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Core Viewpoint - Cambridge Technology (06166) experienced a volatile debut, with its stock price initially rising to 109 HKD before declining to a low of 76.45 HKD, reflecting only a slight increase of over 10% from the IPO price of 68.88 HKD [1] Company Summary - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, positioning itself as one of the few companies globally offering these three types of technology products [1] - The company's Q3 2025 performance report indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access, with the high-speed optical module segment showing significant performance due to increased demand from global data center construction [1] Industry Summary - The optical communication sector has faced challenges in Q3, with companies like NewEase and Tianfu Communication reporting slight declines in revenue, breaking their previous growth trends, while Zhongji Xuchuang maintained growth both year-on-year and quarter-on-quarter [1] - According to Guosheng Securities, the overall performance of the industry in Q3 was relatively flat, as the optical communication sector is transitioning from 800G to 1.6T, leading to short-term performance fluctuations during this technological shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4, indicating a potential recovery and growth in the optical communication sector [1]

Group 1 - Cambridge Technology (603083) experienced a significant price fluctuation on its first trading day, reaching a high of 109 HKD before declining to a low of 76.45 HKD, representing a gain of just over 10% from the IPO price of 68.88 HKD [1] - The third-quarter reports have negatively impacted the optical communication sector, with companies like NewEase (300502) and Tianfu Communication (300394) reporting slight declines in revenue, breaking their continuous growth trend [1] - Despite the overall industry performance being relatively flat in Q3, Zhongji Xuchuang (300308) maintained growth in both year-on-year and quarter-on-quarter revenue, indicating stable performance [1] Group 2 - According to Guosheng Securities (002670), the optical communication industry is currently in a transitional phase from 800G to 1.6T, leading to short-term performance fluctuations during the technology generational shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4 [1] - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, and is one of the few companies globally offering these three types of products [1] Group 3 - The Q3 performance report for Cambridge Technology indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access [1] - The high-speed optical module business has shown remarkable performance, driven by the surge in demand for global data center construction, leading to a significant increase in orders [1] - The company has achieved high-quality delivery through continuous capacity enhancement and an efficient supply chain [1]

Core Viewpoint - Cambridge Technology (06166) has transferred shares worth HKD 13.40 billion from Wansheng Financial Holdings to HSBC, representing 22.52% of the total shares [1] Company Overview - Cambridge Technology is primarily engaged in the design, development, and sales of connectivity and data transmission devices [1] - The company generates revenue mainly from the sales of broadband, wireless, and optical module technology products [1] - According to Frost & Sullivan, Cambridge Technology is one of the few companies globally that offers all three types of technology products [1] Revenue Breakdown - The revenue from overseas markets accounted for 82.9%, 89.3%, 92.6%, and 94.0% of the company's total revenue during the historical record period [1] Global Presence - In addition to its operations in China, the company has established a joint headquarters in the United States and has overseas R&D centers in the U.S. and Japan [1] - The company also has overseas sales offices in the U.S. and Italy, and manufacturing bases in the U.S., Germany, and Malaysia [1]

Core Viewpoint - Cambridge Technology (603083) has transferred shares worth HKD 1.34 billion from Wansheng Financial Holdings to HSBC Hong Kong, representing 22.52% of its market value [1] Group 1: Company Overview - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices [1] - The company generates revenue mainly from the sales of broadband, wireless, and optical module technology products [1] - According to Frost & Sullivan, Cambridge Technology is one of the few companies globally that offers all three types of technology products [1] Group 2: Revenue Breakdown - The revenue from overseas markets accounted for 82.9%, 89.3%, 92.6%, and 94.0% of the company's total revenue during the past record periods [1] Group 3: Global Presence - Apart from its operations in China, the company has established a joint headquarters in the United States and has overseas R&D centers in the U.S. and Japan [1] - Cambridge Technology has overseas sales offices in the U.S. and Italy, and manufacturing bases in the U.S., Germany, and Malaysia [1]

