紫光股份谋求港股上市 全球化布局“资本之棋”

Core Viewpoint - The trend of A-share listed companies pursuing secondary listings in Hong Kong is gaining momentum, with several industry leaders, including Unisplendour Corporation, announcing their plans to list in Hong Kong to enhance global strategy and financing capabilities [1][3][4]. Group 1: Company Strategy - Unisplendour Corporation aims to deepen its global strategy, accelerate overseas business development, enhance its financing capabilities abroad, and improve its international brand image through the Hong Kong listing [1][2]. - The company has selected banks, including BNP Paribas, CMB International, and CITIC Securities, to assist in its Hong Kong listing, with plans to raise approximately $1 billion (around 7.8 billion HKD) [2]. - The board of Unisplendour Corporation has approved the initiation of the overseas share issuance and listing process, pending further regulatory approvals [2]. Group 2: Market Conditions - The continuous optimization of policies has created favorable conditions for A-share companies to list in Hong Kong, with the China Securities Regulatory Commission announcing measures to support qualified industry leaders [3]. - In 2024, three A-share companies successfully listed in Hong Kong, raising a total of 42 billion HKD, which accounted for half of the total IPO fundraising in Hong Kong that year, demonstrating the attractiveness of this path [3]. Group 3: Financial Performance - Unisplendour Corporation has a market capitalization exceeding 80 billion RMB and has faced negative operating cash flow in the first three quarters of 2024, alongside a significant debt scale [6]. - The company has made substantial investments, including approximately 15.2 billion RMB to acquire an additional 30% stake in its core subsidiary, H3C, which has increased its debt levels [6][11]. - The company reported a revenue of 58.839 billion RMB in the first three quarters of 2024, a year-on-year increase of 6.56%, with a net profit of 1.582 billion RMB, reflecting a growth of 2.65% [12]. Group 4: Business Segmentation - Unisplendour Corporation's business is divided into two main segments: ICT infrastructure and IT product distribution, with H3C playing a crucial role, contributing over 65% of the company's revenue and more than 80% of its net profit [9][10]. - H3C's revenue reached 26.428 billion RMB in the first half of the previous year, marking a year-on-year growth of 5.75% [9]. Group 5: International Expansion - The company has been expanding its international business since 2019, with H3C's international revenue growing by 16.34% in the first three quarters of 2024, indicating a strong upward trend [14]. - The listing in Hong Kong is expected to facilitate Unisplendour Corporation's global expansion and enhance its competitiveness in the international market [8][14].