Core Viewpoint - Shanghai Hehui Optoelectronics Co., Ltd. is undergoing a listing hearing on the Hong Kong Stock Exchange, focusing on the development, production, and sales of high-resolution AMOLED semiconductor display panels [2][3]. Financial Performance - The company reported revenues of approximately 4.191 billion RMB, 3.038 billion RMB, 4.958 billion RMB, and 4.002 billion RMB for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [4][5]. - The net losses for the same periods were approximately 1.602 billion RMB, 3.244 billion RMB, 2.518 billion RMB, and 1.370 billion RMB [4][5]. Production Capacity and Product Focus - Hehui Optoelectronics operates two modern AMOLED production lines: the 4.5-generation line focuses on smart wearables and smartphones, while the 6th-generation line targets tablets, laptops, automotive displays, and smartphones [3]. - The company plans to develop 33 to 44 new AMOLED semiconductor display products, enhancing production capabilities for flexible panels and touch panel arrays [6]. Strategic Goals - The listing aims to accelerate the company's international strategy and overseas business expansion, enhance foreign financing capabilities, and broaden financing channels [7]. - The net proceeds from the listing will be allocated to upgrading the 6th-generation AMOLED production line and developing new AMOLED display products [6][7].

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對 本聆訊後資料集的內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示 概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Everdisplay Optronics (Shanghai) Co., Ltd. 上海和輝光電股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資 者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章 ...

Group 1 - On January 29, Hehui Optoelectronics experienced a decline of 1.09% with a transaction volume of 255 million yuan [1] - The financing data for Hehui Optoelectronics on the same day showed a financing purchase amount of 20.87 million yuan and a net financing purchase of 1.34 million yuan, with a total financing and securities balance of 550 million yuan [1] - The current financing balance of Hehui Optoelectronics is 541 million yuan, accounting for 3.47% of its circulating market value, which is above the 80th percentile level over the past year [1] Group 2 - As of September 30, Hehui Optoelectronics had 116,000 shareholders, a decrease of 0.61% from the previous period, while the average circulating shares per person increased by 0.61% to 49,579 shares [2] - For the period from January to September 2025, Hehui Optoelectronics reported a revenue of 4 billion yuan, representing a year-on-year growth of 8.25%, while the net profit attributable to shareholders was -1.37 billion yuan, an increase of 22.28% year-on-year [2] - Among the top ten circulating shareholders, E Fund's Science and Technology Innovation Board 50 ETF held 200 million shares, a decrease of 29.12 million shares compared to the previous period [2]

Core Viewpoint - The company Hehui Optoelectronics has shown significant trading activity and financial performance, with a focus on AMOLED semiconductor display panels, indicating potential investment interest and market positioning [1][2]. Group 1: Trading Activity - On January 9, Hehui Optoelectronics' stock rose by 1.10%, with a trading volume of 240 million yuan [1]. - The financing buy-in amount on the same day was 28.93 million yuan, while the financing repayment was 19.90 million yuan, resulting in a net financing buy of 9.03 million yuan [1]. - As of January 9, the total financing and securities lending balance was 538 million yuan, with the financing balance accounting for 3.35% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Securities Lending - On January 9, Hehui Optoelectronics repaid 146,400 shares in securities lending and sold 75,400 shares, with a selling amount of 207,300 yuan based on the closing price [1]. - The securities lending balance was 8.86 million yuan, with a remaining quantity of 3.22 million shares, which is at a high level compared to the past year [1]. Group 3: Financial Performance - As of September 30, the number of shareholders for Hehui Optoelectronics was 116,000, a decrease of 0.61% from the previous period [2]. - For the period from January to September 2025, the company achieved an operating income of 4 billion yuan, representing a year-on-year growth of 8.25% [2]. - The net profit attributable to the parent company was -1.37 billion yuan, showing a year-on-year increase of 22.28% [2]. Group 4: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included E Fund's SSE Sci-Tech Innovation Board 50 ETF, holding 200 million shares, a decrease of 29.12 million shares from the previous period [2]. - The fourth largest shareholder, Huaxia's SSE Sci-Tech Innovation Board 50 Component ETF, held 195 million shares, down by 98.93 million shares [2]. - Hong Kong Central Clearing Limited was the fifth largest shareholder with 151 million shares, an increase of 22.61 million shares [2].

