Group 1 - Dazhu CNC has submitted a prospectus to the Hong Kong Stock Exchange for a dual listing after its A-share debut in 2022, aiming to raise funds for establishing a new factory and research center in Singapore, as well as hiring personnel for AI server and new energy vehicle PCB production equipment development [1] - Dazhu CNC, established in 2002, specializes in PCB production equipment solutions and has a comprehensive product matrix covering various PCB segments, making it a leader in the global PCB equipment industry [2][3] - The company has maintained a stable customer base, ranking first in the CPCA specialized equipment and instruments list for 16 consecutive years since 2009, with a global market share of 6.5% and a Chinese market share of 10.1% as of 2024 [3] Group 2 - The PCB equipment industry is entering a new era of intelligent production, with the market size in China expected to grow from approximately $3.306 billion in 2020 to about $4.111 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.6% [4] - Dazhu CNC's product sales are projected to reach 4,510 units in 2024, a 117% increase from 2,080 units in 2023, with an average product price remaining stable at 679,000 RMB per unit [4] - The company experienced a revenue decline from 2.786 billion RMB in 2022 to 1.634 billion RMB in 2023 due to a downturn in the PCB industry, but is expected to rebound to 3.343 billion RMB in 2024, driven by demand from the AI and electric vehicle sectors [6][7] Group 3 - Dazhu CNC's profit figures for 2022, 2023, and 2024 are approximately 432 million RMB, 136 million RMB, and 300 million RMB, respectively, with a declining gross margin from 34% in 2022 to 27.2% in 2024 due to the introduction of new automated drilling equipment [8] - The company's revenue structure is diverse, with drilling equipment accounting for 62.8% of revenue in 2024, followed by exposure equipment at 10.2%, highlighting the importance of these segments in the PCB production process [8] - Dazhu CNC is expanding its international business, particularly targeting the Southeast Asian market, with plans to establish a customer service center in Thailand and expand sales networks in Malaysia and Vietnam [8][9]

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [2]. Group 1: Company Overview - Dazhu CNC specializes in providing production equipment solutions for PCB manufacturing, focusing on the research, production, and sales of PCB-specific production equipment [4]. - As of June 3, 2023, Dazhu CNC's stock price was 35.54 CNY, with a total market capitalization of 15.123 billion CNY [4]. - According to data from Zhaoshang Consulting, Dazhu CNC is the largest manufacturer of PCB-specific production equipment globally, holding a market share of 6.5% as of 2024 [4]. Group 2: Financial Performance - Dazhu CNC's revenue for the years 2022, 2023, and 2024 is projected to be 2.786 billion CNY, 1.634 billion CNY, and 3.343 billion CNY, respectively [5]. - The net profit for the same years is expected to be 432 million CNY, 136 million CNY, and 300 million CNY, respectively [5]. - The gross profit margins for these years are 34.0%, 29.2%, and 27.2%, indicating a downward trend in profitability [5]. Group 3: Leadership - Gao Yunfeng holds approximately 83.63% of Dazhu CNC's issued share capital through Dazhu Laser, while Dazhu Holdings holds about 0.76% [6]. - Yang Chaohui, with over 20 years of experience in the PCB industry, serves as the Chairman and General Manager of Dazhu CNC, responsible for the company's daily operations and strategic decisions [9].

Economic Data and Market Trends - US economic activity showed signs of slowing down, with the ISM services index falling to 49.9, indicating contraction for the first time in a year[8] - The Dow Jones decreased by 0.22%, while the S&P 500 rose slightly by 0.01% to 5970.81 points, and the Nasdaq increased by 0.32%[1] - A-shares strengthened post-holiday, with the Shanghai Composite Index up 0.42% to 3376.2 points[1] Sector Performance - The Hong Kong Hang Seng Index rose by 0.6% to 23654.03 points, led by gains in the consumer sector and active trading in precious metals[1] - Jewelry stocks maintained strong performance, while brokerage stocks were active, and beer-related stocks received a boost[1] US-China Relations and Technology - US Commerce Secretary stated that China currently lacks the capacity for large-scale production of advanced chips, estimating only about 200,000 units can be produced, which is minimal compared to demand[8] - The US Federal Reserve's Beige Book indicated a broad economic impact from tariff policies and rising uncertainty, with labor demand weakening across all regions[12] Investment and Corporate Actions - Shiu Fook Jewelry plans to raise funds through an IPO to expand its sales network, with a valuation potentially exceeding 10 billion RMB[10] - Nidec Corporation announced a share buyback plan of up to 8 billion RMB, having repurchased approximately 664,000 A-shares for about 1.55 billion RMB[13]

Group 1 - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [2] - Dazhu CNC is the largest manufacturer of PCB specialized production equipment globally, holding a market share of 6.5% as of 2024 [4] - The company reported revenues of RMB 2.786 billion, RMB 1.634 billion, and RMB 3.343 billion for the years 2022, 2023, and 2024 respectively, with net profits of RMB 432 million, RMB 136 million, and RMB 300 million for the same years [6] Group 2 - As of June 3, 2023, Dazhu CNC's stock was trading at RMB 35.54, with a total market capitalization of RMB 15.123 billion [3][5] - The company has a total share capital of 426 million shares, with a circulating share count of approximately 62.286 million [3] - The earnings per share (EPS) is reported at 0.8, with a price-to-earnings (P/E) ratio of 32.38 [3]

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].

