Core Viewpoint - Haiwei Co., Ltd. has successfully completed its IPO with significant oversubscription, indicating strong market interest and confidence in its business model and growth potential [1][2]. Group 1: IPO Details - Haiwei Co., Ltd. raised HKD 4.4 billion through the issuance of 30.83 million H-shares at a price of HKD 14.28 per share, with a public offering portion oversubscribed by over 5,431 times [1]. - The company received subscriptions from approximately 167,000 investors, with total funds involved in the public offering reaching HKD 241.5 billion [1]. - The company is expected to be listed on November 28, with CICC serving as the sole sponsor [1]. Group 2: Company Overview - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, holding a 10.9% market share in capacitor base film revenue as of 2024 [1][2]. - The company specializes in the production of capacitor base films and metallized films, which are essential components of film capacitors used in various applications, including electric vehicles and renewable energy systems [1]. Group 3: Production Capabilities - Haiwei Co., Ltd. is the only company with the capability to design and develop its own capacitor base film production lines, significantly reducing delivery times to approximately 8 months compared to the industry average of 3-5 years for imported lines [2]. - The investment cost for a single production line is about RMB 120 million, which is considerably lower than the domestic industry average [2]. - The company can produce a range of products with thicknesses from 2.7 microns to 13.8 microns, catering to various end-use applications [2]. Group 4: Financial Performance - The company's revenue for 2022 and 2023 was RMB 327 million and RMB 330 million, respectively, with a projected growth of 28% to RMB 422 million in 2024 [2]. - For the first five months of 2024 and 2025, the company's revenue was RMB 162 million and RMB 157 million, respectively [2]. Group 5: Strategic Partnerships - Haiwei Co., Ltd. has entered into a cornerstone investment agreement with Huixing Lihai, committing to purchase shares worth approximately HKD 218 million at the offering price [2]. - BYD, a major player in the new energy sector, is both a pre-IPO investor with a 4.9% stake and the largest customer, contributing 12.2%, 12.6%, and 12% of revenue in 2023, 2024, and the first five months of 2025, respectively [2]. - The company maintains a stable revenue contribution from its top five customers, which accounts for about 35% of total revenue [2]. Group 6: Use of Proceeds - 82% of the net proceeds from the IPO will be allocated to expanding production capacity, including the construction of a new factory in southern China for capacitor base film production [3]. - 5% will be used to enhance research and development capabilities, 3% for sales and marketing activities, and 10% for working capital and other general corporate purposes [3].
海伟股份招股结束 孖展认购金额达1897.94亿港元 超购逾4309倍