Core Viewpoint - Haiwei Co., Ltd. officially listed on the Hong Kong Stock Exchange on November 28, 2025, marking its entry into the international capital market while simultaneously committing to social responsibility by donating 1 million HKD for disaster relief efforts in Hong Kong [1][3][5] Group 1: Company Overview - Haiwei Co., Ltd. is the only domestic company with independent design and development capabilities for capacitor base film production lines, which has allowed it to build a diversified product system with significant advantages in delivery cycles and investment costs [3] - The company's products are widely used in key sectors such as new energy vehicles, renewable energy power systems, industrial equipment, and household appliances, supporting downstream industry upgrades and attracting strategic investments from well-known companies like BYD and Sungrow [3] Group 2: Social Responsibility - During the listing ceremony, the management expressed deep concern for the victims of the recent fire in Tai Po, Hong Kong, and announced a donation of 1 million HKD specifically for emergency relief and subsequent reconstruction efforts [3][5] - The donation reflects the company's commitment to social responsibility and its intention to integrate into Hong Kong society as it establishes itself in the capital market [3][5] Group 3: Future Plans - The chairman emphasized the importance of social support for the company's development and reiterated the commitment to giving back to society while pursuing growth in the capital market [5] - Moving forward, Haiwei Co., Ltd. plans to use its listing as an opportunity to expand production capacity and focus on innovations in new energy, AIDC, and embodied intelligence, aiming to create substantial returns for investors [5] - The company will adhere to Hong Kong Stock Exchange regulations, optimize corporate governance, and enhance information disclosure while actively participating in public welfare initiatives [5]

Core Viewpoint - Hebei Haiwei Electronic Materials Technology Co., Ltd. successfully completed its initial public offering (IPO) and listed on the Hong Kong Stock Exchange, raising approximately HKD 506.3 million at an issue price of HKD 14.28 per share [2] Company Overview - Haiwei Co. was established in 2006 and specializes in the capacitor film industry, primarily producing and selling capacitor base films and metallized films, which are key components of film capacitors [2] - The company has the capability to independently design and develop production lines for capacitor base films [2] - According to Zhi Shi Consulting, Haiwei Co. is the second-largest manufacturer of capacitor films in China based on sales volume in 2024 [2] Legal Advisory - Zhong Lun Law Firm served as the issuer's legal advisor for the IPO, providing comprehensive legal services throughout the listing and H-share circulation process, receiving high recognition from clients and stakeholders [2] - The project was led by partners Li Jieli and Liu Tao, with contributions from other legal professionals [2]

Core Viewpoint - Haiwei Co., Ltd., the second-largest capacitor film manufacturer in China, is entering the Hong Kong stock market, with significant interest from retail investors and backing from BYD, its largest external shareholder [1][3][12]. Company Overview - Haiwei Co., Ltd. specializes in capacitor films, including capacitor base films and metallized films, which are essential components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [5][6]. - The company holds a 14.2% market share in China's capacitor film market as of 2024, with the top five companies collectively accounting for 61.6% of the market [6]. Financial Performance - Revenue for Haiwei Co., Ltd. was RMB 327.1 million in 2022 and RMB 330.5 million in 2023, with a projected increase to RMB 421.7 million in 2024, reflecting a growth rate of 28.0% [7]. - The revenue from capacitor base film sales constituted 91.9% of total revenue in 2022, decreasing to 71.8% in 2023, and is expected to be 72.8% in 2024 [6][7]. Market Dynamics - The capacitor film market is highly competitive, with key factors including rapid capacity expansion, technical expertise, integrated supply chains, and customer relationships [6]. - The top competitors in the market have similar market shares, indicating a tight competitive landscape [6]. Supply Chain Considerations - Haiwei Co., Ltd. relies heavily on imported key raw materials, particularly electrical-grade polypropylene, which constitutes a significant portion of its cost structure [10]. - The company faces potential supply chain disruptions due to geopolitical tensions affecting its overseas suppliers [10][11]. Customer Relationships - Major customers include capacitor manufacturers and BYD, which has begun producing its own capacitor films, posing a competitive threat to Haiwei [11]. - Despite this, the relationship with BYD remains strong, as it is a significant investor in Haiwei [12]. Shareholding Structure - As of the latest data, the largest shareholders include the chairman, Song Wenlan, with 49.32% of shares, and BYD, holding approximately 3.92% [13].

