香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對 本申請版本的內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不 就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 Everdisplay Optronics (Shanghai) Co., Ltd. 上海和輝光電股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣下 知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資 者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售 期 ...

Core Insights - The stock of Hehui Optoelectronics fell by 2.18% on October 17, with a trading volume of 241 million yuan, indicating a decline in investor confidence [1] - The company reported a net financing outflow of 4.38 million yuan on the same day, with a total financing and securities balance of 559 million yuan, suggesting a high level of leverage [1] Financing Summary - On October 17, Hehui Optoelectronics had a financing purchase of 15.84 million yuan, with a current financing balance of 551 million yuan, representing 3.56% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of borrowing [1] Securities Lending Summary - On October 17, the company repaid 235,500 shares in securities lending and sold 181,100 shares, with a selling amount of 487,200 yuan [1] - The remaining securities lending balance was 283,340 shares, valued at 762,180 yuan, also above the 90th percentile of the past year [1] Company Overview - Hehui Optoelectronics, established on October 29, 2012, focuses on the research, production, and sales of small to medium-sized AMOLED semiconductor display panels, with 97.16% of its revenue coming from this segment [1] - As of June 30, 2025, the company had 116,700 shareholders, a decrease of 4.23% from the previous period, while the average circulating shares per person increased by 4.42% to 49,279 shares [2] Financial Performance - For the first half of 2025, Hehui Optoelectronics reported revenue of 2.67 billion yuan, a year-on-year increase of 11.51%, but a net loss of 840 million yuan, which is a 34.32% increase in losses compared to the previous year [2] Institutional Holdings - As of June 30, 2025, major institutional shareholders include Huaxia SSE Sci-Tech 50 ETF, which increased its holdings by 62.56 million shares, and E Fund SSE Sci-Tech 50 ETF, which increased by 62.08 million shares [2]

Core Viewpoint - Hehui Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, focusing on research and production that delivers exceptional color accuracy, superior visual experiences, and low power consumption [2] Company Summary - Hehui Optoelectronics ranks as the second largest global manufacturer of medium to large-sized AMOLED semiconductor display panels based on cumulative sales from 2022 to 2024, and it is the largest in China [2]

Core Insights - The company Zhifang Intelligent has received a large order for over 1,000 robots, amounting to nearly 500 million yuan, marking a significant milestone in the embodied intelligence robotics industry [1] - The industry has transitioned from a phase of financing to one of substantial orders, with multiple contracts exceeding 100 million yuan [1] - Zhifang's robots will be deployed in the semiconductor display industry, specifically at Huike Co., which is preparing for an IPO on the Shenzhen Stock Exchange [1] Company Developments - Zhifang's "Aibao" series of wheeled humanoid robots will perform PCB operations as the first demonstration scenario, utilizing a Vision-Language-Action (VLA) model [2] - The company plans to collaborate with Huike to develop industrial operation models and lightweight inference models based on Huike's industrial technology and production line data [4] - Zhifang's annual production capacity exceeds 1,000 units, with a new factory in Shenzhen officially starting operations in September [6] Market Context - The recent orders signify the first large-scale entry of embodied intelligent robots into the semiconductor display sector, covering various processes from logistics to quality inspection [1] - The company has already deployed its robots in factories such as Dongfeng Liuzhou Motor and Geely Technology's semiconductor subsidiary [5] - Zhifang has completed seven rounds of financing this year, with the latest round led by Shenzhen Capital Group, which invested over 100 million yuan [6]

Group 1 - The capital market in Shenzhen has nurtured a high-quality group of listed companies, with 425 A-share listed companies and 159 overseas listed companies ranked among the top in comprehensive competitive strength [1] - As of August 15, 16 Shenzhen enterprises are in the process of applying for A-share IPOs, indicating a growing trend of technology innovation companies seeking public funding [2][5] - The IPO candidates include 6 companies aiming for the Shenzhen Stock Exchange, 3 for the Shanghai Stock Exchange's Sci-Tech Innovation Board, and 7 for the Beijing Stock Exchange, with 15 already in the inquiry stage [2] Group 2 - Among the IPO candidates, Huike Co., Ltd. stands out with total assets exceeding 100 billion yuan and projected revenue of 40.31 billion yuan in 2024, aiming to enhance its core competitiveness through increased R&D investment [2][4] - Hengyun Chang is noted for its rapid growth, with a compound annual growth rate (CAGR) of 84.91% in revenue and 156.72% in net profit from 2022 to 2024, focusing on semiconductor equipment manufacturing [4] - Many of the 16 companies have substantial orders and are looking to expand capacity or enter global markets, indicating a strong demand for their products [4] Group 3 - Shenzhen's listed companies have a significant focus on R&D, with over 50% of the 425 listed companies in the technology innovation sector, reflecting a trend towards high-quality production capabilities [5] - Companies like Kairui Zhi have invested heavily in R&D, achieving 615.34 million yuan in R&D expenses over three years and holding 247 patents, which strengthens their competitive edge [6] - The average gross margin for companies applying for the Sci-Tech Innovation Board and the Growth Enterprise Market is between 40% and 60%, showcasing their resilience in a changing market [6] Group 4 - The capital market is becoming more inclusive, allowing more "hard tech" companies to access funding, with new listing standards accommodating unprofitable but high-growth firms [7] - Companies like Beixin Life and Dapu Micro are examples of firms with rapid growth despite not being profitable, with Beixin Life's revenue projected to grow from 92.45 million yuan in 2022 to 317 million yuan in 2024 [7] - Dapu Micro focuses on enterprise-level SSD products and has seen its market scale grow rapidly, driven by the demand from artificial intelligence applications [7]

