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Core Viewpoint - Cambridge Technology (06166) experienced a volatile debut, with its stock price initially rising to 109 HKD before declining to a low of 76.45 HKD, reflecting only a slight increase of over 10% from the IPO price of 68.88 HKD [1] Company Summary - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, positioning itself as one of the few companies globally offering these three types of technology products [1] - The company's Q3 2025 performance report indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access, with the high-speed optical module segment showing significant performance due to increased demand from global data center construction [1] Industry Summary - The optical communication sector has faced challenges in Q3, with companies like NewEase and Tianfu Communication reporting slight declines in revenue, breaking their previous growth trends, while Zhongji Xuchuang maintained growth both year-on-year and quarter-on-quarter [1] - According to Guosheng Securities, the overall performance of the industry in Q3 was relatively flat, as the optical communication sector is transitioning from 800G to 1.6T, leading to short-term performance fluctuations during this technological shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4, indicating a potential recovery and growth in the optical communication sector [1]

Core Viewpoint - Cambridge Technology (06166.HK) experienced significant volatility on its first trading day, initially rising to 109 HKD before declining sharply [1] Group 1 - On its debut, the stock price of Cambridge Technology reached a high of 109 HKD [1] - Following the initial surge, the stock price fell continuously, hitting a low of 76.45 HKD during trading today [1] - The current trading price is reported at 77.6 HKD, reflecting a gain of just over 10% from the IPO price of 68.88 HKD [1] Group 2 - As of the latest update, the stock has decreased by 7.07% [1] - The trading volume for the stock is reported at 89.65 million HKD [1]

Group 1 - Cambridge Technology (603083) experienced a significant price fluctuation on its first trading day, reaching a high of 109 HKD before declining to a low of 76.45 HKD, representing a gain of just over 10% from the IPO price of 68.88 HKD [1] - The third-quarter reports have negatively impacted the optical communication sector, with companies like NewEase (300502) and Tianfu Communication (300394) reporting slight declines in revenue, breaking their continuous growth trend [1] - Despite the overall industry performance being relatively flat in Q3, Zhongji Xuchuang (300308) maintained growth in both year-on-year and quarter-on-quarter revenue, indicating stable performance [1] Group 2 - According to Guosheng Securities (002670), the optical communication industry is currently in a transitional phase from 800G to 1.6T, leading to short-term performance fluctuations during the technology generational shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4 [1] - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, and is one of the few companies globally offering these three types of products [1] Group 3 - The Q3 performance report for Cambridge Technology indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access [1] - The high-speed optical module business has shown remarkable performance, driven by the surge in demand for global data center construction, leading to a significant increase in orders [1] - The company has achieved high-quality delivery through continuous capacity enhancement and an efficient supply chain [1]

Core Viewpoint - Cambridge Technology's stock has experienced significant volatility, with a year-to-date increase of 151.62% but a recent decline of 14.91% over the past five trading days [1] Group 1: Stock Performance - As of November 4, Cambridge Technology's stock price was 101.49 CNY per share, with a market capitalization of 34.002 billion CNY [1] - The stock has seen a trading volume of 1.437 billion CNY, with a turnover rate of 5.20% [1] - Year-to-date, the stock has risen by 151.62%, but it has decreased by 14.91% in the last five trading days and 23.26% in the last 20 days [1] Group 2: Financial Performance - For the period from January to September 2025, Cambridge Technology reported a revenue of 3.36 billion CNY, representing a year-on-year growth of 21.57% [2] - The net profit attributable to shareholders for the same period was 259 million CNY, showing a significant increase of 70.88% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Cambridge Technology was 67,000, a decrease of 0.64% from the previous period [2] - The average number of circulating shares per shareholder increased by 0.64% to 3,999 shares [2] - The company has distributed a total of 163 million CNY in dividends since its A-share listing, with 115 million CNY distributed in the last three years [3]

Core Viewpoint - Cambridge Technology's stock has shown significant volatility, with a year-to-date increase of 160.82% but a recent decline of 11.60% over the past five trading days [1] Group 1: Stock Performance - As of November 3, Cambridge Technology's stock price reached 105.20 CNY per share, with a trading volume of 1.782 billion CNY and a turnover rate of 6.47%, resulting in a total market capitalization of 35.245 billion CNY [1] - The stock has experienced a 20.93% decline over the past 20 days, while it has increased by 106.98% over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on October 9, where it recorded a net purchase of 53.381 million CNY [1] Group 2: Company Overview - Shanghai Cambridge Technology Co., Ltd. was established on March 14, 2006, and listed on November 10, 2017, focusing on the R&D, production, and sales of ICT terminal products for home, enterprise, and industrial applications [2] - The company's revenue composition includes: 55.66% from telecommunications broadband, 28.82% from wireless networks and small base stations, 13.46% from high-speed optical modules, 2.01% from edge computing and industrial interconnection products, and 0.06% from other sources [2] - Cambridge Technology is categorized under the communication equipment sector, with concepts including optoelectronics, hundred-yuan stocks, WIFI concepts, liquid cooling concepts, and Huawei concepts [2] Group 3: Financial Performance - For the period from January to September 2025, Cambridge Technology achieved a revenue of 3.36 billion CNY, representing a year-on-year growth of 21.57%, and a net profit attributable to shareholders of 259 million CNY, reflecting a 70.88% increase [2] - The company has distributed a total of 163 million CNY in dividends since its A-share listing, with 115 million CNY distributed over the past three years [3] Group 4: Shareholder Structure - As of September 30, 2025, the number of shareholders for Cambridge Technology was 67,000, a decrease of 0.64% from the previous period, with an average of 3,999 circulating shares per person, an increase of 0.64% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 15.853 million shares, an increase of 4.9918 million shares from the previous period [3]

