Group 1 - The core viewpoint of the article is that Guanghe Tong (300638) has successfully listed its shares at a price of HKD 21.50 each, raising approximately HKD 2.811 billion through the issuance of 135 million shares [1] - The company is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules [1] - Guanghe Tong provides customized solutions based on its module products and understanding of downstream application scenarios, including edge AI solutions and robotics solutions [1] Group 2 - According to Frost & Sullivan, the company is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from ongoing operations in 2024 [1] - The company leads in market share across various downstream application scenarios, particularly in smart home and consumer electronics, where it holds the top global market share, especially with a 75.9% share in the consumer electronics sector [1] - In the automotive electronics sector, the company ranks second globally, benefiting from the surge in demand for high-reliability modules in the new energy vehicle pre-installation market [1]

Core Viewpoint - Guanghe Tong (00638) has successfully listed its shares at a price of HKD 21.50 each, raising approximately HKD 2.811 billion through the issuance of 135 million shares, with no price fluctuation reported at the time of writing [1] Company Overview - Guanghe Tong is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules [1] - The company provides customized solutions based on its module products, including edge AI solutions, robotic solutions, and other applications [1] Market Position - According to Frost & Sullivan, Guanghe Tong is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from ongoing operations projected for 2024 [1] - The company leads in several downstream application markets, achieving the highest market share in smart home and consumer electronics, particularly with a 75.9% share in the consumer electronics sector [1] - In the automotive electronics sector, Guanghe Tong ranks second globally, benefiting from the surge in demand for high-reliability modules in the new energy vehicle market [1]

Core Insights - The article highlights the strategic positioning of Guanghetong as a leader in the wireless communication module market, emphasizing its role in the Internet of Things (IoT) and the upcoming AI and robotics revolution [1][14] - Guanghetong's IPO is seen as a pivotal moment, not just for fundraising but as a bet on the beginning of a new technology cycle [1] Group 1: Business Performance and Market Position - Guanghetong holds a 15.4% market share in the wireless communication module market, significantly outperforming its closest competitor, which has a 6.9% share [2] - The company generated revenue of 67 billion RMB from its communication module business in 2024, which is 2.23 times that of its nearest competitor [2] - Total revenue for Guanghetong reached 81.89 billion RMB from 2022 to 2024, marking a 57.39% increase from 52.03 billion RMB in 2022 [2] Group 2: Key Business Segments - In the consumer electronics segment, Guanghetong dominates with a 75.9% global market share, primarily serving major PC manufacturers like HP and Dell [3] - The smart home market is another stronghold for Guanghetong, where it leads with a 36.6% market share, benefiting from the rapid growth of IoT technologies [4] - In the automotive electronics sector, the company holds a 14.4% market share, with significant growth expected in the electric vehicle market, projected to grow at a compound annual growth rate (CAGR) of 26.5% from 2025 to 2029 [5] Group 3: Future Growth and Strategic Initiatives - Guanghetong plans to allocate approximately 55% of its IPO proceeds to R&D, focusing on AI and robotics technology innovations [7] - The company aims to transition from being a communication module supplier to becoming the "nervous system" of edge intelligence, capturing the value of IoT [7][8] - The edge AI market is expected to grow from 321.9 billion RMB in 2025 to 1.223 trillion RMB by 2029, with a CAGR of 39.6% [9] Group 4: Competitive Advantage and Long-term Value - Guanghetong's competitive edge lies in its integrated hardware and software solutions, creating a comprehensive ecosystem that enhances product commercialization [8] - The company has established a strong R&D foundation, with 67.9% of its workforce dedicated to research, and holds 541 patents, including 371 invention patents [11] - The global wireless communication module market is projected to exceed 72.6 billion RMB by 2029, indicating significant revenue growth potential for Guanghetong [12] Group 5: Valuation and Market Perception - As of October 21, 2025, Guanghetong's A-share PE valuation stands at 41.45 times, compared to an average of 64 times for comparable companies, indicating a substantial undervaluation [13] - Analysts predict that Guanghetong's shift towards AI and robotics will lead to rapid growth, with a target PE of 40 times by 2026 [13]

