Core Viewpoint - Haiwei Co., Ltd. (09609) has listed its shares at a price of HKD 14.28, issuing 35.456 million shares, with net proceeds of approximately HKD 452 million. As of the report, the stock has dropped by 5.46% to HKD 13.5, with a trading volume of HKD 103 million [1] Company Overview - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, with a market share of 10.9% in capacitor base film revenue as of 2024 [1] - The company's capacitor film products include capacitor base films and metallized films, which are key components of film capacitors used in various applications such as electric vehicles, renewable energy power systems, industrial equipment, and household appliances [1] Production Capabilities - Haiwei Electronics is the only company with the capability to independently design and develop capacitor base film production lines, with five production lines that are all self-designed and assembled [1] - The delivery time for the company's self-designed production lines is approximately 8 months, significantly shorter than the industry average of 3-5 years for imported production lines [1] - The investment cost for a single production line is about 120 million yuan, which is considerably lower than the domestic industry average [1] - The company can flexibly adjust production line parameters to offer products with thicknesses ranging from 2.7 micrometers to 13.8 micrometers, catering to various end-use applications [1]

Group 1 - The company, Haiwei Co., plans to conduct an initial public offering (IPO) from November 20 to November 25, 2025, offering 30.8314 million H-shares at a price of HKD 14.28 per share, with 10% allocated for Hong Kong and 90% for international sales [1] - According to Zhi Shi Consulting, the company is the second-largest capacitor film manufacturer in China by sales volume of capacitor base films in 2024, holding a market share of 10.9% [1] - The company's revenue for 2022 and 2023 was RMB 327 million and RMB 330 million, respectively, with a projected growth of 28.0% to RMB 422 million in 2024 [1] Group 2 - The company has entered into a cornerstone investment agreement with Huixing Lihai, which has agreed to purchase shares worth approximately HKD 218 million at the offering price [2] - The estimated net proceeds from the global offering are approximately HKD 388.9 million, with 82.0% expected to be used for capacity expansion, 5.0% for enhancing R&D capabilities, 3.0% for sales and marketing activities, and 10.0% for working capital and other general corporate purposes [2]

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. is preparing for an overseas listing on the Hong Kong Stock Exchange, having submitted its prospectus and received a registration notice from the China Securities Regulatory Commission for the issuance of up to 47,423,000 shares [1][3]. Group 1: Company Overview - Hebei Haiwei was established in September 2006 and has a registered capital of approximately RMB 120 million [5]. - The company is primarily engaged in the production of capacitor film products, including capacitor base films and metallized films, with applications in electric vehicles, new energy power systems, industrial equipment, and household appliances [3][5]. Group 2: Market Position and Growth - As of 2024, Hebei Haiwei is the second-largest manufacturer of capacitor films in China, with the capacitor base film market expected to grow at a compound annual growth rate (CAGR) of 19.7% from 46,200 tons in 2019 to 113,400 tons in 2024, and projected to reach 224,100 tons by 2029 [3]. - The company's revenue has shown an upward trend, with figures of approximately RMB 327 million in 2022, RMB 329 million in 2023, and an expected RMB 422 million in 2024 [5]. Group 3: Financial Performance - Revenue for 2022, 2023, 2024, and the first five months of 2025 was approximately RMB 327 million, RMB 330 million, RMB 422 million, and RMB 157 million, respectively, indicating a compound annual growth rate of 13.55% from 2022 to 2024 [3][4]. - Net profit figures were approximately RMB 102 million in 2022, RMB 69.8 million in 2023, RMB 86.4 million in 2024, and RMB 31.4 million in the first half of 2025, reflecting significant fluctuations in profitability [4]. Group 4: Challenges and Factors Affecting Performance - The decline in net profit in 2023 was attributed to increased raw material costs, expected credit losses, and rising administrative expenses due to employee benefits [4]. - The decrease in revenue in the first half of 2025 was primarily due to a significant drop in sales of metallized films, which saw a 40.83% decline compared to the same period in 2024 [4]. Group 5: Shareholding Structure and Financing - Major shareholders include Song Wenlan, who holds 49.32% directly, and other entities such as Haiwei Financial and Changrui Consulting, with a combined holding of 77.12% prior to the listing [7]. - In 2023, the company secured approximately RMB 290 million in financing from various investors, including BYD and other funds [6].