Core Viewpoint - Jiangbolong Electronics Co., Ltd. is a leading independent semiconductor memory manufacturer, providing a complete storage value chain solution, and has recently seen its Hong Kong IPO application expire after six months [1][2]. Group 1: Company Overview - Jiangbolong is recognized as the second-largest independent memory manufacturer globally and the largest in China based on revenue from storage products in 2023 [2]. - The company designs, produces, and sells NAND Flash and DRAM storage products for consumer, enterprise, and industrial applications [2]. Group 2: Market Position - In 2023, Jiangbolong's FORESEE brand ranked fifth among independent brands globally in B2B storage product revenue [2]. - The company's Lexar brand was the second-largest independent consumer storage brand globally based on revenue in 2023 [2]. - In the Latin American and Brazilian markets, Jiangbolong's Zilia brand ranked first among independent memory manufacturers in 2023 [2].

Core Insights - Jiangbolong is a leading independent semiconductor memory manufacturer globally, providing complete storage value chain solutions [2] - The company designs, produces, and sells NAND Flash and DRAM storage products for consumer, enterprise, and industrial applications [2] - According to Zhaoshang Consulting, Jiangbolong ranks as the second largest independent memory manufacturer globally and the largest in China based on storage product revenue in 2023 [2] Company Positioning - Jiangbolong's FORESEE brand ranks fifth among global independent brands in B2B storage product revenue for 2023 [2] - The company's Lexar brand is the second largest in the global independent consumer storage product market based on 2023 revenue [2] - In the Latin American and Brazilian storage product markets, Jiangbolong's Zilia brand holds the top position among independent memory manufacturers [2]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas listing of Shenzhen Jiangbolong Electronic Co., Ltd., allowing the company to issue up to 84,419,800 shares for listing on the Hong Kong Stock Exchange [1][2] - Jiangbolong is recognized as a leading independent semiconductor memory manufacturer globally, providing complete storage value chain solutions [4] - In 2023, Jiangbolong ranked as the second-largest independent memory manufacturer worldwide and the largest in China, with its FORESEE brand ranking fifth among independent brands in the B2B storage product market [4] Group 2 - The company operates three main brands: FORESEE and Zilia for B2B markets, and Lexar for B2C markets [4] - FORESEE has been recognized as one of the "Top Ten Semiconductor Brands" at the China Internet of Things Conference for several consecutive years [4] - In 2023, Zilia was the largest independent storage brand in Brazil and Latin America by revenue, while Lexar, acquired in 2017, has products sold in over 60 countries and regions [4]

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Shenzhen Jiangbolong Electronics Co., Ltd., which plans to issue no more than 84,419,800 shares of overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1][2]. Company Overview - Jiangbolong (301308.SZ) is a leading independent semiconductor memory manufacturer globally, providing complete storage value chain solutions. The company designs, produces, and sells NAND Flash and DRAM storage products for consumer, enterprise, and industrial applications [4]. - According to Zhaoshang Consulting, Jiangbolong is the second-largest independent memory manufacturer globally and the largest in China based on revenue from storage products in 2023. The company's FORESEE brand ranks fifth among independent brands globally in B2B storage product revenue, while its Lexar brand ranks second among independent consumer storage brands globally [4]. - Jiangbolong operates three main brands: FORESEE and Zilia (serving the B2B market) and Lexar (serving the B2C market). FORESEE has been developed organically over more than a decade and has been recognized multiple times as one of the "Top Ten Semiconductor Brands" at the China Internet of Things Conference. In 2023, Zilia is the largest independent storage brand in Brazil and Latin America by revenue [4]. - Lexar, acquired by Jiangbolong in 2017, is a leading high-end global brand, with its products sold in over 60 countries and regions [4].

来源：公司公告 备案通知书显示，江波龙拟发行不超过8441.98万股境外上市普通股，并在香港联合交易所上市。自备案通 知书出具之日起至本次境外发行上市结束前，公司如发生重大事项，应根据境内企业境外发行上市有关规 定，通过中国证监会备案管理信息系统报告。 江波龙9月15日晚间公告，公司近日收到中国证监会出具的《关于深圳市江波龙电子股份有限公司境外发行 上市备案通知书》。此前，江波龙于3月21日向港交所递交招股说明书。 公司完成境外发行上市后15个工作日内，应通过中国证监会备案管理信息系统报告发行上市情况。公司自 备案通知书出具之日起12个月内，未完成境外发行上市，拟继续推进的，应当更新备案材料。 江波龙是全球领先的独立品牌半导体存储器厂商，提供完整存储价值链解决方案。公司设计、生产及销售 NAND Flash及DRAM存储产品，面向消费级、企业级及工规级应用。 根据灼识咨询的资料显示，以2023年存储产品的收入计算，江波龙是全球第二大独立存储器厂商及中国最 大独立存储器厂商。 江波龙已与科技、电信、消费电子及零售等多个行业的领先企业建立长期业务关系。2022年、2023年及 2024年，来自前五大客户的收入分别 ...

