Core Viewpoint - Hongban Technology has successfully passed the IPO review process, with plans to raise 2.057 billion yuan for a high-precision circuit board project, despite concerns over its financial practices and governance structure [2][3]. Group 1: Company Overview - Hongban Technology, established in 2005, specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on the mid-to-high-end application market [3]. - The company has a significant market position in the HDI board segment, capable of mass-producing various interconnect HDI boards and IC substrates [3]. Group 2: Ownership Structure - The ownership structure of Hongban Technology is highly concentrated, with the controlling shareholder, Ye Senran, indirectly holding 95.12% of the shares, maintaining a dominant control even post-IPO [3]. - The Ye family is expected to retain a 71.34% ownership stake after the IPO, indicating a strong influence over company decisions [3]. Group 3: Financial Performance - The company reported revenues of approximately 2.205 billion yuan in 2022, increasing to 2.702 billion yuan in 2024, but experienced a 25% decline in net profit in 2023 [6]. - Despite the revenue growth, the net profit showed a "growth without profit" phenomenon, raising questions about operational efficiency [6]. - The company’s cash flow from operating activities decreased by 18.5% year-on-year, indicating potential liquidity issues [6]. Group 4: Dividend Policy - Hongban Technology distributed a total of 138 million yuan in dividends from 2022 to 2023, which accounted for 56% of its net profit during the same period [3]. - The increase in short-term borrowings from 226 million yuan at the end of 2023 to 379 million yuan at the end of 2024 raises concerns about the sustainability of its dividend policy [4]. Group 5: Research and Development - The company’s R&D expense ratio from 2022 to 2024 was 4.56%, 4.69%, and 4.63%, respectively, which is below the industry average [7]. - Despite claiming to produce advanced HDI boards, the low R&D investment raises questions about the validity of its technological claims [7].

Core Viewpoint - Jiangxi Hongban Technology Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the 66th company approved for listing this year [1]. Company Overview - Jiangxi Hongban Technology focuses on the research, production, and sales of printed circuit boards (PCBs), targeting the mid-to-high-end application market with products characterized by high precision, high density, and high reliability [1]. - The company is recognized for its significant revenue share from HDI boards and its capability to mass-produce various interconnected HDI boards and IC substrates [1]. IPO Details - The company plans to issue no more than 217,917,862 shares, which will account for at least 10% of the total share capital post-issue [2]. - The total fundraising target is approximately 2.056 billion yuan, aimed at financing a project to produce 1.2 million square meters of high-precision circuit boards annually [2][3]. Shareholding Structure - The actual controller of the company is Ye Senran, who indirectly controls 95.12% of the shares through Hong Kong Hongban and SameTime BVI [2].

Core Viewpoint - Hongban Technology is set to undergo an IPO review on October 31, 2025, focusing on its development, production, and sales of printed circuit boards (PCBs) across various applications, including consumer electronics and automotive electronics [2] Group 1: Company Overview - Hongban Technology was established in 2005 and has been dedicated to the research and development of high-end precision circuit board products since its inception [2] - The company is a wholly-owned subsidiary of Hong Kong Hongban, which is indirectly controlled by the actual controller, Ye Senran, who holds 95.12% of the voting rights [5] Group 2: Financial Performance - The company aims to raise approximately 2.057 billion yuan through its IPO, with funds allocated for a project to produce 1.2 million square meters of high-precision circuit boards annually [3] - Revenue figures for the years 2022 to 2025 (first half) are reported as approximately 2.205 billion yuan, 2.34 billion yuan, 2.702 billion yuan, and 1.71 billion yuan, respectively, with corresponding net profits of approximately 141 million yuan, 105 million yuan, 214 million yuan, and 240 million yuan [5] - The company has conducted cash dividends of 60 million yuan in 2022 and 78 million yuan in 2023, indicating strong operational performance [6] Group 3: R&D Expenditure - Hongban Technology's R&D expense ratios from 2022 to 2025 (first half) are reported as 4.56%, 4.69%, 4.63%, and 3.65%, which are below the industry average [3][4] - The company attributes the lower R&D expense ratio to differences in development stages, funding capabilities, and business focus strategies [3] Group 4: Asset and Liability Management - The company's asset-liability ratios for the respective periods are reported as 54.31%, 54.06%, 54.29%, and 54.62%, indicating a relatively high level of debt [6] - The fixed asset investment per unit capacity is reported at 1,734.35 yuan per square meter, significantly higher than comparable companies, raising questions about potential asset idleness or impairment [6][7]

Core Viewpoint - The Shanghai Stock Exchange will hold its 48th listing review meeting on October 31, 2025, to examine the initial public offering (IPO) of Jiangxi Hongban Technology Co., Ltd. (referred to as "Hongban Technology") [1] Group 1: IPO Details - Hongban Technology plans to issue no more than 217,917,862 shares, which will account for at least 10% of the total share capital after the issuance [1] - The company aims to raise 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards annually [1] - The underwriting institution for this IPO is Guolian Minsheng Securities Co., Ltd., with representatives Zeng Wenqiang and Tie Xiaodong [1] Group 2: Shareholding Structure - As of the end of the reporting period, the controlling shareholder of Hongban Technology is Hong Kong Hongban, which holds 95.12% of the company's shares [1] - The actual controller of the company is Ye Senran, who indirectly controls 95.12% of the shares through Same Time BVI, which is wholly owned by Hong Kong Hongban [1] - Ye Senran is a Hong Kong resident without any other permanent residency rights abroad [1]

Financial Performance - In Q1 2025, the company's operating revenue reached 341 million CNY, a year-on-year increase of 43.09% [2] - The net profit attributable to shareholders was 28 million CNY, reflecting a significant year-on-year growth of 313.78% [2] Strategic Initiatives - The company plans to enhance competitiveness through four key areas: smart manufacturing, product R&D, market development, and talent development [2] - Ongoing projects are gradually ramping up, with HDI products entering mass production to meet market demand [2] Future Development Strategy - The strategic goal is to become a benchmark enterprise in the global electronic circuit industry, focusing on high precision circuit boards [3] - The company aims to strengthen cooperation with top global enterprises and enhance product innovation, particularly in automotive electronics, consumer electronics, and communication electronics [3] - Plans to increase production capacity through ongoing investment projects and international expansion, particularly in Thailand [3] Shareholder Relations - As of now, the major shareholder has no plans for share reduction, and any future plans will comply with legal disclosure obligations [3] - The company is committed to improving information disclosure quality and investor relations management to enhance market recognition [2][3]