FIBOCOM(SZ:300638) Sou Hu Cai Jing·2025-10-15 06:08Company Overview - Guanghetong Wireless Co., Ltd. was established in 1999 and is headquartered in Shenzhen, China. It was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017, becoming the first IoT wireless module company to go public in A-shares [1] - The company is the second-largest wireless communication module provider globally, holding a market share of 15.4%. It leads in the smart home and consumer electronics segments with the highest global market share [1] Financial Performance - The company's revenue has shown stable growth, increasing from 5.203 billion yuan in 2022 to 6.971 billion yuan in 2024. During the same period, net profit rose from 365 million yuan to 677 million yuan [3] - In the first four months of 2025, revenue reached 2.481 billion yuan, reflecting a year-on-year growth of 21.2%, with a net profit of 160 million yuan [3] IPO Details - Guanghetong is conducting an IPO from October 14 to 17, with plans to globally offer 135 million shares, of which 10% is for public sale. The price per share is set between 19.88 and 21.5 HKD [8] - The company has secured cornerstone investors for 40.66% of the offering and has a greenshoe option. The underwriter for the IPO is CITIC Securities [8] Subscription Information - The subscription mechanism for the IPO is categorized into two groups, with a total of 67,541 lots available. The expected subscription rate is relatively high, with a potential for lower multiples [8] - The stock is considered an A+H arbitrage opportunity, with the A-share price around 31 yuan, indicating a premium of over 30% [8]