According to the prospectus, the Company is a manufacturer primarily focused on PCBs, precision components, touch panels and LCMs, and optical transceivers, with a global presence and operating footprint. Its products are widely used in consumer electronics, automobiles, data centers, telecommunications equipment and industrial control devices. In September 2025, the Company entered the optical transceiver business through its acquisition of Source Photonics, expanding its product portfolio to include optical transceivers.

According to CIC and by revenue in 2025, the Company is the third-largest PCB supplier in the US$85.2 billion global PCB market, and ranked seventh among global optical transceiver suppliers with a market share of 2.9% of the US$24.5 billion global optical transceiver market through Source Photonics. Its PCB, precision component, touch panel and LCM products serve the consumer electronics, automotive and telecommunications end markets, while its optical transceiver and AI PCB products targeting the data center market are its primary growth drivers, with demand driven by the accelerating global build-out of AI-related infrastructure. The Company is a long-standing partner to four of the world's top five consumer electronics brands, as well as the top five EV manufacturers and the top five cloud service providers.

The CSRC asked the Company to supplement the specific performance of regulatory procedures such as overseas investment and foreign exchange management in establishing overseas subsidiaries and to issue a concluding opinion on compliance; and, in light of its solvency, to supplement whether major borrowings and credit facility contracts before and after completion of the offering may lead to major ownership disputes or cause changes in its major shareholders, as well as the specific circumstances of all pending litigation and arbitration involving the Company, whether they may have a material adverse impact on its future operations, whether they constitute a substantive obstacle to the offering, and whether they have been fully disclosed.

The Company must also further explain the necessity and reasonableness of this Hong Kong listing in light of the use of proceeds, and supplement the status of its intelligent robotics business and whether it involves embodied intelligent robotics.

The CSRC asked the Company to supplement the specific performance of regulatory procedures such as overseas investment and foreign exchange management in establishing overseas subsidiaries and to issue a concluding opinion on compliance; and, in light of its solvency, to supplement whether major borrowings and credit facility contracts before and after completion of the offering may lead to major ownership disputes or cause changes in its major shareholders, as well as the specific circumstances of all pending litigation and arbitration involving the Company, whether they may have a material adverse impact on its future operations, whether they constitute a substantive obstacle to the offering, and whether they have been fully disclosed.

In addition, the Company must list item by item the specific amounts and proportions of the proceeds to be used for domestic and overseas investment projects and explain the performance of the relevant approval, verification or filing procedures, and must undertake to repatriate all proceeds to the PRC if such procedures are still in progress; it must further explain the necessity and reasonableness of this Hong Kong listing in light of the use of proceeds. It must also supplement the specifics of transactions with Foxconn Industrial Internet and others during the reporting period, whether the pricing of such connected transactions is fair and whether there is any benefit transfer, as well as the status of its property management and cultural and artistic exchange activities.

On equity matters, the CSRC asked the Company to explain the pricing basis of each capital increase and equity transfer, the fairness of certain equity transfers priced at RMB0 or RMB1 and the income tax paid by the relevant transferors, whether such transfers are lawful and compliant and whether there is any benefit transfer, and to issue concluding opinions on the legality and compliance of its establishment and successive equity changes and on its qualifications and valid existence; it must also explain the background and reasonableness of granting equity incentives to external advisers, their basic information, and the comparison of their subscription prices with employee incentive prices and external investors' subscription prices in the same period, together with the pricing basis and fairness.

As 13 shareholders including Ma Jinsong signed a concert party agreement in January 2023, holding approximately 18.12% in aggregate, the Company must explain the agreement's main terms, how effective resolutions are formed when parties disagree, and whether control may change materially upon its expiry, and must explain the basis and reasonableness of its determination that it has "no controlling shareholder and no actual controller" and whether its corporate governance mechanism is sound; it must also explain the background and reasons for Zou Bo's exit, whether any pending disputes or potential controversies exist between Zou Bo and the Company or its other shareholders (including control and intellectual property ownership), and whether Zou Bo engaged in the same or similar business after exiting. In addition, the Company must supplement the progress of its state-owned shareholder identification and the performance of state-owned asset management procedures, explain the estimated proceeds assuming the over-allotment option is exercised in full and whether shares to be involved in the "Full Circulation" are pledged, frozen or subject to other rights defects, explain the details and termination reasons of its earlier A-share listing tutoring, whether it plans to continue pursuing an A-share listing, and whether its business involves AI large models and complies with the Administrative Measures for Generative AI Services.

