The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Fortunetone Technology Co., Ltd.* 福信富通科技股份有限公司 (a joint stock company incorporated in the People's Republic of Chin ...

Group 1 - The article highlights significant announcements related to the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing potential black swan events [1] - The article mentions companies involved in key sectors such as 6G, commercial aerospace, chips, satellite navigation, and military projects, indicating their participation in major national aerospace initiatives like the Chang'e lunar exploration program [1] Group 2 - One company is noted for its products that meet the demands of 6G macro base station scenarios and applications in significant aerospace projects [1] - Another company has participated in various aerospace and military projects, including manned space stations and launch vehicles [1] - A company is collaborating with Huawei Cloud to develop robotic products that integrate artificial intelligence and drones [1]

Geopolitical Risk & Technological Dependence - The Russia-Ukraine war highlights the unreliability of satellite navigation due to frequent jamming and spoofing [1] - The US and its allies face a critical need to develop alternative navigation methods [1] Strategic Implications - Dependence on satellite navigation systems poses a significant vulnerability in conflict zones [1] - Finding new navigation solutions is crucial for maintaining strategic advantage [1]

Core Insights - Wuhan is emerging as a significant hub for the "Artificial Intelligence + Beidou" industry, showcasing various applications such as autonomous taxis and drone monitoring systems [1][10] - The Beidou industry in Wuhan is projected to exceed 339 billion yuan by mid-2025, marking a 31% year-on-year growth, positioning it as the largest Beidou industry cluster in Central China [3][7] Industry Developments - Dream Chip Technology has developed a new generation of Beidou chips that are significantly smaller and more efficient, with a 50% reduction in size and a 40% decrease in power consumption, while improving signal capture speed by 20 times [5][4] - Wuhan's Beidou industry is supported by over 300 companies, including 22 specialized "little giant" enterprises and 5 listed companies, creating a complete ecosystem that spans chip development, terminal manufacturing, and service provision [7][8] Technological Advancements - The Beidou chips developed in Wuhan support all six major satellite navigation systems, marking a significant advancement in China's Beidou technology [5][4] - Wuhan has established a national-level laboratory in the field of Earth space information and has seen a 35% year-on-year increase in international patent applications related to Beidou technology, with 70% of these involving artificial intelligence [6] Future Projections - The Beidou industry in Wuhan is expected to reach 640 billion yuan by 2024, reflecting a 14.3% growth, with the current year's scale anticipated to surpass 800 billion yuan [7][12] - The city aims to implement 80 new Beidou application projects to enhance industrial manufacturing upgrades, indicating a strategic focus on integrating Beidou technology with AI, 5G, and high-precision indoor positioning [9][12]

Regulatory Landscape - China is expected to issue satellite internet licenses soon, marking the first step towards commercial operation in the country [1] Industry Development - The industry anticipates it will take approximately 2-3 years to offer satellite internet services comparable to Starlink [1] Market Reaction - A-share satellite navigation sector experienced an afternoon surge, with shares of companies like Tianyin Electromechanical rising over 15% and China Satellite reaching the daily limit [1]

Core Viewpoint - The Changsha Beidou Industry Safety Technology Research Institute Co., Ltd. has submitted an application for the initial public offering (IPO) and listing, with the application accepted by the Hunan Securities Regulatory Bureau on May 9, 2025, and the counseling institution being Zhongtai Securities [1][3]. Company Overview - The company was established in 2016 and focuses on the generation, measurement, and processing of radio signals, primarily in the satellite navigation and aerospace control fields. Its main products are categorized into three business directions: navigation simulation and testing evaluation, spatiotemporal security and enhancement, and aerospace control and ground testing [4]. - The major clients of the company include China Aerospace Science and Technology Corporation, China Electronics Technology Group Corporation, China Aviation Industry Corporation, and China Aerospace Science and Industry Corporation [4]. Financial Performance - The company's revenue for the years 2021, 2022, and 2023 was 144.17 million, 242.85 million, and 285.04 million respectively. The net profit attributable to the parent company for the same years was 60.57 million, 76.18 million, and the non-recurring net profit was 31.55 million and 63.03 million respectively [4]. - The proportion of total sales revenue from the top five customers accounted for 58.18%, 53.93%, and 47.25% of the company's total revenue in 2021, 2022, and 2023, indicating a relatively high dependency on these clients [4]. IPO and Fundraising Plans - The previous IPO application for the Sci-Tech Innovation Board included projects for "product upgrading and industrialization," "R&D center project," and "supplementing working capital," with a total fundraising target of 508 million [4][5]. - The total investment amount for the projects is 508.07 million, with the same amount intended for fundraising [5]. Shareholding Structure - The controlling shareholder of the company is Hunan Guoke Defense Electronics Technology Co., Ltd., which holds a 44.21% stake [6].