Core Viewpoint - The insurance industry is experiencing a significant wave of equity stakes, with a notable increase in the number of share acquisitions by insurance companies, indicating a strategic shift in asset allocation towards high-dividend stocks and long-term equity investments [2][10][15]. Group 1: Recent Activities - Recently, Taikang Life participated as a cornerstone investor in the IPO of Fengcai Technology, investing $25 million for an 8.69% stake [3]. - In July alone, insurance companies have made three significant equity acquisitions, with Taikang Life being the latest [4]. - As of July 20, insurance companies have made a total of 20 equity acquisitions this year, surpassing the total for 2023 and matching the total for 2024 [2][7]. Group 2: Investment Trends - The current wave of equity acquisitions began in 2024 and has shown no signs of slowing down, with banks being the most frequently targeted sector [8][9]. - The insurance sector has seen three waves of equity acquisition trends over the past decade, with the current wave driven by the need for stable cash returns in a low-interest-rate environment [10][11]. - High-dividend stocks are particularly attractive to insurance companies, as they provide better yields compared to long-term bonds [11][12]. Group 3: Financial Performance - As of March 31, 2023, Xintai Life had total assets of 315.79 billion yuan, with equity assets accounting for 19.07% of total assets [5]. - Li'an Life reported total assets of 126.19 billion yuan as of March 31, 2023, with equity assets making up 16.29% of total assets [6]. - The financial performance of insurance companies is being optimized through strategic equity acquisitions, which can enhance the stability of profit reports under new accounting standards [15][19]. Group 4: Regulatory Environment - Recent regulatory changes are encouraging insurance companies to adopt long-term investment strategies, with a new five-year assessment framework introduced to evaluate performance [17][18]. - The Ministry of Finance's new guidelines aim to enhance the role of insurance funds in providing long-term capital to the market, promoting stability and healthy development [19].

Core Viewpoint - The announcement details a passive dilution of shareholding percentages for major shareholders of Fengcai Technology (Shenzhen) Co., Ltd. due to the issuance of H shares, which has resulted in a decrease in their respective ownership stakes without triggering mandatory tender offer obligations [1][2]. Group 1: Shareholding Changes - The shareholding percentage of Fengcai Technology (Hong Kong) Co., Ltd. decreased from 39.52% to 32.86% [1]. - The shareholding percentage of Xinyun Technology (Shenzhen) Co., Ltd. decreased from 12.10% to 10.06% [1]. - The shareholding percentage of Shanghai Huaxin Venture Capital Partnership (Limited Partnership) decreased from 5.95% to 4.94% [1][4]. Group 2: Compliance and Obligations - The changes in shareholding do not violate any existing commitments, intentions, or plans made by the shareholders [1][2]. - The changes do not trigger any mandatory tender offer obligations [2][4]. Group 3: Additional Information - The passive dilution is a result of the company's issuance of H shares and the subsequent increase in total share capital [2][5]. - The company will fulfill its information disclosure obligations in accordance with relevant regulations [5].

证券代码：688279 证券简称：峰岹科技 公告编号：2025-036 峰岹科技（深圳）股份有限公司 关于持股 5%以上股东持股比例被动稀释跨越 5%整 数倍及触及 1%刻度的提示性公告 投资者峰岹科技（香港）有限公司及其一致行动人芯运科技（深圳）有限 公司、上海华芯创业投资合伙企业（有限合伙）、微禾创业投资（珠海横琴）有 限公司及其一致行动人 ZHANG QUN 保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1、峰岹科技（香港）有限公司及其一致行动人芯运科技（深圳）有限公 司 | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 39.52% | | | | 权益变动后合计比例 | 32.86% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | | 2、上海华芯创业投资合伙企业（有限合伙） | | | | 本次权益 ...

