevice (03986) increased by over 5%, reaching a new high as Micron reported worsening shortages of memory chips, indicating that supply tightness will persist beyond this year [6] - Damai Entertainment (01060) rose over 4% after announcing its entry into the museum sector, positioning itself to benefit from the upgrading of consumer structures [7] Group 4 - The commercial aerospace sector experienced declines, with Asia Pacific Satellite (01045) dropping by 6.9% and Goldwind Technology (02208) falling by over 3% [8] - Jiayuan Ankang-B (02617) fell over 9% as it proposed a placement to raise HKD 190 million, primarily for core product development [9]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Weisheng Holdings, which rose over 9% to reach a new historical high of 23.98 HKD, with a current price of 23.86 HKD and a trading volume of 131 million HKD [1] - The State Grid's fixed asset investment during the 14th Five-Year Plan has increased by over 40% compared to the previous plan, reaching a historical high, which is expected to directly benefit the power equipment sector, including Weisheng Holdings [1] - Weisheng Holdings is recognized as a leading smart meter company and a core supplier to the State Grid, with expectations for rapid growth in revenue and profit due to the anticipated boom in smart meter investments [1] Group 2 - Weisheng Holdings recently announced that its non-wholly owned subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which is expected to enhance the company's business expansion and market competitiveness through collaboration in capital and industrial resources [1] - The partnership with Boyu Capital leverages its extensive experience in data centers, technology, and renewable energy, which is anticipated to accelerate Weisheng Holdings' global expansion [1] - The strong demand for Weisheng Holdings' ADO business in data centers is entering a rapid growth phase, becoming a significant driver of overall business growth for the group [1]