Core Viewpoint - Cambridge Technology (06166) experienced a nearly 10% drop in stock price, influenced by the third-quarter report and the overall decline in the A-share optical communication sector [1] Group 1: Company Performance - Cambridge Technology reported third-quarter revenue of 1.325 billion yuan, representing a year-on-year increase of 32.29% [1] - The net profit attributable to the parent company for the same period was 138 million yuan, showing a year-on-year growth of 92.92% [1] - The company primarily generates revenue from the sale of broadband, wireless, and optical module technology products, being one of the few globally to offer all three types [1] Group 2: Market Context - The optical communication sector in the A-share market has been experiencing a continuous pullback, with companies like New Ease and Tianfu Communication seeing a halt in their revenue growth trend after a period of sequential increases [1] - The strong performance of Cambridge Technology's high-speed optical module business is driven by the surge in global data center construction demand, leading to a significant increase in orders [1] - The company has achieved high-quality growth through continuous capacity enhancement and an efficient supply chain [1]

Group 1 - Cambridge Technology successfully listed on the Hong Kong Stock Exchange on October 28, 2023, becoming a dual-listed technology company with an A+H structure, accelerating its global expansion [1] - The company issued 67,010,500 H-shares at a price of HKD 68.88 per share, raising approximately HKD 4.616 billion, which will be invested in expanding production capacity, enhancing R&D capabilities, and overseas strategic layout [1] - Cambridge Technology focuses on broadband, wireless, and optical module technology products, positioning itself as a key player in supporting the development of artificial intelligence [2] Group 2 - The company has established a global operational system with headquarters in the U.S. and R&D centers in the U.S. and Japan, along with sales networks in Italy and production bases in the U.S., Germany, Poland, and Malaysia [2] - The collaboration with professional services firm, Zhihong, has been crucial in facilitating the cross-border listing process, ensuring compliance with regulatory requirements [3][5] - The listing process was completed in seven months, showcasing the effective coordination and execution capabilities of the team involved [7] Group 3 - Zhihong has been providing audit services for Cambridge Technology since 2024, establishing a strong cooperative relationship that supports the company's listing journey [3][5] - The firm’s comprehensive solutions have laid a solid foundation for Cambridge Technology's successful entry into the international capital market [5][8] - Zhihong aims to continue empowering more outstanding companies to seize opportunities in the capital market for high-quality growth [8]

Group 1 - Cambridge Technology (06166) has successfully listed its shares at a price of HKD 68.88 per share, issuing a total of 67.01 million shares, resulting in a net proceeds of approximately HKD 4.48 billion [1] - The stock has seen a significant increase of 36.47%, trading at HKD 94 with a transaction volume of HKD 527 million [1] - The company primarily engages in the design, development, and sales of connectivity and data transmission devices, generating revenue mainly from broadband, wireless, and optical module technology products [1] Group 2 - Cambridge Technology is one of the few companies globally that offers a combination of broadband, wireless, and optical module technology products [1] - The company has a strong international presence, with overseas market revenue accounting for 82.9%, 89.3%, 92.6%, and 94.0% of total revenue during the past reporting periods [1] - The company has established a joint headquarters in the United States, with R&D centers in the U.S. and Japan, sales offices in the U.S. and Italy, and manufacturing bases in the U.S., Germany, and Malaysia [1] Group 3 - In the optical module product segment, Cambridge Technology's product portfolio includes interconnect speeds of 100G, 400G, 800G, and 1.6T, compatible with a wide range of industry-standard packaging formats [2] - The company is among the first globally to deploy 800G and 1.6T optical module products, showcasing its innovative capabilities [2] - Ongoing research in silicon photonic modules enables the company to achieve high transmission rates at low costs, which is crucial for supporting exponential growth in computing power [2] Group 4 - Cambridge Technology is advancing linear pluggable optical device (LPO) technology, which offers low power consumption, low latency, and high performance, making it ideal for artificial intelligence models and data centers [2] - The company is also developing immersion liquid cooling optical electronic devices to enhance server efficiency and thermal management [2]

