Core Viewpoint - Jinpan Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its internationalization strategy and enhance its global business expansion [4]. Group 1: Company Announcement - On January 27, Jinpan Technology announced the initiation of preparations for issuing H-shares and listing on the Hong Kong Stock Exchange, with a board resolution authorizing management to proceed within 12 months [4]. - As of January 27, the company's stock price was 97.37 yuan per share, with a total market capitalization of 44.77 billion yuan [1]. Group 2: Financial Performance - For the first three quarters of 2025, Jinpan Technology reported a main business revenue of 5.155 billion yuan, with foreign sales contributing 1.590 billion yuan, accounting for 30.85% of total revenue [4]. - The company has established business relationships with international firms such as General Electric, Siemens, and Vestas [4]. Group 3: International Expansion - Jinpan Technology's overseas operations include countries like Mexico, Poland, and Malaysia, with plans to expand production capacity in the U.S. and Malaysia by 2025 [4]. - As of June 30, 2025, the company's monetary assets in foreign currencies, primarily in U.S. dollars, amounted to approximately 50.34 million USD, equivalent to about 360 million yuan [4]. Group 4: Product Development and Market Position - Jinpan Technology is a primary supplier for NVIDIA and is working on solid-state transformer (SST) products, with a prototype for a 10kV/2.4MW SST designed for HVDC applications completed in August 2025 [6]. - The company anticipates completing testing and certification for the SST prototype by the fourth quarter of 2025, aligning with the trend of data centers moving towards high-voltage direct current (HVDC) architectures [6]. Group 5: Stock Performance - From August 1, 2025, to January 27, 2026, Jinpan Technology's stock price increased by 156.91%, significantly outperforming its sector, which saw a 40.01% increase during the same period [7].