2025年10月22日，作为全球领先的无线通信模组提供商和端侧AI先行者，广和通正式于香港交易 所主板挂牌上市，成为国内首家实现"A+H"上市的无线通信模组企业。 广和通董事长张天瑜在致辞中表示："上市不是终点，而是新的起点。我们将以此次上市为契机， 继续深耕技术创新，巩固模组业务领先优势，加大端侧 AI 解决方案与机器人解决方案投入，深化全球 布局，为客户提供更优质的产品及服务，创造更大价值。在持续夯实'万物互联'根基的同时，我们已全 面开启向'万物AI'的战略升级。未来，广和通将致力于将AI深度融入每一个场景和每一台智能设备，真 正实现从连接万物到智联万物的伟大跃迁。" 登陆港交所主板是广和通全新的里程碑。面向更广阔的市场，广和通将进一步扩大全球份额，加强 与国际战略伙伴的合作，巩固领先的行业地位。聚焦于通信、AI、车联网三大业务的技术与产品创 新，广和通将积极推出更多满足各行业需求的产品与解决方案，成为全球首选的模组与端侧AI合作伙 伴。 责编：财经-李芳、李雪钦 上午9点30分，广和通董事长张天瑜和CEO应凌鹏共同敲锣。伴随洪亮的锣响，广和通成功登陆港 股，正式开始交易。上市仪式现场，各界重要嘉宾出席 ...

Core Viewpoint - Guanghetong officially listed on the Hong Kong Stock Exchange on October 22, becoming the first wireless communication module company in China to achieve "A+H" listing and the 12th "A+H" enterprise listed this year [1] Group 1: Company Overview - Guanghetong was established in 1999 and is a leading global provider of wireless communication modules, offering products such as data transmission modules, intelligent modules, and AI modules, along with customized solutions for downstream application scenarios [2] - According to Frost & Sullivan, Guanghetong ranks as the second-largest wireless communication module provider globally, holding a market share of 15.4% [2] Group 2: Financial Performance - On its first day of trading, Guanghetong's H-shares opened at HKD 21.5, closing down 11.72% at HKD 18.98, while its A-shares fell 7.89% to CNY 27.57, indicating a premium of approximately 59.09% for A-shares compared to H-shares [1] - The company raised approximately HKD 29.03 billion through the global offering of about 135 million H-shares, with a net amount of HKD 28.11 billion after deducting issuance costs [1] Group 3: Use of Proceeds - Approximately 55% of the net proceeds from the IPO is expected to be allocated for R&D, focusing on AI and robotics technology innovation and product development [3] - About 15% of the net proceeds is planned for the construction of manufacturing facilities in Shenzhen, China, aimed at producing module products and terminal products as part of the company's solutions [3] - Around 10% of the net proceeds is intended for strategic investments and/or acquisitions, targeting companies in wireless communication, AI, robotics, and other complementary fields to enhance technological capabilities and expand market share [3] Group 4: Market Context - In 2023, 12 A-share companies have listed in Hong Kong, with four companies raising over HKD 10 billion, including CATL and Hengrui Medicine [4] - Among the 12 listed companies, 9 have seen their stock prices rise above the issue price, with some companies like Chifeng Jilong Gold and CATL doubling their stock prices [4]

Core Viewpoint - The company Guanghetong (00638) is conducting an IPO from October 14 to October 17, with a share price range of HKD 19.88 to HKD 21.50, aiming to raise up to HKD 2.9 billion, and has seen significant oversubscription of 449 times [1][2]. Group 1: Company Overview - Guanghetong is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules [1]. - The company provides customized solutions based on its module products, including edge AI solutions and robotic solutions [1]. - Guanghetong has achieved breakthroughs in various wireless communication technologies, including the launch of one of the world's first 5G data transmission modules in collaboration with Intel in 2019 [1]. Group 2: Market Position - In the automotive electronics sector, Guanghetong holds the second-largest market share globally at 14.4%, with the market size projected to be RMB 11.7 billion in 2024 [2]. - In the smart home sector, Guanghetong leads with a market share of 36.6%, with the market size expected to reach RMB 6.6 billion in 2024 [2]. - In the consumer electronics sector, Guanghetong also ranks first with a market share of 75.9%, with the market size anticipated to be RMB 2.2 billion in 2024 [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is launching five new measures in 2024 to support mainland companies in listing in Hong Kong, including a 30-day fast-track approval process for A-share companies with a market capitalization exceeding 10 billion [1] Company Overview - Guanghetong, established in 1999 in Shenzhen, is a leading global provider of wireless communication modules and solutions, with a market share of 15.4% in 2024, making it the second-largest in the world [2][5] - The company offers a range of products including data transmission modules, smart modules, and AI modules, catering to various applications such as automotive electronics, smart homes, consumer electronics, and smart retail [2][3] Market Position - Guanghetong holds the largest market share in the smart home sector at 36.6% and in consumer electronics at 75.9%, while it ranks second in automotive electronics with a market share of 14.4% [3] Financial Performance - From 2022 to 2024, Guanghetong's revenue is projected to grow from 5.203 billion RMB to 6.971 billion RMB, reflecting a compound annual growth rate (CAGR) of over 14%. Net profit is expected to increase from 365 million RMB to 677 million RMB during the same period [5][6] - In the first half of 2025, the company reported a revenue of 3.707 billion RMB, a year-on-year decline of 9.02%, primarily due to the sale of its wireless vehicle-mounted business. Excluding this factor, the core business revenue grew by 23.49% [6] Revenue Breakdown - Guanghetong's overseas revenue accounts for approximately 60%, with Taiwan contributing 35.7% and the U.S. 10.9%. The company faces significant uncertainty due to potential geopolitical risks [8] Industry Outlook - The global IoT industry is experiencing rapid growth, with the number of IoT devices expected to reach 21.5 billion by 2025, a year-on-year increase of 14.4%. The integration of AI and IoT is anticipated to create new opportunities in the smart era [9] IPO Details - Guanghetong's IPO will issue 15% of its total shares, raising approximately 2.9 billion HKD at the upper end of the price range of 21.5 HKD per share. The company has secured cornerstone investments from 10 investors, accounting for 44.8% of the offering [12][10]

