上海 剑桥科技 拟在香港发售股份，最多融资46.2亿港元，拟在香港发售6,701万股股份。上海剑桥科技 的股票将于10月28日起在 香港交易所 开始交易。 ...

格隆汇10月20日丨剑桥科技(06166.HK)发布公告，公司拟全球发售6701.05万股H股(视乎超额配股权行 使与否而定)，中国香港发售股份670.11万股，国际发售股份6030.95万股；2025年10月20日至10月23日 招股，预期定价日为10月24日；发售价将不会超过每股发售股份68.88港元，每手买卖单位为50股，国 泰君安国际为独家保荐人；预期股份将于2025年10月28日开始在联交所买卖。 ...

Core Viewpoint - Cambridge Technology is advancing towards its listing on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of critical infrastructure components for artificial intelligence development, with a significant portion of its revenue generated from overseas markets [1][4]. Company Overview - Cambridge Technology is a global leader in providing optical and wireless connection solutions, with a market capitalization of approximately 26.376 billion yuan as of October 17 [1]. - The company has been listed on the Shanghai Stock Exchange since November 2017 and has recently passed the listing hearing for the Hong Kong Stock Exchange [1]. Revenue Structure - The company's revenue is primarily derived from three segments: optical connection solutions, broadband solutions, and wireless technology solutions [1]. - In 2022, 2023, and 2024, the company reported revenues of 3.784 billion yuan, 3.085 billion yuan, and 3.65 billion yuan, respectively, with a notable increase in 2024 after a decline in 2023 [3]. Market Position - According to Frost & Sullivan, Cambridge Technology ranks fifth in the global optical and wireless connection equipment industry with a market share of 4.1% as of 2024 [1]. - The company is recognized for its advanced products, including the 800G and 1.6T optical modules, and has achieved significant milestones in the broadband market with its XGS PON products [2][3]. Competitive Landscape - The optical communication module and telecom access equipment sectors are characterized as high-growth areas driven by the increasing demand for AI and computing power, global data center upgrades, and ongoing 5G construction [5][6]. - The global sales revenue of the OWCD industry is projected to grow from $32.4 billion in 2020 to $54.6 billion in 2024, with a compound annual growth rate (CAGR) of 13.9% [6]. Customer Base - The company has a diverse customer base across 52 countries, with a significant concentration of revenue from major clients in the ICT sector [4]. - The revenue from the top five customers accounted for 63.5%, 68.8%, and 74.9% of total revenue in 2022, 2023, and 2024, respectively, indicating a high customer concentration risk [4]. Growth Drivers - The demand for high-speed optical modules is expected to surge due to the explosion of AI applications and the need for rapid data transmission in data centers [5]. - Continuous upgrades in data centers and the expansion of cloud services are anticipated to drive the demand for optical modules, particularly as data centers evolve from 100G and 400G to 800G and beyond [5]. Challenges - The optical module industry is highly competitive, with significant pressure on profit margins due to frequent price wars among major players [7]. - The company faces risks associated with rapid technological changes and the need for substantial R&D investments to stay competitive in a fast-evolving market [8].

Core Viewpoint - Cambridge Technology is advancing towards its listing on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of critical infrastructure components for artificial intelligence development, with a significant portion of its revenue generated from overseas markets [1][5]. Company Overview - Cambridge Technology is a global leader in providing optical and wireless connectivity solutions, with a market capitalization of approximately 26.376 billion yuan as of October 17 [1]. - The company has been listed on the Shanghai Stock Exchange since November 2017 and reported annual revenues exceeding 3.6 billion yuan, with about 90% of its income derived from international markets [1][5]. Product Offerings - The company offers three main product categories: optical connection solutions, broadband solutions, and wireless technology solutions [1]. - It is a pioneer in developing advanced optical modules, including 800G and 1.6T products, which are critical for high-speed data transmission [2]. - Cambridge Technology's broadband solutions, particularly its XGS PON products, dominate the global 10GPON market with over 30% market share by shipment volume [2]. - The company has also developed Wi-Fi 7 products and is collaborating with Google Fiber to launch a 20G uplink Wi-Fi 7 gateway [3]. Financial Performance - The company's revenue from 2022 to 2024 showed fluctuations, with revenues of 3.784 billion yuan, 3.085 billion yuan, and 3.65 billion yuan, respectively, indicating a year-on-year decline of 18.5% followed by an increase of 18.3% [4]. - Net profits for the same period were approximately 171 million yuan, 94.965 million yuan, and 167 million yuan, reflecting a similar upward trend [4]. Revenue Composition - A significant portion of the company's revenue comes from international markets, with overseas income accounting for 82.9%, 89.3%, and 92.6% of total revenue from 2022 to 2024 [5]. - The company has a high customer concentration, with its top five clients contributing 63.5%, 68.8%, and 74.9% of total revenue during the same period [5]. Industry Dynamics - The optical communication module and telecom access equipment sectors are characterized by high growth potential, driven by the surge in AI and computing demands, global data center upgrades, and ongoing 5G deployments [6][7]. - The global sales revenue of the OWCD industry is projected to grow from $32.4 billion in 2020 to $54.6 billion in 2024, with a compound annual growth rate of 13.9% [7]. Competitive Landscape - The company faces intense competition in the optical module market, which includes domestic giants and international competitors, leading to price wars and pressure on profit margins [8]. - Despite its competitive advantages, such as early entry into high-speed optical module production, the company must continuously invest in R&D to keep pace with rapid technological advancements [9].

