Core Viewpoint - The trend of A-share companies listing in Hong Kong is increasing, with several notable companies, including Xiechuang Data, recently submitting applications for IPOs in Hong Kong [1][2]. Company Overview - Xiechuang Data, founded in November 2005 and listed on the Shenzhen Stock Exchange in July 2020, has seen its market value approach 54 billion RMB, with its stock price doubling this year and reaching new highs [3]. - The company operates in four main business areas: data storage devices, IoT smart terminals and cloud service solutions, server and peripheral remanufacturing, and intelligent computing products and services [3][4]. Business Performance - Xiechuang Data's revenue has shown stable growth, with figures of 3.147 billion RMB in 2022, 4.656 billion RMB in 2023, and projected 7.409 billion RMB in 2024 [6][7]. - The company's profit for the same periods was 131 million RMB, 286 million RMB, and 687 million RMB, with gross profit margins of 10.2%, 12.8%, and 16.6% respectively [6][7]. - The revenue contribution from data storage devices and IoT smart terminals has been declining, while server remanufacturing and intelligent computing services have seen significant growth [6][8]. Market Position - According to Frost & Sullivan, Xiechuang Data ranks as the second-largest domestic smart storage device manufacturer in China by SSD revenue and the second-largest consumer-grade smart camera manufacturer by shipment volume, holding a 6.6% market share [4]. Financial Insights - The company has shown a heavy reliance on a few major clients, with the top five customers contributing 77.1% of total revenue in 2022, decreasing to 58.7% in 2025 [9]. - Xiechuang Data's total borrowings have increased significantly, from 482 million RMB in 2022 to 9.262 billion RMB in 2025, with financial expenses rising from 24.3 million RMB to 88.43 million RMB [10]. - The company plans to use the funds raised from the IPO for AI infrastructure development, enhancing R&D capabilities, strategic investments, and general corporate purposes [10].