Group 1 - Shanghai Stock Exchange's Sci-Tech Innovation Board had 1 company listed, while Shenzhen Stock Exchange's ChiNext had 1 company listed during November 18-24 [2] - Hengkun New Materials focuses on key materials for integrated circuits, achieving a first-day stock price increase of 310.61%, closing at 50.54 CNY per share, a 237.16% increase from the issue price of 14.99 CNY, with a total market value of approximately 22.7 billion CNY [2] - Nanwang Digital provides digital construction solutions for the power energy sector, with a first-day stock price increase of 224.78%, closing at 20.51 CNY per share, a 260.46% increase from the issue price of 5.69 CNY, with a total market value of approximately 65.2 billion CNY [2] Group 2 - Two companies passed the listing committee review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies were reviewed on the Shenzhen Stock Exchange during November 18-24 [3] - Zhenshi Co., Ltd. specializes in fiber-reinforced materials for clean energy applications, providing innovative solutions across various industries [3] - Easy Vision focuses on machine vision equipment for automotive manufacturing, providing solutions for various manufacturing processes [4] Group 3 - One company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while one company submitted an application on the Shenzhen Stock Exchange's ChiNext during November 18-24 [4] - Beidou Institute specializes in satellite navigation and aerospace control technologies, with an IPO application accepted on November 21, aiming to raise 709 million CNY for product upgrades and research projects [5] - Financial projections for Beidou Institute show revenues of 243 million CNY, 285 million CNY, and 325 million CNY from 2022 to 2024, with net profits of approximately 76.18 million CNY, 81.71 million CNY, and 82.94 million CNY respectively [6] Group 4 - Green Bio focuses on the research, production, and sales of fragrance products, with an IPO application accepted on November 21, aiming to raise 690 million CNY for production projects and R&D upgrades [10] - Financial projections for Green Bio show revenues of 631 million CNY, 735 million CNY, and 961 million CNY from 2022 to 2024, with net profits of approximately 68.14 million CNY, 92.92 million CNY, and 150 million CNY respectively [11] Group 5 - Hong Kong Stock Exchange had 1 company listed during November 18-24 [13] - Innovation Industry focuses on aluminum industry chain, with a first-day stock price increase of 32.76%, closing at 14.59 HKD per share, with a total market value of approximately 29.2 billion HKD [14] Group 6 - Six companies passed the hearing on the Hong Kong Stock Exchange's main board during November 17-24 [18] - Notable companies include Yujian Xiaomian, a Chinese noodle restaurant operator, and Jinyan High-tech, specializing in coal series kaolin [19][20] Group 7 - Several companies submitted listing applications on the Hong Kong Stock Exchange during November 17-24, including Kanop, Dongshan Precision, and NobiKan [25][31][34] - Kanop focuses on industrial robots and aims to enhance R&D capabilities and expand market presence [31] - Dongshan Precision is a leading global PCB supplier, with plans to upgrade production facilities and repay debts [34] Group 8 - NobiKan specializes in AI and digital twin technologies, with a focus on transportation and energy sectors [39] - Financial projections for NobiKan show revenues of 253 million CNY, 362 million CNY, and 403 million CNY from 2022 to 2024, with net profits of approximately 6.3 million CNY, 8.9 million CNY, and 11.5 million CNY respectively [40] Group 9 - Mandi International focuses on skin health and weight management solutions, with a strong market presence in hair loss treatment products [44] - Financial projections for Mandi International show revenues of 982 million CNY, 1.23 billion CNY, and 1.46 billion CNY from 2022 to 2024, with net profits of approximately 202 million CNY, 341 million CNY, and 390 million CNY respectively [45] Group 10 - Lingyi Intelligent Manufacturing aims to provide comprehensive intelligent manufacturing services, with a focus on AI hardware [47] - Financial projections for Lingyi show revenues of 34.5 billion CNY, 34.2 billion CNY, and 44.3 billion CNY from 2022 to 2024, with net profits of approximately 1.56 billion CNY, 2.01 billion CNY, and 1.76 billion CNY respectively [48] Group 11 - Hailan Home aims to optimize sales channels and enhance brand image through its IPO, with a strong market position in men's apparel [51] - Financial projections for Hailan show revenues of 17.9 billion CNY, 20.8 billion CNY, and 20.2 billion CNY from 2022 to 2024, with net profits of approximately 2.06 billion CNY, 2.92 billion CNY, and 2.19 billion CNY respectively [53]

