Core Viewpoint - Shenzhen Chuangzhixin Technology Co., Ltd. (Chuangzhixin) has submitted its IPO application to the Hong Kong Stock Exchange after withdrawing its A-share IPO application, aiming for faster capital market support and international exposure [12][13]. Group 1: Company Overview - Chuangzhixin, established in 2006, is the largest domestic provider of wet process coating materials in China and ranks sixth in the domestic market for wet process coating materials [2][4]. - The company has transitioned from initial losses to significant revenue growth, with revenues of 320 million yuan, 312 million yuan, and 410 million yuan from 2022 to 2024, and a gross profit margin increasing from 32.3% in 2022 to 42.8% in 2024 [3][4]. Group 2: Financing and Investment - Chuangzhixin has completed multiple financing rounds, raising approximately 589 million yuan, with significant investments from various funds and institutions [6]. - The company plans to allocate about 45% of the funds raised from the IPO for new production lines and service upgrades, with additional funds for R&D, strategic expansion, and general corporate purposes [1]. Group 3: Management and Innovation - The current general manager, Yao Yu, is the daughter of major shareholder Yao Cheng, and they are jointly driving the company's development [10]. - Chuangzhixin holds 71 invention patents and 61 utility model patents domestically, along with 6 overseas invention patents, showcasing its technological advantages in the coating materials sector [10].

Core Viewpoint - Shenzhen Chuangzhi Xinlian Technology Co., Ltd. has officially begun its IPO journey on the Hong Kong Stock Exchange, positioning itself as a leading provider of metallization interconnection plating materials and key process technologies in China [2] Business Overview - Chuangzhi Xinlian focuses on the development of supply chains for plating materials in wafer-level and chip-level packaging, as well as PCB manufacturing [2] - According to Frost & Sullivan, by 2024, Chuangzhi Xinlian is projected to be the largest domestic wet process plating material provider and the largest one-stop plating solution provider in the Chinese market [2] Revenue Breakdown - The company's revenue primarily comes from two business segments: 1. Plating materials business segment, which generates income through the manufacturing and sales of plating materials for the semiconductor and PCB industries [2] 2. Plating services business segment, which provides plating services for silicon wafers, silicon carbide wafers, packaging substrates, and PCBs, charging service fees [2] Industry Impact - The synergy between the two business segments enhances Chuangzhi Xinlian's influence within the industry ecosystem, allowing it to supplement customer production capacity and undertake key tasks in innovative process development [3] - As of December 31, 2024, Chuangzhi Xinlian's chemical nickel-gold and chemical nickel-palladium-gold materials and plating services have been adopted by 4 out of the top 5 power device manufacturers in China, achieving an 80% coverage rate [3] Financial Performance - Chuangzhi Xinlian's total revenue for 2022, 2023, and 2024 was RMB 319.6 million, RMB 311.7 million, and RMB 409.9 million, respectively [4] - The net profit for the same years was RMB 27.3 million, RMB 19.4 million, and RMB 52.7 million, respectively [4] - Revenue from plating materials for the semiconductor industry grew from RMB 31.7 million in 2022 to RMB 48.6 million in 2023, and is expected to reach RMB 75.0 million in 2024, with a compound annual growth rate of 53.8% from 2022 to 2024 [4]

Core Viewpoint - Shenzhen Chuangzhi Xinian Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Haitong International, Jianyin International, and China Merchants Securities International as joint sponsors [1] Company Overview - Chuangzhi Xinian is a provider of metallization interconnection plating materials and key process technologies, focusing on wafer-level and chip-level packaging, as well as PCB manufacturing [4] - The company has developed a complete product matrix for chemical and electroplating materials, covering applications in wafer-level packaging, chip-level packaging, and PCB manufacturing [4] - According to Frost & Sullivan, the company is the largest domestic provider of wet process plating materials in China by revenue in 2024, and also the largest one-stop plating solution provider in the Chinese market [4] Business Segments - The company's revenue primarily comes from its one-stop service solutions, which include plating materials and plating services [4] - The plating materials business is the main revenue driver, generating income through the manufacturing and sale of plating materials used in semiconductor and PCB industries [4] - The main products include chemical nickel-gold, chemical nickel-palladium-gold, electroplated copper, and cyanide-free electroplated gold [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately 319.6 million, 311.7 million, and 409.9 million RMB, respectively [7] - The annual profits for the same periods were 27.3 million, 19.4 million, and 52.7 million RMB [7] - The gross profit for 2022, 2023, and 2024 was 103.3 million, 110.0 million, and 175.3 million RMB, respectively [8]