Core Viewpoint - Shenzhen Wole Cable Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking the company's entry into the international capital market with an issuance price of HKD 20.09 per share and a total issuance scale of approximately HKD 28.12 billion [1][3] Group 1: Company Overview - Wole Cable, established in 1998, specializes in new materials, with main business segments including electronic communication and power transmission [3] - The company ranks fifth in global communication cable manufacturers with a market share of 12.7%, first in the global heat shrink materials industry with a market share of 20.6%, ninth in the global electric power transmission products for new energy vehicles with a market share of 1.9%, and seventh in the global cable accessories industry with a market share of 2.5% [3][5] Group 2: Financial Performance - Wole Cable has shown strong financial performance with continuous revenue growth, achieving revenues of RMB 5.337 billion in 2022, RMB 5.719 billion in 2023, RMB 6.920 billion in 2024, and RMB 6.077 billion in the first nine months of 2025 [5] - The net profit increased from RMB 660 million in 2022 to RMB 921 million in 2024, with an estimated net profit of no less than RMB 1.1 billion for 2025, indicating a consistent expansion in profitability [5] Group 3: Investment and Innovation - The company holds 547 invention patents and has strategically established nine manufacturing bases in China and one overseas factory in Vietnam [5] - Wole Cable continues to invest in product innovation, targeting future growth and diversification [5] Group 4: Underwriting and Market Response - The IPO process involved 16 cornerstone investors who collectively subscribed USD 124 million, with a final subscription rate of 8.19 times for international placements and 569.58 times for the Hong Kong public offering [3][5] - CITIC Securities played a crucial role as the lead underwriter, ensuring the successful completion of the IPO amidst a complex market environment [5]

Core Viewpoint -沃尔核材 has successfully listed on the Hong Kong Stock Exchange with an initial share price of HKD 20.09, raising approximately HKD 2.734 billion from the issuance of 140 million shares [1] Company Overview -沃尔核材 is one of the largest providers of heat shrink materials and communication cable products globally [1] -According to Frost & Sullivan, the company ranks fifth among global communication cable manufacturers with a market share of 12.7% based on projected 2024 revenues [1] -The company holds the top position in the global heat shrink materials industry, with a market share of 20.6% based on projected 2024 revenues [1] -In the global electric power transmission products for new energy vehicles sector, the company ranks ninth with a market share of 1.9% based on projected 2024 revenues [1] -For the global cable accessories industry, the company ranks seventh with a market share of 2.5% based on projected 2024 revenues [1] Market Activity -As of the report,沃尔核材's stock price has increased by 0.05% to HKD 20.1, with a trading volume of HKD 166 million [1] -Effective February 13, 2026,沃尔核材 will be included in the Hong Kong Stock Connect program, following the adjustment of the eligible securities list by the Shenzhen Stock Exchange [1]

Group 1 - The core point of the article is that沃尔核材 (002130) has successfully listed on the Hong Kong Stock Exchange with a share price of HKD 20.09, issuing 140 million shares and raising approximately HKD 27.34 billion in net proceeds [1] - The company is recognized as one of the largest providers of heat shrink materials and communication cable products globally, ranking fifth among communication cable manufacturers with a market share of 12.7% based on projected 2024 global revenue [1] - In the global heat shrink materials industry, the company holds the top position with a market share of 20.6% according to 2024 revenue estimates [1] Group 2 - The company ranks ninth in the global electric power transmission products for new energy vehicles, with a market share of 1.9% based on 2024 revenue projections [1] - In the global cable accessories industry, the company is ranked seventh, holding a market share of 2.5% according to 2024 revenue estimates [1] - An important regulatory update indicates that沃尔核材 will be included in the Hong Kong Stock Connect program effective February 13, 2026, following the Shenzhen Stock Exchange's announcement regarding the adjustment of eligible securities [1]

值得注意的是，2月13日，深交所发布公告，因沃尔核材在港交所上市不适用价格稳定期机制，且相应 A股上市满10个交易日，根据《深圳证券交易所深港通业务实施办法》的有关规定，港股通标的证券名 单发生调整，调入沃尔核材，并自2026年02月13日起生效。 公开资料显示，沃尔核材是全球最大的热缩材料及通信电缆产品提供商之一。根据弗若斯特沙利文的资 料，按2024年全球收入计，公司在通信电缆制造商中排名第五，占全球市场份额的12.7%。公司在全球 热缩材料行业中排名第一，按2024年全球收入计，占全球市场份额的20.6%。按2024年全球收入计，公 司在全球新能源汽车电力传输产品行业中排名第九，占全球市场份额的1.9%。按2024年全球收入计， 公司在全球电缆附件行业中排名第七，占全球市场份额的2.5%。 智通财经APP获悉，沃尔核材(09981)首挂上市，公告显示，每股定价20.09港元，共发行1.4亿股股份， 每手200股，所得款项净额约27.34亿港元。截至发稿，涨0.05%，报20.1港元，成交额1.66亿港元。 ...

