CIG(SH:603083) Sou Hu Cai Jing·2025-10-20 10:05Core Viewpoint - The number of A-share companies seeking IPOs in Hong Kong has increased, with several companies announcing their listings and others submitting applications to the Hong Kong Stock Exchange [1] Group 1: Company Overview - Shanghai Cambridge Technology Co., Ltd. (referred to as "Cambridge Technology") is set to open its IPO subscription from October 20 to October 23, 2023, with an expected listing date of October 28, 2025, on the Hong Kong Stock Exchange [1] - The company plans to issue 67.01 million H-shares, with 10% allocated for Hong Kong and 90% for international placement, using Mechanism B without a reallocation mechanism [1] - The maximum offering price is set at HKD 68.88 per share, potentially raising up to HKD 4.616 billion [2] Group 2: Financial Performance - Cambridge Technology's A-share closing price as of October 20, 2023, was CNY 108.25 per share, with a market capitalization of CNY 29 billion, indicating a discount rate of approximately 41.6% for the Hong Kong offering price [2] - The company has attracted 16 cornerstone investors, including prominent firms, with a total subscription amount of USD 290 million, accounting for 48.89% of the offering [2] - The company's total revenue for 2022, 2023, 2024, and the first half of 2025 was CNY 3.784 billion, CNY 3.085 billion, CNY 3.649 billion, and CNY 2.034 billion, respectively, with net profits of CNY 171 million, CNY 95 million, CNY 167 million, and CNY 118 million [7][8] Group 3: Product and Market Position - Cambridge Technology specializes in connection and data transmission devices, with a focus on broadband, wireless, and optical module products [5][6] - The company holds over 30% of the global market share for XGS PON products in the broadband sector [5] - In the optical module segment, the company is among the first to deploy 800G and 1.6T optical module products [5] - The OWCD (Optical and Wireless Connection Devices) market is projected to grow from USD 32.4 billion in 2020 to USD 54.6 billion in 2024, with a compound annual growth rate (CAGR) of 13.9% [18] - Cambridge Technology ranks fifth in the global OWCD industry with a market share of 4.1% as of 2024 [22] Group 4: Research and Development - The company has invested over CNY 1.4 billion in research and development, with R&D expenses accounting for 7.1% to 8.9% of total revenue during the reporting periods [11][10] - As of June 30, 2025, the R&D team comprised over 50% of the total workforce, with centers established in China, the United States, and Japan [10]