Core Viewpoint - He Lin Micro-Nano, a well-known company in the micro-nano manufacturing sector, has submitted its listing application to the Hong Kong Stock Exchange, highlighting its focus on MEMS components, semiconductor testing probes, and micro-drive systems [1][3]. Financial Performance - The company has experienced fluctuations in its financial performance, with revenues of 288 million RMB in 2022, 286 million RMB in 2023, 568 million RMB in 2024, and 439 million RMB in the first half of 2025. Net profits were 38 million RMB, -21 million RMB, -9 million RMB, and 31 million RMB respectively, indicating a return to profitability in the first half of 2025 [3][4]. - Research and development (R&D) expenditures have been consistently increased, with amounts of 54 million RMB, 72 million RMB, 57 million RMB, and 30 million RMB from 2022 to the first half of 2025 [3][4]. Product Contribution - The revenue structure is diversified, with MEMS components contributing 29.8%, semiconductor testing probes 32.8%, and micro-drive systems 30.7% of total revenue in the first half of 2025, along with 6.7% from other businesses [3][4]. Production Capacity - As of June 30, 2025, the company has a strong production capacity, with annual design capacities of approximately 2.32 billion MEMS components, 48 million semiconductor testing probes, and 14 million micro-drive systems [4][5]. R&D Team and Sales Performance - The company boasts a professional R&D team of 141 members as of June 30, 2025, contributing to technological innovation and product upgrades [5]. - In the first half of 2025, sales figures included 749 million MEMS components, 5.61 million semiconductor testing probes, and 7.75 million micro-drive systems, indicating strong market demand for its products [5].

Company Overview - The company has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International and CITIC Securities as joint sponsors [1] - The company specializes in MEMS micro-nano manufacturing components, semiconductor test probes, and micro drive systems, aiming to become a global leader in these fields [2] Market Position - As of 2024, the company ranks second in the global MEMS acoustic module micro-nano manufacturing components market and first in the domestic semiconductor final test probe market in China, with a global ranking of fourth [2] - It is the only leading enterprise in China that exports semiconductor final test probes overseas and the first in the country to achieve large-scale production of coaxial probes [2] Applications and Industry Expansion - The company's MEMS components are used in smartphones, AR/VR devices, and hearing aids, while semiconductor test probes are utilized for logic, storage, analog, power, and RF devices [2] - Micro drive systems are applied in household robots, and the company has successfully entered the core supply chains of leading consumer electronics and semiconductor firms through joint R&D with clients [2] - The business has expanded into AI, high-performance computing, robotics, and 5G sectors [2]

Core Viewpoint - He Lin Micro-Nano has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on its leading position in the micro-nano manufacturing sector [1][2]. Company Overview - He Lin Micro-Nano is a leading provider of micro-nano manufacturing solutions, offering a comprehensive product portfolio that includes MEMS micro-nano manufacturing components, semiconductor test probes, and micro drive systems [1]. - The company ranks second globally in revenue for MEMS acoustic module micro-nano manufacturing components and is the top domestic enterprise in China for semiconductor final test probes, ranking fourth among all global suppliers [1]. Product Applications - The MEMS micro-nano manufacturing components are integrated into devices such as smartphones, AR/VR headsets, medical hearing aids, and Bluetooth speakers, enabling voice capture, noise control, and pressure sensing functionalities [2]. - The semiconductor test probes developed by the company are essential consumables in the semiconductor packaging and testing processes, supporting devices used in 5G smartphones, AI/data center computing, networking equipment, and automotive electronics [2]. - The micro drive systems are compact drive systems for household robots, designed to meet demands for low noise operation, durability, and precise motion control [2]. Financial Performance - He Lin Micro-Nano has experienced strong revenue growth over the past few years, with revenues of RMB 288 million in 2022, projected revenues of RMB 569 million in 2024, and revenues of RMB 440 million in the first half of 2025 [2].

Core Viewpoint - Suzhou UIGreen Micro & Nano Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange to raise funds for the development of next-generation products, focusing on advanced semiconductor AI chips, flexible probe technology, and GPU thermal management solutions [3]. Group 1: Company Overview - The company is a leading provider of micro-nano manufacturing solutions, offering a comprehensive product portfolio that includes MEMS micro-nano manufacturing components, semiconductor test probes, and micro drive systems [3]. - Since entering the micro-nano manufacturing industry in 2008, the company aims to become a global leader and has established a leading position in China's MEMS micro-nano manufacturing market by 2017 [3]. - According to Frost & Sullivan data, the company ranks second globally in revenue for MEMS acoustic module micro-nano manufacturing components in 2024, first among domestic companies in China for semiconductor final test probes, and fourth globally among all suppliers [3]. Group 2: Product Applications - The company's MEMS micro-nano manufacturing components are integrated into smartphones, AR/VR headsets, medical hearing aids, and Bluetooth speakers, enabling voice capture, noise control, and pressure sensing functions [4]. - Semiconductor test probes are critical consumables in semiconductor packaging and testing, supporting logic, storage, analog, power, and RF devices, which are essential for 5G smartphones, AI/data center computing, networking equipment, and automotive electronics [4]. - The micro drive systems are compact solutions for home robots, designed to meet low noise operation, durability, and precise motion control requirements [4]. Group 3: Research and Development Focus - The company is developing ultra-hard conductive materials for probe tips, aiming for a Vickers hardness of no less than 850HV and a contact resistance of no more than 5mΩ [5]. - The micro-probe structure features a suspended dual-contact architecture compatible with a minimum pitch of 20μm, achieving a single-point test lifespan of up to 500,000 touches [5]. - The company is also working on high-frequency signal integrity optimization, flexible probe structures, and advanced cooling solutions for high-density GPU clusters, targeting significant reductions in cooling power consumption [5]. Group 4: Financial Performance - The company has demonstrated strong growth, with revenue increasing from RMB 287.5 million in 2022 to RMB 567.9 million in 2024, and further growth from RMB 229.2 million for the six months ending June 30, 2024, to RMB 438.9 million for the six months ending June 30, 2025 [6].