The CSRC asked the Company to explain whether the property management business within its business scope is actually carried out and, if so, its business model, revenue scale and proportion; to explain, given that the Company and its subsidiaries hold Pollutant Discharge Permits and are registered for stationary pollution sources, whether the industry it belongs to is a "high energy consumption" or "high emission" industry and whether it has any such projects, with supporting evidence; and, in respect of the administrative penalty imposed on Huizhou POCO for a work safety accident, to provide an opinion from the municipal emergency management department confirming whether the accident constitutes a major work safety accident and whether it constitutes a major violation of laws and regulations. The Company must also explain the performance of regulatory procedures such as overseas investment and foreign exchange registration in establishing overseas subsidiaries, with its lawyers to verify and issue a concluding opinion on compliance, and further explain the necessity and reasonableness of this Hong Kong listing in light of the use of proceeds.

More specifically, the CSRC asked the Company to explain the pricing basis and paid-in capital of each capital increase and equity (share) transfer, whether any abnormal subscription price, failure to perform capital contribution obligations, capital withdrawal or defective contribution methods exist, whether the foreign investment involved complies with relevant rules, and whether any shareholding on trust or direct or indirect shareholding by entities prohibited by law exists, and to issue concluding opinions on the legality and compliance of the Company's establishment and successive equity changes and on whether there is any benefit transfer. With reference to the CSRC's Guidance on Regulatory Rules Application - Overseas Offering and Listing No. 2, the Company shall explain the background, membership, price fairness and decision-making procedures of its employee shareholding plan - including the subscription price, pricing basis and source of funds where any external persons participate - and elaborate on the exercise price basis and fairness of its option incentive plan and whether reserved equity is set aside. In addition, the Company shall list whether its business scope and actual operations involve restricted or prohibited areas under the Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition) and whether it continuously complies with foreign investment access policies before and after this offering and listing and the "Full Circulation", describe in plain language the core patented technologies, application scenarios and specific functions of its main products or services, explain why several controlled subsidiaries have no actual external business operations, and supplement whether the shares held by shareholders to participate in the "Full Circulation" are pledged, frozen or subject to other rights defects.

The notice states that, from the date of issuance until the completion of the overseas offering and listing, the Company shall report any material event through the CSRC's filing administration information system in accordance with the relevant rules on overseas securities offering and listing by domestic enterprises; within 15 working days after completing the overseas offering and listing, the Company shall report the offering and listing status through the same system, and it shall strictly comply with the relevant domestic and overseas laws, regulations and rules during the process.

The notice also states that if the Company fails to complete the overseas offering and listing within 12 months from the date of issuance of the notice and intends to proceed, it shall update its filing materials. The notice only confirms the filing information of the Company's overseas offering and listing; it does not indicate that the CSRC makes any substantive judgment or guarantee on the investment value of the Company's securities or investors' returns, nor does it indicate any guarantee or confirmation by the CSRC as to the truthfulness, accuracy and completeness of the filing materials.

According to the prospectus, the company was the largest EIIR product provider in China by 2025 revenue, with a market share of approximately 20.0%. China Insights Consultancy data showed that embodied intelligent industrial robots accounted for 1.2% of China's industrial AI-enabled equipment industry in 2025, and the share is expected to reach 14.2% by 2030.

During the track record period, revenue grew from RMB 434.0 million in 2023 to RMB 795.5 million in 2025, while revenue from the EIIR product line rose from RMB 114.1 million to RMB 453.3 million, increasing from 26.3% to 57.0% of total revenue, with gross margin up from 47.9% to 53.5%. The company recorded a net loss of RMB 113.8 million in 2023 on strategic upfront investment, including R&D spending of RMB 178.3 million, or 41.1% of revenue, before returning to net profit of RMB 15.7 million in 2024 and RMB 5.1 million in 2025. For the five months ended 31 May 2026, revenue rose 22.6% to RMB 423.8 million and profit reached RMB 22.5 million, with EIIR revenue up 39.7% to RMB 260.2 million.

According to the announcement, the Company submitted its application for the proposed issue and listing to the Stock Exchange of Hong Kong on 27 May 2026 and published the application materials on the Stock Exchange's website on the same date. The proposed issue and listing remain subject to a number of conditions, including but not limited to obtaining the CSRC filing, and approvals from the Securities and Futures Commission of Hong Kong, the Stock Exchange of Hong Kong and other relevant regulatory authorities, and can only be implemented taking into account market conditions and other factors; there is therefore uncertainty. The Company will duly and timely fulfil its disclosure obligations in light of the progress of the matter and reminds investors to be aware of investment risks.

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According to the Application Proof, since commencing boatbuilding operations in 2018 and up to the Latest Practicable Date, the Company has delivered 67 workboats, of which 48 were sold to customers and 19 were deployed primarily for chartering and to support certain shipping agency services. According to the JWA Report, the Company ranked third among aluminium workboat builders in Singapore by the number of vessels delivered in 2025. As at 31 August 2026, it had three ongoing workboat construction projects with an outstanding aggregate contract value of approximately S$ 1.2 million.

