Group 1 - The company has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being Tianfeng International, Bank of Communications International, and Guangyin International [1] - The company is a technology-driven firm focused on developing advanced hardware and software solutions, aiming to provide integrated services [1] - The company aims to become a leader in the IoT smart terminal, intelligent computing products and services, data storage devices, and server remanufacturing industries [1] Group 2 - The company has become the second-largest manufacturer of smart storage devices and consumer-grade smart cameras in China, holding a market share of 6.6% in the consumer-grade smart camera sector [1] - The company plans to scale up investments in AI infrastructure starting in 2025, significantly expanding its intelligent computing products and services business [1] - The long-term goal of the company is to achieve a "super intelligent body" by building an integrated technology foundation for computing, connectivity, and storage, thereby enhancing AI infrastructure [2]

Core Viewpoint - The company, Zhihui Data (300857.SZ), has submitted an application for issuing foreign shares (H-shares) and listing on the main board of the Hong Kong Stock Exchange on October 22, 2025 [1] Group 1 - The application for H-share issuance and listing has been officially filed with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1]

Core Viewpoint - The company, Zhihui Data (300857.SZ), has submitted an application for issuing foreign shares (H-shares) and listing on the main board of the Hong Kong Stock Exchange on October 22, 2025 [1] Group 1 - The application for H-share issuance and listing has been officially filed with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1]

中文： https://www1.hkexnews.hk/app/sehk/2025/107801/documents/sehk25102201166_c.p df 证券代码：300857 证券简称：协创数据 公告编号：2025-133 协创数据技术股份有限公司 关于向香港联合交易所有限公司递交 H 股发行及 上市申请并刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 协创数据技术股份有限公司（以下简称"公司"）已于 2025 年 10 月 22 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了在境外发行外 资股份（H 股）并在香港联交所主板上市（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变动。 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 ...

Core Viewpoint - The company, Xiechuang Data (300857.SZ), has submitted an application for listing on the Hong Kong Stock Exchange, with Tianfeng International, Bank of Communications International, and Guangyin International as joint sponsors [1]. Company Overview - Xiechuang Data operates with a business model centered on technological innovation, providing integrated services through advanced hardware and software solutions. The company focuses on data storage terminals, AIoT smart hardware, and AI computing, aiming to become a leader in the IoT smart terminal and data storage sectors [3][4]. - The company has developed the FCloud platform to offer customized cloud solutions, establishing a collaborative business system that processes and transforms data into AI computing services [3][4]. Market Position - According to Frost & Sullivan, Xiechuang Data is the second-largest domestic smart storage device manufacturer in the global market by SSD revenue and ranks second in the consumer-grade smart camera market with a 6.6% market share [4]. - The company has nearly 20 years of experience in the consumer electronics manufacturing sector and plans to scale investments in AI infrastructure starting in 2025, focusing on expanding its smart computing products and services [4]. Financial Performance - The company reported revenues of approximately RMB 3.15 billion, RMB 4.66 billion, RMB 7.41 billion, and RMB 4.94 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Corresponding net profits were about RMB 130 million, RMB 286 million, RMB 687 million, and RMB 422 million [6][7]. - The financial data indicates a significant growth trajectory, with revenues increasing from RMB 3.15 billion in 2022 to an expected RMB 7.41 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 56% [6][7].

Core Viewpoint - The company, Xiechuang Data Technology Co., Ltd., has submitted an application for listing on the Hong Kong Stock Exchange, with Tianfeng International, Bank of Communications International, and Guangyin International as joint sponsors [1]. Business Model and Strategy - The company operates with a technology innovation-centric business model, providing integrated services through advanced hardware and software solutions. It aims to become a leader in the IoT smart terminal, intelligent computing products and services, data storage devices, and server remanufacturing industries [4][5]. - The company has developed the FCloud platform to offer customized cloud solutions, leveraging its R&D capabilities in data storage terminals, AIoT smart hardware, and AI computing [4][5]. Market Position - According to Frost & Sullivan, the company is the second-largest domestic smart storage device manufacturer globally by SSD revenue and the second-largest domestic consumer-grade smart camera manufacturer by shipment volume, holding a 6.6% market share [5]. Financial Performance - The company reported revenues of approximately RMB 3.15 billion, RMB 4.66 billion, RMB 7.41 billion, and RMB 4.94 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Corresponding net profits were about RMB 130 million, RMB 286 million, RMB 687 million, and RMB 422 million [7][8]. - The company has shown significant growth in revenue and profit over the years, indicating a strong upward trend in its financial performance [7][8]. Future Outlook - The company plans to scale up investments in AI infrastructure starting in 2025, focusing on expanding its intelligent computing products and services business, driven by AI demand [5][6]. - The long-term goal is to achieve a super-intelligent entity by continuously extending its business from data storage devices to IoT smart terminals and cloud platform services, enhancing its adaptability in a rapidly changing technological environment [6][7].

