Core Viewpoint - Haiwei Co., Ltd. has successfully completed its IPO with significant oversubscription, indicating strong market interest and potential for growth in the capacitor film manufacturing sector [1][2]. Group 1: IPO Details - Haiwei Co., Ltd. raised HKD 4.4 billion through the issuance of 30.83 million H-shares, with a public offering portion oversubscribed by over 5,431 times, amounting to HKD 241.5 billion [1]. - The company received 167,000 subscriptions, with a share price set at HKD 14.28 per share [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 capacitor base films and metallized films, which are essential components 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 [2]. - The investment cost for a single production line is about RMB 120 million, which is lower than the domestic industry average [2]. - The company can produce films with thicknesses ranging from 2.7 microns to 13.8 microns, catering to diverse end-user needs [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 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 investor and customer, holds a 4.9% stake in the company and accounted for 12.2%, 12.6%, and 12% of the company's revenue in 2023, 2024, and the first five months of 2025, respectively [2]. - The top five customers contribute approximately 35% of the company's revenue, including notable clients like Farah Electronics [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 [3]. - 5% will be dedicated to enhancing research and development capabilities, while 3% will be used for sales and marketing activities [3]. - 10% of the proceeds will be allocated for working capital and other general corporate purposes [3].
新股消息 | 海伟股份(09609)招股结束 孖展认购金额达1897.94亿港元 超购逾4309倍