大族激光（002008）公告，控股子公司深圳市大族数控（301200）科技股份有限公司于2025年5月30日 向香港联合交易所有限公司递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并在 香港联交所网站刊登了申请资料。该申请资料为草拟版本，所载资料可能会适时更新及修订。大族数控 本次发行上市需满足多项条件，包括取得中国证监会的备案和香港联交所及其他监管机构的批准，存在 一定不确定性。公司将根据相关事项进展及时履行信息披露义务，投资者可在巨潮资讯网等媒体关注大 族数控自行披露的进展公告。 ...

关于向香港联交所递交境外上市股份（H 股） 证券代码：301200 证券简称：大族数控 公告编号：2025-044 深圳市大族数控科技股份有限公司 发行并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。 深圳市大族数控科技股份有限公司（以下简称"公司"）已于 2025 年 5 月 30 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 市股份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的 申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。本次发行上 市事项的相关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"）和香港联交所的要求编制和刊发，为草拟版本，且所载资料可 能会适时作出更新及修订。 鉴于本次发行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媒体上刊登该申请资料，但为 使境内投资者及时了解该等申请资料披露的本次发行以及公司的其他相关信 ...

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor, focusing on providing PCB specialized production equipment solutions [1] Industry Overview - The global PCB industry market value is projected to grow from $65.2 billion in 2020 to $73.6 billion in 2024, with a compound annual growth rate (CAGR) of 3.1% from 2020 to 2024. By 2029, the market value is expected to reach $96.4 billion, with a CAGR of 5.6% from 2024 to 2029 [1] - The demand for PCB production equipment is driven by the rapid growth in end-use applications, including the electrification of smart vehicles, increased demand for high-performance servers, and upgrades in consumer electronics [1] Market Dynamics - In 2023, the global PCB market value decreased by 15% compared to 2022, primarily due to a contraction in the consumer electronics sector, which is a major end-use application for PCBs. For instance, the PCB market value for mobile phones dropped from $15.8 billion in 2022 to $13.1 billion in 2023, a decline of 17.1% [2] - The main development regions for PCB specialized production equipment include China, Taiwan, Japan, South Korea, and the Americas, which collectively account for approximately 89.5% of the global market size by 2024 [4] Regional Growth - The global PCB specialized equipment market is expected to grow from approximately $5.84 billion in 2020 to about $7.08 billion in 2024, with a CAGR of 4.9%. By 2029, it is projected to reach approximately $10.77 billion, with a CAGR of 8.7% [4] - The Chinese PCB specialized equipment market is anticipated to grow from approximately $3.31 billion in 2020 to about $4.11 billion in 2024, with a CAGR of 5.6%, and is expected to reach approximately $6.14 billion by 2029, with a CAGR of 8.4% [4]

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Company Overview - Dazhu CNC is a leading global provider of production equipment solutions specifically for PCB (Printed Circuit Board) manufacturing, focusing on R&D, production, and sales of PCB production equipment [4][5]. - The company has over 20 years of experience in the PCB equipment sector and offers a comprehensive product portfolio covering nearly all major processes in PCB production, including drilling, exposure, lamination, molding, and testing [4][5]. - Dazhu CNC serves 80% of the top 100 PCB companies listed in the 2024 Prismark global rankings, and has maintained the top position in the CPCA specialized equipment and instruments list by revenue for 16 consecutive years since 2009 [4]. Market Position - According to Frost & Sullivan, Dazhu CNC is the largest manufacturer of PCB production equipment globally, with a market share of 6.5% and a 10.1% share in the Chinese market as of 2024 [5]. - The PCB equipment industry is highly competitive and fragmented, with the top five manufacturers accounting for approximately 20.9% of the total market share in 2024 [5]. Financial Performance - Dazhu CNC reported revenues of approximately RMB 2.786 billion, RMB 1.634 billion, and RMB 3.344 billion for the fiscal years 2022, 2023, and 2024, respectively [7]. - The net profits for the same periods were approximately RMB 432 million, RMB 136 million, and RMB 300 million [7]. - The gross profit margins for the years were 34.0%, 29.2%, and 27.2%, respectively, indicating a trend of decreasing margins [8].

据港交所文件：深圳市大族数控（301200）科技股份有限公司向港交所提交上市申请书。 ...