Core Viewpoint - Several A-share companies have successfully listed in Hong Kong this year, with notable stock performance, including Ningde Times, Hengrui Medicine, and Chifeng Gold. Recently, Unisplendour Corporation, a leading ICT company from A-share, submitted its prospectus to the Hong Kong Stock Exchange [2]. Company Overview - Unisplendour Corporation was established in 1999 and is a joint venture among several prominent organizations. It has been listed on the Shenzhen Stock Exchange since its inception [3]. - The company designs and sells a diverse range of ICT infrastructure products, covering the entire digital solution industry chain, including key products such as "cloud-network-security-computing-storage-end" [3]. - Unisplendour also provides one-stop digital solutions integrating cloud computing, big data, artificial intelligence, IoT, cybersecurity, smart connectivity, and edge computing, while distributing globally recognized ICT products in China [3]. Financial Performance - Unisplendour's revenue has shown a continuous upward trend from 2022 to 2024, with revenues of 73.75 billion RMB, 77.54 billion RMB, and 79.02 billion RMB, respectively. However, net profit attributable to shareholders has declined from 2.16 billion RMB in 2022 to 1.57 billion RMB in 2024, primarily due to increased financial costs from acquisitions and reduced government subsidies [4]. - In Q1 2025, the company's revenue grew by 22.25% year-on-year to 20.79 billion RMB, while net profit decreased by 15.75% to 349 million RMB. However, the non-recurring net profit increased by 19.30% to 409 million RMB [4]. Business Segmentation - From 2022 to 2024, revenue from digital solutions increased from 46.31 billion RMB to 55.73 billion RMB, accounting for 62.7% to 70.5% of total revenue. Conversely, revenue from ICT product distribution decreased from 37.1% to 29.3% [4][5]. Debt and Financial Ratios - The company has significantly increased its debt due to acquisitions, with borrowings rising from 4.7 billion RMB in 2022 to 20 billion RMB in 2024. The capital-to-debt ratio surged from 15.9% to 132.0% during the same period [6][7]. - Financial costs increased by 170.1% to 858 million RMB in 2024, impacting profitability [7]. Inventory Management - Unisplendour's inventory has also increased, reaching 34 billion RMB by the end of 2024, with inventory turnover days rising from 111.3 days in 2022 to 163.8 days in 2024. This increase is attributed to the purchase of key raw materials to mitigate supply chain risks and meet growing product demand [8]. Market Outlook - The global digital solution market is expected to reach 4.8 trillion USD by 2029, with a compound annual growth rate (CAGR) of 12.7% from 2024 to 2029. In China, the digital solution market is projected to reach 4.4 trillion RMB by 2029, with a CAGR of 18.9% during the same period [9][10]. Strategic Initiatives - The upcoming Hong Kong listing aims to enhance Unisplendour's global strategy, accelerate overseas business development, and improve its capital strength. The funds raised will be allocated to R&D, strategic investments, overseas expansion, and general operational needs [11].

Summary of Key Points Core Viewpoint - The A-share IPO market experienced a decrease in the number of companies going public in May 2025, with a total of 4 companies passing the review, down from 9 in April, while the number of new listings was limited to 6, the second-lowest this year [1][2]. Group 1: IPO Market Activity - In May, 4 companies were approved for IPOs, including Hai'an Rubber, which specializes in the research, production, and sales of giant all-steel engineering tires [2][3]. - The number of new IPO applications received in May reached a monthly high of 16, with 10 from the Beijing Stock Exchange and 2 each from the Shanghai Main Board and the ChiNext [5]. - 8 companies terminated their IPO projects in May, an increase from 5 in April, with some having previously passed the review [4]. Group 2: Overseas Listings - As of May 30, 2025, 158 companies were in the process of filing for overseas securities issuance, with over 70% planning to list in Hong Kong [1][6]. - In May, 41 companies submitted applications to the Hong Kong Stock Exchange, including 5 A-share listed companies, indicating a continued trend of domestic companies seeking overseas listings [6][7]. - The Hong Kong market saw a significant increase in fundraising, with a total of HKD 558.01 billion raised in May, marking the highest monthly total since April 2021 [7]. Group 3: Market Performance - Despite a decrease in the number of new listings, the performance of new stocks on their debut was strong, with 4 stocks rising over 100% on their first day, including a peak increase of 411.93% for Tiangong Co [3][8]. - Among the 10 new stocks listed in the Hong Kong market in May, 7 recorded gains while 3 faced declines, resulting in a first-day drop rate of 30% [8].