Group 1 - The core viewpoint is that Shenzhen's technology innovation enterprises are seizing development opportunities with 16 companies currently in line for A-share IPOs, which could inject strong momentum into the industry [3][4] - The capital market reforms are enhancing the attractiveness for high-tech and high-growth companies, facilitating financing channels for enterprises at different growth stages [4][10] - Among the 16 companies, 6 are targeting Shenzhen Stock Exchange IPOs, 3 are aiming for Shanghai Stock Exchange's Sci-Tech Innovation Board, and 7 are looking at Beijing Stock Exchange [4] Group 2 - Huike Co., a leading company in the semiconductor display panel industry, has total assets exceeding 100 billion yuan and aims to enhance its core competitiveness through IPO fundraising [4] - Hengrunchang is the fastest-growing company among the 16, with a compound annual growth rate (CAGR) of 84.91% in revenue and 156.72% in net profit from 2022 to 2024 [5] - Many companies are experiencing order surpluses and are looking to expand capacity or target global markets through capital market financing [6] Group 3 - Shenzhen's innovation is highlighted by the fact that over 50% of the 425 listed companies are from the Sci-Tech Innovation Board and Growth Enterprise Market, indicating a concentration of listing resources in new productive forces [7] - The companies in line for IPOs exhibit significant technological innovation, with substantial R&D investments and patent achievements forming competitive advantages [8][9] - Companies like Dapu Micro and Beixin Life have maintained high R&D investment ratios, with 36.15% and 65.5% of their cumulative revenue allocated to R&D over the past three years [9] Group 4 - The capital market is becoming more inclusive, allowing more "hard tech" companies to access funding, including those that are currently unprofitable [10] - Companies like Beixin Life and Dapu Micro are characterized by rapid growth despite not being profitable, with Beixin Life's revenue projected to grow from 92.45 million yuan in 2022 to 317 million yuan in 2024 [11] - Shenzhen is actively cultivating the "20+8" industrial clusters, with emerging companies in sectors like semiconductors, artificial intelligence, humanoid robots, and biomedicine rapidly growing [11]

Core Viewpoint - Huike Co., Ltd. is making a comeback in the semiconductor display panel industry after a tumultuous cycle, with plans to raise 8.5 billion yuan through an IPO, marking the second-largest IPO in the A-share market for the first half of 2025 [2]. Group 1: Company Overview - Huike Co., Ltd. specializes in the semiconductor display field, focusing on the research, manufacturing, and sales of display panels and smart display terminals, with products used in various applications including consumer electronics and industrial control [3]. - The company has established partnerships with major brands such as Samsung, LG, Xiaomi, and TCL, with these clients consistently being among its top customers from 2022 to 2024 [3]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 27.134 billion yuan, 35.797 billion yuan, and 40.310 billion yuan, respectively, while net profits were -2.097 billion yuan, 2.826 billion yuan, and 3.673 billion yuan [5]. - In 2024, Huike Co. declared a cash dividend of 200 million yuan, indicating a return to profitability [5]. Group 3: Market Position - In terms of market share, Huike ranked third in global TV panel shipment area, fourth in monitor panel shipment area, and third in smartphone panel shipment area for 2024, with its 85-inch LCD TV panel shipment area ranking first globally [4]. Group 4: Profitability and Margin Trends - The company experienced significant fluctuations in profitability, with a net profit swing from a loss of 1.428 billion yuan in 2022 to a profit of 3.339 billion yuan in 2024, reflecting the cyclical nature of the panel industry [7]. - The gross margin for semiconductor display panels improved to 18.00% in 2024, up from -6.46% in 2022, although it remains below the 2021 level of 37.62% [8]. Group 5: Debt and R&D Expenditure - As of the end of 2024, Huike's total debt was significant, with short-term and long-term borrowings amounting to 21.881 billion yuan and 11.271 billion yuan, respectively, leading to a high asset-liability ratio of 68.78% [9][10]. - The company's R&D expenditure as a percentage of revenue has been declining, standing at 3.50% in 2024, compared to industry averages of 5.50% for the same period [11].

