Workflow
差分型振荡器产品
icon
Search documents
鸿星科技撤回 IPO:注册制下的理性适配与主业深耕的长远布局
Tai Mei Ti A P P· 2025-09-29 15:03
Core Viewpoint - Hongxing Technology has voluntarily withdrawn its IPO application after 941 days of progress, indicating a strategic choice to align with the evolving capital market environment rather than due to operational risks [2][3][4] Policy Evolution and Company Development - The withdrawal of the IPO application is fundamentally a mismatch between the main board's positioning and the company's development stage, not related to operational risks [3] - Since the submission of the IPO application on March 3, 2023, the company has navigated through the approval process, but the changing capital market rules necessitated a reassessment of its listing strategy [4][5] Financial Metrics and Market Position - When the IPO application was initiated in December 2022, the company's financial indicators met the Shanghai Stock Exchange's requirements; however, subsequent changes in listing criteria have created a misalignment [4] - The company’s global market share in quartz crystal oscillators reached 3.08% in 2023, ranking ninth globally, but its revenue and profit levels have not yet met the expectations for "large-cap blue-chip" companies on the main board [5] Industry Trends and Company Performance - The quartz crystal oscillator industry is experiencing a cyclical downturn due to external pressures, with global smartphone shipments declining by 3.2% in 2023, marking a ten-year low [6][7] - Despite short-term performance fluctuations, the industry and the company are entering a recovery phase, with the global quartz crystal market projected to reach $3.652 billion in 2024, a year-on-year increase of 12.33% [7] Strategic Focus and Future Outlook - The company is expanding into emerging markets such as artificial intelligence, optical communication, and automotive electronics, which are expected to drive future growth [8] - The company has clarified that its recent legal issues and dividend policies are unrelated to the IPO withdrawal, emphasizing a stable shareholding structure and a reasonable approach to dividends [9] Capital Pathway and Business Strategy - The withdrawal of the IPO application is viewed as a new starting point for the company to focus on its core business and adjust its capital strategy [10] - The company plans to continue investing in R&D and talent acquisition while monitoring market conditions to identify the right timing for future capital market initiatives [10]