Group 1 - The company, 澜起科技, has set the offer price for its H shares at HKD 106.89 per share [1] - The global offering is expected to become unconditional by February 9, 2026, at 8:00 AM Hong Kong time [1] - Trading of the H shares on the main board of the Hong Kong Stock Exchange is anticipated to commence on February 9, 2026, at 9:00 AM Hong Kong time [1]

Core Viewpoint - The company, 澜起科技 (Lianqi Technology), has set the offering price for its H-shares at HKD 106.89 per share, excluding various fees [1] Group 1: Offering Details - The offering price is set at HKD 106.89 per H-share, which does not include a 1.0% brokerage commission, a 0.0027% Hong Kong Securities and Futures Commission transaction levy, a 0.00565% Hong Kong Stock Exchange trading fee, and a 0.00015% Financial Services and the Treasury Bureau transaction levy [1] - The company expects to announce the subscription levels for the international offering and the public offering in Hong Kong on February 6, 2026 [1] - The global offering is anticipated to become unconditional on February 9, 2026, with H-shares expected to commence trading on the Hong Kong Stock Exchange at 9:00 AM Hong Kong time [1] Group 2: Trading Information - H-shares will be traded in board lots of 100 shares [1]

就全球發售而言，摩根士丹利亞洲有限公司（作為穩定價格操作人（「穩定價格操作人」））（或其 聯屬人士或代其行事的任何人士）代表包銷商可在香港或其他地區適用法律及法規要求允許的 範圍內，於上市日期後一段有限期間內作出超額分配或進行交易，以穩定價格操作人、其聯屬 人士或代其行事的任何人士釐定的價格、金額及方式穩定或維持H股市價並使其高於原應達至 的水平。然而，穩定價格操作人（或其聯屬人士或代其行事的任何人士）並無責任進行任何該等 穩定價格行動。倘採取該等穩定價格行動，(a)將由穩定價格操作人（或其聯屬人士或代其行事 的任何人士）全權酌情按穩定價格操作人合理認為符合本公司最佳利益的方式進行，(b)可隨時 終止及(c)須於遞交香港公開發售申請截止日期起計30日（即2026年3月6日（星期五））內結束。 該等穩定價格行動一經採取，可於所有獲准進行有關行動的司法權區進行，惟在任何情況下均 須遵守所有適用法律、規則及監管規定，包括根據香港法例第571章《證券及期貨條例》作出的 香港法例第571W章《證券及期貨（穩定價格）規則》（經修訂）。 潛在投資者務請注意，不得於穩定價格期間（將自上市日期開始，預期於遞交香港公開發售申 請 ...

Group 1 - The company, Lanqi Technology, plans to set the upper limit of its IPO price range, with a maximum offering price of HKD 106.89, aiming to raise up to HKD 7.04 billion [1] - The IPO will take place from January 30 to February 4, with 65.89 million H-shares being issued, 10% for public offering in Hong Kong and the remainder for international placement, along with a maximum of 15% over-allotment option [1] - Lanqi Technology is a leading fabless integrated circuit design company, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure, projected to be the largest memory interconnect chip supplier globally by revenue in 2024, with a market share of 36.8% [1] Group 2 - The company offers a full range of memory interface chips from DDR2 to DDR5, including supporting chips such as SPD, temperature sensors, and power management ICs, with its DDR5 memory interface chips being critical for stable data transmission between CPUs and DRAM modules in servers [2] - New interconnect chips launched by the company aim to enhance the reliability and efficiency of data transmission in AI servers and personal computers [2] - The company has two main product lines: interconnect chips and Zindai products, with interconnect chips including memory interface chips, supporting chips, PCIe/CXL interconnect chips, and clock chips [2]

Core Viewpoint - The company, Lianqi Technology, plans to price its IPO at the upper limit of the offering range, aiming to raise up to HKD 7.04 billion through the issuance of 65.89 million H-shares, with a maximum offer price of HKD 106.89 per share [1] Group 1: Company Overview - Lianqi Technology is a leading fabless integrated circuit design company focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1] - According to Frost & Sullivan, Lianqi Technology is projected to be the largest supplier of memory interconnect chips globally by 2024, holding a market share of 36.8% based on revenue [1] Group 2: Product Offerings - The company offers a full range of memory interface chips from DDR2 to DDR5, including supporting chips such as SPD (Serial Presence Detect), TS (Temperature Sensor), and PMIC (Power Management Integrated Circuit) [2] - Lianqi Technology's DDR5 memory interface chips serve as critical interconnect components between CPUs and DRAM modules in servers, enabling stable transmission of high-speed data [2] - The newly launched interconnect chips, including MRCD/MDB, CKD (Clock Driver), PCIe Retimer, and CXL MXC (Memory Expansion Controller), aim to enhance the reliability and efficiency of data transmission in AI servers and personal computers [2]

