Group 1 - Cambridge Technology (06166) has successfully listed its shares at a price of HKD 68.88 per share, issuing a total of 67.01 million shares, resulting in a net proceeds of approximately HKD 4.48 billion [1] - The stock has seen a significant increase of 36.47%, trading at HKD 94 with a transaction volume of HKD 527 million [1] - The company primarily engages in the design, development, and sales of connectivity and data transmission devices, generating revenue mainly from broadband, wireless, and optical module technology products [1] Group 2 - Cambridge Technology is one of the few companies globally that offers a combination of broadband, wireless, and optical module technology products [1] - The company has a strong international presence, with overseas market revenue accounting for 82.9%, 89.3%, 92.6%, and 94.0% of total revenue during the past reporting periods [1] - The company has established a joint headquarters in the United States, with R&D centers in the U.S. and Japan, sales offices in the U.S. and Italy, and manufacturing bases in the U.S., Germany, and Malaysia [1] Group 3 - In the optical module product segment, Cambridge Technology's product portfolio includes interconnect speeds of 100G, 400G, 800G, and 1.6T, compatible with a wide range of industry-standard packaging formats [2] - The company is among the first globally to deploy 800G and 1.6T optical module products, showcasing its innovative capabilities [2] - Ongoing research in silicon photonic modules enables the company to achieve high transmission rates at low costs, which is crucial for supporting exponential growth in computing power [2] Group 4 - Cambridge Technology is advancing linear pluggable optical device (LPO) technology, which offers low power consumption, low latency, and high performance, making it ideal for artificial intelligence models and data centers [2] - The company is also developing immersion liquid cooling optical electronic devices to enhance server efficiency and thermal management [2]

Core Viewpoint - Cambridge Technology has passed the main board listing hearing of the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor [2] Group 1: Company Overview - As of 2024, Cambridge Technology ranks fifth in the global Optical and Wireless Connectivity Devices (OWCD) industry by sales revenue, holding a market share of 4.1% [2] - The company is primarily engaged in the design, development, and sales of connectivity and data transmission devices, covering broadband, wireless, and optical module technologies [2] Group 2: Technological Advancements - Cambridge Technology is one of the first companies globally to deploy 800G and 1.6T optical module products [2] - The company is actively involved in research and development of silicon photonic modules, Linear Pluggable Optical Devices (LPO), immersion liquid cooling optoelectronic devices, and Co-Packaged Optics (CPO) technology [2]

Core Viewpoint - Cambridge Technology has successfully completed its listing hearing on the Hong Kong Stock Exchange, with Guotai Junan International serving as its sole sponsor. The company is ranked fifth globally in the Optical and Wireless Connectivity Devices (OWCD) industry, with a market share of 4.1% as of 2024 [1]. Company Overview - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices, generating revenue mainly from broadband, wireless, and optical module technology products. It is one of the few companies globally that offers all three types of technology products [3]. - The company has established a joint headquarters in the United States and has overseas R&D centers in the U.S. and Japan, as well as sales offices in the U.S. and Italy. Manufacturing bases are located in the U.S., Germany, and Malaysia [3]. Product Portfolio - In the optical module segment, Cambridge Technology's product range includes interconnect speeds of 100G, 400G, 800G, and 1.6T, compatible with various industry-standard packaging formats. The company is among the first to deploy 800G and 1.6T optical module products [3]. - The company is advancing Linear Pluggable Optical Devices (LPO) technology, which offers low power consumption, low latency, and high performance, making it ideal for AI models and data centers. Additionally, it is developing immersion liquid cooling optical electronic devices to enhance server efficiency and thermal management [3]. Technological Innovations - Cambridge Technology is working on Co-Packaged Optics (CPO) technology, which integrates the optical engine and network into a single slot, significantly reducing signal transmission distance and latency, making it suitable for AI training and inference [4]. Financial Performance - For the six months ending June 30, the company's revenues for 2022, 2023, 2024, and 2025 are approximately 3.784 billion, 3.085 billion, 3.649 billion, and 2.034 billion RMB, respectively. The corresponding profits for the same periods are approximately 171 million, 95 million, 167 million, and 118 million RMB [4][5]. - The gross profit margins for the years show a slight fluctuation, with margins of 18.2%, 21.5%, 20.9%, and 21.8% for the respective years [5].

Core Viewpoint - The company has a comprehensive technological capability in the optical module field, focusing on silicon photonics technology for its 800G and 1.6T optical module products [1] Group 1: Technology and Product Development - The company is developing various technology routes, including silicon photonics, EML, and DML [1] - Current business focus is on silicon photonics-based CPO optical engines and the development of external integrated light sources (ELSFP) [1] - Research and development for 1.6T and 3.2T CPO integrated silicon photonic optical engines and high-power laser-based ELSFP has commenced, with products in the customer customization prototype stage [1] Group 2: Market Engagement and Events - The company showcased some experimental prototypes at the recent CIOE (China International Optoelectronic Expo) in Shenzhen [1] Group 3: Long-term Strategy and Industry Context - The company emphasizes the long-term nature of investments in emerging technologies like CPO, which will not have a direct impact on short-term performance [1] - There is a consensus in the industry that the transition from R&D to commercial application of CPO technology will require a significant amount of time and involves uncertainties [1]

Core Viewpoint - Cambridge Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor. The company is recognized as a global leader in providing efficient real-time connectivity solutions related to optical communication, broadband, and wireless technology, ranking fifth in the global Optical and Wireless Connectivity Devices (OWCD) industry by sales revenue in 2024 [1]. Company Overview - Cambridge Technology is a global leader in providing critical infrastructure components to support the development of artificial intelligence. Its sales revenue primarily comes from optical connection solutions, broadband solutions, and wireless technology solutions during the reporting period [3]. - The company is one of the first in the OWCD industry to develop 800G and 1.6T optical module products. As of April 18, 2025, its 800G optical module is recognized as the most advanced mass-produced optical module globally, while the 1.6T optical module is among the leading research products in the industry [3]. Technology and Innovation - The company has pioneered several important technologies, including silicon photonic modulation optical module technology, which enables the creation of high-integration, high-transmission-rate products at low cost and power consumption. Additionally, its proprietary Linear Pluggable Optical (LPO) technology leads the industry in low power consumption, low latency, low cost, and enhanced performance [3]. - The company is also developing packaging laser and silicon photonic engines for co-packaged optics technology, which aims to integrate networking and optical engines into a single slot, significantly reducing costs [3]. Market Opportunity and Competitive Landscape - The global sales revenue of the OWCD industry has increased from $32.4 billion in 2020 to $54.6 billion in 2024, with a compound annual growth rate (CAGR) of 13.9%. It is projected to reach $111.8 billion by 2029, with a CAGR of 15.4% from 2024 onwards. The recent explosive growth in artificial intelligence applications has led to increased demand for connectivity solutions that ensure fast, low-latency, and high-capacity data transmission [4]. Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, the company's revenues were approximately RMB 3.78 billion, RMB 3.09 billion, and RMB 3.65 billion, respectively. The net profits for the same periods were approximately RMB 171 million, RMB 95 million, and RMB 167 million [4][5]. - The company's gross profit margins for these years were 18.2%, 21.5%, and 20.9%, respectively, indicating a relatively stable profitability trend despite fluctuations in revenue [5]. International Market Exposure - A significant portion of the company's operations and revenue comes from international markets, with overseas revenue accounting for 82.9%, 89.3%, and 92.6% of total revenue for the years ending December 31, 2022, 2023, and 2024, respectively [5].