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].

Core Insights - Unisoc (紫光股份) is positioned as a significant player in the AI infrastructure sector, focusing on ICT (Information and Communication Technology) solutions that are essential for the AI computing revolution [2][3] Financial Performance - In Q1 2025, Unisoc reported revenue of 20.79 billion yuan, a year-on-year increase of 22.25%, with its subsidiary H3C's domestic enterprise revenue growing by 26.07% and international revenue by 20.1% [3] - The company's net profit for Q1 decreased by 8.3% to 349 million yuan, while the non-recurring net profit increased by 12.5%, indicating a strategic choice behind the profit fluctuations [5][6] Business Strategy - Unisoc's global strategy is highlighted by its upcoming IPO on the Hong Kong Stock Exchange, aimed at enhancing brand recognition, facilitating financing for overseas R&D, and mitigating geopolitical risks [4][9] - The company is leveraging its unique "thousand-card-level cluster network interconnection solution," which is one of the few technologies capable of seamless interconnection for large-scale AI computing clusters [3] Market Positioning - Unisoc ranks third in China's digital infrastructure market, indicating its strong position in domestic digitalization efforts while also making inroads into international markets [3] - The global AI computing investment is expected to grow at an annual rate exceeding 30%, aligning with China's "East Data West Computing" initiative, which presents a favorable market environment for Unisoc's solutions [9] Long-term Outlook - The company anticipates a recovery in gross margins as the proportion of high-margin AI servers increases, despite a temporary decline in gross margin due to the rise in lower-margin general server shipments [7] - The ICT industry is characterized by significant scale effects, suggesting that once Unisoc surpasses certain market share thresholds, its marginal costs will decrease substantially [7]

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。 ...

Core Viewpoint - The computer industry is experiencing a strong upward trend, driven by AI demand and policy support, with significant movements in stock prices and ETFs related to cloud computing and chips [3][4][5]. Group 1: Market Performance - The CSI Computer Theme Index rose by 1.93%, with notable gains in stocks such as Langxin Group (up 19.97%) and CloudWalk Technology (up 6.66%) [3]. - The Computer ETF (159998) increased by 2.25%, with a trading volume of 49.08 million yuan and a turnover rate of 1.73% [3]. - The CSI Hong Kong-Shenzhen Cloud Computing Industry Index saw a 1.49% rise, with Longbright Technology and Tianyuan Dike gaining 7.44% and 4.18%, respectively [3]. Group 2: Corporate Developments - On May 25, Zhongke Shuguang and Haiguang Information announced a merger plan to enhance business synergy and focus on AI full-stack solution development [3]. - The merger coincides with the revision of the "Major Asset Restructuring Management Measures for Listed Companies," indicating a new phase in optimizing industrial resource allocation [3]. Group 3: Investment Opportunities - The AI industry is expected to boost downstream demand in the computer sector, with a focus on AI computing power and domestic substitution trends [4]. - Investment strategies should consider the vertical integration capabilities of merged entities in cloud computing, which may enhance gross margins [4]. - The computer ETF has seen a significant increase in scale, growing by 23.02 million yuan over two weeks, and a notable inflow of 1.25 billion yuan over nine days [5].