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].

Core Viewpoint - Shanghai Cambridge Technology Co., Ltd. is in the process of issuing H-shares and listing on the Hong Kong Stock Exchange, with necessary regulatory approvals pending [1][4]. Group 1: H-Share Issuance Process - The company submitted its application for H-share issuance to the Hong Kong Stock Exchange on April 28, 2025, and published the application materials on the same day [1]. - On September 30, 2025, the China Securities Regulatory Commission confirmed the company's filing for the overseas issuance and listing [2]. - The listing hearing by the Hong Kong Stock Exchange took place on October 9, 2025, to review the company's application [2]. Group 2: Disclosure and Information Provision - The company published a post-hearing information package on the Hong Kong Stock Exchange website to provide information to the public and qualified investors [3]. - The post-hearing information package is a draft and may be updated, and it will not be published on domestic exchanges [3]. Group 3: Board Resolutions - The company's board of directors unanimously approved the global offering and listing arrangements for H-shares during a meeting held on October 13, 2025 [5][6]. - The board authorized relevant personnel to handle specific matters related to the H-share issuance [6]. Group 4: Appointment of Company Secretaries - The board approved the appointment of two individuals as joint company secretaries under the Hong Kong Stock Exchange listing rules, effective immediately [6].

Group 1: Baima Tea Industry - Baima Tea Industry has passed the Hong Kong Stock Exchange hearing for its IPO, establishing itself as a leader in the high-end tea market in China [1] - According to Frost & Sullivan, Baima Tea ranks first in sales in the Chinese oolong and black tea markets as of 2024, with its Tieguanyin sales leading the nation for over 10 years [1] - The successful hearing paves the way for Baima Tea to raise funds for expansion and digitalization, serving as a model for other tea companies to address branding challenges [1] Group 2: SANY Heavy Industry - SANY Heavy Industry has also passed the Hong Kong Stock Exchange hearing for its IPO, with CITIC Securities as its sole sponsor [2] - Founded in 1994, SANY has transformed from a single product and country operation to a diversified, global leader in the engineering machinery industry, ranking as the largest in China and third globally based on cumulative revenue from 2020 to 2024 [2] - The IPO is a key move in SANY's globalization strategy, allowing the company to raise capital for overseas manufacturing and R&D, enhancing its international brand recognition [2] Group 3: Cambridge Technology - Cambridge Technology has received approval for its IPO application on the Hong Kong Stock Exchange, focusing on the design, development, and sales of connectivity and data transmission devices [3] - As of 2024, Cambridge Technology ranks fifth globally in the optical and wireless connectivity device industry, holding a market share of 4.1% [3] - The company's revenue primarily comes from overseas markets, and the IPO will broaden its financing channels to support R&D in optical modules, aligning with the demand for data transmission driven by artificial intelligence [3] Group 4: Dipo Technology - Dipo Technology has passed the Hong Kong Stock Exchange hearing for its IPO, specializing in enterprise-level large model AI application solutions [4] - The company ranks fifth in the Chinese market for enterprise-level large model AI application solutions, with a market share of 4.2% as of 2024 [4] - The IPO aligns with the growing trend of AI application deployment and highlights the attractiveness of the Hong Kong stock market for tech innovation companies [4]

Core Viewpoint - Cambridge Technology is preparing for an IPO in Hong Kong, focusing on its strong overseas revenue and growth potential in the optical and wireless connection equipment market [1][2]. Group 1: Company Overview - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices [1]. - The company was listed on the Shanghai Stock Exchange in November 2017 and is one of the few global providers of broadband, wireless, and optical module technology products [2]. - As of 2024, the company ranks fifth globally in the optical and wireless connection equipment industry, holding a market share of 4.1% [2]. Group 2: Financial Performance - The company reported revenues of approximately CNY 3.784 billion, CNY 3.085 billion, CNY 3.65 billion, and CNY 2.034 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Net profits for the same periods were approximately CNY 171 million, CNY 94.965 million, CNY 167 million, and CNY 118 million [2]. Group 3: Revenue Sources - Revenue from overseas markets constituted 82.9%, 89.3%, 92.6%, and 94.0% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The top five customers generated revenues of approximately CNY 2.399 billion, CNY 2.123 billion, CNY 2.738 billion, and CNY 1.678 billion, accounting for 63.5%, 68.8%, 74.9%, and 82.5% of total revenue [4]. Group 4: Product and Market Strategy - The company plans to use the funds raised from the IPO to enhance production capacity, focusing on 800G/1.6T optical module products, 50G/25GPON broadband products, and Wi-Fi 7 and Wi-Fi 8 wireless products [3]. - Cambridge Technology aims to recruit international talent, optimize overseas production capacity, and expand its overseas sales network as part of its future strategies [5].

Core Viewpoint - Cambridge Technology (603083.SH) has published a post-hearing information package on the Hong Kong Stock Exchange website, in compliance with the requirements of the Hong Kong Stock Exchange and the Securities and Futures Commission of Hong Kong [1] Group 1 - The publication aims to provide information to the public in Hong Kong and qualified investors, with no other purposes stated [1] - The post-hearing information package is a draft version, indicating that the information contained may be subject to updates and changes [1]