Core Viewpoint - The A-share market is witnessing strong performance in the CPO concept, driven by increasing demand for 1.6T optical modules, with significant price increases in several related stocks [1][2] Group 1: Market Performance - Stocks such as Hui Green Ecology and Cambridge Technology hit the daily limit up, while Tianfu Communication rose over 9%, and several others saw increases of more than 5% [1] - The overall market sentiment is positive, with MACD golden cross signals indicating a favorable trend for these stocks [2] Group 2: Demand and Supply Dynamics - According to a recent survey by Xingzheng Securities, the demand for 1.6T optical modules is being continuously revised upwards, with total industry demand expected to increase from 10 million to 20 million units [1] - Major overseas clients have recently adjusted their procurement plans for 1.6T optical modules for 2026, with some customers locking in production capacity for the upcoming year [1]

Core Viewpoint - A-share CPO and computing hardware stocks experienced a collective surge at the opening, indicating strong market interest and potential growth in this sector [2] Group 1: Market Performance - Zhongji Xuchuang opened over 9% higher, reflecting significant investor confidence [2] - Xinyi Technology and Tianfu Communication both rose over 5%, showcasing a positive trend among key players in the computing hardware market [2] - Cambridge Technology and Robotec also saw notable increases at the opening, further emphasizing the bullish sentiment in the sector [2]

Core Viewpoint - Cambridge Technology (6166.HK), a supplier of optical and wireless connectivity devices (OWCD), is launching an IPO from October 20 to October 23, aiming to raise up to HKD 4.616 billion with a maximum share price of HKD 68.88 [1] Fundraising Details - The IPO will issue 67.0105 million H-shares, with 10% allocated for public offering in Hong Kong and the remaining for international placement [1] - The entry fee for one lot of 50 shares is HKD 3,478.73, and the shares are expected to commence trading on October 28 [1] Use of Proceeds - 50% of the net proceeds will be used to enhance production capacity [1] - 20% will be allocated for further development of R&D talent and technology [1] - 5% is designated for business promotion and marketing [1] - 15% will be used for overseas strategic investments [1] - 10% will cover general corporate purposes, including working capital needs [1]

Core Viewpoint - Cambridge Technology (603083) plans to globally offer 67.01 million H shares from October 20 to October 23, 2025, with a maximum offer price of HKD 68.88 per share, and expects trading to commence on October 28, 2025 [1] Group 1: Company Overview - The company specializes in the design, development, and sale of connectivity and data transmission devices, ranking fifth globally in the optical and wireless connectivity device (OWCD) industry with a market share of 4.1% as of 2024 [1] - The company has established stable partnerships with several global leaders over the past decade, with a significant portion of its revenue derived from international markets, including the US, Europe, and Asia-Pacific [2] Group 2: Financial Performance - The company's revenue for the past periods was RMB 3.784 billion, RMB 3.085 billion, RMB 3.65 billion, and RMB 2.034 billion, with gross profits of RMB 689 million, RMB 664 million, RMB 762 million, and RMB 445 million, reflecting gross margins of 18.2%, 21.5%, 20.9%, and 21.9% respectively [5] - Net profits for the same periods were RMB 171 million, RMB 95 million, RMB 167 million, and RMB 118 million, with net profit margins of 4.5%, 3.1%, 4.6%, and 5.8% respectively [5] Group 3: Use of Proceeds - The company estimates a net amount of approximately HKD 4.48 billion from the global offering, with plans to allocate about 50% for enhancing its facilities and capacity for current and future co-location partners [4] - Specific allocations include 12% for broadband products, 13% for wireless products, and 25% for optical module products, along with 20% for R&D talent and technology improvements [4] - Additionally, 5% will be used for business promotion and marketing, 15% for overseas strategic investments, and 10% for general corporate purposes [4] Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements with several investors, agreeing to subscribe for shares totaling USD 290 million, which translates to approximately 32.76 million shares at the maximum offer price [3]

Core Viewpoint - Cambridge Technology (06166) plans to conduct a global offering of 67.01 million H-shares from October 20 to October 23, 2025, with a maximum offer price of HKD 68.88 per share, and expects to list on the Hong Kong Stock Exchange on October 28, 2025 [1] Group 1: Company Overview - The company specializes in the design, development, and sales of connectivity and data transmission devices, ranking fifth in the global Optical and Wireless Connectivity Devices (OWCD) industry with a market share of 4.1% in 2024 [1] - The company has established stable partnerships with several global leaders, maintaining these relationships for over ten years [2] Group 2: Revenue Sources - The majority of the company's revenue comes from international markets, with overseas revenue accounting for 82.9%, 89.3%, 92.6%, and 94.0% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [2] Group 3: Capital Raising and Use of Proceeds - The cornerstone investors have agreed to subscribe for shares worth approximately USD 290 million, translating to about 32.76 million shares at the maximum offer price [3] - The estimated net proceeds from the global offering are approximately HKD 4.48 billion, which will be allocated as follows: 50% for enhancing facilities and capacity, 20% for R&D talent and technology, 5% for sales and marketing, 15% for overseas strategic investments, and 10% for general corporate purposes [4] Group 4: Financial Performance - The company reported revenues of RMB 3.784 billion, RMB 3.085 billion, RMB 3.65 billion, and RMB 2.034 billion for the respective years, with gross profits of RMB 689 million, RMB 664 million, RMB 762 million, and RMB 445 million, reflecting gross margins of 18.2%, 21.5%, 20.9%, and 21.9% [5] - Net profits for the same periods were RMB 171 million, RMB 95 million, RMB 167 million, and RMB 118 million, with net profit margins of 4.5%, 3.1%, 4.6%, and 5.8% [5]

Group 1 - The company, Cambridge Technology (06166.HK), plans to globally offer 67.01 million H-shares, with 6.70 million shares for Hong Kong and 60.31 million shares for international distribution, with the offering period from October 20 to October 23, 2025, and the expected pricing date on October 24, 2025 [1] - The company is primarily engaged in the design, development, and sales of connectivity and data transmission devices, ranking fifth in the global optical and wireless connectivity device (OWCD) industry with a market share of 4.1% in 2024 [2] - The company has established cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately $290 million (about HKD 2.26 billion) at the maximum offer price of HKD 68.88 per share [3] Group 2 - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately HKD 4.48 billion, with 50% allocated to enhance facilities and production capacity, 20% for R&D talent and technology, 5% for marketing, 15% for overseas strategic investments, and 10% for general corporate purposes [4]

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].