Company Overview - Hehui Optoelectronics, established on October 29, 2012, focuses on the research, production, and sales of small and medium-sized AMOLED semiconductor display panels, with 97.16% of its revenue derived from this segment [1] - The company was listed on May 28, 2021, and currently has a market capitalization of 36.871 billion yuan [1] Stock Performance - As of December 31, Hehui Optoelectronics' stock price increased by 1.14% to 2.67 yuan per share, with a trading volume of 90.8474 million yuan and a turnover rate of 0.60% [1] Shareholder Information - ICBC Credit Suisse Fund has a presence among the top ten circulating shareholders of Hehui Optoelectronics, with the Science and Technology Innovation ETF (588050) reducing its holdings by 10.1242 million shares to 31.8988 million shares, representing 0.55% of the circulating shares [2] - The Science and Technology Innovation ETF has achieved a year-to-date return of 37.45% and a one-year return of 33.18%, ranking 1250 out of 4189 and 1338 out of 4188 respectively [2] Fund Management - The fund manager of the Science and Technology Innovation ETF is Zhao Xu, who has a tenure of 14 years and 79 days, managing a total fund size of 67.118 billion yuan [3] - During his tenure, the best fund return achieved was 216.92%, while the worst return was -84.87% [3]

Core Viewpoint - Hehui Optoelectronics has made significant progress in its H-share listing application, which was recently accepted by the China Securities Regulatory Commission, and the company has submitted its application to the Hong Kong Stock Exchange for a mainboard listing, with CICC as the sole sponsor [1] Group 1: Financial Performance - Hehui Optoelectronics has reported continuous losses since its A-share listing in 2021, with a cumulative loss exceeding 135 billion yuan since 2017, including a total loss of 96.79 billion yuan from 2021 to the third quarter of 2025 [2][4] - The company's stock price has declined significantly since its peak on the first day of trading at 5.14 yuan per share, with the latest price nearly halving [2] Group 2: Industry Comparison - Compared to industry leaders BOE Technology Group and TCL Technology, which have reported cumulative profits of 638 billion yuan and 302 billion yuan respectively since 2017, Hehui Optoelectronics has struggled to achieve profitability [4] Group 3: Production Challenges - The sixth-generation AMOLED production line expansion project has faced multiple delays, with the completion date pushed from the end of 2023 to September 2026, impacting the company's ability to increase production capacity from 30K/month to 45K/month [6] - The project has a total investment of 6.5 billion yuan, with only part of the capacity having been realized so far, leading to negative overall gross margins and a competitive disadvantage in the high-end AMOLED market [6] Group 4: Human Resources and Shareholder Actions - The company has experienced the departure of key technical personnel, including two core members in 2025, which raises concerns about its operational capabilities [7] - Significant share reductions have occurred, with major shareholders and executives selling off shares, including a notable reduction by the Shanghai Integrated Circuit Industry Investment Fund, which sold 199 million shares, representing 1.45% of the total shares [7]

Group 1 - The core viewpoint of the news is that Hehui Optoelectronics is experiencing significant trading activity, with notable financing and margin trading figures indicating a high level of investor interest [1][2] Group 2 - As of December 9, Hehui Optoelectronics' financing buy amount was 7.35 million yuan, while the financing repayment was 8.14 million yuan, resulting in a net financing buy of -0.79 million yuan [1] - The total financing and margin trading balance for Hehui Optoelectronics reached 554 million yuan, with the financing balance accounting for 3.57% of the circulating market value, indicating a high level compared to the past year [1] - On the same day, the company had a margin repayment of 23,900 shares and a margin sell of 455,200 shares, with the sell amount calculated at 1.21 million yuan [1] - The company specializes in the research, production, and sales of small and medium-sized AMOLED semiconductor display panels, with 97.16% of its revenue coming from this core business [1] Group 3 - As of September 30, the number of shareholders for Hehui Optoelectronics was 116,000, a decrease of 0.61% from the previous period [2] - The company achieved an operating revenue of 4 billion yuan from January to September 2025, reflecting a year-on-year growth of 8.25% [2] - The net profit attributable to the parent company was -1.37 billion yuan, showing a year-on-year increase of 22.28% [2] - Among the top ten circulating shareholders, E Fund's Science and Technology Innovation Board 50 ETF held 200 million shares, a decrease of 29.12 million shares compared to the previous period [2] - The Hong Kong Central Clearing Limited increased its holdings to 151 million shares, an increase of 22.61 million shares [2]

