Group 1 - Cambridge Technology (603083) is conducting an IPO from October 20 to 23, with a public offering amounting to HKD 4.62 billion and a subscription amount of at least HKD 107.4 billion, resulting in an oversubscription of 232 times [1] - The company plans to issue 67.01 million H-shares, with 10% allocated for public offering at a maximum price of HKD 68.88 per share, aiming to raise up to HKD 4.62 billion [1] - The expected listing date for Cambridge Technology is October 28, with Guotai Junan International serving as the sole sponsor [1] Group 2 - Cambridge Technology specializes in the design, development, and sales of connectivity and data transmission devices, generating revenue primarily from broadband, wireless, and optical module technology products [2] - The company has a significant international presence, with overseas market revenue accounting for 82.9%, 89.3%, 92.6%, and 94.0% of total revenue during the past reporting periods [2] - Financial performance shows revenues of approximately RMB 3.784 billion, RMB 3.085 billion, RMB 3.65 billion, and RMB 2.034 billion for the six months ending June 30 in 2022, 2023, 2024, and 2025 respectively, with corresponding profits of RMB 171 million, RMB 94.965 million, RMB 167 million, and RMB 118 million [2]

Core Points - The article discusses two main methods for subscribing to new stocks in Hong Kong: cash subscription and margin subscription (financing subscription) [2][3] - Each method has its advantages and disadvantages, catering to different types of investors [2][3] Comparison of Basic Definitions - Cash subscription involves using personal funds to pay the full amount for new stock subscriptions [2] - Margin subscription allows investors to borrow money from brokers, requiring only a portion of the total amount (e.g., 10%) to be paid upfront [2] Key Comparison Dimensions 1. **Capital Requirements** - Cash subscription requires 100% of the available funds [3] - Margin subscription typically requires only 10% of the funds, allowing for greater purchasing power [3] 2. **Interest Costs** - Cash subscription incurs no interest costs [3] - Margin subscription incurs interest, which can range from 1% to over 10% annually, depending on market conditions and stock popularity [3][4] 3. **Winning Rate & Subscription Capacity** - Cash subscription limits the number of shares that can be subscribed based on available funds, resulting in a lower winning rate [3] - Margin subscription allows for a larger number of shares to be subscribed, increasing the chances of winning, especially for popular stocks [3] Risk Comparison - Cash subscription limits losses to the invested principal [5] - Margin subscription risks include potential losses exceeding the principal, as investors must also repay the broker's loan and interest [5][7] Subscription Process and Convenience - Cash subscription is straightforward, requiring only cash payment [5] - Margin subscription involves selecting the margin ratio, confirming interest, and ensuring sufficient collateral in the account [5] Suitable Investor Types - Cash subscription is recommended for investors with ample funds who prefer low risk and simple operations [8] - Margin subscription is suitable for investors with limited funds who wish to increase their chances of winning and are willing to accept interest and leverage risks [8] Summary of Advantages and Disadvantages - Cash subscription has no interest costs, controlled risks, and simple operations [9] - Margin subscription allows for increased subscription amounts and higher winning chances but comes with interest costs and amplified risks [9] Practical Recommendations - For popular new stocks and limited funds, margin subscription is advisable, while cash subscription or low-margin options are recommended for uncertain stocks to minimize risks [10] - Investors should assess their financial situation, risk tolerance, and the quality of the new stock when choosing a subscription method [10]