Core Viewpoint - Huadian Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion and accelerate internationalization [1] Group 1: Company Developments - The IPO marks a significant step in the maturity of the company's global supply chain delivery system [1] - The Thailand facility has entered mass production in Q2 2025 and has received customer recognition [1] - The company is focusing on high-end capacity expansion and cutting-edge technology research and development, such as CoWoP [1] Group 2: Market Position and Demand - Huadian is a global leader in the PCB field for data centers and switches [1] - There is strong demand for PCBs related to high-speed network switches, AI servers, and HPC [1] - The company has integrated multiple North American major clients into its supply chain [1] Group 3: Investment Outlook - The ongoing progress in domestic and overseas capacity expansion is promising [1] - The company maintains a "buy" rating based on its growth prospects and market position [1]