Core Viewpoint - Guanghetong (00638.HK) plans to globally offer approximately 135 million H-shares, with a pricing range of HKD 19.88 to HKD 21.50 per share, aiming to raise around HKD 2.689 billion for various strategic initiatives [1][3] Group 1: Share Offering Details - The company will offer about 13.51 million shares in Hong Kong and approximately 122 million shares internationally, with the subscription period from October 14 to October 17, 2025 [1] - The expected pricing date is October 20, 2025, and shares are anticipated to start trading on October 22, 2025 [1] Group 2: Company Overview - Guanghetong is a leading provider of wireless communication modules, with products including data transmission modules, smart modules, and AI modules [1] - The company is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from ongoing operations in 2024 [1] Group 3: Use of Proceeds - Approximately 55% of the net proceeds from the global offering will be allocated for R&D, focusing on AI and robotics technology innovation and product development [3] - About 15% is expected to be used for building manufacturing facilities in Shenzhen over the next five years [3] - The remaining proceeds will be allocated for repaying bank loans (10%), strategic investments or acquisitions (10%), and working capital or other general corporate purposes (10%) [3] Group 4: Cornerstone Investment - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares worth approximately HKD 1.253 billion, contingent on certain conditions [2] - If the share price is set at HKD 20.69, cornerstone investors will acquire around 60.57 million shares [2]

Core Viewpoint - Guanghe Tong (00638) is set to launch an IPO from October 14 to October 17, 2025, aiming to issue approximately 135 million H-shares at a price range of HKD 19.88 to HKD 21.5 per share, with trading expected to commence on October 22, 2025 [1] Company Overview - The company is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules, along with customized solutions for various applications [1] - According to Frost & Sullivan, the company holds a 15.4% global market share in the wireless communication module sector, making it the second-largest provider worldwide [1] Financial Performance - Revenue from continuing operations increased from RMB 5.203 billion in 2022 to RMB 5.652 billion in 2023, representing an 8.6% growth, and is projected to rise by 23.3% to RMB 6.971 billion in 2024 [2] - For the four months ending April 30, 2025, revenue rose by 21.2% to RMB 2.481 billion compared to the same period in 2024 [2] - Gross profit also saw an increase from RMB 1.066 billion in 2022 to RMB 1.187 billion in 2023, a growth of 11.4%, and is expected to reach RMB 1.267 billion in 2024, marking a 6.7% increase [2] Capital Utilization - Assuming an IPO price of HKD 20.69 per share, the company estimates a net proceeds of approximately HKD 2.689 billion from the global offering [3] - The allocation of proceeds is planned as follows: 55% for R&D, particularly in AI and robotics; 15% for building manufacturing facilities in Shenzhen; 10% for repaying bank loans; 10% for strategic investments or acquisitions; and 10% for working capital and general corporate purposes [3] Strategic Partnerships - The company has entered cornerstone investment agreements with several investors, including Qindao Gantong and Pacific Asset Management, agreeing to subscribe for shares amounting to approximately HKD 1.253 billion [2]