2.融资便利：H 股募资可用于海外研发中心建设、并购整合（比如对新华三的进一步支持）； 3.地缘避险：A+H 双平台架构能分散单一市场的政策风险，尤其在中美科技博弈背景下，港股的身份更 利于拓展欧美以外的新兴市场。 2025 年一季度，紫光股份营收 207.9 亿元，同比增长 22.25%，这个增速在传统硬件厂商中堪称亮眼。更 重要的是，其控股子公司新华三的国内政企业务收入同比增长26.07%，国际业务收入同比增长20.1%。 这说明什么？紫光不仅是国内数字化基建的扛把子，还在国际市场上撕开了一条口子。 根据弗若斯特沙利文的报告，紫光股份在中国数字化基础设施市场收入排名第三，而其 "万卡级集群网 络互联方案" 更是目前全球少数能实现超大规模 AI 算力集群无缝互联的技术之一。在 AI 算力军备竞赛 中，紫光相当于给各大厂商 "卖铲子"—— 无论你训练的是大模型还是搞智能城市，总得先买我的网络设 备和服务器。这种底层技术的卡位，让紫光在 AI 浪潮中占据了不可替代的生态位。 港股IPO：全球化野望的"关键一跃" 如果要在A股找一个"闷声发大财"的AI基础设施巨头，紫光股份（000938.SZ）绝对排得上号。这家 ...

Group 1 - The core viewpoint of the news is that Unisplendour Corporation is seeking to enhance its global strategy and capital strength by applying for H-share listing on the Hong Kong Stock Exchange [1] - Unisplendour is a leading provider of digital and AI solutions, offering a diverse range of ICT infrastructure products and integrated digital solutions [1] - According to Frost & Sullivan, Unisplendour ranks as the third largest digital infrastructure provider in China with a market share of 8.6% and holds significant positions in network and computing/storage infrastructure [1] Group 2 - Unisplendour has experienced a situation of increasing revenue without corresponding profit growth, with revenues of 74.06 billion yuan, 77.31 billion yuan, and 79.02 billion yuan for 2022, 2023, and 2024 respectively, while net profits were 3.742 billion yuan, 3.685 billion yuan, and 1.982 billion yuan [2] - The company reported a strong performance in Q1 2025, achieving revenue of 20.79 billion yuan, a significant year-on-year increase of 22.25%, and a net profit of 409 million yuan, up 19.30% [2] - The growth in revenue for Q1 2025 is attributed to the rising demand for computing power driven by the AIGC trend, with expectations for continued market demand release due to increased capital investments from major internet companies and ongoing government initiatives [2]

Core Viewpoint - Unisplendour Corporation Limited (stock code: 000938) has submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and attract foreign investment [1] Company Announcement Summary - On May 29, 2025, Unisplendour submitted an application to the Hong Kong Stock Exchange for the issuance of H-shares and listing on the main board [1] - The application materials published are in draft form and may be updated or revised as necessary [1] - The subscription for the H-shares is limited to qualified foreign investors and domestic qualified investors who are authorized to conduct overseas securities investments under Chinese laws [1] - The company will not publish the application materials on domestic securities exchanges or media that meet domestic regulatory conditions, but has provided a link for access on the Hong Kong Stock Exchange website [1] - The issuance and listing are subject to approvals from relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission, indicating potential uncertainties [1]

Group 1 - Huapei Power received a project intention letter from a domestic new energy vehicle company for a thermal management system PTC water heater, with an estimated sales amount of approximately 9 million yuan over a 5-year lifecycle starting from 2026 [1] - Antu Biotech obtained medical device registration certificates for products including "Cytomegalovirus IgM Antibody Test Kit" [1][2] - Yihong Technology adjusted the upper limit of its share repurchase price to 65.04 yuan per share, with a total repurchase amount of 6.9583 million yuan for 198,000 shares [2] Group 2 - Aihui Long received a medical device registration certificate for the Hepatitis B virus core antibody detection kit, valid until May 28, 2030 [2][3] - Quanxin Co. plans to engage in commodity futures hedging to mitigate raw material price fluctuations, with a maximum guarantee amount of 8 million yuan [3] - Jiahua Intelligent plans to lease idle assets in Dongguan for a total rental amount of approximately 6.3193 million yuan over 6 years [3] Group 3 - Qianjiang Biochemical announced the resignation of its chairman and a director, with a new chairman to be elected [4][5] - Aerospace Morning Light was suspended from participating in military procurement activities due to violations, with internal investigations underway [6] - Guang'an Aizhong intends to establish a fund with a total scale of 70.7 million yuan, focusing on distributed wind and solar power generation [7] Group 4 - Zhejiang Medicine plans to use up to 1 billion yuan of idle funds for entrusted wealth management, with a maximum investment period of 12 months [10] - Hengrui Medicine's subsidiary received approval for clinical trials of HRS9531 injection, aimed at treating type 2 diabetes patients [11] - Taiji Co. announced the purchase of 10 million yuan in wealth management products, with a minimum holding period of 6 months [12] Group 5 - Hong Kong-listed company Huichuang Pharmaceutical received approval for the clinical trial of a spray for treating primary premature ejaculation [26][27] - Haichuang Pharmaceutical's new drug application for a prostate cancer treatment was approved by the National Medical Products Administration [28] - Zhuhai Guanyu was selected as a designated supplier for low-voltage lithium batteries by SAIC Volkswagen [29] Group 6 - Huayi Technology opened a tax refund service for overseas travelers, enhancing its retail offerings [32] - Baobian Electric plans to transfer 90% of its subsidiary's shares for 137 million yuan [33] - Yiwei Communication intends to invest 100 million yuan to establish a wholly-owned subsidiary to enhance its strategic layout [34]