Core Insights - Dongshan Precision Manufacturing Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities acting as joint sponsors [1] - The company specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [1] - According to Zhi Shi Consulting, Dongshan Precision is the largest PCB supplier for edge AI devices globally, the second-largest supplier of flexible printed circuit boards, and ranks among the top three PCB suppliers worldwide based on projected revenue for 2024 [1]

Core Viewpoint - Dongshan Precision Manufacturing Co., Ltd. (002384.SZ) has submitted an application to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities as joint sponsors. The company specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules. According to data from ZhiShi Consulting, it is the largest PCB supplier for edge AI devices globally and ranks second in flexible circuit boards and among the top three PCB suppliers worldwide based on projected revenue for 2024 [1]. Group 1 - Dongshan Precision is an innovative company with a focus on intelligent manufacturing and a global layout [1]. - The company is involved in the global design, production, and sales of various electronic components [1]. - It holds significant market positions, being the largest edge AI device PCB supplier and second-largest flexible circuit board supplier globally [1].

Core Viewpoint - The company, Keri Technology, reported that its semiconductor and optical module business is developing smoothly, with stable and smooth cooperation with international clients in the mobile terminal business [2] Group 1 - The semiconductor and optical module business is progressing well [2] - Cooperation with international clients in the mobile terminal business is stable and smooth [2]

Core Viewpoint - Guanghe Technology (001389.SZ) is currently in the sample testing phase for its 800G switch and optical module products, with specific mass production information to be announced later [1] Group 1 - The company is engaged in the development of advanced networking products, specifically 800G switches and optical modules [1] - The current status of the products is in the sample testing phase, indicating ongoing research and development efforts [1] - Future announcements will provide details regarding the mass production timeline of these products [1]

Core Viewpoint - Guanghe Technology (001389.SZ) is currently in the sample testing phase for its 800G switch and optical module products, with specific mass production information to be announced later [1] Group 1 - The company is actively engaged in the development of advanced networking products, specifically the 800G switch and optical module [1] - The current status of these products is in the sample testing phase, indicating ongoing research and development efforts [1] - Future announcements will provide details regarding the mass production timeline for these products [1]

Core Viewpoint - BYD Electronics' net profit forecasts for 2025-2027 have been revised down due to increased assembly business proportion and delays in AI progress, with expected profits of 4.3 billion, 5.3 billion, and 6.7 billion yuan respectively, reflecting a year-on-year growth of 0%, 23%, and 28% [1] Group 1: Financial Performance - In Q3 2025, the company's revenue was 42.68 billion yuan, a year-on-year decline of 2%, primarily due to a drop in new smart product business which offset growth in consumer electronics [1] - The net profit for Q2 2025 was 1.41 billion yuan, showing a year-on-year decrease of 9%, slightly below expectations, with a gross margin decline of 1.6 percentage points to 6.9% [1] Group 2: Future Outlook - For Q4 2025, the company expects revenue and gross margin to remain stable year-on-year, indicating a steady annual performance [2] - Growth drivers for 2026-2027 include increased investment in mid-frame production for consumer electronics, contributions from new automotive products, and anticipated orders in the data center segment [2] - The automotive business is expected to benefit from the parent company's sales growth and increased average selling price (ASP), with a focus on promoting external automotive clients starting in 2025 [2] - New smart products, including liquid cooling solutions and power supply products, are projected to see significant growth, particularly with the introduction of the GB300 liquid cooling model and advancements in high-voltage architecture [2]

Core Viewpoint - Cambridge Technology successfully listed on the Hong Kong Stock Exchange on October 28, 2025, raising approximately HKD 46.16 billion through its IPO, with a strong demand reflected in the oversubscription rates of 338.7 times for the public offering and 16.5 times for the international offering [5][6]. Group 1: IPO Details - Cambridge Technology issued 67.01 million H shares, representing 20% of the total shares post-IPO, with a pricing of HKD 68.88 per share [5]. - The IPO attracted 16 cornerstone investors who collectively subscribed for USD 290 million (approximately HKD 22.57 billion) of the offering [5]. - The company’s stock opened at HKD 99.60, reflecting a 44.6% increase, leading to a total market capitalization of approximately HKD 333.69 billion [8]. Group 2: Shareholder Structure - The largest shareholder group consists of Gerald G. Wong and Zhao Haibo, holding 9.56% and 1.75% respectively, totaling 11.31% [6]. - Other shareholders include A-shareholders with 68.69% and H-shareholders with 20%, bringing the total to 100% [6]. Group 3: Company Overview - Established in 2006, Cambridge Technology is a global leader in providing critical infrastructure components to support artificial intelligence development, focusing on optical, broadband, and wireless solutions [7]. - The company ranks fifth in the global optical and wireless connectivity device (OWCD) industry with a market share of 4.1% as of 2024 [7]. - Cambridge Technology is among the first companies to deploy 800G and 1.6T optical module products, offering a range of interconnect speeds [7].

