Core Viewpoint - Huike Co., Ltd. is attempting to list on the Shenzhen Main Board after a previous unsuccessful IPO attempt on the ChiNext, driven by urgent financing needs due to high debt levels and significant operational costs [1][10]. Group 1: IPO Details - Huike's IPO application was accepted on June 30, 2024, aiming to raise approximately 8.5 billion yuan, making it the second-largest IPO project accepted in the first half of the year [1][4]. - The company plans to allocate 1 billion yuan for working capital and debt repayment, with the remaining funds directed towards various R&D projects [4][11]. Group 2: Financial Performance - Huike has shown steady revenue and net profit growth from 2022 to 2024, with revenues of approximately 27.13 billion yuan, 35.80 billion yuan, and 40.31 billion yuan, and corresponding net profits of about -1.43 billion yuan, 2.57 billion yuan, and 3.34 billion yuan [5][6]. Group 3: Debt Situation - As of the end of 2024, Huike's total short-term and long-term borrowings exceeded 33 billion yuan, with an asset-liability ratio consistently higher than the industry average by about 15 percentage points [6][8]. - The company has significant pending acquisitions and obligations totaling approximately 12.93 billion yuan, contributing to its high debt levels [7][8]. Group 4: Industry Position - Huike is recognized as a leading player in the semiconductor display sector, ranking third globally in TV panel shipments and fourth in monitor panel shipments for 2024 [4][5]. - The company faces challenges due to its reliance on debt financing compared to its publicly listed peers, which have more diversified funding sources [8].