Core Viewpoint - Shenzhen Chuangzhixin Technology Co., Ltd. (Chuangzhixin) has submitted its IPO application to the Hong Kong Stock Exchange after withdrawing its A-share IPO application, aiming for faster capital market support and international exposure [12][13]. Group 1: Company Overview - Chuangzhixin, established in 2006, is the largest domestic provider of wet process coating materials in China and ranks sixth in the domestic market for wet process coating materials [2][4]. - The company has transitioned from initial losses to significant revenue growth, with revenues of 320 million yuan, 312 million yuan, and 410 million yuan from 2022 to 2024, and a gross profit margin increasing from 32.3% in 2022 to 42.8% in 2024 [3][4]. Group 2: Financing and Investment - Chuangzhixin has completed multiple financing rounds, raising approximately 589 million yuan, with significant investments from various funds and institutions [6]. - The company plans to allocate about 45% of the funds raised from the IPO for new production lines and service upgrades, with additional funds for R&D, strategic expansion, and general corporate purposes [1]. Group 3: Management and Innovation - The current general manager, Yao Yu, is the daughter of major shareholder Yao Cheng, and they are jointly driving the company's development [10]. - Chuangzhixin holds 71 invention patents and 61 utility model patents domestically, along with 6 overseas invention patents, showcasing its technological advantages in the coating materials sector [10].