Core Viewpoint - Cambridge Technology (06166) has transferred shares worth HKD 13.40 billion from Wansheng Financial Holdings to HSBC, representing 22.52% of the total shares [1] Company Overview - Cambridge Technology is primarily engaged in the design, development, and sales of connectivity and data transmission devices [1] - The company generates revenue mainly from the sales of broadband, wireless, and optical module technology products [1] - According to Frost & Sullivan, Cambridge Technology is one of the few companies globally that offers all three types of technology products [1] Revenue Breakdown - The revenue from overseas markets accounted for 82.9%, 89.3%, 92.6%, and 94.0% of the company's total revenue during the historical record period [1] Global Presence - In addition to its operations in China, the company has established a joint headquarters in the United States and has overseas R&D centers in the U.S. and Japan [1] - The company also has overseas sales offices in the U.S. and Italy, and manufacturing bases in the U.S., Germany, and Malaysia [1]

Core Viewpoint - Cambridge Technology (603083) has transferred shares worth HKD 1.34 billion from Wansheng Financial Holdings to HSBC Hong Kong, representing 22.52% of its market value [1] Group 1: Company Overview - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices [1] - The company generates revenue mainly from the sales of broadband, wireless, and optical module technology products [1] - According to Frost & Sullivan, Cambridge Technology is one of the few companies globally that offers all three types of technology products [1] Group 2: Revenue Breakdown - The revenue from overseas markets accounted for 82.9%, 89.3%, 92.6%, and 94.0% of the company's total revenue during the past record periods [1] Group 3: Global Presence - Apart from its operations in China, the company has established a joint headquarters in the United States and has overseas R&D centers in the U.S. and Japan [1] - Cambridge Technology has overseas sales offices in the U.S. and Italy, and manufacturing bases in the U.S., Germany, and Malaysia [1]

Core Points - The company has announced the achievement of conditions for the first exercise period of its 2024 stock option incentive plan, allowing 743 eligible participants to exercise a total of 7,569,150 stock options at an adjusted exercise price of RMB 29.1848 per share [6][12][43] Summary by Sections Incentive Plan Overview - The stock option incentive plan was approved by the company's board on August 7, 2024, and the first exercise period was set to begin after a 12-month waiting period [2][5][43] - The plan allows for the issuance of stock options to incentivize key personnel and align their interests with those of shareholders [12][43] Exercise Conditions - The first exercise period has been confirmed as meeting the necessary conditions, with the company achieving a revenue of RMB 3.652 billion and a net profit of RMB 179 million, surpassing the set performance targets [12][43] - A total of 743 participants are eligible to exercise their options, with the number of options available for exercise being 7,569,150 [12][43] Adjustments to Exercise Price - The exercise price was adjusted from RMB 29.48 to RMB 29.1848 due to the company's implementation of cash dividends [31][35][41] - The adjustment follows the formula P = P0 - V, where P0 is the original exercise price and V is the total dividend per share [31][35] Board and Committee Approvals - The adjustments and conditions for the exercise were reviewed and approved by the board and relevant committees, ensuring compliance with legal and regulatory requirements [12][43][44] - The board meeting held on October 30, 2025, confirmed that all procedures were followed correctly and that the adjustments would not adversely affect the company's financial status or the interests of shareholders [12][43][44]

Core Insights - Cambridge Technology has successfully listed its H-shares on the Hong Kong Stock Exchange, marking it as a technology company with a dual listing in both A and H shares, which accelerates its global expansion strategy [1][3] - The H-share offering involved a base issuance of 67,010,500 shares at a price of HKD 68.88 per share, raising approximately HKD 4.616 billion, which will be primarily invested in expanding production capacity, enhancing R&D capabilities, and overseas strategic initiatives [1][3] Company Overview - Cambridge Technology focuses on broadband, wireless, and optical module technology products, positioning itself as a key player in supporting the development of artificial intelligence [3] - With 20 years of operation, the company has established itself as a leading provider of critical infrastructure components for AI development [3] Global Operations - The company is building a global operational framework, with a joint headquarters in the U.S. and R&D centers in the U.S. and Japan, alongside a sales network in Italy [3] - Cambridge Technology has set up cooperative production bases in the U.S., Germany, Poland, and Malaysia, creating a comprehensive design, development, production, and sales network that supports international business expansion [3] Professional Support - The auditing firm, Crowe, has been engaged to support Cambridge Technology's A-share audit starting in 2024, establishing a strong collaborative relationship [4] - Crowe's team quickly mobilized to assist with the H-share issuance, leveraging an integrated service network between mainland China and Hong Kong, demonstrating their expertise in cross-border operations [4][5] Listing Process - The listing process was completed in seven months, showcasing the effective collaboration between Crowe, Cambridge Technology's management, and other intermediaries, highlighting Crowe's resource coordination and project execution capabilities [5] - The successful listing opens a new chapter for Cambridge Technology, emphasizing the integration of production and finance for future growth [5]