Core Viewpoint - Sanhua Intelligent Control officially listed on the Hong Kong Stock Exchange on June 23, with a share price of HKD 22.53, raising a net amount of HKD 9.177 billion through its IPO. The company experienced a subscription rate of 747.92 times during the public offering phase, indicating strong market interest [1]. Group 1: Company Overview - Sanhua Intelligent Control is the largest manufacturer of refrigeration and air conditioning control components globally, holding a market share of 45.5% as of last year [1]. - The company has become a core supplier for major automotive manufacturers such as Tesla and BYD, with a market share of approximately 4.1% in the global automotive thermal management system components sector, ranking fifth worldwide [1]. Group 2: Financial Performance - In 2024, Sanhua Intelligent Control achieved a revenue of CNY 27.95 billion, representing a year-on-year growth of 13.8%. Revenue from China accounted for 55.3%, while North America contributed 25.4% [2]. Group 3: Use of IPO Proceeds - Approximately 30% of the net proceeds from the IPO will be allocated to ongoing global research and development and innovation of product portfolios, another 30% for expanding and constructing new factories in China to enhance production automation, 25% for deepening global layout through expanding overseas capacity, 5% for strengthening digital intelligence infrastructure, and 10% for working capital and general corporate purposes [2]. - The company plans to invest 10% of the IPO proceeds in the research and development of bionic robots and related technologies, aiming to hire around 200 R&D talents by 2028 [3]. Group 4: Market Position and Future Plans - Sanhua Intelligent Control's global offering consisted of approximately 414 million shares, with 26.5% allocated for public offering in Hong Kong and 73.5% for international offering [4]. - The company aims to leverage its listing in Hong Kong as a platform for global expansion and to meet investor expectations by continuously creating customer value and adhering to innovation [4].