Core Viewpoint - Guanghe Tong (00638.HK) has successfully listed its shares at a price of HKD 21.50 per share, raising approximately HKD 2.811 billion through the issuance of 135 million shares [1] Summary by Categories Company Information - Guanghe Tong issued a total of 135 million shares, with each board lot consisting of 200 shares [1] - The net proceeds from the listing amount to approximately HKD 2.811 billion [1] Market Performance - As of the time of reporting, the stock price remained unchanged at HKD 21.50, with a trading volume of HKD 172 million [1]

Core Viewpoint - Guanghe Tong (00638) has successfully listed its shares at a price of HKD 21.50 per share, raising approximately HKD 2.811 billion through the issuance of 135 million shares, indicating strong market interest in the wireless communication module sector [1] Company Overview - Guanghe Tong is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules [1] - The company provides customized solutions based on its module products, including edge AI solutions, robotic solutions, and other applications [1] Market Position - According to Frost & Sullivan, Guanghe Tong is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from ongoing operations projected for 2024 [1] - The company leads in several downstream application scenarios, achieving the highest market share in smart home and consumer electronics, particularly with a 75.9% share in the consumer electronics sector [1] - In the automotive electronics sector, Guanghe Tong ranks second globally, benefiting from the surge in demand for high-reliability modules in the new energy vehicle market [1]

广和通在香港首日交易开盘持平。 ...

Core Viewpoint - Guanghe Tong's global offering was highly successful, with a significant oversubscription in both the Hong Kong and international markets [1] Group 1: Offering Details - The company issued a total of 135 million shares, with 10% allocated for Hong Kong public offering and 90% for international offering [1] - The offer price per share was set at HKD 21.5, resulting in net proceeds of approximately HKD 2.811 billion [1] - Each trading unit consists of 200 shares, and the H-shares are expected to commence trading on the Hong Kong Stock Exchange on October 22, 2025 [1] Group 2: Subscription Metrics - The subscription rate for the Hong Kong public offering reached 550.99 times, indicating strong local investor interest [1] - The international offering saw a subscription rate of 9.16 times, reflecting solid demand from global investors [1]

格隆汇10月22日｜今日广和通(0638.HK)上市，八马茶业(6980.HK)、剑桥科技(6166.HK)、三一重工 (6031.HK)、滴普科技(1384.HK)申购。 ...

Core Viewpoint - The company, Guanghe Tong (00638.HK), announced a global offering of 135 million H-shares at a price of HKD 21.50 per share, raising a net amount of HKD 2.8 billion [1] Summary by Category Offering Details - The public offering in Hong Kong accounts for 10% of the total global offering, with a subscription rate of 550.99 times [1] - The international offering represents 90% of the total global offering, with a subscription rate of 9.16 times [1] Trading Information - If the global offering becomes unconditional by October 22, 2025, the H-shares are expected to start trading on the Hong Kong Stock Exchange at 9:00 AM (Hong Kong time) on the same day [1] - H-shares will be traded in lots of 200 shares, with the stock code 0638 [1]

Core Viewpoint - Guanghe Tong (300638) announced the results of its global offering, raising approximately HKD 2.811 billion through the issuance of 135 million shares at a price of HKD 21.5 per share [1] Group 1: Offering Details - The global offering consisted of 135 million shares, with 10% allocated for the Hong Kong public offering and 90% for international offering [1] - The Hong Kong public offering was oversubscribed by 550.99 times, while the international offering was oversubscribed by 9.16 times [1] Group 2: Trading Information - The H-shares are expected to commence trading on the Hong Kong Stock Exchange on October 22, 2025, at 9:00 AM [1]