Core Viewpoint - Haiwei Co., Ltd., the second-largest capacitor film manufacturer in China, is entering the Hong Kong stock market, with its shares experiencing significant volatility during the dark trading phase, initially surging over 90% before closing up by only 2.66% [1][4]. Company Overview - Haiwei Co., Ltd. specializes in capacitor films, including capacitor base films and metallized films, which are essential components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [6][7]. - The company holds a 14.2% market share in China's capacitor film market as of 2024, ranking second among competitors [7]. Market Dynamics - The capacitor film market is highly competitive and concentrated, with the top five companies, including Haiwei, accounting for 61.6% of the market share in 2024 [6][7]. - Key competitive factors in the market include rapid capacity expansion, technical expertise, integrated supply chains, scale and operational efficiency, and customer relationships [7]. Financial Performance - Haiwei's revenue from capacitor base film sales constituted 91.9%, 71.8%, 72.8%, 71.7%, and 78.5% of total revenue for the years 2022, 2023, 2024, and the five months ending May 31 for 2024 and 2025, respectively [7]. - The company's revenue for 2022 and 2023 was approximately RMB 327 million and RMB 330 million, respectively, with a projected increase to RMB 422 million in 2024, representing a growth of 28.0% [8]. Supply Chain Considerations - Haiwei relies heavily on imported key raw materials, particularly electrical-grade polypropylene, which constitutes a significant portion of its cost structure, accounting for 82.5%, 84.5%, 83.4%, 82.4%, and 80.8% of sales costs over the respective periods [11]. - The company faces potential supply chain disruptions due to geopolitical and trade tensions affecting its overseas suppliers [9][11]. Customer Relationships - Haiwei's major customers include capacitor manufacturers and BYD, which is also the largest external shareholder of the company, holding approximately 3.92% of its shares [4][13]. - There is a risk that existing customers, such as BYD, may develop their own capacitor film products, potentially impacting Haiwei's business relationships and financial performance [12]. Shareholder Structure - The company's chairman, Song Wenlan, controls approximately 77.12% of the voting rights before the IPO, which will be reduced to about 61.74% post-IPO assuming no exercise of over-allotment options [14].

Core Viewpoint - The article discusses the recent IPO of Haiwei Co., a major capacitor film manufacturer in China, highlighting its market position, financial performance, and competitive landscape. Group 1: Company Overview - Haiwei Co. is the second-largest capacitor film manufacturer in China, with a market share of 14.2% based on capacitor base film sales in 2024 [9][10]. - The company's products include capacitor base films and metallized films, which are essential components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [9]. - Major applications for these capacitors include electric vehicles, renewable energy power systems, industrial equipment, and household appliances [9]. Group 2: Financial Performance - Revenue for Haiwei Co. was RMB 327 million in 2022 and RMB 330 million in 2023, with a projected increase to RMB 422 million in 2024, representing a growth of 28% [11]. - The revenue from capacitor base film sales accounted for 91.9% of total revenue in 2022, decreasing to 71.8% in 2023, and is expected to be 72.8% in 2024 [10]. - For the five months ending May 31, 2024, revenue was RMB 162 million, which decreased by 3.2% to RMB 157 million for the same period in 2025 [11]. Group 3: Market Competition - The capacitor film market is highly competitive and concentrated, with the top five companies, including Haiwei Co., holding a combined market share of 61.6% in 2024 [9]. - Key competitive factors in the market include rapid capacity expansion, technical expertise, integrated supply chains, scale and operational efficiency, and customer relationships [9]. Group 4: Supply Chain and Risks - Haiwei Co. relies heavily on imported key raw materials, particularly electrical-grade polypropylene, which constitutes a significant portion of its cost structure [15]. - The company faces potential supply chain disruptions due to geopolitical tensions and trade issues, as its key suppliers are located overseas [15]. - The competitive landscape is further complicated by existing customers, such as BYD, developing their own capacitor film products, which could threaten Haiwei Co.'s business relationships [16][17]. Group 5: Shareholder Structure - BYD is the largest external shareholder of Haiwei Co., holding approximately 3.92% of the shares [18]. - The chairman, Song Wenlan, controls about 77.12% of the voting rights at the shareholders' meeting prior to the IPO [20].

Group 1: Recent IPOs - Zhongwei Co., a new energy materials company, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 3.544 billion by offering about 104 million shares [1] - Jiansu, a supply chain management service provider, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the plastic and chemical industries in China [2] - Defeng Technology, an independent AIoT provider, filed for an IPO on the Hong Kong Stock Exchange, specializing in energy and manufacturing sectors [3] - Kanop, an industrial robotics company, applied for an IPO on the Hong Kong Stock Exchange, ranking first among Chinese welding robot manufacturers [4] - NobiKan, an AI company, refiled for an IPO on the Hong Kong Stock Exchange after previous applications lapsed, focusing on AI and digital twin technologies [5] - Dongshan Precision, a PCB supplier for edge AI devices, submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a leading supplier in the sector [6] - Mandi International, a consumer healthcare company, filed for an IPO on the Hong Kong Stock Exchange, leading the market in hair health products [7] - Lingyi Intelligent Manufacturing, an AI hardware platform, applied for an IPO on the Hong Kong Stock Exchange, ranking first in high-precision components for AI terminal devices [8] Group 2: Upcoming IPOs - Quantitative Platform is set to launch its IPO from November 19 to November 24, aiming to raise approximately HKD 131 million [9] - Haiwei Electronics plans to conduct its IPO from November 20 to November 25, targeting to raise around HKD 440 million [10] Group 3: Recent Hearings - Yujian Xiaomian, a modern Chinese noodle brand, passed the listing hearing on the Hong Kong Stock Exchange, operating 440 restaurants in mainland China and 11 in Hong Kong [11] - Jinyan High-tech, a kaolin company, also passed the listing hearing, focusing on the production of calcined kaolin products [12] - Naxin Micro, a provider of analog chips, passed the listing hearing, specializing in automotive electronics and consumer electronics [13] - Lemo, a smart massage service provider, passed the listing hearing, leading the market in smart massage services in mainland China [14] Group 4: Market Developments - The Singapore Exchange and Nasdaq announced a collaboration to simplify dual listings, aiming to launch a "Global Listing Board" by mid-2026 [15]

