Shenzhen Vergiga Semiconductor Co., Ltd. 香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告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。 深圳市威兆半導體股份有限公司 （於中華人民共和國成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）與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。 閣下閱覽本公告，即代表 閣下知悉、接納並向深圳市威兆半導體股份有限公司 （「本公司」）、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團 成員表示同意： 1 (a) 在聯交所網站登載本公告，並不會引致本公司、其獨家保薦人、整體協調 人、顧問或包銷團成員須於香港或任何其他司法管轄區進行發售或配售活動 的責任。本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券，亦 ...

Group 1: Hang Seng Index and Market Overview - The Hang Seng Index (HSI) closed at 26,149 points, continuing its downward trend, although it showed slight recovery towards the end of the trading day [1] - Investors are divided, with some anticipating a small rebound while others are holding bearish certificates, expecting the index to drop back to 25,900 points [1] - Technical analysis indicates a predominance of "sell" signals, with 8 sell signals compared to 6 buy signals, suggesting caution in the current market [2] Group 2: Meituan (03690.HK) - Meituan's stock price closed at 101 HKD, with concerns about potential declines to 96 HKD if it breaks the support level of 97.1 HKD [8] - The stock is currently showing a neutral signal with no clear upward or downward trend, as buy and sell signals are roughly equal [8][11] Group 3: Bilibili (09626.HK) - Bilibili's stock price closed at 216.6 HKD, showing resilience by rising slightly despite the overall market decline [13] - Technical signals indicate a majority of sell signals (9) compared to buy signals (4), with a support level around 202 HKD [13] Group 4: Sunny Optical Technology (02382.HK) - Sunny Optical's stock closed at 63.85 HKD, nearing the lower boundary of the Bollinger Bands, with increasing volume during the decline [16] - The technical summary shows a majority of buy signals (10) against 3 sell signals, suggesting potential for a rebound [20] Group 5: SMIC (00981.HK) - SMIC's stock price closed at 74.95 HKD, with a neutral technical signal indicating no clear direction [22] - Support is around 70 HKD, while resistance is at approximately 79.5 HKD, suggesting a wait-and-see approach for investors [22] Group 6: BYD (01211.HK) - BYD's stock continued to decline, closing lower but with reduced trading volume compared to the previous day, indicating a potential stabilization [31] - The short-term trading range is estimated between 91.5 HKD and 97.8 HKD, providing a reference for investors [31]

Core Insights - The report indicates a positive outlook for the Hong Kong stock market in 2026, driven by factors such as the onset of a rate-cutting cycle in the US, moderate global inflation, and stable RMB, which are expected to facilitate valuation reassessment and capital inflow into Hong Kong stocks [9][13] - Key themes for 2026 include technology and AI, high-yield stocks, and state-owned enterprises, with a recommendation to gradually accumulate during market adjustments [9][13] - The report highlights the performance of major indices, with the Hang Seng Index closing at 26,338.47, up 707.93 points or 2.76%, and the Hang Seng Technology Index rising by 4.00% [15][17] Market Focus and Strategy - The US stock market showed mixed performance at the start of 2026, with the Dow Jones initially rising by 340 points before closing up 319 points, while the Nasdaq experienced fluctuations [11] - The report notes that geopolitical factors, such as OPEC+'s decision to maintain production cuts, are influencing oil supply dynamics, particularly concerning Venezuela [9] - The report emphasizes the importance of corporate earnings and capital flow for the Hong Kong market's performance in 2026, suggesting that stock selection will be crucial due to the challenging fundamentals of new economy stocks [13] Company-Specific Analysis - Baidu (09888) saw a significant increase of 20.33% following its application for a spin-off listing, indicating strong market interest [13] - NetEase (9999) reported a net income of approximately RMB 28.4 billion for Q3 2025, reflecting an 8.2% year-on-year growth, with a notable increase in gaming and related services revenue [21] - Xiaomi (01810) aims to deliver 550,000 vehicles in 2026, up from over 410,000 in 2025, showcasing its aggressive expansion in the automotive sector [13][21] Economic Data Overview - The report includes key economic indicators, such as the US manufacturing PMI for December at 48.4, indicating a contraction in the manufacturing sector [19] - Retail sales data from Singapore showed a year-on-year increase of 4.90% for November, reflecting consumer spending trends [19] Global Market Summary - The report provides a comprehensive overview of global market indices, with the Hang Seng Index and Hang Seng Technology Index showing strong gains, while the Shanghai Composite Index experienced a slight decline [15][14] - The report notes that the overall market turnover was HKD 140.86 billion, indicating active trading conditions [17]

