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露笑科技有何理由港股IPO?全球化战略难觅数据支撑 上市以来股权募资超67亿元但扣非净利润累计亏6.8亿

Core Viewpoint - LuXiao Technology plans to list on the Hong Kong Stock Exchange to advance its globalization strategy and enhance its international brand image, despite a history of significant losses and lack of shareholder returns since its listing in 2011 [1][12]. Fundraising and Financial Performance - Since its IPO in 2011, LuXiao Technology has raised over 67 billion yuan, but has accumulated a net profit loss of 6.8 billion yuan [5][12]. - From 2016 to 2024, the company raised a total of 61.79 billion yuan through five rounds of private placements, yet reported a cumulative net profit loss of 8 billion yuan during the same period [2][5]. - The company has not paid any cash dividends in the last seven years, with total cash dividends amounting to only 0.37 billion yuan since 2016, which is less than 0.6% of the total fundraising amount [5][6]. Investment Progress and Use of Funds - LuXiao Technology's last fundraising round in July 2022 raised 25.67 billion yuan, but only 2.85 billion yuan has been utilized as of the end of 2024, indicating a mere 11.3% progress on investment projects [7][10]. - The largest project, the third-generation power semiconductor (silicon carbide) industrial park, was allocated 19.4 billion yuan, but only 1.03 billion yuan has been invested, reflecting a progress rate of just 5.29% [7][12]. Revenue Composition and Globalization Claims - Since its listing, LuXiao Technology has maintained a domestic revenue share above 90% for 13 out of 14 years, with the last four years showing over 95% [1][12]. - The company's reported revenues from 2021 to 2024 were 35.53 billion yuan, 33.42 billion yuan, 27.72 billion yuan, and 37.17 billion yuan, with domestic revenues consistently making up over 95% of total revenues [12][13].