智通财经APP获悉，12月19日，中国证监会国际合作司发布《关于深圳市大族数控科技股份有限公司境外发行上市备案通知书》。大族数控(301200.SZ)拟发 行不超过88,625,200股境外上市普通股并在香港联合交易所上市。 招股书显示，大族数控是一家PCB专用生产设备解决方案服务商。公司经营PCB专用设备行业，为各种下游行业(如服务器及数据存储、汽车电子、手机、 计算机及消费电子)的核心基础设施供应商。于往绩记录期间，公司大部分收入来自中国内地。 ...

智通财经APP获悉，12月19日，中国证监会国际合作司发布《关于深圳市大族数控科技股份有限公司境外发行上市备案通知书》。大族数控(301200.SZ)拟发 行不超过88,625,200股境外上市普通股并在香港联合交易所上市。 招股书显示，大族数控是一家PCB专用生产设备解决方案服务商。公司经营PCB专用设备行业，为各种下游行业(如服务器及数据存储、汽车电子、手机、 计算机及消费电子)的核心基础设施供应商。于往绩记录期间，公司大部分收入来自中国内地。 ...

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. (Dazhu CNC) has re-applied for a listing on the Hong Kong Stock Exchange after its previous application lapsed in May 2025, with China International Capital Corporation (CICC) as the sole sponsor [1]. Group 1: Company Overview - Dazhu CNC is a provider of production equipment solutions specifically for the PCB (Printed Circuit Board) industry, serving various downstream sectors such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [5]. - The majority of the company's revenue is generated from mainland China [5]. Group 2: Financial Performance - The company reported revenues of RMB 2.786 billion, RMB 1.634 billion, RMB 3.343 billion, and RMB 2.382 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5]. - Profit figures for the same periods were RMB 432 million, RMB 136 million, RMB 300 million, and RMB 261 million [5]. - The gross profit margins for these years were 34%, 29.2%, 27.2%, and 29.2%, respectively [5]. Group 3: IPO Purpose - The net proceeds from the IPO are intended to enhance research and development capabilities and increase the production capacity of PCB-specific equipment in China [5].

Core Insights - The China Securities Regulatory Commission (CSRC) has accepted IPO applications from several companies for listing on the Hong Kong Stock Exchange, indicating a growing trend of domestic companies seeking overseas capital markets [1][3]. Group 1: Company Summaries - **Dazhu CNC Technology Co., Ltd.**: A provider of PCB (Printed Circuit Board) specialized production equipment solutions, primarily serving core infrastructure suppliers across various downstream industries such as servers, automotive electronics, mobile phones, computers, and consumer electronics. The majority of its revenue comes from mainland China [3][4]. - **Shanghai Kaijie E-commerce Co., Ltd.**: A digital retail solutions provider that assists brand owners in establishing efficient e-commerce infrastructures and enhancing online sales. Its solutions cover the entire value chain of the e-commerce ecosystem, including brand positioning, product development consulting, retail operations, channel management, marketing promotion, fulfillment, and data and IT services [4]. - **Beijing Shenyang Intelligent Technology Co., Ltd.**: A decision AI technology company focused on marketing and sales applications. It ranks first in the Chinese marketing and sales decision AI application market with a market share of 2.6% as of 2024. In the broader decision AI application market, it ranks fourth with a market share of 1.6% [4]. - **Ganzhou Hemei Pharmaceutical Co., Ltd.**: A biopharmaceutical company established in 2002, dedicated to discovering and developing proprietary small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, Inflammatory Bowel Disease, and chemotherapy development [4]. - **Elpiscience Biopharmaceuticals, Inc.**: Engaged in indirect overseas listing, focusing on biopharmaceuticals [3].