Core Insights - The report highlights a positive market sentiment driven by expectations of a "soft landing" for the economy and potential interest rate cuts, as evidenced by the Dow Jones and S&P 500 reaching historical highs [9][12] - The report emphasizes the strong performance of AI-related stocks, particularly Micron Technology, which saw a significant price increase, reflecting investor enthusiasm in the sector [9][12] - The report suggests a strategic approach to investing in risk assets, recommending a diversified allocation across AI, cyclical, and defensive sectors [9] Market Overview - The Dow Jones Industrial Average closed at 49,462.08, up 484.90 points or 0.99%, marking its first close above 49,000 [12] - The S&P 500 index rose 42.77 points or 0.62% to close at 6,944.82, while the Nasdaq increased by 151.35 points or 0.65% [12] - The Hang Seng Index closed at 26,710.45, up 363.21 points or 1.38%, reflecting a three-day upward trend [14] Economic Data - The US services PMI for December was reported at 52.5, lower than the initial estimate, indicating a slight contraction in the services sector [12] - The Federal Reserve officials indicated a need for at least a 1% interest rate cut this year to support economic growth, highlighting the current tight monetary policy [12] Company-Specific Insights - Micron Technology's stock price reached a new high, increasing by 7.8%, driven by strong demand for AI-related memory chips [9][12] - Nvidia's CEO announced that their next-generation chip, Vera Rubin, has been fully produced, offering five times the AI computing power of its predecessor [12] - Southern Copper Corporation reported Q3 2025 net sales of approximately $3.38 billion, a year-on-year increase of about 15%, with net profit exceeding $1 billion, reflecting strong fundamentals [25] Sector Analysis - The report notes that the technology and internet sectors in China are expected to continue outperforming the market, with UBS identifying a list of favored stocks including Tencent and Alibaba [14] - The report indicates that the Hong Kong residential property market has shown signs of recovery, with a projected increase in prices of at least 10% this year [14] Investment Strategy - The report recommends a diversified investment strategy through ETFs focused on AI, semiconductors, resource stocks, and precious metals, while also suggesting a small allocation to leading stocks as satellite holdings [9]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points in the short term, influenced by the Federal Reserve's anticipated interest rate cuts and China's monetary policy adjustments [1] - The U.S. Federal Reserve announced a 0.25% interest rate cut, marking the third consecutive reduction, with projections for one more cut in 2026 and 2027 [2][4] - The Chinese economy is facing challenges with strong supply and weak demand, prompting the government to focus on stabilizing investment and promoting domestic demand [1][6] Company News - Xiaomi Group's new generation SU7 is expected to launch in April, featuring advanced technology and design improvements [7] - NIO has produced its one millionth vehicle, with plans for annual sales growth of 40% to 50% as it enters a new development phase focused on high-quality growth [7] - Leap Motor is raising 3 billion RMB through a domestic share issuance to support its operations and R&D [7] - Hesai Technology has been selected by NVIDIA as a partner to promote the deployment of L4 autonomous vehicle fleets [7] - Yadea Holdings anticipates a net profit increase of at least 128% for the fiscal year ending December 31, 2025, driven by rising sales of electric two-wheelers [7] Economic Indicators - China's foreign exchange reserves for December were reported at approximately 33,463.7 million USD, indicating stability in the currency market [9] - The logistics industry in China showed strong performance with a logistics prosperity index of 52.4% in December, the highest for the year [6] - The automotive consumption index in China rose to 97.7 in December, suggesting a positive outlook for the automotive market in early 2026 [6] Sector Focus - The biopharmaceutical sector in China saw a record high in new drug licensing transactions last year, indicating sustained demand [5] - The chip sector is experiencing growth with domestic GPU companies entering the Hong Kong market, reflecting the increasing importance of semiconductor technology [5] - The insurance sector is benefiting from strong A-share performance, leading to improved investment returns [5]

Core Viewpoint - The company plans to acquire 100% of Liaojing Electronics through a combination of issuing shares and cash payment, while also raising supporting funds from specific investors [1] Group 1: Acquisition Details - The share issuance price for the acquisition is set at 48.06 yuan per share [1] - The company intends to issue shares to no more than 35 specific investors to raise supporting funds [1] Group 2: Target Company Overview - Liaojing Electronics has extensive experience in the semiconductor discrete devices and integrated circuits sector, with products used in aerospace, aviation, weaponry, shipping, electronics, and nuclear physics [1] - The acquisition is expected to create complementary and synergistic effects in modern ZZ and future ZY intelligent equipment industry chain layout, technology research and development, market expansion, and product iteration [1] Group 3: Stock Resumption - The company's stock is scheduled to resume trading on January 7, 2026 [1]

