Core Viewpoint - The Hong Kong stock market is becoming an important platform for mainland companies to expand financing channels and enhance internationalization, with a significant increase in IPO activities and foreign investment interest [1][4]. Group 1: Market Activity - As of October 21, 11 A-share listed companies have successfully listed on the Hong Kong stock market, with 78 more in the queue for approval, indicating a strong trend towards the "A+H" dual-platform strategy [1]. - Cambridge Technology (603083) is set to list on October 28, attracting a cornerstone investment of $290 million from 16 global investment institutions, accounting for 48.89% of the total shares issued [1][2]. Group 2: Investment Trends - There is a noticeable increase in foreign investment enthusiasm for Chinese assets, with long-term funds from Europe and the U.S., as well as sovereign funds from the Middle East, actively participating in cornerstone investments and IPOs in Hong Kong [1][3]. - The cornerstone investment trend is not limited to Cambridge Technology; other companies like Zijin Mining and Mixue Ice City have also attracted significant investments, highlighting the growing interest from top-tier institutions in quality Hong Kong IPO projects [3]. Group 3: Company Performance - Cambridge Technology has shown steady revenue growth over the past three years, with projected revenue of approximately 2.034 billion yuan for the first half of 2025, reflecting a year-on-year increase of about 24% [2]. - The company maintains a gross profit margin above 20%, indicating strong growth potential [2]. Group 4: Industry Outlook - The ongoing optimization of regulatory policies, active southbound capital flows, and the acceleration of quality enterprises listing in Hong Kong are expected to sustain the vibrancy of the IPO market [4]. - The continuous entry of capital giants is transforming the Hong Kong market from a fundraising platform to a value discovery hub, fostering a more internationalized and market-oriented capital ecosystem [4].

Core Viewpoint - Cambridge Technology Co., Ltd. (剑桥科技) has submitted an application for A+H listing on the Hong Kong Stock Exchange, aiming to leverage dual listing for fundraising and international business expansion [2] Group 1: Company Overview - Founded in March 2006, Cambridge Technology specializes in the R&D, production, and sales of terminal equipment for telecommunications, data communications, enterprise and home networks, as well as high-speed optical module products [2] - The company ranks fifth globally in the comprehensive OWCD industry with a sales revenue of $502 million, capturing a market share of 4.1% [5] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 3.784 billion yuan, 3.085 billion yuan, and 3.650 billion yuan, reflecting year-on-year growth rates of 29.66%, -18.46%, and 18.31% respectively [5] - Net profit attributable to shareholders for the same years was 171 million yuan, 95.018 million yuan, and 167 million yuan, with growth rates of 154.93%, -44.59%, and 75.42% respectively [5] - The gross profit margins for these years were 18.2%, 21.5%, and 20.9% [5] Group 3: Business Segments - Revenue contributions from business segments showed that broadband solutions accounted for 54.5%, 59.2%, and 55.7% of total revenue, while wireless solutions contributed 27.9%, 23.3%, and 28.8% [7] - The company’s solutions are primarily marketed and sold in overseas markets, with revenue contributions from international sales being 82.9%, 89.3%, and 92.6% during the reporting period [7] Group 4: R&D and Cost Management - R&D expenses for the years were 270 million yuan, 276 million yuan, and 320 million yuan, representing 7.1%, 8.9%, and 8.8% of revenue [8] - The company has seen an improvement in its debt repayment capacity, with the asset-liability ratio decreasing from 65.6% to 50.4% over the reporting period [8] Group 5: Market Trends and Future Outlook - The global sales revenue of the comprehensive OWCD industry is projected to grow from $7.1 billion in 2020 to $12.4 billion in 2024, with a compound annual growth rate of 15.0% [2] - The company is actively developing new products, including 400G and 800G optical modules, with mass production expected to meet customer demand by 2025 [9]