Zhi Tong Cai Jing·2025-10-21 03:57Group 1 - InnoCare (02577) shares rose over 4%, currently up 4.23% at HKD 74, with a trading volume of HKD 238 million [1] - InnoCare announced the completion of a placement of 20.7 million new H-shares, raising approximately HKD 1.55 billion net [1] - The funds will be allocated as follows: HKD 482 million for capacity expansion, HKD 376 million for repaying interest-bearing debts, and HKD 692 million for working capital and general corporate purposes [1] Group 2 - The placement is expected to enhance the company's financial strength, market competitiveness, and overall capabilities, promoting long-term healthy development [1] - Citi released a report stating that Nvidia is promoting a new 800VDC AI server architecture, which could improve power efficiency and is expected to launch in 2027 [1] - The design demonstrates the demand for gallium nitride (GaN) in AI servers, with an estimated total addressable market (TAM) of USD 10 billion [1] Group 3 - InnoCare is the only supplier capable of providing a complete GaN solution in collaboration with Nvidia, holding a 30% market share [1] - The potential revenue share for InnoCare is estimated at RMB 21 billion [1] - Citi has raised its forecast and target price for InnoCare to HKD 113.6, reiterating a "outperform" rating [1]