Group 1: IPO Applications - The China Securities Regulatory Commission (CSRC) accepted IPO applications for several companies including Dazhu CNC, Kaijie E-commerce, Shenyang Intelligent, and Hemei Pharmaceutical for listing on the Hong Kong Stock Exchange [1][3] - The report covers the period from December 1 to December 6, 2025, indicating a growing trend of domestic companies seeking overseas listings [1] Group 2: Company Profiles - Dazhu CNC specializes in PCB (Printed Circuit Board) production equipment solutions, serving various downstream industries such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3][4] - Kaijie E-commerce provides comprehensive and customized digital retail solutions to brand owners, enhancing their e-commerce infrastructure and driving online sales [4] - Hemei Pharmaceutical, established in 2002, focuses on discovering and developing small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, and Inflammatory Bowel Disease [4] - Shenyang Intelligent is a decision-making AI technology company, ranked first in China's marketing and sales decision-making AI application market with a market share of 2.6% as of 2024 [4]

Core Insights - The China Securities Regulatory Commission (CSRC) has accepted the IPO applications of several companies for listing on the Hong Kong Stock Exchange from December 1 to December 6, 2023 [1] Group 1: Company Summaries - Dazhu CNC Technology Co., Ltd. specializes in PCB (Printed Circuit Board) production equipment solutions, serving various downstream industries such as server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [3] - Shanghai Kaijie E-commerce Co., Ltd. provides comprehensive and customized digital retail solutions to brand owners, helping them establish e-commerce infrastructure and enhance operational efficiency across the entire e-commerce ecosystem [4] - Beijing Shenyuan Intelligent Technology Co., Ltd. is a decision-making AI technology company, ranked first in China's marketing and sales decision-making AI application market with a market share of 2.6% as of 2024 [4] - Ganzhou Hemei Pharmaceutical Co., Ltd. is a biopharmaceutical company focused on discovering and developing small molecule drugs for autoimmune diseases and tumors, with expertise in Psoriasis, Behçet's Disease, Inflammatory Bowel Disease, and chemotherapy development [4]

Core Viewpoint - Dazhu CNC Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D and operational capabilities, expanding overseas sales, increasing PCB equipment production capacity, and supplementing working capital [2] Industry Background - China is the largest PCB production base globally, with a projected PCB output value of $41.2 billion in 2024, accounting for approximately 56% of the global market, expected to rise to $49.7 billion by 2029 [2] - The Chinese PCB industry is undergoing a structural transformation, shifting from traditional through-hole boards to high-end HDI, packaging substrates, and high-frequency boards, with increasing demand for high-precision PCB equipment driven by AI and smart electric vehicles [2] Company Overview - Dazhu CNC has over 20 years of experience in the PCB equipment sector, providing end-to-end solutions for manufacturers in various industries, including automotive electronics and consumer electronics [3] - The global PCB equipment market is competitive and fragmented, with the top five manufacturers holding about 20.9% of the market share; Dazhu CNC is the largest PCB equipment manufacturer in China, with a market share of 10.1% [3] R&D and Innovation - R&D is a core competitive advantage for Dazhu CNC, with 742 R&D personnel, representing 25.5% of total employees, and 72.2% holding a bachelor's degree or higher [5] - The company has established several research centers to enhance its technological capabilities, focusing on laser processing equipment for packaging substrates and other key areas [5] Product and Production Capacity - Dazhu CNC's product range covers critical PCB production processes, including drilling, exposure, lamination, forming, and testing, with sales across over 10 countries [5] - Sales data for key equipment types: - **Drilling Equipment**: Sales of 2,514 units in 2022, 1,129 in 2023, and projected 3,119 in 2024, with varying production and sales rates [5] - **Exposure Equipment**: Sales of 132 units in 2022, 79 in 2023, and 141 in 2024, with production rates reflecting market conditions [6] - **Testing Equipment**: Sales of 519 units in 2022, 400 in 2023, and 446 in 2024, with a noted decrease in production rates due to inventory levels [6] - **Forming Equipment**: Sales of 463 units in 2022, 289 in 2023, and 596 in 2024, maintaining stable production rates [6] - **Attachment Equipment**: Sales of 74 units in 2022, 183 in 2023, and 206 in 2024, with production rates indicating market adaptation [7] - **Lamination Equipment**: Introduced in 2024 with initial sales of 2 units, reflecting early market entry challenges [7]

