Group 1 - The "A+H" listing model is gaining momentum, with nearly 20 A-share companies announcing plans to list in Hong Kong since August, indicating a strategic move towards internationalization [1][2] - The new IPO regulations effective from August 4 have provided significant impetus for this trend, allowing for a more flexible allocation mechanism and reducing compliance costs for A-share companies [1][2] - Companies like Greeenme have explicitly stated that their goal for listing in Hong Kong is to enhance their global strategy and improve their international brand image and competitiveness [1][3] Group 2 - Enterprises with large asset scales, high capital expenditures, and mature international operations are becoming the main players in the "A+H" model, utilizing the Hong Kong market for financing to support cross-border mergers and overseas expansions [2] - The "A+H" model is reshaping the valuation system and liquidity structure of Chinese listed companies, with significant foreign capital inflows into Hong Kong stocks, surpassing last year's total by 90% as of mid-2025 [2] - The dual listing structure helps mitigate valuation risks associated with market volatility, as seen with companies like CATL, which attracted substantial international long-term capital post-listing [2][3] Group 3 - There is a noticeable shift in the types of companies pursuing "A+H" listings, with more emerging sectors like renewable materials and biomedicine entering the fray, reflecting a deeper integration of China's tech industry with international capital markets [3] - The continued support from policies and the optimization of related systems are expected to propel the "A+H" model into a new phase of high-quality development, with more competitive Chinese companies likely to pursue this path for global capital and strategic positioning [3] - The maturation of the "A+H" model is a natural outcome of the ongoing deepening of China's capital market openness and a strategic choice for companies to enhance their international competitiveness [3]

证券代码：603296 证券简称：华勤技术 公告编号：2025-080 华勤技术股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2025 年 9 月 3 日（星期三）15:00-16:30 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频直播、网络互动和现场互动 ●投资者可于 2025 年 8 月 27 日（星期三）至 9 月 2 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过华勤技术股份有限公 司（以下简称"公司"）邮箱 ir@huaqin.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 公司将于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资 者更全面深入地了解公司 2025 年半年度经营成果、财务状况 ...

Market Overview - On August 25, the Shanghai Composite Index rose by 1.51%, the CSI 300 increased by 2.08%, the STAR 50 climbed by 3.2%, the CSI 1000 went up by 1.56%, the ChiNext Index surged by 3%, and the Hang Seng Index gained 1.94% [4] - The best-performing sectors on August 25 were telecommunications (+4.85%), non-ferrous metals (+4.63%), real estate (+3.32%), comprehensive (+3.31%), and steel (+2.74%). The worst-performing sectors included beauty care (+0.01%), textiles and apparel (+0.17%), oil and petrochemicals (+0.39%), light industry manufacturing (+0.55%), and automotive (+0.71%) [4] Important Recommendations - The report highlights Huakin Technology (603296) with a focus on the acceleration of domestic supernodes and the potential for data business elasticity to exceed expectations. The company is building a full-stack AI product and solution portfolio, particularly positioning itself advantageously with major internet companies like Tencent [5] - The domestic supernode progress is ahead of expectations, with RACK penetration rates expected to grow rapidly, benefiting leading manufacturers. The company is actively constructing a global AI ecosystem, deeply engaging in servers, switches, and other full-stack product combinations, and is a domestic leader in the supernode field [5] - Revenue projections for Huakin Technology from 2025 to 2027 are estimated at 140,721.92 million, 176,689.93 million, and 222,848.59 million yuan, with growth rates of 28.07%, 25.56%, and 26.12% respectively. Net profit attributable to shareholders is forecasted at 4,031.13 million, 5,456.61 million, and 7,135.85 million yuan, with growth rates of 37.76%, 35.36%, and 30.77% respectively [5]

