大族数控港股上市首日大涨，全球最大PCB专用生产设备制造商 2026年2月6日，大族数控（A股代码：301200）正式在港交所挂牌交易，临时代码为91114，标志着这家PCB专用设备龙头形成"A+H"双资本平台布局。 经纪 - 1 - 1 1 - 1 7 咨讯 轮证 恒生指数 回顾本次港股发行细节，据新浪财经2月5日报道，大族数控于1月29日启动全球发售，发行价定为95.80港元/股，基础发行股数5045万股，行使绿鞋机制后 发行股数增至5802万股，对应募资规模约48.3亿港元-55.6亿港元。 值得关注的是，此次发行给出约46.5%的高折价——以A股2月3日收盘价159.47元/股为基准计算，这一折价幅度远高于同时期登录港股上市公司的折扣水 平，成为同期力度最大的折价项目，新浪财经分析称"为港股投资者提供了充足估值安全垫"。 在资本关注度方面，本次IPO吸引10家（合并主体）基石投资者合计认购3.1亿美元，占发行规模的50%。并且基石阵容涵盖多元资本类型：既包含产业链端 大客户的投资，也包括众多国际知名外资和本土中资大机构的投资，这种多元资本的投资可以被认为是对对AI产业链上游的认可"。 今日开盘，大族数 ...

Core Viewpoint - The company, Kidswant, has officially initiated its "A+H" dual capital platform layout by submitting its listing application to the Hong Kong Stock Exchange, aiming to address financial challenges and support its internationalization strategy in a declining domestic maternity and infant market [1][4]. Group 1: Current Business Situation - Kidswant is facing dual challenges of internal and external pressures, including a declining birth rate in China leading to increased competition in the maternity and infant market, and pressure from e-commerce platforms [3]. - The company's financial situation is concerning, with a debt-to-asset ratio of 64.26% and long-term loans increasing by 125.35% to 2.044 billion yuan, alongside a significant rise in non-current liabilities due within a year [3]. - High goodwill from previous acquisitions, such as the 1.6 billion yuan acquisition of Leyou International and 1.65 billion yuan for Siyu Industrial, has resulted in a goodwill amounting to 1.932 billion yuan, with some acquisitions lacking performance guarantees, raising impairment risks [3]. Group 2: Financial and Market Implications - A successful listing in Hong Kong could alleviate financial pressures by raising funds to repay debts, optimize capital structure, and reduce liquidity risks associated with the high debt ratio [4]. - The Hong Kong market offers broader financing channels, supporting overseas expansion, supply chain upgrades, and AI business development, thus reducing reliance on the A-share market [4][5]. - The dual platform strategy is expected to enhance international brand influence and support the company's goal of becoming a global parent-child service brand [4]. Group 3: Challenges and Opportunities in International Expansion - Kidswant's attempt to enter overseas markets, such as opening a store in Singapore, faces significant risks due to unresolved domestic financial issues and incomplete integration of acquisitions [7]. - The Southeast Asian market presents opportunities with a population under 35 years old making up 60% and a compound annual growth rate of over 5% in the maternity and infant market, but local adaptation poses challenges [7]. - The company must navigate a competitive landscape with local leaders and international brands, requiring substantial upfront investment and long return cycles, alongside hidden costs related to cross-border logistics and compliance [7][8]. Group 4: Strategic Outlook - The success of Kidswant's Hong Kong listing hinges on its ability to transform financing into a competitive advantage and demonstrate refined operational capabilities across cultures [8]. - While the listing may address immediate financial concerns, it does not resolve deeper issues such as business structure imbalance and inadequate acquisition integration [8]. - The company faces the challenge of balancing scale and healthy development while leveraging localized innovation to overcome barriers in overseas markets, ensuring that its capital story translates into sustainable profit growth [8].