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Core Viewpoint - Shenzhen Huaxida Technology Co., Ltd. (referred to as "Huaxida") has chosen to pursue a listing on the Hong Kong Stock Exchange after failing to list on the A-share market, with CITIC Securities as the exclusive sponsor [1][8]. Group 1: Company Overview - Huaxida, established in 2003, is a national high-tech enterprise engaged in the research, development, sales of hardware and software products, and cloud services. Its core products include Android TV smart terminal products authorized by Google and Netflix, next-generation network access communication products, XMedia TV video cloud platform, terminal device management systems, and value-added operation services [4]. - According to Frost & Sullivan, Huaxida ranks as the eighth largest provider of AI Home solutions globally and the third largest in China based on projected revenue for 2024 [4]. Group 2: Financial Performance - Huaxida's revenue for the years 2022 to 2024 is approximately 2.529 billion, 2.367 billion, and 2.541 billion yuan, respectively, while net profits are about 251 million, 191 million, and 137 million yuan, indicating a continuous decline in net profit over two years [4]. - The revenue from hardware product sales for the same period is approximately 2.470 billion, 2.298 billion, and 2.315 billion yuan, accounting for about 97.7%, 97.1%, and 91.1% of total revenue, making hardware sales the primary source of income for Huaxida [5]. - The majority of Huaxida's revenue comes from overseas markets, particularly in the Americas and Europe, with overseas revenue of approximately 2.453 billion, 2.269 billion, and 2.406 billion yuan, representing 97%, 95.8%, and 94.7% of total revenue, respectively [5]. Group 3: Corporate Governance and Compliance - Li Bo is the controlling shareholder and actual controller of Huaxida, holding 26.42% of the shares directly. Together with several partnerships, he controls approximately 36.61% of the voting rights at shareholder meetings [5]. - Huaxida has faced compliance issues, including three non-compliance incidents during its time on the New Third Board, leading to disciplinary actions from regulatory bodies [10].