Group 1 - The core point of the article is that Huqin Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to expand overseas customer base and optimize capital structure [1] - As of August 25, 2025, Huqin Technology's stock price was 94.64 yuan, down 0.61% from the previous trading day, with a trading volume of 1.847 billion yuan [1] - The stock price fluctuated between 92.67 yuan and 98.00 yuan on that day, with a volatility of 5.60% [1] Group 2 - Huqin Technology operates in the consumer electronics industry, focusing on the research, design, and manufacturing services of smart hardware products [1] - The company's business includes smartphones, tablets, laptops, and smart wearable devices [1] - On August 25, the net outflow of main funds for Huqin Technology was 224 million yuan, with a cumulative net outflow of 60.1073 million yuan over the past five trading days [1]

Core Viewpoint - The company has approved the issuance of H-shares and plans to list on the Hong Kong Stock Exchange, which is expected to enhance its core competitiveness and support its strategic expansion plans [1] Group 1: Listing Progress and Impact - The company will comply with relevant laws and regulations and will disclose progress on the issuance and listing in a timely manner [1] - The funds raised from the listing will be primarily used for R&D investments, expansion of manufacturing capacity, and working capital [1] Group 2: Strategic Benefits of Listing - Listing in Hong Kong will help convey the company's core values to the international capital market, enhancing global influence and promoting international business expansion [1] - It will establish an international capital operation platform, strengthening capital strength and facilitating rapid expansion, including future refinancing and overseas mergers and acquisitions [1] - The listing is expected to attract diverse high-quality investors, benefiting the diversification of the company's shareholder structure [1] - The company plans to design various equity incentive schemes through the Hong Kong listing to meet the incentive needs of global talent [1]

Group 1 - Since August, nearly 20 A-share companies have announced plans to list in Hong Kong, with notable firms like Luxshare Precision and Victory Technology submitting H-share applications [1][5] - The primary motivations for these companies to pursue Hong Kong listings include expanding international strategies, optimizing overseas business layouts, enhancing brand recognition, and improving overseas financing capabilities [1][5] Group 2 - The recent A-share companies planning to list in Hong Kong span various industries, including electronics, machinery, pharmaceuticals, food and beverage, chemicals, and media, with the electronics sector being the most concentrated [5][6] - Companies like Kexing Pharmaceutical, a global biopharmaceutical firm, aim to deepen their "innovation + internationalization" strategy through the Hong Kong listing, which will accelerate overseas business development and enhance their international brand image [5][6] Group 3 - Electronic industry firms such as Jinghe Integration and Huqin Technology view the Hong Kong listing as a means to expand overseas customer bases and optimize investment layouts, which is crucial given the fast-paced product iteration and high technology investment in the sector [6] - Leading companies in their respective fields, such as Luxshare Precision and Victory Technology, have submitted H-share applications, with Luxshare Precision's market value exceeding 300 billion yuan and plans to use raised funds for capacity expansion and technological research [6] Group 4 - The new regulations effective from August 4 at the Hong Kong Stock Exchange have improved IPO market pricing and public market rules, enhancing financing flexibility for issuers and strengthening investor protection, which is expected to further encourage A-share companies to list in Hong Kong [6]

Core Viewpoint - A-share companies are actively planning to list in Hong Kong, driven by new IPO regulations and the need for international expansion and financing opportunities [1][4][10]. Group 1: Companies Planning to List - As of August, nearly 20 A-share companies have announced plans to list in Hong Kong, including notable firms like Lixun Precision and Shenghong Technology, both of which have market capitalizations exceeding 100 billion yuan [1][2][7]. - Specific companies that have made announcements include Greenme, Huajin Technology, Kexing Pharmaceutical, and Wancheng Group, all of which are preparing to issue H-shares [2][4]. Group 2: Industry Distribution - The companies planning to list cover various industries, including electronics, machinery, biomedicine, food and beverage, chemicals, and media, with the electronics sector being particularly prominent [4][5]. - Notable electronic companies include Huajin Technology, Chipsea Technologies, and Luxshare Precision, which are seeking to expand their international customer base through Hong Kong listings [5][6]. Group 3: Motivations for Listing - Companies emphasize the need to enhance international strategies, optimize overseas business layouts, improve brand recognition, and increase financing capabilities as key motivations for their Hong Kong listings [4][6]. - For instance, Kexing Pharmaceutical aims to deepen its "innovation + internationalization" strategy and expand its overseas business through the listing [6][9]. Group 4: Financial and Strategic Implications - The IPOs are seen as a means to broaden financing channels and support internationalization, with companies like Lixun Precision planning to use raised funds for capacity expansion and technological upgrades [9][10]. - Shenghong Technology intends to enhance its global manufacturing capabilities and supply chain resilience through the funds raised from its Hong Kong listing [10]. Group 5: Market Trends and Future Outlook - The trend of A-share companies listing in Hong Kong is viewed as a long-term strategy reflecting the pursuit of internationalization and high-quality development in the new economic phase [10]. - Analysts predict that if the Hang Seng Index remains stable, more A-share companies with global expansion needs will accelerate their plans to list in Hong Kong [10].

