赴港 IPO，成了“全村的希望”

Core Viewpoint - The surge in market capitalization of domestic GPU manufacturers like Moore Threads and Muxi Co., exceeding 600 billion yuan, reflects a capital frenzy in the industry [1] Group 1: Market Trends - Numerous companies, including the first domestic GPU stock in Hong Kong, Wallen Technology, are preparing for IPOs, driven by the optimized listing regulations in Hong Kong [3] - The Hong Kong market has seen 102 companies listed by 2025, raising a total of 272.48 billion HKD, a year-on-year increase of 226.62%, marking a four-year high [3] - As of December 17, there are 298 companies in the IPO hearing process in Hong Kong, with 28 new applications in just half a month of December, significantly surpassing the 18 in November [3] Group 2: Listing Regulations - The newly added Chapter 18C in Hong Kong's listing rules allows unprofitable "specialized and innovative" tech companies to go public, providing a financing path for emerging industries like smart vehicles [3][9] - The 18C mechanism emphasizes "hard technology strength" and "future growth potential" over immediate profitability, making it easier for high-tech companies to secure funding [9] Group 3: Financial Pressures - Many suppliers are listing primarily to meet "blood-making" needs, often driven by funding pressures and agreements [6] - Companies like Yushi Technology, despite revenue growth, are facing significant financial strain, with projected losses of 250 million yuan, 213 million yuan, and 212 million yuan from 2022 to 2024 [8] - The cash reserves of Yushi Technology dropped from 222 million yuan at the end of 2024 to 170 million yuan by June 30, 2025, indicating urgent funding needs [8] Group 4: Industry Challenges - The automotive smart supply sector is characterized by continuous losses, funding pressures, and insufficient self-sustaining capabilities, making the IPO route a critical but challenging solution [14] - The rapid technological iteration in the automotive sector necessitates high R&D investments, impacting short-term profitability and creating competitive pressures [16] - Even successful IPOs do not guarantee long-term stability, as companies face ongoing challenges related to technology, market competition, and profitability [16]