Core Viewpoint - The number of A-share companies seeking IPOs in Hong Kong has increased, with several companies announcing their listings and others submitting applications to the Hong Kong Stock Exchange [1] Group 1: Company Overview - Shanghai Cambridge Technology Co., Ltd. (referred to as "Cambridge Technology") is set to open its IPO subscription from October 20 to October 23, 2023, with an expected listing date of October 28, 2025, on the Hong Kong Stock Exchange [1] - The company plans to issue 67.01 million H-shares, with 10% allocated for Hong Kong and 90% for international placement, using Mechanism B without a reallocation mechanism [1] - The maximum offering price is set at HKD 68.88 per share, potentially raising up to HKD 4.616 billion [2] Group 2: Financial Performance - Cambridge Technology's A-share closing price as of October 20, 2023, was CNY 108.25 per share, with a market capitalization of CNY 29 billion, indicating a discount rate of approximately 41.6% for the Hong Kong offering price [2] - The company has attracted 16 cornerstone investors, including prominent firms, with a total subscription amount of USD 290 million, accounting for 48.89% of the offering [2] - The company's total revenue for 2022, 2023, 2024, and the first half of 2025 was CNY 3.784 billion, CNY 3.085 billion, CNY 3.649 billion, and CNY 2.034 billion, respectively, with net profits of CNY 171 million, CNY 95 million, CNY 167 million, and CNY 118 million [7][8] Group 3: Product and Market Position - Cambridge Technology specializes in connection and data transmission devices, with a focus on broadband, wireless, and optical module products [5][6] - The company holds over 30% of the global market share for XGS PON products in the broadband sector [5] - In the optical module segment, the company is among the first to deploy 800G and 1.6T optical module products [5] - The OWCD (Optical and Wireless Connection Devices) market is projected to grow from USD 32.4 billion in 2020 to USD 54.6 billion in 2024, with a compound annual growth rate (CAGR) of 13.9% [18] - Cambridge Technology ranks fifth in the global OWCD industry with a market share of 4.1% as of 2024 [22] Group 4: Research and Development - The company has invested over CNY 1.4 billion in research and development, with R&D expenses accounting for 7.1% to 8.9% of total revenue during the reporting periods [11][10] - As of June 30, 2025, the R&D team comprised over 50% of the total workforce, with centers established in China, the United States, and Japan [10]

Core Viewpoint - Cambridge Technology (603083) plans to globally offer 67.01 million H shares from October 20 to October 23, 2025, with a maximum offer price of HKD 68.88 per share, and expects trading to commence on October 28, 2025 [1] Group 1: Company Overview - The company specializes in the design, development, and sale of connectivity and data transmission devices, ranking fifth globally in the optical and wireless connectivity device (OWCD) industry with a market share of 4.1% as of 2024 [1] - The company has established stable partnerships with several global leaders over the past decade, with a significant portion of its revenue derived from international markets, including the US, Europe, and Asia-Pacific [2] Group 2: Financial Performance - The company's revenue for the past periods was RMB 3.784 billion, RMB 3.085 billion, RMB 3.65 billion, and RMB 2.034 billion, with gross profits of RMB 689 million, RMB 664 million, RMB 762 million, and RMB 445 million, reflecting gross margins of 18.2%, 21.5%, 20.9%, and 21.9% respectively [5] - Net profits for the same periods were RMB 171 million, RMB 95 million, RMB 167 million, and RMB 118 million, with net profit margins of 4.5%, 3.1%, 4.6%, and 5.8% respectively [5] Group 3: Use of Proceeds - The company estimates a net amount of approximately HKD 4.48 billion from the global offering, with plans to allocate about 50% for enhancing its facilities and capacity for current and future co-location partners [4] - Specific allocations include 12% for broadband products, 13% for wireless products, and 25% for optical module products, along with 20% for R&D talent and technology improvements [4] - Additionally, 5% will be used for business promotion and marketing, 15% for overseas strategic investments, and 10% for general corporate purposes [4] Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements with several investors, agreeing to subscribe for shares totaling USD 290 million, which translates to approximately 32.76 million shares at the maximum offer price [3]