Group 1 - The China Securities Regulatory Commission (CSRC) has accepted the listing applications for three companies intending to conduct initial public offerings (IPOs) in Hong Kong: Hehui Optoelectronics, Zhongwei Co., and Guanghetong [1] - Hehui Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, ranked second globally in large-size AMOLED panel shipments from 2022 to 2024, and first in China [2] - Zhongwei Co. has been the global leader in the shipment of nickel and cobalt lithium-ion battery precursor materials (pCAM) for five consecutive years since 2020, and is the top supplier of phosphate pCAM in the global export market as of Q1 2025 [3] - Guanghetong is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules, along with customized solutions for various applications [3]

Core Viewpoint - Hehui Optoelectronics has submitted a listing application to the Hong Kong Stock Exchange, attracting significant industry attention. The company was previously listed on the Sci-Tech Innovation Board in May 2021, with a market capitalization of 30.2 billion yuan as of April 30, 2025 [1]. Group 1: Company Overview - Hehui Optoelectronics is an AMOLED semiconductor display panel manufacturer focused on developing low-power AMOLED panels for various applications. The main revenue source is from the sales of AMOLED semiconductor display products [3]. Group 2: Financial Performance - The company's revenue for the years 2022 to 2024 was 4.191 billion yuan, 3.039 billion yuan, and 4.958 billion yuan, respectively. Despite revenue fluctuations, the gross profit margin remained negative, with losses of 1.018 billion yuan, 2.384 billion yuan, and 1.532 billion yuan [5][6]. - Hehui Optoelectronics reported total losses of 1.6 billion yuan, 3.244 billion yuan, and 2.518 billion yuan from 2022 to 2024, totaling 7.362 billion yuan. Major contributors to these losses included high depreciation and amortization expenses, as well as financial costs [6]. - In Q1 2025, the company achieved revenue of 1.2 billion yuan, a year-on-year increase of 7.45%, with a net loss of 508 million yuan, down from 642 million yuan in the same period last year [7]. Group 3: Shareholding Structure - The largest shareholder of Hehui Optoelectronics is Shanghai Lianhe, holding a 58.25% stake. Other significant shareholders include the Integrated Circuit Fund Company with 11.09% and Shanghai Jinlian with 2.98%. Institutional investors such as China Merchants Bank and Industrial and Commercial Bank of China hold smaller stakes [10].

Summary of Key Points Core Viewpoint - The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, passed hearings, and are in the process of going public. Group 1: Companies Submitting Applications - Demy Pharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange, focusing on skin health with projected revenues of approximately RMB 3.84 billion, RMB 4.73 billion, and RMB 6.18 billion for 2022, 2023, and 2024 respectively, while incurring losses of RMB 55.17 million, RMB 4.70 million, and RMB 106 million [4] - Zhongwei New Materials Co., Ltd. submitted its prospectus, specializing in new energy battery materials with revenues projected at RMB 30.34 billion, RMB 34.27 billion, and RMB 40.22 billion for 2022, 2023, and 2024 respectively, and net profits of RMB 1.54 billion, RMB 2.10 billion, and RMB 1.79 billion [4] - Hehui Optoelectronics submitted an application, ranking second globally in AMOLED semiconductor display panel manufacturing, with revenues of approximately RMB 4.19 billion, RMB 3.04 billion, and RMB 4.96 billion for 2022, 2023, and 2024, and losses of RMB 1.60 billion, RMB 3.24 billion, and RMB 2.52 billion [5] - Suzhou Rebo Biotechnology Co., Ltd. submitted its listing application, currently having six self-developed siRNA drugs in clinical trials, with projected net losses of RMB 437 million and RMB 282 million for 2023 and 2024 [6] - Naxin Microelectronics submitted an application, ranking fifth in China's analog chip market, with revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, and profits of RMB 250 million, losses of RMB 305 million, and losses of RMB 403 million [7] - Guanghetong Wireless Co., Ltd. submitted its prospectus, being the second-largest wireless communication module provider globally, with revenues of RMB 5.20 billion, RMB 5.65 billion, and RMB 6.97 billion for 2022, 2023, and 2024, and net profits of RMB 365 million, RMB 565 million, and RMB 677 million [8] - Hongxing Cold Chain (Hunan) Co., Ltd. submitted its application, ranking second in frozen food trading services in Central China, with revenues of RMB 237 million, RMB 202 million, and RMB 234 million for 2022, 2023, and 2024, and net profits of RMB 79 million, RMB 75 million, and RMB 83 million [9] - Three Squirrels submitted a listing application, being the largest online nut snack enterprise in China, with revenues of RMB 7.29 billion, RMB 7.12 billion, and RMB 10.62 billion for 2022, 2023, and 2024, and net profits of RMB 129 million, RMB 220 million, and RMB 408 million [10] Group 2: Companies Passing Hearings - Junda Co., Ltd. passed the hearing, being a leading photovoltaic cell manufacturer with projected revenues of RMB 11.09 billion, RMB 18.61 billion, and RMB 9.92 billion for 2022, 2023, and 2024, and net profits of RMB 821 million, RMB 816 million, and losses of RMB 591 million [11] - Green Tea Group Limited passed the hearing, ranking third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, with revenues of RMB 2.38 billion, RMB 3.59 billion, and RMB 3.84 billion for 2022, 2023, and 2024, and profits of RMB 17 million, RMB 296 million, and RMB 350 million [12] - Shanghai Auntie passed the hearing, being the fourth largest fresh tea drink network in China, with revenues of RMB 2.20 billion, RMB 3.35 billion, and RMB 3.29 billion for 2022, 2023, and 2024, and net profits of RMB 149 million, RMB 388 million, and RMB 329 million [13]