Summary of Key Points Core Viewpoint - The Hong Kong IPO market saw four companies submit listing applications this week, with no companies passing the hearing, and four companies in the process of offering shares, including one that has officially listed. Group 1: Companies Submitting Listing Applications - On March 18, Zhuozheng Medical Holdings Limited submitted a listing application to the Hong Kong Stock Exchange, marking its second attempt after a previous application in May 2024. The company operates 20 medical service institutions in China and is the third-largest private mid-to-high-end comprehensive medical service provider in the country, with a market share of 1.7% based on 2023 revenue [2]. - On March 21, Aolian Service Group Co., Ltd. submitted a listing application, focusing on business and community service in Guangdong Province, China. The company ranked 16th and 11th among independent property management service providers in China based on total revenue and net profit, respectively [3]. - On March 21, Jiangbolong (301308.SZ), a leading independent semiconductor memory manufacturer, submitted a listing application. The company reported a revenue of 17.464 billion RMB in the previous year, a 72.48% increase, and a net profit of 499 million RMB, up 160.24% [4]. - On March 21, Beijing Yunji Technology Co., Ltd. submitted a listing application, aiming to become the first stock in the robot service sector. The company is the largest in the global market for hotel scene robot service agents based on 2023 revenue [4][5]. Group 2: Companies in the Offering Process - Weisheng Pharmaceutical-B (02561.HK) was open for subscription from March 13 to March 18, 2025, with a subscription rate of 72.64 times. The stock officially listed on March 21, 2025, and closed at the issue price after an initial drop of over 6% [6]. - Nanshan Aluminum International (02610.HK) is in the process of offering 88.2353 million shares, with a price range of 26.60 to 31.50 HKD per share, expected to start trading on March 25, 2025 [6]. - Shubao International (02569.HK) is offering 250 million shares, with a price range of 0.5 to 0.6 HKD per share, expected to start trading on March 27, 2025 [7]. - Jiangsu Hongxin (02625.HK) is offering 53.562 million shares, with a price range of 2.5 to 3 HKD per share, expected to start trading on March 31, 2025 [7].

Core Viewpoint - Jiangbolong (301308.SZ) is preparing for an IPO on the Hong Kong Stock Exchange, with a projected shift from profit to loss in 2024, alongside a declining revenue growth rate [3][6]. Group 1: Company Overview - Jiangbolong is a semiconductor storage manufacturer that provides complete storage value chain solutions, focusing on NAND Flash and DRAM products for consumer, enterprise, and industrial applications [3]. - The company is the second-largest independent storage manufacturer globally and the largest in China, with its FORESEE brand ranking fifth among independent brands and its Lexar brand ranking second among consumer brands in 2023 [4]. Group 2: Financial Performance - Revenue figures from 2022 to 2024 are as follows: 8.33 billion, 10.125 billion, and 17.464 billion RMB, with profits of 73 million, -837 million, and 505 million RMB respectively [4]. - The adjusted net profits for the same period are 50 million, -611 million, and 427 million RMB [4]. - Revenue growth in 2023 was driven by increased consumer demand for storage-capable electronic products and strategic business expansion [5]. Group 3: Future Projections and Challenges - In 2024, the company is expected to experience a significant decline in revenue growth, with quarterly growth rates dropping from 200.54% in Q1 to just 18% in Q4 [6]. - The gross profit margins from 2022 to 2024 were 12%, 4%, and 19%, indicating volatility in profitability [6]. - The company has faced negative cash flow from operating activities for three consecutive years, amounting to -1.2 billion RMB in 2024 [6]. Group 4: Debt and Inventory - Jiangbolong's debt ratio has increased from 26% in 2022 to 59% in 2024, with total debts reaching 7.7 billion RMB and short-term debts at 5.2 billion RMB [6]. - Inventory levels have risen significantly, from 3.736 billion RMB in 2022 to 7.833 billion RMB in 2024 [6]. Group 5: IPO Fund Utilization - The funds raised from the IPO are intended for expanding overall production capacity, enhancing independent R&D capabilities, strengthening sales and marketing efforts, and general corporate purposes [7].

Core Viewpoint - Jiangbolong has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming for a market capitalization of approximately 41.5 billion CNY, with a projected net profit increase of 160% in 2024 [1][3]. Company Overview - Jiangbolong is a leading independent semiconductor memory manufacturer globally, providing comprehensive storage solutions, including NAND Flash and DRAM products for various applications [4][5]. - The company operates three main brands: FORESEE, Zilia, and Lexar, with FORESEE being recognized as one of China's top semiconductor brands [5]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Jiangbolong's revenues are projected to be approximately 8.33 billion CNY, 10.13 billion CNY, and 17.46 billion CNY, respectively, indicating a significant growth trajectory [6][7]. - The net profit for 2024 is expected to reach approximately 5.05 billion CNY, reflecting a 160.24% increase compared to the previous year [7]. - The company reported a basic earnings per share of 1.20 CNY for 2024, a substantial recovery from a loss of 2.01 CNY in 2023 [7].