Core Viewpoint - Guanghe Tong (300638) is set to launch an IPO from October 14 to October 17, 2025, offering approximately 135 million H-shares at a price range of HKD 19.88 to HKD 21.5 per share, with trading expected to commence on October 22, 2025 [1] Group 1: Company Overview - The company is a leading provider of wireless communication modules, including data transmission modules, smart modules, and AI modules [1] - Guanghe Tong holds a 15.4% global market share in the wireless communication module sector, making it the second-largest provider worldwide according to Frost & Sullivan [1] Group 2: Financial Performance - Revenue from continuing operations increased from RMB 5.203 billion in 2022 to RMB 5.652 billion in 2023, representing an 8.6% growth, and is projected to rise by 23.3% to RMB 6.971 billion in 2024 [2] - Gross profit rose from RMB 1.066 billion in 2022 to RMB 1.187 billion in 2023, an increase of 11.4%, and is expected to grow by 6.7% to RMB 1.267 billion in 2024 [2] Group 3: IPO and Use of Proceeds - Assuming an offer price of HKD 20.69 per share, the company estimates net proceeds from the global offering to be approximately HKD 2.689 billion [3] - The allocation of proceeds includes approximately 55% for R&D, 15% for building manufacturing facilities in Shenzhen, 10% for repaying bank loans, 10% for strategic investments or acquisitions, and 10% for working capital and general corporate purposes [3] Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements with several investors, including Qindao Gantong, Pacific Asset Management, and China Pacific Insurance, with a total commitment of approximately HKD 1.253 billion [2]

Group 1 - The company, Guanghe Tong, plans to conduct an initial public offering (IPO) from October 14 to October 17, 2025, offering approximately 135 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, plus an over-allotment option of 15% [1] - The estimated share price range is HKD 19.88 to HKD 21.5, with trading expected to commence on October 22, 2025 [1] - Guanghe Tong is recognized as the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [1] Group 2 - The company's revenue from continuing operations increased from RMB 5.203 billion in 2022 to RMB 5.652 billion in 2023, representing an 8.6% growth, and is projected to rise by 23.3% to RMB 6.971 billion in 2024 [2] - Gross profit also saw an increase from RMB 1.066 billion in 2022 to RMB 1.187 billion in 2023, an 11.4% rise, and is expected to grow by 6.7% to RMB 1.267 billion in 2024 [2] - The company has secured cornerstone investment agreements with several investors, committing to purchase shares worth approximately HKD 12.53 billion at the offering price [2] Group 3 - Assuming a share price of HKD 20.69, the company estimates net proceeds from the global offering to be approximately HKD 2.689 billion [3] - About 55% of the proceeds is expected to be allocated for research and development, focusing on AI and robotics technology [3] - The company plans to allocate approximately 15% of the proceeds for building manufacturing facilities in Shenzhen, China, primarily for module production [3]

Core Viewpoint - Guanghetong Wireless Co., Ltd. is set to list on the Hong Kong Stock Exchange, having already been listed on the Shenzhen Stock Exchange, with CITIC Securities as its sole sponsor. The company is recognized as the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [1][4]. Group 1: Company Overview - Guanghetong specializes in wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its module products and understanding of downstream application scenarios [4]. - The company has achieved significant breakthroughs in wireless communication technology, including the launch of one of the world's first 5G data transmission modules in collaboration with Intel in 2019, and the first 5G data transmission module integrated with blockchain technology [4]. Group 2: Market Position - In the automotive electronics sector, Guanghetong ranks second globally with a market share of 14.4%. The market size for automotive electronics applications is projected to reach RMB 11.7 billion in 2024, accounting for 26.8% of the global wireless communication module market [4]. - In the smart home sector, Guanghetong holds the top position globally with a market share of 36.6%, with the market size expected to be RMB 6.6 billion in 2024, representing 15.1% of the global market [5]. - In the consumer electronics sector, Guanghetong also leads globally with a market share of 75.9%, with a projected market size of RMB 2.2 billion in 2024, making up 5.0% of the global market [5]. Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first four months of 2025 is approximately RMB 5.20 billion, RMB 5.65 billion, RMB 6.97 billion, and RMB 2.48 billion, respectively. Corresponding net profits are approximately RMB 365 million, RMB 565 million, RMB 677 million, and RMB 160 million [5][7]. - The gross profit margins for the years 2022, 2023, and 2024 are 20.5%, 21.0%, and 18.2%, respectively, indicating a slight decline in profitability [7].

Group 1 - The core products of the company include AI modules and edge AI solutions, as well as robotic products such as lawn mowing robots, mobile robot solutions, and the embodied intelligence robot development platform Fibot [1] - The company is exploring the integration of physical AI, which combines artificial intelligence with physics to enhance the understanding of the physical world, thereby driving advancements in robotics, autonomous driving, and high-end manufacturing [3] Group 2 - Investors have inquired about the company's offerings related to physical AI and whether it provides hardware components for robots or humanoid robots [3]