Core Viewpoint - The enthusiasm of Qingdao enterprises for listing in Hong Kong has been increasing since 2025, with several companies, including Goer Micro, applying for listings, reflecting a strategic shift in capital operations and market response to regulatory changes [2][9]. Group 1: Company Overview - Goer Micro has submitted its initial public offering (IPO) application to the Hong Kong Stock Exchange after previously withdrawing its A-share IPO application due to market conditions and regulatory tightening [2][6]. - The company’s revenue showed a fluctuating upward trend, with reported revenues of 3.121 billion yuan, 3 billion yuan, and 3.266 billion yuan for the years 2022, 2023, and the first nine months of 2024, respectively [6]. - The sensor segment dominates Goer Micro's revenue structure, accounting for 77% of total revenue in the first nine months of 2024, with sensor revenue reaching 2.515 billion yuan [6][7]. Group 2: Strategic Decisions - The decision to list in Hong Kong is part of a strategic restructuring, allowing Goer Micro to focus on MEMS sensor devices while its parent company, Goer Group, concentrates on precision components and smart hardware [7][9]. - Goer Micro's reliance on external chip suppliers remains significant, with nearly 60% of its chip procurement coming from Infineon in 2022, although the proportion of self-developed chips in its MEMS products has increased from 22.5% in 2023 to 29.7% in 2024 [3][5]. - The Hong Kong Stock Exchange has introduced favorable policies, such as the "Science and Technology Enterprise Special Line," to facilitate listings for technology companies, enhancing Goer Micro's confidence in its IPO plans [9].

Core Viewpoint - The trend of A-share companies spinning off subsidiaries for listing in Hong Kong (referred to as "A拆H") is gaining momentum, driven by the cooling of the A-share IPO market and the warming of the Hong Kong market [1][2]. Group 1: Recent Developments - Weichai Power's subsidiary, Weichai Lovol, has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, following a previous unsuccessful attempt for an IPO on the Shenzhen Stock Exchange [1]. - Since the beginning of 2024, several A-share companies, including Zijin Mining, GoerTek, Noli Co., and Midea Group, have announced plans to spin off subsidiaries for listing in Hong Kong [1][2]. - As of the previous year, seven A-share companies have announced clear plans for spinning off subsidiaries to list on the Hong Kong main board [2]. Group 2: Financial Performance of Spin-off Candidates - GoerTek's subsidiary, Goer Micro, reported revenues of 3.348 billion yuan, 3.125 billion yuan, and 3.015 billion yuan from 2021 to 2023, with net profits of 329 million yuan, 326 million yuan, and 226 million yuan respectively [3]. - Midea Group's subsidiary, Ande Intelligent, achieved revenues of 14.189 billion yuan, 16.224 billion yuan, and 18.663 billion yuan from 2022 to 2024, with net profits of 215 million yuan, 288 million yuan, and 380 million yuan respectively [4]. - Zijin Mining's subsidiary, Zijin Gold International, reported revenues of approximately 1.818 billion USD, 2.262 billion USD, and 2.990 billion USD from 2022 to 2024, with net profits of approximately 290 million USD, 322 million USD, and 621 million USD respectively [4]. Group 3: Market Dynamics and Future Outlook - The trend of A拆H is seen as a combination of capital arbitrage and strategic adjustment, allowing parent companies to focus on core businesses and shed non-core assets [1][2]. - The Hong Kong market's recent relaxation of listing restrictions for unprofitable tech companies has opened financing channels for companies like GoerTek [1]. - Analysts suggest that if the A-share IPO market recovers, it may divert some demand from the Hong Kong market, but the unique advantages of the Hong Kong market will still attract high-growth tech and resource companies [6].