Group 1 - The stock prices of Shijia Photon fell over 15% [1] - Zhongfu Circuit experienced a decline of more than 7% [1] - Other companies such as Yongding Co., Cambridge Technology, Dongtian Micro, and Xuguang Electronics also saw a drop in their stock prices [1]

来源：金色光-投资有道 剑桥科技赴港上市前夕，控股股东减持套现2.85亿元，其一致行动人也套现近7500万元。公司曾因信披违规被上交所监管关注，对比最新的港股 申报材料和A股公开信披，仍有一些信披矛盾。更奇怪的是，子公司西安剑桥的工商电话和代加工厂相同。 来源：摄图网 剑桥科技忙着赴港上市，控股股东减持套现2.85亿元 10月14日，上海剑桥科技股份有限公司（证券简称：剑桥科技；证券代码：603083.SH）发布公告表示，公司董事会审议通过关于确定H股全球发 售及香港联交所上市相关事宜的议案。同日，剑桥科技表示，公司已按照有关规定在香港联交所网站刊登本次发行聆讯后资料集。 9月30日，剑桥科技公告披露，发行H股事项获证监会备案；10月9日，香港联交所上市委员会举行上市聆讯，审议了公司本次发行上市的申请。 剑桥科技的赴港上市进程可谓是紧锣密鼓。 不过，剑桥科技忙着赴港上市的同时，公司控股股东却忙着减持A股股票。 4月28日，剑桥科技向香港联交所递表。5月14日，剑桥科技发布公告表示，公司控股股东Cambridge Industries Company Limited（以下简称：CIG 开曼）及其一致行动人上海康 ...

Group 1 - The F5G concept sector experienced an increase of 1.65% on October 16 [1] - Among the companies in this sector, Shijia Photon rose by 5.2% [1] - Zhongji Xuchuang saw an increase of 3.41% [1] - Jianqiao Technology increased by 2.83% [1] - Changxin Bochuang rose by over 2% [1]

Group 1 - Cambridge Technology's stock price fell by 5.07% on October 14, reaching 102.33 yuan per share, with a trading volume of 2.257 billion yuan and a turnover rate of 7.90%, resulting in a total market capitalization of 27.426 billion yuan [1] - The stock has experienced a continuous decline for five days, accumulating a total drop of 18.98% during this period [1] - The company, established on March 14, 2006, and listed on November 10, 2017, focuses on the research, production, and sales of ICT terminal products for home, enterprise, and industrial applications based on cooperative models, primarily JDM and ODM [1] Group 2 - The main business revenue composition includes: telecommunications broadband (55.66%), wireless networks and small base stations (28.82%), high-speed optical modules (13.46%), edge computing and industrial interconnection products (2.01%), and others (0.06%) [1] - From the perspective of major fund holdings, one fund under Galaxy Fund holds shares in Cambridge Technology, specifically the Galaxy Technology Growth Mixed Initiation A (022704), which held 10,700 shares in the second quarter, accounting for 4.39% of the fund's net value, ranking as the eighth largest holding [2] - The fund has incurred a floating loss of approximately 58,500 yuan today and a total floating loss of 270,200 yuan during the five-day decline [2]

Core Insights - The A-share market saw a collective pullback in CPO concept stocks, with significant declines in several companies [1] Group 1: Market Performance - New Yi Sheng (300502) experienced a decline of 7.93%, with a total market capitalization of 319 billion and a year-to-date increase of 290.32% [2] - Tongfu Microelectronics (002156) fell by 7.45%, holding a market cap of 66 billion and a year-to-date increase of 47.36% [2] - Zhongji Xuchuang (300308) dropped by 6.61%, with a market value of 391.2 billion and a year-to-date increase of 186.48% [2] - Other notable declines include Hui Green Ecology (-5.89%), Jiepute (-5.34%), and Dekeli (-4.91%) [1][2] Group 2: Additional Company Performance - Lian Te Technology and Dekeli both saw declines of 4.91%, with market caps of 12.1 billion and 15.7 billion respectively [2] - Zhongtian Technology (600522) decreased by 4.18%, with a market capitalization of 61.9 billion and a year-to-date increase of 29.31% [2] - Cambridge Technology (603083) fell by 4.17%, with a market cap of 27.7 billion and a year-to-date increase of 155.76% [2]

Core Viewpoint - The CPO concept stocks in the A-share market experienced a collective decline, with several companies reporting significant drops in their stock prices as of the midday close on October 14 [1]. Group 1: Stock Performance - Xinyiseng (新易盛) saw a decline of 7.93%, with a total market capitalization of 319 billion and a year-to-date increase of 290.32% [2]. - Tongfu Microelectronics (通富微电) dropped by 7.45%, holding a market cap of 66 billion and a year-to-date increase of 47.36% [2]. - Zhongji Xuchuang (中际旭创) fell by 6.61%, with a market value of 391.2 billion and a year-to-date increase of 186.48% [2]. - Huilv Ecology (汇绿生态) decreased by 5.89%, with a market cap of 11.5 billion and a year-to-date increase of 93.43% [2]. - Jiepute (杰普特) experienced a decline of 5.34%, with a market capitalization of 12.8 billion and a year-to-date increase of 185.16% [2]. - Other notable declines include Dekeli (德科立) at -4.91%, Liantech (联特科技) at -4.91%, and Zhongtian Technology (中天科技) at -4.18% [2]. Group 2: Market Trends - The overall trend indicates a bearish sentiment in the CPO sector, with multiple stocks experiencing declines of over 4% [1]. - Despite the current downturn, some stocks have shown strong year-to-date performance, indicating potential resilience in the sector [2].