另辟蹊径！688205 拟发行S股

Core Viewpoint - The recent trend of Chinese companies considering secondary listings in Singapore is gaining momentum, with Dekoli (688205) announcing plans for an S-share listing on the Singapore Exchange to enhance its global strategy and overseas market presence [2][3]. Group 1: Company Strategy - Dekoli aims to strengthen its overseas financing capabilities and expand its international capital platform through the S-share listing, which is expected to enhance its capital strength, global brand influence, and overall competitiveness [2][3]. - The decision to pursue a secondary listing in Singapore reflects Dekoli's business development needs and highlights the unique advantages of the Singapore Exchange in attracting Chinese tech companies [3][6]. Group 2: Financial Performance - Despite facing short-term pressure on profitability, with a reported revenue of 650 million yuan (approximately 65 million) for the first three quarters of 2025, representing an 8.6% year-on-year increase, Dekoli's net profit attributable to shareholders dropped by 47.4% to 40 million yuan (approximately 4 million) [3][4]. - The company's gross margin for the third quarter of 2025 was 27.4%, down 5.5 percentage points year-on-year, indicating challenges in maintaining profitability [3][4]. Group 3: Business Highlights - Dekoli's DCI business is experiencing accelerated growth, capitalizing on the increasing demand for distributed computing architectures as large model parameters rise [4]. - The company has made significant advancements in its OCS optical switch technology, with prototypes achieving microsecond and nanosecond switching speeds, and has secured orders worth millions for 2024 [4]. - The establishment of a production base in Thailand is expected to commence operations in the fourth quarter of 2025, enhancing Dekoli's global delivery capabilities [4]. Group 4: Market Trends - The trend of Chinese companies opting for secondary listings in Singapore is on the rise, with several firms, including Kangzhe Pharmaceutical and Hainan Huatie, also pursuing S-share listings to support their international strategies [6][7]. - The Singapore Exchange has become increasingly attractive for Chinese companies, with around 100 listed firms focusing on sectors such as healthcare, new energy, and technology, all of which align with the market's valuation preferences [7][8].