Group 1: Recent IPOs - Jihong Co., a cross-border social e-commerce and paper packaging solutions provider, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 522 million with a market capitalization of HKD 4.4 billion [1] - Paige Bio, a biotechnology company focused on innovative therapies for chronic diseases, also listed on the Hong Kong Stock Exchange, raising around HKD 301 million with a market cap of HKD 3.991 billion [2] - Shouhui Technology, an online insurance intermediary service provider, listed on the Hong Kong Stock Exchange, raising HKD 197 million with a market cap of HKD 1.551 billion [3] Group 2: Upcoming IPOs - Excellence Homeopathy submitted an IPO application to the SEC for a Nasdaq listing, planning to issue 1.3 million shares and raise approximately USD 6 million [4] - DeepGreenX, an AI green energy data service provider, filed for a Nasdaq IPO, focusing on the interconnectivity of data, energy, and real-world assets [5] - Aibol Green, a recycling platform, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the recycling of black metals and household appliances [6] Group 3: Companies in the Pipeline - Huaxida, an AI home solutions provider, submitted an IPO application to the Hong Kong Stock Exchange, aiming to be a leading provider in the AI home solutions market [7] - Kewang Pharmaceutical, a biopharmaceutical company, refiled for an IPO on the Hong Kong Stock Exchange, focusing on innovative cancer treatments [8] - Furuitech, an intelligent driving solutions provider, resubmitted its IPO application to the Hong Kong Stock Exchange, focusing on advanced driving assistance systems [9] Group 4: Market Trends - The A-share market is experiencing a surge in companies planning to list in Hong Kong, with notable interest from leading firms like CATL and BYD, as H-shares outperform A-shares [29] - Shein, a global fast-fashion giant, plans to submit a listing application in Hong Kong after facing challenges in London, aiming for a valuation exceeding USD 100 billion [30]

股票简称：紫光股份 股票代码：000938 公告编号：2025－039 紫光股份有限公司 关于向香港联交所递交境外上市外资股（H 股）发行上市的申请并 https://www1.hkexnews.hk/app/sehk/2025/107410/documents/sehk25052902113.pdf 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 紫光股份有限公司（以下简称"公司"）已于 2025 年 5 月 29 日向香港联合交易 所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股（H 股）并在香 港联交所主板挂牌上市（以下简称"本次发行并上市"）的申请，并于同日在香港联 交所网站刊登了本次发行并上市的申请资料。该申请资料为公司按照香港证券及期 货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发，为 草拟版本，其所载资料可能会适时作出更新和修订。 鉴于本次发行并上市的认购对象仅限于符合相关条件的境外投资者及依据中国 相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交 易所的网站和符合境内监管机构规定条件的 ...

Core Viewpoint - Unisoc Co., Ltd. (紫光股份) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International, BNP Paribas, and China Merchants International serving as joint sponsors [1] Company Overview - Unisoc is a global leader in digital and artificial intelligence solutions, providing a full-stack intelligent ICT infrastructure product suite complemented by advanced cloud intelligence platforms [4] - The company offers a comprehensive range of ICT infrastructure products, covering the entire digital solution industry chain, including key products such as cloud, network, security, computing, storage, and endpoints [4] - Unisoc's digital solutions help clients accelerate their digital and intelligent transformation across various industries [4] Market Position - According to Frost & Sullivan, Unisoc ranks third in China's digital infrastructure market with a market share of 8.6% as of December 31, 2024 [5] - The company ranks second in China's network market with a market share of 12.8% and second in China's computing and storage infrastructure market with a market share of 7.7% as of December 31, 2024 [5] Product and Solution Capabilities - Unisoc has enhanced its capabilities in delivering customized artificial intelligence applications and solutions, facilitating clients in achieving desired AI outcomes [5] - The company's high-performance ICT infrastructure products are essential for supporting demanding AI workloads, ensuring reliability and scalability for modern AI applications [5] - Unisoc's cloud and data platforms improve management and operational efficiency through deeply optimized hardware [5] Industry Standards and Achievements - The company has participated in the formulation of over 500 industry standards, including 6 international standards, over 100 national standards, and more than 270 industry standards as of December 31, 2024 [6] Financial Performance - Unisoc's revenue for the fiscal years 2022, 2023, and 2024 was approximately 73.75 billion RMB, 77.54 billion RMB, and 79.02 billion RMB, respectively [6] - The net profit from continuing operations for the same periods was approximately 3.74 billion RMB, 3.68 billion RMB, and 1.98 billion RMB, respectively [6]

利弗莫尔证券显示，紫光股份有限公司向港交所提交上市申请书，联席保荐人为中信建投国际、法国巴 黎银行、招银国际。 ...