Core Viewpoint - The next major company to complete the "A+H" dual-platform layout after CATL and Hengrui Medicine is expected to be Unisplendour Corporation Limited, which is planning to list in Hong Kong [1] Group 1: Company Overview - Unisplendour, formerly known as Tsinghua Unisplendour, was listed on the Shenzhen Stock Exchange in November 1999 and is a leading provider of digital and AI solutions, offering a full-stack intelligent ICT infrastructure [1] - According to Frost & Sullivan, Unisplendour ranks third in China's digital infrastructure market and second in both the networking and computing/storage infrastructure markets as of 2024 [1] Group 2: Financial Performance - Unisplendour's revenue has shown growth from 737.52 billion yuan in 2022 to an expected 790.24 billion yuan in 2024, but net profit has declined from 21.58 billion yuan to 15.72 billion yuan during the same period [3] - The company's gross margin has decreased from 19.8% in 2022 to 16% in 2024, with significant declines in various business segments [4] Group 3: Debt and Financing - The company aims to deepen its global strategy and enhance its international brand image through its planned secondary listing in Hong Kong, as it faces increasing debt pressure [5] - Unisplendour's total liabilities rose from 362.4 billion yuan in 2022 to 727 billion yuan in 2024, with a capital debt ratio increasing from 15.9% to 132% [6] Group 4: Market Strategy - The company plans to use the funds raised from the IPO for R&D in high-performance computing centers, cloud and AI solutions, strategic investments, acquisitions, and general operational expenses [1] - Unisplendour's international business, particularly through its subsidiary H3C, has shown promising growth, with international revenue increasing significantly in recent quarters [5]