Core Insights - Four companies, including Baima Tea, Dipu Technology, Sany Heavy Industry, and Cambridge Technology, are entering the Hong Kong stock market, with notable performances in the dark market phase [1][2]. Group 1: Company Performances - Sany Heavy Industry experienced a decline of 2.44% in the dark market, marking it as the worst performer among the four companies [1]. - Dipu Technology, Baima Tea, and Cambridge Technology saw significant gains, with increases of 94.67%, 78.80%, and 36.90% respectively [1]. - Dipu Technology achieved an oversubscription rate of 7590 times, making it the "super subscription king" in the history of the Hong Kong main board [1][2]. Group 2: Industry Trends - Both Dipu Technology and Cambridge Technology are AI-related companies, indicating a strong market preference for technology sectors, particularly AI [2]. - The market for enterprise-level AI application solutions in China is projected to reach RMB 38.6 billion in 2024, with a CAGR of 44.0% expected until 2029 [2]. - Cambridge Technology is positioned as the first AI computing and optical module company to list in Hong Kong, with a global market share of 4.1% in the optical and wireless connection device industry [3]. Group 3: Financial Performance - Cambridge Technology reported a revenue of RMB 13.25 billion in Q3, a year-on-year increase of 32.29%, and a net profit of RMB 1.38 billion, up 92.92% [4]. - For the first three quarters, Cambridge Technology's revenue reached RMB 33.60 billion, with a year-on-year growth of 21.57% and a net profit of RMB 2.59 billion, reflecting a 70.88% increase [4]. - Dipu Technology's projected revenues for 2023, 2024, and the first half of 2025 are RMB 129 million, RMB 243 million, and RMB 132 million, respectively, but the company is currently operating at a loss [2]. Group 4: Company Backgrounds - Baima Tea is recognized as the largest high-end tea supplier in China for 2024, with a leading position in both the high-end tea market and the oolong and black tea segments [5][6]. - Sany Heavy Industry is a well-established A-share listed company, ranking as the largest engineering machinery company in China and the third largest globally, with significant market shares in excavators and concrete machinery [7].

Core Viewpoint - Cambridge Technology, a leading optical module company, is set to officially list on the Hong Kong Stock Exchange, becoming the first "A+H share" company in the CPO (Co-Packaged Optics) concept, attracting significant market attention due to a more than 40% discount compared to A-share prices [1][2] Company Overview - Founded in 2006, Cambridge Technology specializes in the design, development, and sales of connectivity and data transmission devices, with a strong focus on optical modules, broadband, and wireless network equipment [2][6] - The company ranks fifth globally in the OWCD (Optical and Wireless Connectivity Devices) industry by sales revenue, holding a market share of 4.1% in 2024 [2] - Cambridge Technology's product portfolio includes optical modules with speeds of 100G, 400G, 800G, and 1.6T, being one of the first companies to deploy 800G and 1.6T optical module products [2][7] IPO Details - The company plans to issue 67.01 million shares at an offering price of HKD 68.88, with a total fundraising target of HKD 4.48 billion [3][7] - A notable aspect of the IPO is the participation of 16 cornerstone investors, including major global asset management firms and private equity, who collectively invested USD 290 million, accounting for 48.89% of the total shares offered [3][4] Market Position and Growth Potential - Cambridge Technology's stock price is projected to increase by over 186% by 2025, making it a key player in the optical module sector [2] - The optical module industry is expected to grow significantly, with global sales projected to reach USD 41.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 18.5% from 2024 [7][8] - Specifically, the revenue for 800G optical modules is anticipated to grow at a CAGR of approximately 188.1% from 2020 to 2024, and 19.1% from 2024 to 2029, while 1.6T optical modules are expected to see explosive growth with a CAGR of 180.0% from 2024 to 2029 [7][8] Research and Development Focus - Approximately 20% of the funds raised from the IPO will be allocated to enhancing R&D capabilities and talent, which is crucial for maintaining technological leadership [8] - The company has consistently invested in R&D, with expenditures as a percentage of total revenue projected to be 7.1%, 8.9%, 8.8%, and 7.9% for the years ending 2022, 2023, 2024, and the first half of 2025, respectively [8]