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

Core Viewpoint - Haiwei Electronics is preparing for an IPO in Hong Kong, revealing key financial data that indicates a 17.5% increase in net profit but a 1.5% decline in gross margin, reflecting the company's operational status and potential risks [1] Group 1: Company Overview - Haiwei Electronics has been focused on the capacitor film industry for over 15 years and is the second-largest manufacturer in China, producing capacitor base films and metallized films [2] - The company operates in the midstream of the industry, utilizing a direct sales model and maintaining close relationships with suppliers and customers [2] Group 2: Financial Performance - Revenue increased from 3.271 billion to 4.217 billion yuan from 2022 to 2024, a growth of 28.0%, but saw a 3.2% decline in the first five months of 2025 compared to the same period in 2024 [3] - Net profit decreased from 102 million to 69.8 million yuan from 2022 to 2023, a decline of 31.5%, then increased to 82 million yuan in 2024, a growth of 17.5%, but fell to 31.4 million yuan in the first five months of 2025, a decrease of 4.6% [4] - The overall gross margin declined from 44.9% to 29.7% from 2022 to 2024, but increased from 27.9% to 35.5% in the first five months of 2025 [5] Group 3: Product and Revenue Structure - The majority of Haiwei Electronics' revenue comes from capacitor film products, with capacitor base films accounting for over 70% of revenue from 2022 to 2024 [6] - The revenue contribution from metallized films has been around 20% since 2023 [7] Group 4: Key Risks and Challenges - The company faces significant financial challenges due to fluctuations in the price of electrical-grade polypropylene, which affects sales costs and gross margins [8] - Haiwei Electronics is highly dependent on a few major customers, with the top five customers accounting for 34.9% to 42.1% of revenue from 2022 to May 2025, posing a customer concentration risk [10] - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 74.4% to 90.4% of procurement from 2022 to May 2025, which could impact production and cost control [11] Group 5: Management and Governance - The core management team has extensive experience in the capacitor film industry, averaging over 15 years, which is beneficial for the company's development [13] - The controlling shareholder group, which includes Song Wenlan and others, holds approximately 77.12% of voting rights, significantly influencing company decisions [12]

Group 1: HeSai Technology - HeSai Technology has received confirmation from the China Securities Regulatory Commission for its overseas listing in Hong Kong, planning to issue up to 51,236,200 ordinary shares [1] - The company went public on NASDAQ on February 9, 2023, at a price of $19 per share, raising $190 million by issuing 10 million shares [3] - As of August 26, 2025, HeSai Technology's stock price is $26.67, with a total market capitalization of $3.533 billion [3] - Projected revenues for HeSai Technology are 2.077 billion yuan for 2024 and 1.232 billion yuan for the first half of 2025, with corresponding net profits of -102 million yuan and 26.54 million yuan [4] Group 2: Haiwei Electronic Materials - Haiwei Electronic Materials is also preparing for an overseas listing in Hong Kong, intending to issue up to 47,423,000 ordinary shares [4] - The company submitted its prospectus to the Hong Kong Stock Exchange on February 26, but the prospectus has since expired [6] - Established in 2006, Haiwei Electronic Materials specializes in manufacturing capacitor films for film capacitors [7] - Revenue figures for Haiwei Electronic Materials are 327 million yuan for 2022, 330 million yuan for 2023, and 282 million yuan for the first nine months of 2024, with net profits of 102 million yuan, 70 million yuan, and 57 million yuan respectively [7]

Group 1 - The core viewpoint of the article highlights BYD's investment in a capacitor film company in Hebei Hengshui, which is preparing for an IPO [1] Group 2 - BYD's strategic investment is seen as a move to strengthen its position in the capacitor film market, which is crucial for electric vehicles and renewable energy applications [1] - The IPO of the capacitor film company is expected to attract significant attention from investors, given the growing demand for advanced materials in the technology and automotive sectors [1]