CIG(SH:603083) Zheng Quan Shi Bao Wang·2025-10-28 02:40Core Viewpoint - Cambridge Technology has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the first CPO stock and AI computing power communication and optical module stock in the Hong Kong market, as well as the first "A+H" listed company in this field [1] Group 1: IPO Details - The IPO was well-received, with a listing price of HKD 68.88 per share, potentially raising up to USD 682 million if the over-allotment option is fully exercised [2] - The company raised approximately RMB 368 million during its A-share listing in 2017, and the current fundraising exceeds 13 times that amount, highlighting its rapid growth under internationalization and AI computing power expansion [2] - On the first day of trading, the stock opened at HKD 94.00 per share, a 36.47% increase from the issue price [2] Group 2: Investor Participation - Cambridge Technology attracted 16 cornerstone investors, including major firms like Baillie Gifford and MSIP, with a total subscription amount of USD 290 million, accounting for 48.89% of the offering [3] - The public offering was oversubscribed by 338.7 times, while the international offering saw a 16.5 times subscription, indicating strong confidence from top-tier global investors [3] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 3.36 billion, a year-on-year increase of 21.57%, and a net profit of RMB 259 million, up 70.88% year-on-year [4] - The third quarter alone saw revenue of RMB 1.325 billion, a 32.29% increase, and a net profit of RMB 138 million, reflecting a 92.92% year-on-year growth [4] Group 4: Business Drivers - The core drivers of high growth are the high-speed optical modules and telecom broadband access businesses, with a significant increase in orders driven by global data center construction [5] - The company has improved its production capacity and supply chain efficiency, leading to a higher sales proportion of high-margin 800G optical modules [5] Group 5: Market Demand and Capacity Expansion - The demand for high-speed optical modules is expected to surge, with the global 800G optical module market projected to grow by 60% year-on-year in 2025 [6] - Cambridge Technology is actively expanding its production capacity, with plans to increase the annual production of 800G products to 200,000 units by the end of this year [7] Group 6: Future Outlook - With the funds raised from the H-share listing, the company plans to enhance R&D investment, expand production capacity, and explore global markets to capitalize on growth opportunities from AI computing power [8]