又一家成都科技企业迈向资本市场。 A股上市公司华联控股（000036）9月26日晚披露，公司与成都理想境界科技有限公司（下称"理想境 界"）及其全体股东拟签署《投资协议》，拟投资5000万元对理想境界进行增资入股。交易完成后，华 联控股将持有理想境界2.7778%的股权。同时，华联控股关联方恒裕资本也投资5000万元增资理想境 界，从而取得该公司2.7778%的股权。 估算下来，理想境界本轮融资后的投后估值约18亿元。 理想境界系一家从事AR相关业务的企业，此前已完成C轮融资。华联控股表示，此次投资系公司对新 兴显示技术进行的一次战略性投资、布局、尝试。 证券时报·e公司记者注意到，按照约定，理想境界需在华联控股此次投资完成后的5年内实现IPO或资本 重组。 公告显示，理想境界成立于2012年，现注册资本为152.742416万元，公司注册地址位于成都市高新区。 按照约定，华联控股以现金方式出资5000万元,其中计入理想境界注册资本为4.4924万元，计入资本公积 4995.5076万元。投资款仅用于公司运营相关事项。 股权方面，宋海涛持有理想境界37.869%股权，系公司第一大股东、实际控制人。他还担任公司 ...

Core Viewpoint - Huike Co., Ltd. is attempting to relaunch its IPO after previously withdrawing due to significant losses and other issues, with its investment in emerging display technologies reaching hundreds of billions [2][3]. Financial Performance - Huike's financial performance has been volatile, with a net profit of 4.986 billion yuan in 2021, followed by a loss of 1.399 billion yuan in the first half of 2022, leading to an estimated annual loss of 1.029 to 1.271 billion yuan for 2022 [3]. - The company's asset-liability ratio peaked at 97.77%, and inventory surged to 6.96 billion yuan in the first half of 2022, indicating significant financial strain [3]. Legal and Operational Challenges - Huike has faced multiple patent disputes, including a notable case with Huaxing Optoelectronics, which was settled in 2020 for 30 million yuan [4]. - The company has a unique "state-owned asset dependency" model, with obligations to invest 20.953 billion yuan in project companies, raising concerns about future financial commitments [5]. Investment in New Technologies - The company has heavily invested in new display technologies, with total investments in OLED, Mini LED, and electronic paper projects exceeding hundreds of billions since 2024 [6]. - Despite these investments, Huike faces challenges in gaining market share, as major competitors hold over 88% of the OLED smartphone panel market [6]. Market Conditions - The LCD panel business is experiencing weak demand, with recent data indicating low operating rates for TV panel production lines [6]. - The company's ability to secure financing through an IPO is critical for addressing capital needs for heavy asset investments and supporting new technology initiatives [6].