Group 1 - Huqin Technology (603296.SH) plans to issue overseas listed shares (H-shares) to accelerate its international strategy and enhance overseas financing capabilities [4] - The company aims to complete the issuance at an appropriate time while considering the interests of existing shareholders and market conditions [4] - Huqin Technology is a leading global smart product platform, providing end-to-end services from product development to operational manufacturing for over 100 countries [4] Group 2 - As of August 22, 2025, Huqin Technology's market capitalization is approximately 96.72 billion RMB [4] - The stock price on August 22, 2023, is ¥95.22, reflecting a 69.46% increase from the initial closing price of ¥56.19 on August 8, 2023 [5][6] - The company has a total share capital of 1.016 billion shares, with a circulating share count of 571 million [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 除上述条款修订外，《公司章程（草案）》无实质性内容变动。修订后的《公司章程（草案）》全文详 见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《华勤技术股份有限公司章程（草案）》 （H股上市后适用）。 本次修订的《公司章程（草案）》及其附件尚需提交公司股东大会审议，同时，提请股东大会授权董事 会及/或其授权人士，为本次发行上市之目的，根据境内外法律法规的规定或者境内外有关政府部门和 监管机构的要求与建议以及本次发行上市的实际情况等，对经公司股东大会审议通过的《公司章程（草 案）》《股东会议事规则（草案）》《董事会议事规则（草案）》进行调整和修改，包括但不限于对其 文字、章节、条款、生效条件、注册资本、股权结构等进行调整和修改，并向市场监督管理部门及其他 相关政府部门办理变更、备案等事宜。若本议案经公司股东大会审议通过至本次发行上市完成期间，公 司召开股东（大）会修订公司现行有效的《公司章程》及/或其附件议事规则的，拟授权董事会及/或其 授权人士根据实际情况将该等修订纳入到《公司章程（草案）》及/或其附件中（如适用）。 特此公告。 华勤技术 ...

Core Viewpoint - Company Huqin Technology has officially launched its H-share listing plan to accelerate its globalization strategy, broaden international financing channels, and enhance corporate governance transparency [1] Group 1: H-share Listing Plan - The company plans to issue H-shares not exceeding 8% of its total share capital post-issuance (before the exercise of the over-allotment option) [1] - The listing in Hong Kong is expected to support the company's overseas business expansion, investment in cutting-edge technologies, and global capacity upgrades [1] Group 2: Business Performance and Growth - For the first half of 2025, the company anticipates a revenue of 83 billion to 84 billion yuan, representing a year-on-year growth of 110.7% to 113.2% [1] - The net profit attributable to shareholders is projected to be between 1.87 billion to 1.90 billion yuan, reflecting a year-on-year increase of 44.8% to 47.2% [1] Group 3: Global Manufacturing Strategy - The company has established a "1+5+5" global layout, including one headquarters in Shanghai and five R&D centers across various cities, along with domestic and overseas manufacturing bases [2] - The Hong Kong capital market is seen as a platform to leverage for rapid expansion, facilitating future refinancing and overseas mergers and acquisitions [2] - The listing will also enable the company to implement an equity incentive plan for international employees, enhancing its ability to attract and retain top talent globally [2]