SANHUA(SZ:002050) Sou Hu Cai Jing·2025-06-23 05:46Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. (Sanhua) listed on the Hong Kong Stock Exchange on June 23, 2023, but its stock price fell below the issue price on the first day of trading, indicating initial market challenges for the company [1][3]. Company Overview - Sanhua is a manufacturer specializing in refrigeration and air conditioning control components and automotive thermal management systems, with a focus on the research, promotion, and application of thermal management technology [5]. - The company was established in September 1994 and is headquartered in Shaoxing, Zhejiang Province, with a registered capital of approximately RMB 3.7 billion [5]. Financial Performance - For the years 2022, 2023, and 2024, Sanhua's revenue was RMB 21.35 billion, RMB 24.56 billion, and RMB 27.95 billion, respectively, showing a growth trend [6][7]. - Gross profit for the same years was approximately RMB 5.46 billion, RMB 6.74 billion, and RMB 7.62 billion, with net profits of about RMB 2.61 billion, RMB 2.93 billion, and RMB 3.11 billion, respectively [6][7]. Market Activity - On its first trading day, Sanhua's stock opened at HKD 20.95 per share, down 7.01% from the issue price of HKD 22.53, and later stabilized at HKD 21.75, reflecting a 3.46% decline from the issue price [1][3]. - The company successfully raised approximately HKD 93.36 billion through the issuance of about 414 million H-shares, with a significant oversubscription of 747.92 times for the public offering and 23.57 times for the international offering [3]. Investor Participation - Sanhua attracted 18 cornerstone investors who collectively subscribed for approximately USD 562 million (around HKD 44.09 billion) of the offering, including notable firms such as Schroders and GIC [3].