Core Viewpoint - Huike Co., Ltd. is attempting to relaunch its IPO after previously withdrawing due to significant losses and other issues, with its investment in emerging display technologies reaching hundreds of billions [2][3]. Financial Performance - Huike's financial performance has been volatile, with a net profit of 4.986 billion yuan in 2021, followed by a loss of 1.399 billion yuan in the first half of 2022, leading to an estimated annual loss of 1.029 to 1.271 billion yuan for 2022 [3]. - The company's asset-liability ratio peaked at 97.77%, and inventory surged to 6.96 billion yuan in the first half of 2022, indicating significant financial strain [3]. Legal and Operational Challenges - Huike has faced multiple patent disputes, including a notable case with Huaxing Optoelectronics, which was settled in 2020 for 30 million yuan [4]. - The company has a unique "state-owned asset dependency" model, with obligations to invest 20.953 billion yuan in project companies, raising concerns about future financial commitments [5]. Investment in New Technologies - The company has heavily invested in new display technologies, with total investments in OLED, Mini LED, and electronic paper projects exceeding hundreds of billions since 2024 [6]. - Despite these investments, Huike faces challenges in gaining market share, as major competitors hold over 88% of the OLED smartphone panel market [6]. Market Conditions - The LCD panel business is experiencing weak demand, with recent data indicating low operating rates for TV panel production lines [6]. - The company's ability to secure financing through an IPO is critical for addressing capital needs for heavy asset investments and supporting new technology initiatives [6].