Core Viewpoint - The company, Lanqi Technology, plans to price its IPO at the upper limit of the offering range, aiming to raise up to HKD 7.04 billion through the issuance of 65.89 million H-shares, with a maximum offer price of HKD 106.89 per share [1] Group 1: IPO Details - The IPO subscription period is set from January 30 to February 4, with 10% of the shares available for public offering in Hong Kong and the remainder for international placement, including an option for up to 15% in over-allotment [1] - The expected listing date for Lanqi Technology's H-shares is February 9 [1] - The entry fee for one board lot of 100 shares is HKD 10,796.8 [1] Group 2: Company Overview - Lanqi Technology is a leading fabless integrated circuit design company, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1] - According to Frost & Sullivan, the company is projected to be the largest supplier of memory interconnect chips globally by 2024, holding a market share of 36.8% based on revenue [1] - The company provides interconnect chips to industry-leading clients, including memory interconnect chips and PCIe/CXL interconnect chips, applicable in a wide range of end-user fields such as data centers, servers, and computers [1] Group 3: Product Lines - Lanqi Technology offers a full range of DDR2 to DDR5 memory interface chips and supporting chips, including SPD, temperature sensors, and power management integrated circuits [2] - The DDR5 memory interface chips are critical interconnect components between CPUs and DRAM modules in servers, enabling stable transmission of high-speed data [2] - The company has two main product lines: interconnect chips and Zindai products, with interconnect chips including memory interface chips, memory module supporting chips, PCIe/CXL interconnect chips, and clock chips [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：郭二侠说财 澜起科技的财务表现近年来显著改善，特别是在2024年后迎来强劲增长。2024年公司实现营业收入 36.39亿元，同比增长59.2%；2025年前三季度，公司营收达到40.58亿元，同比增长57.83%。 利润增长更为亮眼。2025年前三季度，公司实现净利润15.76亿元，同比增长61.45%。这一增长态势主 要受益于AI产业趋势带来的行业需求旺盛，公司互连类芯片出货量显著增加。 东鹏饮料这次来港股，给的折扣实在太抠门，只比A股便宜了14%。结果今天暗盘基本收平，但算上打 新的手续费，实际上是"赔本赚吆喝"，白忙活一场。 各位老铁记住了，打新AH两地上市的票，折价才是硬道理！中间的价差不够大，就没有安全垫。只有 当H股比A股打个"骨折价"，咱们冲进去才有利可图。否则这种没油水的买卖，真不如在旁边看看就 好。 一、招股信息 | 公司名称 | 澜起科技 (06809.HK) | | --- | --- | | 所属行业 | 未曾体 | | 招股日期 | 1月30日~2月4日 | | 发行股数 | 总发行6589万股,其中10 ...

Core Viewpoint - MRDIMM is a new memory module architecture designed for high-performance computing and data-intensive applications, achieving a data transfer rate of 8800 MT/s, which is nearly a 40% increase in peak bandwidth compared to standard DDR5 RDIMM [1][2] Group 1: MRDIMM Technology Overview - MRDIMM is suitable for high-performance computing and artificial intelligence applications, addressing the bandwidth decline per core due to the increasing number of processor cores [2] - The first generation of MRDIMM supports a data transfer rate of 8800 MT/s, with the third generation expected to reach 14000 MT/s [2] - The architecture of MRDIMM includes 1 MRCD (Memory Register Clock Driver) and 10 MDB (Memory Data Buffer) chips, indicating significant growth potential in the market [3] Group 2: Market Demand Projections - By 2030, the demand for MRCD and MDB is projected to increase significantly, with estimates under pessimistic, neutral, and optimistic scenarios suggesting demand for MRCD could reach 274 million, 456 million, and 593 million units respectively, while MDB demand could reach 2.736 billion, 4.560 billion, and 5.928 billion units [4] - The penetration rates for MRDIMM are estimated to be 30%, 50%, and 65% under pessimistic, neutral, and optimistic scenarios respectively [4] Group 3: Industry Implications - The adoption of MRDIMM technology is expected to drive demand for MRCD and MDB chips, particularly as it becomes compatible with Intel's sixth-generation CPUs [1][3] - Key companies in the market include 澜起科技 (Lanke Technology) and 聚辰股份 (Juchen Technology), which are involved in the production of MRCD/MDB chips and DDR5 memory modules respectively [1]

