Summary of Company and Industry Insights Company: JunDa Co., Ltd. (钧达股份) Key Points 1. **H-Share Placement Completion** The company completed its H-share placement on February 2, 2026, at a price of HKD 22.00 per share, resulting in a net amount of approximately HKD 398 million after commissions and fees [1] 2. **Use of Proceeds** The proceeds from the placement are allocated as follows: - 45% for research and production of space photovoltaic battery-related products - 45% for equity investments and collaborations in the commercial aerospace sector - 10% for supplementing working capital [1] 3. **Emerging Business Overview** - **Space Photovoltaics**: The company established a joint venture, Shangrao JunDa, with a 70% ownership stake, focusing on CPI thin-film photovoltaic battery packaging and products combining CPI thin-film with perovskite-silicon stacked layers [1] 4. **Commercial Aerospace Investments** The company anticipates making strategic equity investments in the commercial aerospace industry, targeting entities that align with its strategic direction, possess mature operational capabilities, and have established market positions. This includes potential controlling or significant minority stakes [2] 5. **Investment Outlook** The company expects a rapid recovery in profitability for its battery segment due to a significant decline in silver prices. Additionally, production capacity in Turkey is set to enter the shipping phase, indicating a positive outlook for the core business. The company is optimistic about its future performance, leveraging large-scale production experience and existing resources to extend its commercial aerospace industry chain [2]