Group 1 - The core point of the news is that Hehui Optoelectronics experienced a decline in stock price and significant changes in financing and margin trading activities on November 21, with a net financing outflow of 4.83 million yuan [1] - As of November 21, the total balance of margin trading for Hehui Optoelectronics was 553 million yuan, with a financing balance of 544 million yuan, accounting for 3.63% of the circulating market value, indicating a high level compared to the past year [1] - The company specializes in the research, production, and sales of small and medium-sized AMOLED semiconductor display panels, with 97.16% of its revenue coming from this core business [1] Group 2 - As of September 30, Hehui Optoelectronics reported a revenue of 4 billion yuan for the first nine months of 2025, representing a year-on-year growth of 8.25%, while the net profit attributable to shareholders was -1.37 billion yuan, showing a year-on-year increase of 22.28% [2] - The number of shareholders decreased by 0.61% to 116,000, while the average circulating shares per person increased by 0.61% to 49,579 shares [2] - Major institutional shareholders have reduced their holdings, with notable decreases from E Fund and Huaxia ETFs, while Hong Kong Central Clearing Limited increased its holdings by 22.61 million shares [2]

Core Points - Ms. Hao Haiyan, a core technical staff member of the company, has resigned for personal reasons, and her departure will not impact the company's core technology integrity or operational performance [1][7] - The company has appointed Mr. Zhu Qifeng and Mr. Ma Shaodong as new core technical personnel based on their qualifications and contributions [1][4] Details of Departure - Ms. Hao Haiyan, born in 1972, holds a PhD in electronics and has held various positions in academia and industry before joining the company in 2018 [1][6] - During her tenure, all patents she participated in were company-owned and there are no disputes regarding her inventions [2] Confidentiality and Future Restrictions - Ms. Hao Haiyan has signed a confidentiality agreement and a commitment letter, ensuring she will not disclose any confidential information or work for competing entities for two years post-departure [3][4] Impact on the Company - The company has a robust core technology system and a well-structured technical team, with 1,305 technical staff, of which 350 hold master's degrees or higher [7][8] - The stability of the technical team and the appointment of new core personnel ensure that the company's core competitiveness and innovation capabilities remain intact [7][8] Measures Taken - The company has confirmed that the transition of responsibilities has been completed smoothly, and the technical team is well-prepared for future developments [8]

Group 1 - The core point of the news is that Hehui Optoelectronics experienced a stock price increase of 5.64%, reaching 2.81 CNY per share, with a trading volume of 170 million CNY and a turnover rate of 1.09%, resulting in a total market capitalization of 38.805 billion CNY [1] - Hehui Optoelectronics, established on October 29, 2012, focuses on the research, production, and sales of small to medium-sized AMOLED semiconductor display panels, with 97.16% of its revenue coming from this segment and 2.84% from other sources [1] Group 2 - The top circulating shareholder of Hehui Optoelectronics includes a fund under ICBC Credit Suisse, which reduced its holdings in the Sci-Tech Innovation ETF (588050) by 10.1242 million shares in the third quarter, now holding 31.8988 million shares, representing 0.55% of the circulating shares [2] - The Sci-Tech Innovation ETF (588050) was established on September 28, 2020, with a latest scale of 12.298 billion CNY, achieving a year-to-date return of 44.92% and a one-year return of 43.56% [2]