CIG(SH:603083) Mei Ri Jing Ji Xin Wen·2025-10-26 08:50Core Viewpoint - Cambridge Technology, a leading optical module company, is set to officially list on the Hong Kong Stock Exchange, becoming the first "A+H share" company in the CPO (Co-Packaged Optics) concept, attracting significant market attention due to a more than 40% discount compared to A-share prices [1][2] Company Overview - Founded in 2006, Cambridge Technology specializes in the design, development, and sales of connectivity and data transmission devices, with a strong focus on optical modules, broadband, and wireless network equipment [2][6] - The company ranks fifth globally in the OWCD (Optical and Wireless Connectivity Devices) industry by sales revenue, holding a market share of 4.1% in 2024 [2] - Cambridge Technology's product portfolio includes optical modules with speeds of 100G, 400G, 800G, and 1.6T, being one of the first companies to deploy 800G and 1.6T optical module products [2][7] IPO Details - The company plans to issue 67.01 million shares at an offering price of HKD 68.88, with a total fundraising target of HKD 4.48 billion [3][7] - A notable aspect of the IPO is the participation of 16 cornerstone investors, including major global asset management firms and private equity, who collectively invested USD 290 million, accounting for 48.89% of the total shares offered [3][4] Market Position and Growth Potential - Cambridge Technology's stock price is projected to increase by over 186% by 2025, making it a key player in the optical module sector [2] - The optical module industry is expected to grow significantly, with global sales projected to reach USD 41.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 18.5% from 2024 [7][8] - Specifically, the revenue for 800G optical modules is anticipated to grow at a CAGR of approximately 188.1% from 2020 to 2024, and 19.1% from 2024 to 2029, while 1.6T optical modules are expected to see explosive growth with a CAGR of 180.0% from 2024 to 2029 [7][8] Research and Development Focus - Approximately 20% of the funds raised from the IPO will be allocated to enhancing R&D capabilities and talent, which is crucial for maintaining technological leadership [8] - The company has consistently invested in R&D, with expenditures as a percentage of total revenue projected to be 7.1%, 8.9%, 8.8%, and 7.9% for the years ending 2022, 2023, 2024, and the first half of 2025, respectively [8]