广和通(00638)招股

Core Viewpoint - Guanghetong, a wireless communication module provider based in Nanshan District, Shenzhen, Guangdong, is launching its IPO from October 9 to October 14, 2025, with plans to list on the Hong Kong Stock Exchange on October 22, 2025, under the sponsorship of CITIC Securities [2][6]. Summary by Sections IPO Details - The company plans to issue 135.08 million H-shares, representing 15% of the total shares post-IPO, with 90% allocated for international offering and 10% for public offering [3][4]. - The expected share price range is between HKD 19.88 and HKD 21.50, aiming to raise approximately HKD 26.85 billion to HKD 29.04 billion [3][4]. - The entry fee for investors is HKD 4,343.37 for 200 shares [3]. Financial Projections - Assuming the midpoint of the share price at HKD 20.69 and no exercise of the over-allotment option, the total estimated expenses for the IPO are around HKD 105.4 million, which includes a 2% underwriting commission [4]. - The net proceeds from the IPO are projected to be approximately HKD 26.89 billion, with allocations of 55% for R&D, 15% for manufacturing facilities in Shenzhen, 10% for repaying bank loans, 10% for strategic investments or acquisitions, and 10% for working capital and other general corporate purposes [5]. Shareholder Structure - Post-IPO, the controlling shareholder, Mr. Zhang Tianyu, will hold 31.26% of the shares [7][8]. - Other shareholders include Mr. Ying Lingpeng with 2.83%, and various other shareholders holding a combined 68.74% [8]. Company Overview - Established in 1999, Guanghetong is a leading global provider of wireless communication modules, with products including data transmission modules, smart modules, and AI modules [8]. - According to Frost & Sullivan, Guanghetong ranks as the second-largest wireless communication module provider globally, with a market share of 15.4% in 2024 [8]. - The company leads in several downstream application markets, ranking second in automotive electronics with a market share of 26.8%, and first in smart home and consumer electronics with market shares of 15.1% and 5%, respectively [8].