Group 1: Company Listings and Performance - Both Lens Technology and Peak Innovation successfully listed on the Hong Kong Stock Exchange, adding to the A+H market segment [1] - On their first trading day, Lens Technology's stock closed up 9.13%, while Peak Innovation's stock rose by 16.02% [1] - Lens Technology's A-shares traded at a premium of 25.49% over H-shares, and Peak Innovation's A-shares had a premium of 43.04% over H-shares on the first day of trading [1] Group 2: Fundraising and Investor Interest - Lens Technology's global offering consisted of 262 million shares at an issue price of HKD 18.18 per share, raising a total of HKD 4.768 billion [1] - The IPO of Lens Technology received significant interest, with a subscription rate of 462.76 times for the public offering and 16.68 times for the international offering [1] - Peak Innovation raised a total of HKD 2.259 billion with an issue price of HKD 120.5 per share, attracting cornerstone investors such as Taikang Life and Huaxia Fund [2] Group 3: Company Profiles and Market Position - Lens Technology is a leading provider of precision manufacturing solutions for the consumer electronics and smart automotive industries, offering a wide range of products including glass covers and electronic components [2] - Peak Innovation specializes in the design and development of BLDC motor drive control chips, holding a 4.8% market share in China's BLDC motor control chip market, ranking sixth [3] Group 4: Market Trends and Future Outlook - The trend of A+H listings is expected to continue, with 47 new listing applications recorded in the first half of 2025, compared to only 5 for the entire year of 2024 [4] - A+H listings are anticipated to enhance the quality of assets available in the market, with an estimated additional financing scale of approximately HKD 340 billion expected if the queued companies complete their listings by mid-2025 [4]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a significant surge in IPO activities, with multiple companies successfully listing and attracting substantial investments, indicating a revitalized market confidence and a robust pipeline for future listings [2][7][10]. Group 1: Recent IPO Activities - On July 9, five companies including Lens Technology and Geek+ collectively listed on the HKEX, creating a lively atmosphere and showcasing the exchange's appeal [2][4]. - Lens Technology, with a market capitalization exceeding 110 billion HKD, completed its IPO in just 100 days, marking a record speed for the HKEX [4]. - Geek+, a robotics unicorn, achieved a market valuation of 22 billion HKD upon listing, highlighting the growing interest in technology-driven companies [4][5]. Group 2: Market Trends and Statistics - Over 40 companies successfully completed IPOs on the HKEX in the first half of the year, raising a total of 1,067 billion HKD, a dramatic increase of 688.56% compared to the previous year [7]. - Notable IPOs include CATL, which reached a market value of 1.3 trillion HKD, and other major players like Heng Rui Medicine and Hai Tian Flavor, each raising over 10 billion HKD [7]. - The HKEX is preparing for over 100 upcoming IPOs, with around 200 applications currently received, indicating a strong pipeline for future listings [7][10]. Group 3: Investor Sentiment and Market Dynamics - There is a renewed confidence in the HKEX, with institutional investors actively seeking opportunities to list companies, contrasting sharply with previous years' challenges [10][11]. - In the first half of the year, 36 out of 42 listed companies had cornerstone investors, accounting for 43.7% of total IPO fundraising, demonstrating strong backing from major investment firms [10]. - The successful performance of cornerstone investors in recent listings has further fueled interest in the HKEX as a viable platform for capital raising [11].

Core Viewpoint - Fengcai Technology (Shenzhen) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, with a significant increase in share price on its debut day, indicating strong market interest and investor confidence [1][4]. Summary by Relevant Sections Listing Details - Fengcai Technology's opening share price was HKD 130.8, reflecting an increase of 8.55%. By the end of the trading day, the share price rose to HKD 139.8, marking a total increase of 16.02% [1]. - The total number of shares offered was 18,744,400, with 8,149,800 shares allocated for public offering and 10,594,600 shares for international offering after reallocation [2]. Financial Information - The final offer price was set at HKD 120.5, resulting in total proceeds of HKD 2,258.70 million. After deducting estimated listing expenses of HKD 122.38 million, the net proceeds amounted to HKD 2,136.32 million [4][5]. Use of Proceeds - The funds raised are intended to enhance the company's research and innovation capabilities, expand the product portfolio, develop overseas sales networks, and pursue strategic investments or acquisitions to support long-term growth strategies [5]. Key Investors - Notable cornerstone investors include Taikang Life, Baoyin, 3W Fund, Wind Sabre, Huaxia Fund (Hong Kong), Mega Prime, Sanhua International Singapore, Fourier Capital, Torus, and Intac [5][6]. Company Background - Fengcai Technology specializes in the design and development of BLDC motor drive control chips and has established a strong market position in this sector [5].

