Core Insights - The company, Panjie Electronics Technology (Jiangsu) Co., Ltd., is seeking to go public on the Hong Kong Stock Exchange under the special technology company category, as indicated in its prospectus [1] - Customer F, a subsidiary of the company's shareholders, has become the largest customer, contributing over 20% of total revenue in the first half of the year [1][3] - The company acquired 100% of Juxun Semiconductor Technology (Shanghai) Co., Ltd. for over 100 million RMB in 2022 but recorded a goodwill impairment of 76.1 million RMB in 2023 [1][6][7] Financial Performance - Panjie Electronics reported revenues of 104 million RMB, 223 million RMB, 348 million RMB, and 157 million RMB for the years 2022 to 2024, respectively, with losses of 205 million RMB, 356 million RMB, 351 million RMB, and 143 million RMB during the same period [2] - The company has not yet achieved profitability, with significant losses reported throughout the reporting period [2] Distribution Model - The sales model consists of both distribution and direct sales, with a notable reduction in the number of distributors from 480 at the end of 2023 to 182 by the end of 2024 and 119 by mid-2025 [2][3] - In 2022 and 2023, the company saw 40 and 150 distributors exit its sales system, respectively, while new distributors added were 218 and 222 [2] Customer Concentration - Customer F has been the largest customer for both 2024 and the first half of 2025, contributing 25.2% and 22.9% of total revenue, respectively [3][5] - The trend indicates a shift towards a more concentrated customer base, with fewer distributors and a reliance on direct sales [3] Acquisition and Goodwill Impairment - The acquisition of Juxun Semiconductor involved multiple transactions totaling approximately 126 million RMB, with a significant portion attributed to goodwill [6][12] - The company fully impaired the goodwill recognized from the acquisition in 2023, citing poor business and financial performance of Juxun Semiconductor [7][8] Shareholder Dynamics - Prior to the acquisition, several transaction counterparts became indirect shareholders of Panjie Electronics, raising questions about the transaction's structure and motivations [8][9] - The company’s shareholder structure includes entities that were involved in the acquisition of Juxun Semiconductor, indicating potential conflicts of interest [11][12]

每经记者｜王琳 每经编辑｜文多 近日，车规级芯片公司琻捷电子科技（江苏）股份有限公司（以下简称琻捷电子）向港交所递交招股书（申请版本，下同），以上市规则第18C章项下特专 科技公司身份寻求上市。 记者注意到，在报告期内（2022年至2024年各年度与2025年上半年，下同），作为琻捷电子股东旗下附属公司的客户F，逐步成为琻捷电子第一大客户。今 年上半年，来自客户F的销售收入已占琻捷电子总收入的20%以上，而且是琻捷电子前五大客户中唯一一家直销商。 此外，琻捷电子在2022年以总价超1亿元收购了聚洵半导体科技（上海）有限公司（以下简称聚洵半导体）100%股权，转让方包括科隆股份 （300405.SZ）、张智才等。然而，琻捷电子到了2023年即对聚洵半导体计提了商誉减值准备7610万元。 值得一提的是，在上述股权交易正式完成前的2022年4月、9月，张智才等多名交易对手正式成为琻捷电子的间接股东。 另一方面，2021年入股聚洵半导体的科隆股份，在2022年通过转让上述股权产生收益2307万元。 值得一提的是，客户F是琻捷电子股东旗下附属公司。客户F在2024年和2025年上半年都是琻捷电子的第一大客户，为琻捷电子 ...

