证券时报记者吴瞬王蕊 近日，香港证监会和香港交易所罕见联名致函IPO保荐人，称旨在表达监管层对近期递交的新上市申请 中所观察到的质量下滑，以及某些不合规行为的监管关切。信函称部分IPO保荐人所提供的上市文件品 质差劣，审查不足，如涉及业务模式的描述不够清晰、过度使用宣传用语；选择性呈现行业数据以夸大 上市申请人的市场地位等。 这一函件引发市场对港股后续IPO质量乃至持续性问题的担忧。对此，有资本市场人士告诉证券时报记 者，本次监管发函，其针对的主要是中介机构是否尽职尽责以及撰写上市文件的质量问题，而非港股 IPO公司本身的质地问题。 事实上，证券时报记者梳理相关招股书发现，目前港股招股书中"浮夸风""选择性呈现行业地位"等问题 频现。同时，大量IPO集中上市也令中介机构超负荷运转，容易"忙中出错"。而不少中小投行入局，也 加剧了IPO上市文件的质量问题。 招股书频现"浮夸风" 在目前已递表的不少港股招股书中，不难发现，确实存在一些"过度包装"的问题，一些原本极为简洁的 业务模式、业务流程，往往被冠以各类"高大上"的名词，相关内容晦涩难懂。 以某社交平台的招股书为例，该公司在描述其业务收入时，将其最核心的收入描 ...

Industry Overview - The global AI Home solutions market is experiencing explosive growth, with the market size increasing from $6.6 billion in 2020 to $13 billion by 2024, representing a compound annual growth rate (CAGR) of 18.5%. It is expected to reach $34.3 billion by 2029, with a projected growth rate of 21.4% over the next five years. This growth is driven by upgrades in smart hardware, accelerated global network infrastructure, and the implementation of AI large models in home scenarios, particularly due to the rising demand for bundled software and hardware solutions from operators in Europe and the US [1]. Company Profile - Shenzhen Huaxida Technology Co., Ltd. ranks eighth globally and third in China in the AI Home solutions market by revenue in 2024, establishing itself among the industry leaders [1]. - Huaxida's core competitiveness lies in its "hardware + platform + ecosystem" integrated capabilities. Its product range includes AI Home infrastructure (such as Wi-Fi 7 routers and optical network terminals) and AI Home devices (including smart TV boxes, projectors, and cameras). The company is expected to ship 8.85 million Android TV terminals in 2024, leading the global market [3]. Technological Advancements - The company has established significant technological barriers through continuous innovation. It became one of the first Chinese companies to receive Google Android TV certification in 2017 and the first global ODM manufacturer to obtain Google TV projector certification in 2023. The launch of its 10G Wi-Fi 7 router in 2022, featuring tri-band Mesh networking and millisecond roaming capabilities, allowed it to seize early opportunities in the B2B market [3]. Financial Performance - Huaxida has demonstrated stable financial resilience, with revenues consistently around 2.5 billion RMB from 2022 to 2024 (25.29 billion, 23.67 billion, and 25.41 billion RMB). R&D investment increased from 96.44 million RMB to 161 million RMB during the same period, with the R&D expense ratio rising to 6.6%, highlighting its technology-driven strategic positioning [4]. - The company plans to establish a joint laboratory with Luxshare Precision in June 2025 to focus on AI Home Agent, smart hubs, and terminal device development, leveraging both companies' strengths in scene definition and manufacturing [4]. Strategic Initiatives - Huaxida has submitted its IPO application to the Hong Kong Stock Exchange in May 2025, marking the beginning of a new phase of capitalization. Its future strategy will focus on three axes: upgrading technology, transforming revenue structure by increasing software service contribution from 1.2% to 30%, and expanding its ecosystem through deeper partnerships with Google and Netflix, as well as exploring cross-industry applications in healthcare and energy management [4]. Market Positioning - Huaxida is transitioning from a device manufacturer to a leader in the AI Home ecosystem, as evidenced by its recognition with the "Shenzhen Industrial Award," the highest honor in Shenzhen's industrial sector. The company aims to leverage the $34.3 billion market opportunity to drive the global shift from "hardware interconnectivity" to an "active intelligence" era in households [5].

Core Viewpoint - The company, Shenzhen Huaxida Technology Co., Ltd., has successfully established a strong presence in overseas markets by leveraging proactive market strategies, robust supply chain management, and localized operations, thereby enhancing its international competitiveness [1]. Group 1: Market Strategy and Customer Focus - The company prioritizes customer needs and rapid market response as its core competitive advantage, focusing on global telecom operators as its main customer base [3]. - Huaxida engages in deep binding cooperation with key clients, providing comprehensive services that include product R&D, manufacturing, and after-sales management, which enhances customer loyalty and satisfaction [3]. - The company's keen market insight and strong R&D capabilities enable it to quickly identify new business opportunities and bring new products to market efficiently [3]. Group 2: Supply Chain Management - Huaxida has developed an integrated supply chain management system that encompasses global procurement and production, ensuring stability in its raw material supply [4]. - The company maintains a supplier database of over 800 enterprises across 12 countries and regions, ensuring high-quality raw materials and effective cost control [4]. - By adopting a light-asset model and collaborating with well-known OEMs globally, Huaxida achieves significant flexibility in manufacturing, catering to both large-scale orders and small-batch, diverse production needs [4]. Group 3: Localization and Customer Service - The company emphasizes the importance of local expertise to bridge cultural and operational differences, establishing four overseas subsidiaries and regional customer service teams by December 31, 2024 [5]. - These localized teams provide services in multiple languages and with high cultural sensitivity, effectively shortening response times and enhancing customer satisfaction [5]. Group 4: Client Relationships and Market Position - Over the years, Huaxida has built a stable and high-quality customer base across various regions, including Europe, North America, Latin America, Asia, and Africa, forming close partnerships with major global telecom operators [6]. - The company has evolved its relationships with key clients into true technological partnerships, moving beyond traditional supplier-client dynamics to co-create a smart living future [6]. - Huaxida is recognized as the eighth largest provider of AI Home solutions globally and the third largest in China, according to Frost & Sullivan [7].