Core Viewpoint - Dazhu Laser (301200.SZ) is a leading provider of PCB specialized production equipment solutions, primarily serving various downstream industries such as servers, automotive electronics, and consumer electronics, with a significant market share in China [2][10]. Company Overview - Dazhu Laser operates in the PCB specialized equipment industry, focusing on the research, production, and sales of equipment that provides end-to-end solutions for PCB manufacturers [2]. - The company is the largest PCB specialized production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [2]. Product Categories Drilling Equipment - Drilling is a critical process in PCB production, with the company selling 2,514, 1,129, 3,119, 1,601, and 2,637 units of drilling equipment in 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The sales-to-production ratios for these years were 121.1%, 81.6%, 108.9%, 113.6%, and 94.5% [3]. Exposure Equipment - The company provides exposure equipment essential for transferring circuit designs onto PCB substrates, with sales figures of 132, 79, 141, 73, and 59 units for the same periods [4]. - The sales-to-production ratios were 109.1%, 97.5%, 110.2%, 130.4%, and 103.5% [4]. Testing Equipment - Testing is vital for ensuring the reliability and integrity of the final PCB products, with the company selling 519, 400, 446, 215, and 295 units of testing equipment during the specified periods [5]. - The sales-to-production ratios were 101.8%, 93.2%, 80.9%, 93.5%, and 89.7% [5]. Financial Performance - The company recorded revenues of 2.786 billion, 1.634 billion, 3.343 billion, and 2.382 billion RMB for the fiscal years ending in 2022, 2023, 2024, and the first half of 2025, respectively [6]. - Profit figures for the same periods were 432 million, 136 million, 300 million, and 261 million RMB [6]. Industry Overview - The global PCB specialized equipment market is projected to grow from approximately 5.84 billion USD in 2020 to about 7.085 billion USD by 2024, with a compound annual growth rate (CAGR) of 4.9% [12]. - The PCB industry is expected to see a market value increase from 65.2 billion USD in 2020 to 73.6 billion USD in 2024, with a CAGR of 3.1% [10]. - The demand for PCB specialized equipment is driven by the rapid growth in end-user applications and the expansion of production capacities by leading PCB manufacturers [10]. Market Dynamics - The drilling and exposure equipment segments are critical in the PCB production process, accounting for over 30% of the total capital expenditure on PCB specialized production equipment [17]. - The global drilling equipment market is expected to grow from approximately 1.174 billion USD in 2020 to about 1.470 billion USD by 2024, with a CAGR of 5.8% [18]. - The exposure equipment market is projected to increase from around 964 million USD in 2020 to approximately 1.204 billion USD by 2024, with a CAGR of 5.7% [20].

Core Viewpoint - Shenzhen Dazhu CNC Technology Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with CICC as the sole sponsor [1] Company Overview - Dazhu CNC is a provider of specialized production equipment solutions for the PCB (Printed Circuit Board) industry, serving as a core infrastructure supplier for various downstream sectors, including servers and data storage, automotive electronics, mobile phones, computers, and consumer electronics [1] - The company is engaged in the research, development, production, and sales of PCB specialized production equipment, offering end-to-end process solutions for PCB manufacturers [1] Industry Insights - The global PCB specialized equipment industry is highly competitive and relatively fragmented, with the top five manufacturers accounting for approximately 20.9% of the total market share by revenue in 2024 [1] - Dazhu CNC is the largest manufacturer of PCB specialized production equipment in China, holding a market share of 10.1% based on revenue in 2024 [1]

Group 1 - The core viewpoint of the article is that Shenzhen Dazhu CNC Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - Dazhu CNC is a provider of production equipment solutions specifically for the PCB industry, serving as a core infrastructure supplier for various downstream sectors such as servers, data storage, automotive electronics, mobile phones, computers, and consumer electronics [1] - The company focuses on the research, production, and sales of PCB-specific production equipment, offering end-to-end process solutions for PCB manufacturers [1] Group 2 - According to Zhaoshang Consulting, the global PCB equipment industry is highly competitive and relatively fragmented, with the top five manufacturers accounting for approximately 20.9% of the total market share by revenue in 2024 [1] - By revenue in 2024, Dazhu CNC is the largest manufacturer of PCB-specific production equipment in China, holding a market share of 10.1% [1]