Major Events - Lanke Technology (06809) will conduct an IPO from January 30 to February 4, with an expected listing on February 9 [1] - Aixin Yuanzhi (00600) will conduct an IPO from January 30 to February 5, with an expected listing on February 10 [1] - Lexin Outdoor (02720) will conduct an IPO from January 31 to February 5, raising HKD 130 million from Horizon Capital and Huangshan Dejun [1] - Dongpeng Beverage (09980) sets the offer price at HKD 248 per share [1] - Zhonghui Biotech-B (02627) received approval from the National Medical Products Administration for a trivalent influenza virus subunit vaccine [1] - Kangzheng Pharmaceutical (00867) received approval for the first and only targeted drug for vitiligo treatment in China [1] - Shishi Pharmaceutical Group (02005) received production registration for Propafenone Hydrochloride Injection from the National Medical Products Administration [1] - China Aluminum (02600) plans to jointly acquire 68.6% of Brazilian Aluminum from Rio Tinto and will initiate a mandatory offer [1] - Yanzhou Coal Mining (01171) plans to transfer 100% equity of Inner Mongolia Xintai Coal [1] - Botai Car Union (02889) plans to collaborate with Ping An Property & Casualty to reconstruct the smart travel insurance ecosystem [1] - Jin Jing New Energy (01783) signed a strategic framework agreement with Tianqi Grand for lithium battery recycling and precious metal extraction [1] - Guangdong-Hong Kong-Macau Holdings (01396) subsidiary Hongce Data introduces Fudian Capital as a strategic investor for 40% equity [1] - China Mobile (00941), China Unicom (00762), and China Telecom (00728) will adjust the applicable scope of value-added tax for telecom services [1] Operating Performance - BYD Company (01211) sold approximately 210,000 new energy vehicles in January [2] - Geely Automobile (00175) reported total vehicle sales of 270,200 units in January, a year-on-year increase of about 1% [2] - Chery Automobile (09973) saw total sales of 191,500 vehicles in January, a year-on-year decrease of about 10.7% [2] - Seres (09927) reported total vehicle sales of 45,900 units in January, a year-on-year increase of 104.85% [2] - Great Wall Motors (02333) sold approximately 90,300 vehicles in January, a year-on-year increase of 11.59% [2] - Li Auto-W (02015) delivered 27,668 new vehicles in January, a year-on-year decrease of 7.5% [2] - NIO-SW (09866) delivered 27,182 vehicles in January, a year-on-year increase of 96.1% [2] - GAC Group (02238) reported vehicle sales of 116,600 units in January, a year-on-year increase of 18.47% [2] - Great Wall Motors (02333) released a preliminary report indicating a net profit attributable to shareholders of 9.912 billion yuan for 2025, a year-on-year decrease of 21.71% [2] - Shandong Gold (01787) expects a net profit attributable to shareholders of approximately 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% [2] Earnings Forecast - SF Express (09699) expects a year-on-year profit increase of no less than 80% for 2025 [3] - China International Capital Corporation (03908) anticipates a net profit attributable to shareholders of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% [3] - China Shenhua (01088) expects a year-on-year decline in net profit for 2025 [3] - Datang Power (00991) anticipates a net profit of approximately 6.8 billion to 7.8 billion yuan for 2025, a year-on-year increase of about 51% to 73% [3] - China Southern Airlines (01055) expects a net profit attributable to shareholders of 800 million to 1 billion yuan for 2025, turning a profit [3] - Air China (00753) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.9 billion yuan for 2025 [3] - China Eastern Airlines (00670) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.8 billion yuan for 2025 [3] - GAC Group (02238) expects a net loss attributable to shareholders of 8 billion to 9 billion yuan for 2025 [3] - Ansteel (00347) warns of a net loss attributable to shareholders of approximately 4.077 billion yuan for 2025, a year-on-year narrowing of 42.75% [3] - Junshi Biosciences (01877) warns of a net loss attributable to shareholders of approximately 873 million yuan for 2025, a year-on-year decrease of about 31.85% [3]

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is recognized as the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024, according to Frost & Sullivan [2]. - The memory interconnect chip market is projected to grow significantly, from USD 1.2 billion in 2024 to USD 5 billion by 2030, with a compound annual growth rate (CAGR) of 27.4% [3]. - The company is strategically positioned to address critical interconnect market demands, which are foundational for cloud computing, data centers, and AI infrastructure [3]. Summary by Relevant Sections Company Overview - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1]. Market Position - The company has established a significant first-mover advantage in the memory interconnect sector by setting and leading industry standards, which presents high barriers to entry for new competitors [2]. Financial Performance - The company's revenue for the fiscal year ending December 31 is projected to be RMB 36.39 billion in 2024, showing a recovery from RMB 22.86 billion in 2023 [4]. - The net profit is expected to increase to RMB 14.12 billion in 2024, up from RMB 4.51 billion in 2023 [4]. Talent and Team - The company emphasizes attracting high-level R&D and management talent to maintain its technological leadership and enhance global competitiveness, which is crucial for its long-term sustainable development [3].