Core Viewpoint - The company, Qichuang Data Technology Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange [1] Group 1 - The company is seeking to go public through the Hong Kong Stock Exchange [1]

人民财讯10月22日电，据港交所披露，协创数据（300857）技术股份有限公司向港交所提交上市申请， 联席保荐人为天风国际、交银国际、光银国际。 ...

Core Viewpoint - The company, Xiechuang Data, is significantly investing in server procurement to enhance its cloud computing capabilities, with a total planned expenditure of up to 4 billion RMB for the current year, reflecting its strategic shift towards AI computing services [1][3][10]. Group 1: Investment and Financials - The total amount for the server procurement contracts is expected to not exceed 4 billion RMB, which is over 50% of the company's latest audited net assets [9]. - As of June 2025, the company reported a cash balance of 1.534 billion RMB, which is insufficient to cover the 4 billion RMB transaction, indicating potential reliance on bank credit for funding [9]. - The company has disclosed a cumulative investment of up to 8.2 billion RMB for high-performance servers by August 2025, with total investments nearing 12.2 billion RMB for the year [6][10]. Group 2: Business Performance - In the first half of 2025, Xiechuang Data achieved a revenue of 1.221 billion RMB from its intelligent computing products and services, with a gross margin of 20.06% [6][10]. - The company's overall revenue for the first half of 2025 reached 4.944 billion RMB, marking a year-on-year growth of 38.18%, while net profit attributable to shareholders was 432 million RMB, up 20.76% [10]. Group 3: Market Dynamics - The global AI server market is projected to grow significantly, with an expected market size of 177.4 billion USD by 2032, driven by increasing demand for computing power across various industries [13]. - The Chinese accelerated computing server market is anticipated to reach 22.1 billion USD in 2024, reflecting a year-on-year growth of 134%, primarily due to increased capital expenditures from major cloud service providers [14]. - Xiechuang Data is strategically positioned in the high-value segment of AI computing rental services, leveraging partnerships with NVIDIA for GPU supply advantages [10][14].

Core Viewpoint - The company, Xiechuang Data, plans to purchase servers worth up to 4 billion RMB to enhance its cloud computing services, marking a significant investment in the AI computing sector [2][4]. Group 1: Company Developments - Xiechuang Data announced a procurement contract for servers totaling up to 4 billion RMB, primarily aimed at providing cloud computing services [2]. - The company has disclosed a cumulative investment of up to 8.2 billion RMB in high-performance servers by August 2025, expanding its operations in key regions including China, the US West, Europe, and Asia-Pacific [2]. - In the first half of 2025, Xiechuang Data reported revenue of 1.221 billion RMB from its intelligent computing products and services, with a gross margin of 20.06% [2][7]. Group 2: Financial Performance - Xiechuang Data's revenue for the first half of 2025 reached 4.944 billion RMB, reflecting a year-on-year growth of 38.18%, while net profit attributable to shareholders was 432 million RMB, up 20.76% [5]. - The company's market capitalization has surged over 104% this year, reaching 54 billion RMB, with a historical high of 181.99 RMB per share noted on September 30 [5][9]. Group 3: Market Context - The global AI server market is experiencing unprecedented demand, with projections indicating a market size of 38.3 billion USD in 2023, expected to grow at a compound annual growth rate of over 18% to reach 177.4 billion USD by 2032 [6]. - The Chinese accelerated computing server market is projected to reach 22.1 billion USD in 2024, showing a remarkable year-on-year growth of 134% [6]. - Xiechuang Data is strategically positioned in the high-value segment of AI computing rental services, with its intelligent computing products and services generating significant revenue [7]. Group 4: Strategic Partnerships and Supply Chain - Xiechuang Data's subsidiary, Ojia Software, has obtained NVIDIA Cloud Partner certification, enhancing its capabilities in AI computing and cloud services [4]. - The company plans to secure additional credit lines totaling up to 40 billion RMB to finance its server purchases, indicating a proactive approach to funding its expansion [4][8].