Core Viewpoint - Guanghe Technology is advancing its listing process in Hong Kong, having submitted its application on June 11 and updated it on December 14, with Citic Securities and HSBC as joint sponsors. The listing is subject to regulatory approval, indicating uncertainty in the process [1] Group 1: Company Overview - Guanghe Technology is a leading global manufacturer of key components for computing power servers, specifically focusing on PCB manufacturing [1] - The company is set to be listed on the Shenzhen Stock Exchange main board on April 2, 2024 [1] Group 2: Financial Dependence and Risks - Guanghe Technology's revenue is heavily reliant on a single product, with a high customer concentration and significant accounts receivable risks [1] - The revenue from PCB products, particularly those for computing power scenarios, constitutes over 60% of total revenue [1] - For the years 2022, 2023, 2024, and 2025 (up to September 30), the total revenue from the top five customers was 1.534 billion, 1.757 billion, 2.292 billion, and 2.271 billion yuan, representing 63.6%, 65.6%, 61.4%, and 59.3% of total revenue respectively [1] - The prospectus indicates that the company faces credit risks related to overdue payments and defaults from customers [1]
广合科技拟赴港IPO