Investment Rating - The report suggests a cautious subscription for the company's IPO [1] Core Insights - The company operates primarily in three business segments: (i) electronic communication, which includes communication cable products and electronic materials; (ii) power transmission, focusing on electric vehicle power transmission products and cable accessories; and (iii) other businesses, mainly wind power generation [2] - According to Frost & Sullivan, the company ranks fifth among global communication cable manufacturers with a market share of 12.7% and holds the first position in the global heat shrink materials industry with a market share of 20.6% [2] - The communication cable industry is projected to grow from RMB 12.9 billion in 2020 to RMB 17.0 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%, and is expected to reach RMB 24.0 billion by 2029 [3] - The global heat shrink materials market is expected to grow from RMB 10.1 billion in 2020 to RMB 12.6 billion in 2024, with a CAGR of 5.7%, and is projected to increase to RMB 16.5 billion by 2029 [3] - The company's revenue increased from RMB 5,336.6 million in 2022 to RMB 5,718.8 million in 2023, and is expected to reach RMB 6,920.1 million in 2024; net profit rose from RMB 660.2 million in 2022 to RMB 757.7 million in 2023, with a forecast of RMB 920.5 million in 2024 [4] - The IPO price of HKD 20.09 per share represents 65% of the A-share closing price of RMB 27.75 on February 4, 2026, indicating a certain margin of safety in valuation [4]

Core Viewpoint - The company,沃尔核材, is set to launch an IPO from February 5 to February 10, 2026, offering approximately 140 million H shares at a price of HKD 20.09 per share, with expected trading to commence on February 13, 2026 [1] Group 1: Business Overview - The company's main business segments include electronic communication, power transmission, and other operations, with a significant portion of electronic materials revenue derived from heat shrink materials [1] - The company ranks fifth in global communication cable manufacturing with a market share of 12.7% and holds the top position in the global heat shrink materials industry with a market share of 20.6% as of 2024 [2] - In the global electric vehicle power transmission products sector, the company ranks ninth with a market share of 1.9%, and seventh in the global cable accessories market with a share of 2.5% [2] Group 2: Financial Performance - The company's revenue increased from RMB 5.337 billion in 2022 to RMB 5.719 billion in 2023, and is projected to reach RMB 6.920 billion in 2024 [2] - Net profit rose from RMB 660 million in 2022 to RMB 758 million in 2023, with a forecast of RMB 921 million for 2024 [2] - For the nine months ending September 30, 2025, the company reported revenue of RMB 6.077 billion and net profit of RMB 883 million [2] Group 3: Fundraising and Use of Proceeds - The company estimates a net amount of approximately HKD 2.734 billion from the global offering, assuming the maximum offer price [4] - The planned allocation of proceeds includes 45% for product diversification and upgrades, 27% for expanding global operations and increasing capacity in China and Malaysia, 18% for potential strategic investments or acquisitions, and 10% for working capital and general corporate purposes [4] Group 4: Strategic Partnerships - The company has entered cornerstone investment agreements with various entities, agreeing to subscribe for a total of approximately USD 124 million (or HKD 969 million) worth of shares, subject to certain conditions [3]

Core Viewpoint - The company,沃尔核材, is set to launch an IPO from February 5 to February 10, 2026, offering approximately 140 million H-shares at a price of HKD 20.09 per share, with a significant portion allocated for international investors [1] Group 1: Business Overview - The company's main business segments include electronic communication, power transmission, and other operations, with a strong focus on the sales of heat shrink materials within the electronic materials revenue [1] - The company ranks fifth in global communication cable manufacturers with a market share of 12.7% and holds the top position in the global heat shrink materials industry with a market share of 20.6% as of 2024 [2] - In the global electric vehicle power transmission products sector, the company ranks ninth with a market share of 1.9%, and seventh in the cable accessories market with a 2.5% share [2] Group 2: Financial Performance - The company's revenue increased from RMB 5.337 billion in 2022 to RMB 5.719 billion in 2023, and is projected to reach RMB 6.920 billion in 2024 [2] - Net profit rose from RMB 660 million in 2022 to RMB 758 million in 2023, with a forecast of RMB 921 million for 2024 [2] - For the nine months ending September 30, 2025, the company reported revenues of RMB 6.077 billion and net profits of RMB 883 million [2] Group 3: Fundraising and Use of Proceeds - The company has entered cornerstone investment agreements with various investors, agreeing to raise approximately USD 124 million (or HKD 969 million) under certain conditions [3] - Assuming the maximum offer price of HKD 20.09 per share, the estimated net proceeds from the global offering will be around HKD 2.734 billion [4] - The company plans to allocate 45% of the proceeds for product diversification and upgrades, 27% for expanding global operations and increasing capacity in China and Malaysia, 18% for potential strategic investments or acquisitions, and 10% for working capital and general corporate purposes [4]