证券代码：688279 证券简称：峰岹科技 公告编号：2025-035 本次发行上市完成后，公司持股 5%以上的股东及其一致行动人（香港中央 1 截至 2025 年 7 月 8 日，公司的总股本为 92,363,380 股。 股东类别 本次发行上市前1 本次发行上市后 假设超额配售权未获行使 假设超额配售权悉数行使 持股数量 （股） 比例 持股数量（股） 比例 持股数量（股） 比例 A 股股东 92,363,380 100% 92,363,380 83.13% 92,363,380 81.08% H 股股东 - - 18,744,400 16.87% 21,556,000 18.92% 股份总数 92,363,380 100% 111,107,780 100% 113,919,380 100% 本次发行上市完成后，公司的股份变动情况如下： 注：上述合计数与各明细数直接相加之和在尾数上如有差异系四舍五入所造 成。 特此公告。 峰岹科技（深圳）股份有限公司 关于境外上市股份（H 股）挂牌并上市交易的公告 本公司董事会及全体董事保证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 ...

Group 1 - The company announced a global offering of H-shares totaling 18.7444 million shares, with 8.1498 million shares for public offering in Hong Kong and 10.5946 million shares for international offering [1] - The offering price is set at HKD 120.5 per H-share, with estimated net proceeds from the global offering amounting to approximately HKD 2.136 billion [1] - The H-shares are scheduled to be listed on the Hong Kong Stock Exchange on July 9, 2025, under the stock name "FORTIOR" and stock code "1304" [1]

Core Viewpoint - The company, Fengcai Technology (688279.SH), is in the process of issuing H-shares and listing on the main board of the Hong Kong Stock Exchange, with a total global offering of 18,744,400 shares at a price of HKD 120.50 per share, aiming to raise approximately HKD 2.136 billion [1] Group 1 - The company is preparing for the issuance of H-shares and listing on the Hong Kong Stock Exchange [1] - The total number of H-shares to be globally offered is 18,744,400 [1] - The expected listing date on the Hong Kong Stock Exchange is July 9, 2025 [1] Group 2 - The estimated net proceeds from the global offering are approximately HKD 2.136 billion [1] - The H-shares will be traded under the name "FORTIOR" with the stock code "1304" [1]

Core Viewpoint - Fengcai Technology, a leading company in the BLDC motor driver control chip sector, successfully listed on the Hong Kong Stock Exchange, reflecting strong market interest and growth potential [2][3]. Group 1: Company Performance - The IPO price of Fengcai Technology was HKD 120.5 per share, with a current price of HKD 130.10, marking a 7.97% increase [2]. - As of July 8, 2023, the A-share price was CNY 183.21, with a total market capitalization of CNY 16.922 billion [3]. - For 2024, Fengcai Technology projects a revenue of CNY 600 million, a year-on-year increase of 45.94%, and a net profit attributable to shareholders of CNY 222 million, up 27.18% [3]. Group 2: Revenue Breakdown - The main revenue sources include MCU, ASIC, and HVIC product lines, with MCU revenue expected to reach CNY 385 million, accounting for 64.17% of total revenue [3]. - ASIC revenue is projected at CNY 84.75 million, showing a significant increase of 75.63%, and contributing 14.14% to total revenue [3]. - HVIC revenue is anticipated to be CNY 84.27 million, reflecting a 26.92% growth and maintaining a 14.06% share of total revenue [3]. Group 3: Research and Development - Fengcai Technology emphasizes R&D, with an investment of CNY 117 million in 2024, a 37.86% increase, representing 19.44% of total revenue [4]. - The company has achieved breakthroughs in industrial automation, smart home, and automotive electronics, expanding its market applications [4]. Group 4: International Expansion - The company experienced explosive growth in overseas business, with revenue reaching CNY 37.13 million, a 125.19% increase, indicating growing international market recognition [4]. - The global strategy is expected to drive future growth, positioning overseas markets as a new revenue source [4]. Group 5: Market Outlook - The demand for BLDC motor control chips is projected to continue growing due to advancements in industrial automation, new energy vehicles, and robotics [4]. - Analysts highlight Fengcai Technology's core technological advantages, high-margin product structure, and strategic positioning in emerging markets as key factors for future growth [4].