Group 1: Recent IPOs - Daoyuan Group, a diversified consulting and fintech solutions provider from Macau, successfully listed on NASDAQ, raising $6 million by issuing 1.5 million shares, with a market capitalization of $32.09 million [1] - Dahon Technology, a folding bicycle company from Shenzhen, successfully listed on the Hong Kong Stock Exchange, raising HKD 392 million by issuing 7.92 million shares, with a market capitalization of HKD 1.57 billion [2] Group 2: Companies Filing for IPO - Banjet Electronics, an automotive wireless sensor SoC company from Shanghai, filed for an IPO on the Hong Kong Stock Exchange, recognized as the third-largest globally and the largest in China in its sector [3] - Sige New Energy, a renewable energy solutions provider from Shanghai, refiled for an IPO on the Hong Kong Stock Exchange after a previous application expired, aiming to lead in distributed energy storage systems with a projected market share of 28.6% in 2024 [4] - Fokang Pharmaceutical, a biopharmaceutical company from Shanghai focused on breakthrough therapies for cancer and viral diseases, filed for an IPO on the Hong Kong Stock Exchange [5] - Shengwei Times, a city road passenger transport information service provider from Shanghai, refiled for an IPO on the Hong Kong Stock Exchange, aiming to enhance digital solutions in the transport sector [6] - Barentsz, a management and technology consulting firm from Hong Kong, submitted an IPO application to the SEC for a NASDAQ listing, planning to raise approximately $5 million [7] - EvoNexus, a mobile application developer from Hong Kong, filed for an IPO on NASDAQ, aiming to raise $8 million by issuing 2 million shares [8] Group 3: Upcoming IPOs - Hesai Technology, a lidar research and manufacturing company, is set to offer 2.55 million shares from September 8 to September 11, aiming to raise approximately HKD 4.16 billion, with a listing expected on September 16 [9] - Health 160, a digital healthcare service provider, plans to offer 33.6455 million shares from September 9 to September 12, targeting a maximum fundraising of HKD 500 million, with a listing expected on September 17 [10] - Jinfang Pharmaceutical, a biopharmaceutical company, will offer 77.6 million shares from September 11 to September 16, aiming to raise approximately HKD 1.582 billion, with a listing expected on September 19 [11] Group 4: Market Developments - NASDAQ submitted a proposal to the SEC to allow trading of tokenized securities, which would integrate traditional and blockchain finance, potentially implemented by Q3 2026 [12] - The upcoming Hong Kong Policy Address is expected to propose a phased reduction or elimination of stock stamp duty and reforms to the Growth Enterprise Market, aimed at enhancing market vitality [13]

Core Viewpoint - Panjie Electronics is positioning itself as a leading player in the automotive wireless sensor SoC market, with significant growth in revenue and product offerings, despite ongoing net losses due to heavy R&D investments and operational challenges [3][5][6]. Company Overview - Panjie Electronics has submitted its IPO prospectus to the Hong Kong Stock Exchange, focusing on innovative sensor chips, particularly in the automotive sector [3]. - The company is recognized as the third-largest automotive wireless sensor SoC company globally and the largest in China, with all top ten automotive OEMs in China adopting its products by 2024 [3][8]. Financial Performance - Revenue has shown a steady increase from 104 million RMB in 2022 to 348 million RMB in 2024, with a projected revenue of 157 million RMB in the first half of 2025 [5]. - Despite revenue growth, the company has not yet achieved profitability, reporting losses of 205 million RMB, 356 million RMB, and 351 million RMB from 2022 to 2024, with a narrowed adjusted net loss of 15.7 million RMB in the first half of 2025 [5][6]. Product Offerings - The automotive wireless sensor SoC contributes over 60% of the company's revenue, with projected income of 209 million RMB in 2024 [6]. - The smart tire sensor SoC is the highest revenue-generating product, achieving sales of 32.45 million units in 2024, a year-on-year increase of 160.74% [10]. - The BMS SoC has also shown significant growth, with sales of 1.407 million units in the first half of 2025, reflecting a 99% increase [11]. Market Position - The global market for automotive wireless sensor SoC is expected to reach approximately 2.9 billion RMB in 2024, with Panjie Electronics holding a market share of 7.3% [8]. - The company aims to expand its product line to include wireless BMS SoC, which is anticipated to grow significantly in the coming years, with revenue projections soaring from 100 million RMB in 2026 to 20.7 billion RMB by 2030 [11]. R&D and Future Plans - R&D expenses have increased from 77 million RMB in 2022 to 108 million RMB in 2024, with a slight decrease to 36 million RMB in the first half of 2025 due to team restructuring [6]. - The company is also exploring opportunities in the robotics sector, developing customized sensor SoCs for various applications [12]. Investment and Valuation - Panjie Electronics has completed eight rounds of financing, with notable investors including well-known venture capital firms and automotive industry players [12]. - The latest funding round in November 2024 valued the company at 3.635 billion RMB [13].