Core Viewpoint - The company,沃尔核材, plans to globally offer approximately 140 million H-shares, with a maximum offer price of HKD 20.09 per share, aiming to raise around HKD 2.7336 billion for various strategic initiatives [1][4]. Group 1: Share Offering Details - The company will issue approximately 14 million shares in Hong Kong and around 126 million shares internationally, with the offering period from February 5 to February 10, 2026, and expected trading to commence on February 13, 2026 [1]. - The underwriting is led by CITIC Securities International and China Merchants Securities International [1]. Group 2: Business Overview - The company's main business segments include electronic communication (communication cables and electronic materials), power transmission (electric vehicle power transmission products and cable accessories), and other businesses like wind power generation [1]. - The sales of heat shrink materials constitute a significant portion of the electronic materials revenue [1]. Group 3: Market Position - According to Frost & Sullivan, the company ranks fifth among global communication cable manufacturers with a market share of 12.7% and holds the top position in the global heat shrink materials industry with a market share of 20.6% [2]. - The company ranks ninth in the global electric vehicle power transmission products sector with a market share of 1.9% and seventh in the global cable accessories market with a share of 2.5% [2]. Group 4: Cornerstone Investment - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for approximately USD 124.3 million (or HKD 968.9 million) worth of shares, totaling around 48.23 million shares at the maximum offer price [3]. - Notable cornerstone investors include HHLR Advisors, Shanghai Jinglin, and Huatai Capital Investment, among others [3]. Group 5: Use of Proceeds - The estimated net proceeds of approximately HKD 2.7336 billion will be allocated as follows: about 45% for product diversification and upgrades, 27% for expanding global operations and increasing capacity in China and Malaysia, 18% for potential strategic investments or acquisitions, and 10% for working capital and general corporate purposes [4].

Core Viewpoint - Shenzhen Woer Power Cable Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking the beginning of its journey to become an "A+H" listed company [1] Company Overview - Established in 1998, Woer Power Cable is headquartered in Shenzhen, Guangdong, and is a leading provider of integrated solutions for high-speed data communication and alternative energy power transmission [3] - The company is a market leader in manufacturing and selling high-speed copper cables and has established a strong market position in providing one-stop solutions for electronic materials, cables, and components, with well-known brands such as WOER and LTK [3] Product Leadership - High-speed copper cables: Woer Power Cable is the second largest globally and the largest in China in high-speed copper cable manufacturing, with a global market share of 24.9% as of 2024 [5] - Heat shrink materials: The company ranks first in the global heat shrink materials industry by revenue, holding a market share of 20.6%, and a higher market share of 58.5% in China [5] - New energy vehicle power transmission: Woer Power Cable is the largest manufacturer of DC charging guns for new energy vehicles in China, with a market share of 41.7% as of 2024 [6] - Power transmission for power grids and power stations: The company ranks first among cable accessory manufacturers in China, with a market share of 10.6% as of 2024 [6] Financial Performance - The company's revenue for 2022, 2023, and 2024 was RMB 5.337 billion, RMB 5.719 billion, and RMB 6.920 billion, respectively, with corresponding net profits of RMB 660 million, RMB 758 million, and RMB 921 million, indicating a consistent growth in profitability [6]

Core Viewpoint - Shenzhen Wole Cable Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange's Growth Enterprise Market, with CITIC Construction Investment International and China Merchants Securities International as joint sponsors [1] Group 1: Company Overview - Wole Cable is a leading provider of high-speed data communication and alternative energy power transmission solutions, specializing in the manufacturing and sales of high-speed copper cables [3] - The company's products facilitate high-speed connections between functional modules in computing centers, enhancing data transmission efficiency while ensuring optimal energy consumption and reliability [3] - Wole Cable is recognized as the second largest high-speed copper cable manufacturer globally and the largest in China, holding a global market share of 24.9% as of 2024 [3] Group 2: Product Leadership - The company is a leader in heat shrink materials, with a global market share of 20.6% in 2024, and it has pioneered the industrialization of heat shrink materials in China, achieving a market share of 58.5% [3] - Wole Cable's electric power transmission products for electric vehicles provide high-performance electrical solutions, making it the largest manufacturer of DC charging guns in China with a market share of 41.7% [4] - The company also offers power transmission solutions for power grids and stations, ranking first among cable accessory manufacturers in China with a market share of 10.6% [4] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Wole Cable reported revenues of approximately 5.337 billion, 5.719 billion, and 6.920 billion RMB, respectively, with net profits of 660 million, 758 million, and 921 million RMB during the same periods [4]