中国证监会要求华勤技术补充说明三点事项。 一是，说明实际控制人支配的股东持有公司的股份存在质押的具体情况，并结合偿债能力等情况说明本次发行完成前后，股份质押情况是否可能导致控制权 发生变化，是否构成《境内企业境外发行证券和上市管理试行办法》第八条规定的境外发行上市禁止性情形。 二是，按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求说明本次发行上市方案，以及募集资金的境内外具体用途及相 应比例，是否涉及具体的募投项目，是否已履行必要的审批、核准或备案程序。 三是，说明公司及下属公司业务涉及智能驾驶辅助控制器的具体情况及产品用途。 资料显示，华勤技术成立于2005年，是一家专业从事智能硬件产品的研发设计、生产制造和运营服务的平台型公司。公司产品线涵盖智能手机、笔记本电 脑、平板电脑、智能穿戴、AIoT产品及服务器等智能硬件产品。 今年9月初，华勤技术实际控制人邱文生在业绩说明会明确表示，港股市场上市会为公司带来几个层面的协同，包括"向国际资本市场传递华勤的核心价值， 促进国际业务拓展，提升全球范围内影响力"，以及"搭建国际资本运作平台"，"有助于公司在后续再融资、海外收并购等项目上的稳 ...

Core Viewpoint - Luxshare Precision, a key player in Apple's supply chain, is seeking to go public on the Hong Kong Stock Exchange, aiming to enhance its global presence and diversify its business despite facing challenges from high customer concentration and increasing debt levels [1][4][30]. Financial Performance - Luxshare Precision's revenue is projected to approach 270 billion yuan in 2024, with a net profit exceeding 14.5 billion yuan [1]. - The company has shown steady growth, with revenues of 214 billion yuan, 231.9 billion yuan, 268.8 billion yuan, and 61.8 billion yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [20]. - The net profits for the same periods were 10.5 billion yuan, 12.2 billion yuan, 14.6 billion yuan, and 3.4 billion yuan [20]. Customer Concentration - In 2024, 70.7% of Luxshare's revenue is expected to come from its largest customer, widely believed to be Apple [1][20]. - The company's dependency on a single client poses risks, as any significant changes in the client's business could adversely affect Luxshare's performance [21]. Diversification Efforts - To reduce reliance on Apple, Luxshare is actively pursuing diversification into automotive, communication, and medical sectors, with multiple acquisitions in recent years [2][23]. - The automotive electronics segment has seen revenue growth, increasing from 2.9% to 6.6% of total revenue from 2022 to 2025 [23]. Debt and Financial Health - As of March 2025, Luxshare has a short-term debt gap of 9.53 billion yuan, with total short-term debts amounting to 59.77 billion yuan [3][28]. - The company's asset-liability ratio has risen from 56.61% in 2023 to 62.91% in the first quarter of 2025, indicating increasing financial leverage [28]. IPO Plans - The funds raised from the IPO will be allocated to expanding production capacity, investing in technology R&D, and repaying bank loans [30].

Core Viewpoint - The article discusses the strategic moves of Huakin Technology, led by Qiu Wensheng, as it seeks to diversify from its core ODM business into semiconductor wafer manufacturing and other high-margin sectors, aiming for significant revenue growth in the coming years [5][10]. Group 1: Strategic Expansion - Huakin Technology plans to acquire a 6% stake in Crystal Integrated, marking its first foray into semiconductor wafer manufacturing with a cash investment of 2.4 billion yuan [5][14]. - The company aims to enhance its vertical integration capabilities and explore long-term collaboration opportunities with Crystal Integrated, which is the third-largest wafer foundry in China [15][14]. - Qiu Wensheng has been actively pursuing acquisitions to extend Huakin's reach into the upstream supply chain, with a focus on high-margin sectors such as automotive electronics and robotics [13][18]. Group 2: Financial Performance - Huakin's revenue for the first half of 2024 is projected to exceed 83 billion yuan, reflecting a year-on-year growth of over 110%, driven by high-performance computing and AIoT products [11][28]. - The company's revenue from automotive-related products is expected to grow by 91%, although it currently represents only 1.5% of total revenue [21][28]. - Despite significant revenue growth, Huakin's net profit margin remains low, around 2%, indicating challenges in profitability [29][30]. Group 3: R&D and Product Development - Huakin plans to invest over 9.7 billion yuan in R&D from 2023 to 2024, aiming to enhance its technological capabilities and product offerings [31][32]. - The company has successfully expanded its AIoT product line, achieving a fivefold increase in scale over two years, with a focus on high-margin products [32][34]. - Huakin's automotive and AIoT products have a gross margin of approximately 20%, significantly higher than its traditional business lines [34]. Group 4: Future Goals - Qiu Wensheng envisions achieving a fivefold revenue increase over the next decade, targeting 500 billion yuan by 2034, supported by a "3+N+3" business development strategy [39][41]. - The strategy includes consolidating traditional businesses while expanding into new product categories and growth areas such as automotive electronics and robotics [41][43]. - Huakin has established a global footprint with multiple R&D and manufacturing centers, aiming for a balanced production capacity between domestic and overseas facilities [41][43].

Core Viewpoint - The article discusses the journey of Wang Laichun from a factory worker to the head of a company with a market value of 131.5 billion, highlighting the challenges faced by Luxshare Precision, particularly its heavy reliance on Apple, which accounts for 70.74% of its revenue [2][5][12]. Group 1: Company Background and Financial Performance - Wang Laichun started her career as a factory worker at Foxconn and later co-founded Luxshare Precision, which has grown significantly, with a market value exceeding 250 billion RMB [3][5]. - Luxshare's revenue reached approximately 268.8 billion in 2024, marking a growth of nearly 16% year-on-year, while net profit was over 13.3 billion, up 22% [5][13]. - The company is heavily dependent on Apple, with over 70% of its revenue coming from this single client, raising concerns about the sustainability of its business model [12][14]. Group 2: Strategic Shifts and Challenges - To reduce reliance on Apple, Luxshare has invested heavily in the automotive industry, but this segment only accounted for 5.12% of total revenue in 2024 [17][18]. - The company's asset-liability ratio increased to 62.16% in 2024, up from 56.61% in 2023, indicating financial strain due to its aggressive expansion strategy [16][18]. - Despite the growth in revenue, the automotive business has not yet provided a substantial alternative to the income generated from Apple, posing a risk to Luxshare's financial stability [17][20]. Group 3: Legal and Governance Issues - Luxshare is currently embroiled in a legal dispute regarding a 10 billion shareholding issue, which raises questions about corporate governance and transparency [18][19]. - The planned acquisition of a loss-making asset from Anhui Xinguang has sparked controversy, particularly due to its connection to Wang Laichun's family, leading to allegations of nepotism [20][21]. - The company faces significant challenges in maintaining investor confidence and managing its debt while pursuing high-risk, long-term business ventures [20].