Core Viewpoint - The company plans to conduct a global offering of 3.7866 million shares from December 15 to December 18, 2025, with an expected share price range of HKD 80 to HKD 106, and aims to raise approximately HKD 307 million net from the offering [1][2] Group 1: Company Overview - The company develops and sells monitoring and detection products and solutions for railway operations and power grid companies in China, focusing on AI-integrated hardware and software solutions for monitoring, detection, and operation maintenance [1] - It is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the AI+ power detection monitoring solutions market for the railway sector in 2024 [1] - The company ranks third in the AI+ detection monitoring solutions market for the railway industry in China, with a market share of about 1.8% [1] Group 2: Use of Proceeds - Approximately 40% of the net proceeds from the global offering will be allocated to continue research on and enhance core technologies [2] - Another 40% will be used to build a research and development technology center and a new headquarters [2] - About 10% will be directed towards seeking potential strategic investments and acquisition opportunities, while the remaining 10% will be used for working capital and general corporate purposes [2]

Group 1 - The company Nobikang (02635) plans to conduct a global offering of 3.7866 million shares from December 15 to December 18, 2025, with 10% allocated for Hong Kong and 90% for international sales, and an over-allotment option of 15% [1] - The expected share price range is between 80 to 106 HKD, with trading anticipated to commence on December 23, 2025 [1] - Nobikang specializes in developing and selling monitoring and detection products and solutions for railway operations and power grid companies in China, offering integrated hardware and software solutions based on comprehensive AI industry models [1] Group 2 - According to Zhi Shi Consulting, Nobikang is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the railway transportation sector for 2024 [1] - The company ranks third in the AI detection and monitoring solutions market for railway transportation in China, with a market share of about 1.8% [1] - The AI-powered railway detection and monitoring solutions market is expected to account for approximately 11.6% of the overall AI railway transportation solutions market in China for 2024 [1] Group 3 - Assuming a mid-point offering price of 93.0 HKD per share, the estimated net proceeds from the global offering would be approximately 307 million HKD after deducting underwriting fees and estimated expenses [2] - The company plans to allocate approximately 40% of the net proceeds to continue research on core technologies to strengthen its technical capabilities and product functionalities [2] - Another 40% of the proceeds will be used to build a research and development technology center and a new headquarters, while 10% will be allocated for potential strategic investments and acquisitions, and the remaining 10% for working capital and general corporate purposes [2]

Group 1 - The company plans to globally offer 3.7866 million H-shares, with 378,700 shares available for sale in Hong Kong and 3.4079 million shares for international sale, subject to reallocation and the exercise of the over-allotment option [1] - The expected pricing period for the shares is from December 15 to December 18, 2025, with the anticipated pricing date on December 19, 2025, and trading on the Hong Kong Stock Exchange expected to commence on December 23, 2025 [1] Group 2 - The company primarily develops and sells monitoring and detection products and solutions for railway operations and power grid companies in China, as well as other urban governance solutions [2] - The company is the second-largest provider of AI-powered power detection and monitoring systems in China, holding a market share of approximately 5.9% in the AI+ power detection monitoring solutions market for 2024 [2] - The company ranks third among enterprises providing AI+ detection and monitoring solutions in the Chinese rail transit industry, with a market share of about 1.8% [2] Group 3 - Assuming a share price of HKD 93.0, the estimated net proceeds from the global offering would be approximately HKD 306.7 million, assuming the over-allotment option is not exercised [3] - The company plans to allocate approximately 40% of the net proceeds to continue research on core technologies, another 40% for building a research and development technology center and new headquarters, 10% for seeking strategic investment and acquisition opportunities, and 10% for working capital and general corporate purposes [3] - The company anticipates that the demand for working capital will continue to increase due to business expansion [3]