Core Viewpoint - Cambridge Technology's Hong Kong IPO application has been approved by the Hong Kong Stock Exchange, indicating a significant step for the company in expanding its market presence [1][2]. Group 1: Company Overview - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices, generating revenue through broadband, wireless, and optical module technology products [2][3]. - As of 2024, Cambridge Technology ranks fifth in the global integrated optical and wireless connectivity equipment industry, holding a market share of 4.1% [1][2]. Group 2: Financial Performance - The company's revenue has fluctuated in line with industry trends, experiencing a decline in 2023 due to an industry-wide destocking cycle and sluggish demand. However, revenue is projected to rebound to 3.65 billion yuan in 2024, driven by the release of deferred demand and strong sales [2]. - In the first half of this year, the company's revenue exceeded 2 billion yuan, reflecting a year-on-year growth of 15.48% [2]. Group 3: Market Presence - A significant portion of Cambridge Technology's revenue is derived from overseas markets, with international sales accounting for 82.9%, 89.3%, 92.6%, and 94% of total revenue from 2022 to 2024 and the first half of this year, respectively [3]. - The company has established a joint headquarters in the United States and has overseas R&D centers in the U.S. and Japan, as well as sales offices in the U.S. and Italy, and manufacturing bases in the U.S., Germany, and Malaysia [3]. Group 4: Future Outlook - Cambridge Technology plans to implement several overseas business strategies, including recruiting international talent, optimizing overseas production capacity, and expanding its overseas sales network [4].

Core Viewpoint - The financial advisor, Guotai Junan Securities Co., Ltd., has conducted a thorough review of the detailed equity change report for Shanghai PAI Neng Energy Technology Co., Ltd., confirming the authenticity and completeness of the disclosed information [1][6][24]. Summary by Sections Financial Advisor's Responsibilities - The financial advisor has fulfilled its due diligence obligations and believes there are no substantial discrepancies between its professional opinions and the information disclosed by the obligated party [2][6]. - The advisor emphasizes that its review does not constitute investment advice and that it bears no responsibility for any investment decisions made by investors based on its opinions [2][6]. Equity Change Details - The equity change involves a cash dividend distribution of 10.40 yuan per 10 shares and a capital reserve increase, resulting in a total share capital change to 245,359,249 shares [5][14]. - The controlling shareholder, Zhongxing New, increased its shareholding from 43,218,677 shares (24.61%) to 60,506,148 shares (24.66%) following the equity change [5][15]. Financial Performance of the Obligated Party - The obligated party, Zhongxing New, has shown a steady financial performance over the last three years, with total assets increasing from 19,432.46 million yuan to 22,496.42 million yuan [10]. - The net profit for the last three years was reported as 881.51 million yuan, 964.69 million yuan, and 790.44 million yuan, respectively [10]. Compliance and Governance - Zhongxing New has not faced any administrative or criminal penalties in the last five years, indicating a strong compliance record [11]. - The management team of Zhongxing New has not been involved in any significant legal disputes or penalties related to the securities market [11]. Future Plans and Independence - The obligated party does not plan to change the main business operations of Shanghai PAI Neng in the next 12 months and aims to maintain the company's independence [17][19]. - There are no plans for significant adjustments to the management team or the company's articles of association [18][19]. Related Transactions and Conflicts of Interest - The equity change will not introduce new competition, and Zhongxing New has committed to avoiding any conflicts of interest with Shanghai PAI Neng [19][20]. - Existing related transactions, such as property leasing and material sales, will continue to be conducted at market prices to ensure fairness [20]. Conclusion - The financial advisor concludes that the equity change complies with relevant laws and regulations, and the detailed equity change report is accurate and complete [24].