Core Viewpoint - The company plans to acquire 100% of Liaojing Electronics through a combination of issuing shares and cash payment, while also raising supporting funds from specific investors [1] Group 1: Acquisition Details - The share issuance price for the acquisition is set at 48.06 yuan per share [1] - The company intends to issue shares to no more than 35 specific investors to raise supporting funds [1] Group 2: Target Company Overview - Liaojing Electronics has extensive experience in the semiconductor discrete devices and integrated circuits sector, with products used in aerospace, aviation, weaponry, shipping, electronics, and nuclear physics [1] - The acquisition is expected to create complementary and synergistic effects in modern ZZ and future ZY intelligent equipment industry chain layout, technology research and development, market expansion, and product iteration [1] Group 3: Stock Resumption - The company's stock is scheduled to resume trading on January 7, 2026 [1]

Market Performance - The Hang Seng Index (HSI) rose by 707 points or 2.8%, closing at 26,338 points on the first trading day of 2026[1] - The Hang Seng Tech Index increased by 220 points or 4%, finishing at 5,736 points[1] - The total market turnover for the day was HKD 140.864 billion[1] US Market Trends - The Dow Jones Industrial Average gained 319 points or 0.7%, closing at 48,382 points[1] - The S&P 500 index rose by 12 points or 0.2%, ending at 6,858 points[1] - The Nasdaq Composite experienced a slight decline, dropping 6 points to close at 23,235 points after a peak increase of 343 points[1] Currency and Commodity Insights - The offshore RMB reached a new high since May 2023, reflecting positive market sentiment[2] - International aluminum prices surpassed USD 3,000 per ton for the first time since 2022, driven by supply concerns and strong demand forecasts[3] - The price of aluminum increased by 0.7% to USD 3,015.5 per ton, marking a 17% rise over the previous year[3] Economic Developments - OPEC+ confirmed the suspension of production increase plans for January to March 2026, maintaining daily oil production targets raised by approximately 2.9 million barrels[2] - The Chinese currency index rose by 0.35 to 97.99, indicating a strengthening of the RMB against a basket of currencies[2]

Core Viewpoint - The semiconductor sector, particularly SMIC, is experiencing heightened attention due to a market recovery driven by emerging applications like AI, with SMIC's stock showing significant volatility around key technical levels [1][5]. Technical Analysis and Key Price Levels - SMIC's stock price is at a critical juncture, having recovered above the 10-day moving average (approximately 66.64 CNY) and challenging the 30-day moving average (approximately 69.13 CNY) [2]. - Key support levels are identified at 67.2 CNY (first support) and 64.3 CNY (second support), while the first resistance level is at 74.1 CNY, with a potential target of 77.8 CNY if the resistance is breached [2]. Market Sentiment Divergence - Investor sentiment is divided, with bullish views focusing on positive industry trends and bearish perspectives emphasizing technical resistance and micro challenges [5]. - Bullish investors believe that if SMIC can maintain its technical position, it may challenge higher price levels, potentially reaching 100 CNY, despite some institutions lowering short-term profit forecasts [5]. - Cautious investors view the stability above the 30-day moving average as crucial, with some suggesting a possible pullback to around 60 CNY if the stock fails to show a daily divergence signal [5]. Derivative Products for Volatility Management - In light of expected price fluctuations around key levels, warrants and bull/bear certificates are recommended as flexible tools for expressing directional views [6]. - Recent performance of related bullish derivative products has been strong, with notable gains observed in UBS and HSBC bull certificates following SMIC's stock rise [7][8]. Current Derivative Product Recommendations - For bullish investors, recommended products include: - UBS call warrant (20292) with a strike price of 73.85 CNY, noted for its low premium and implied volatility [10]. - Bank of China call warrant (20316) also at 73.85 CNY, offering a higher leverage ratio [10]. - For bearish investors, options include: - Barclays put warrant (21469) and Bank of China put warrant (21097) with strike prices close to the current stock price, providing lower premiums and higher leverage [19].

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. 上海天數智芯半導體股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：9903 全球發售 獨家保薦人、保薦人兼整體協調人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 上海天數智芯半導體股份有限公司 Shanghai Iluvatar CoreX Semiconductor Co., Ltd. Shanghai Iluvatar CoreX Semiconductor Co., Ltd. 上海天數智芯半導體股份有限公司 重 要 提 示 重要提示：閣下如對本招股章程的內容有任何疑問，應徵詢獨立專業意見。 Shanghai Iluvatar CoreX Semiconductor Co., Ltd. 上 海 天 數 智 芯 半 導 體 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份總數 ： 25,431,800股H股 香港發售股份數目 ： 2,543,200股H股（可予重新分配） 國際發售股份數目 ： 22,888,600股H股（可予重新分 ...