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]

在香港新股IPO过程中，投资者可以通过两种主要方式认购新股：现金认购 和 孖展认购（融资认购）。这两种方式各有优劣， 适用于不同类型的投资者。下面将从多个维度对两者进行详细对比，帮助您根据自身情况做出合适选择。 一、基本定义对比 项目 现金认购 孖展认购（融资认购） 含义 使用自有资金全额支付新股认购款项 向券商借钱认购新股，只需缴纳部分本金（如10%），其余由券商垫付 资金来源 投资者自己的现金 自有资金 + 券商贷款（保证金贷款） 认购比例 100% 自有资金 通常为10% 自有资金 + 90% 券商融资（即90%孖展） 杠杆 所需资金 需要支付全额认购款（如一手1万港币，就要准备1万） 只需支付部分资金（如10%），例如1万港元只需出1000港币 无杠杆 有杠杆（放大认购金额） 二、核心对比维度 1. 资金需求 对比项 现金认购 孖展认购 适合人群 资金充裕、不想承担利息成本的投资者 资金有限、希望提高中签率或认购更多新股的投资者 ✅ 举例： 2. 利息成本 对比项 现金认购 孖展认购 是否产生利息 ❌ 无利息 ✅ 有利息（按年化利率计算，根据使用天数收费） 成本影响 仅支付本金，无额外融资费用 需支付 ...