For FY2023, FY2024, FY2025 and 5M2026, the Company delivered and sold a total of 4, 9, 14 and 7 workboats at average selling prices of approximately S$ 593,000, S$ 820,000, S$ 793,000 and S$ 909,000, respectively. The lower average selling price in FY2025 compared with FY2024 reflected a higher proportion of 13-metre workboats priced at approximately S$ 400,000 to S$ 450,000.

Under Singapore law, vessel owners and operators must appoint a locally incorporated ship agent to handle immigration, port clearance and towage requirements while their vessels call at the Port of Singapore. Revenue from PRC shipping agency customers accounted for approximately 32.2%, 29.5%, 21.2% and 19.3% of the Company's revenue for FY2023, FY2024, FY2025 and 5M2026, respectively.

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The Company published its global offering announcement on 28 September 2026, offering 1,570,204,000 H shares (subject to the exercise of the Offer Size Adjustment Option), comprising 157,022,000 H shares under the Hong Kong Public Offer (approximately 10%) and 1,413,182,000 H shares under the International Offering (approximately 90%), at an offer price range of HKD 1.48 to HKD 1.59 per share, with a board lot of 2,000 H shares and a maximum amount payable of HKD 3,212.07 for 2,000 H shares (including 1.0% brokerage, 0.0027% SFC transaction levy, 0.00015% AFRC transaction levy and 0.00565% Stock Exchange trading fee). The H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on Friday, 9 October 2026.

According to the announcement, market data showed that, as at 8:56 a.m. on 6 October 2026, the margin financing for the shares totalled approximately HKD 1,490.78 million, representing oversubscription of approximately 4.97 times, with margin withdrawals of approximately HKD 18 million during the period. The Company also said it expects to grant the Offer Size Adjustment Option to the international underwriters to allot and issue up to 235,530,000 additional H shares at the offer price (approximately 15% of the total number of offer shares initially offered under the Global Offering), and that it will not appoint a stabilising manager and does not expect to conduct any stabilisation in respect of the Global Offering.

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According to the announcement, under the Filing Notice, before the completion of the Overseas Issuance and Listing, the Company shall report any material matters through the CSRC's filing administration information system in accordance with the relevant provisions on overseas issuance and listing by domestic enterprises; within 15 working days after completion, the Company shall report the issuance and listing status through the same system and shall strictly comply with the relevant domestic and overseas laws, regulations and rules; and if the Company fails to complete the Overseas Issuance and Listing within 12 months from the date of the Filing Notice and intends to proceed, it shall update its filing materials.

The announcement stated that the Filing Notice only confirms the filing information of the Overseas Issuance and Listing and does not indicate that the CSRC has made any substantive judgment or guarantee on the investment value of the Company's securities or investors' returns, nor does it guarantee or confirm the authenticity, accuracy and completeness of the filing materials. The Overseas Issuance and Listing remains subject to the approval or clearance of the Securities and Futures Commission of Hong Kong, the Stock Exchange of Hong Kong and other relevant regulatory authorities and stock exchanges, and is subject to uncertainty.

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According to the prospectus, the Company principally operates water sightseeing boat services in renowned areas in Yangzhou, including the Shugang-Slender West Lake Scenic Area and the Ancient Canal Area, which are part of the Grand Canal UNESCO World Heritage Site. According to Frost & Sullivan, the Company ranked second in terms of boat ticket sales amount in the water-based tourism service market in Jiangsu Province in 2025, accounting for approximately 18.5% of the market share in Jiangsu Province; in the same year, the water-based tourism service market in Yangzhou accounted for approximately 18.8% and 1.2% of the markets in Jiangsu and China respectively, and is expected to reach approximately 21.9% and 1.4% respectively by 2030.

According to the prospectus, the Company is the exclusive operator of water sightseeing boat services within the Shugang-Slender West Lake Scenic Area, holding a 20-year exclusive operation right commencing 10 September 2015, and is the sole operator of water sightseeing boat services within the designated Ancient Canal Area under an arrangement without an explicit expiration date. As at the Latest Practicable Date, the Company owned 231 boats in total, comprising 36 Yuloh boats, 121 self-driving boats and 74 themed boats, delivering a total passenger capacity of 4,273 persons per trip under standard operating conditions and a maximum passenger capacity of approximately 37,000 persons per day during peak tourism seasons.

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The announcement showed that the Company entered into cornerstone investment agreements with 13 cornerstone investors, who agreed to subscribe for offer shares for an aggregate amount of approximately HKD 1,245.50 million, excluding brokerage fee, SFC transaction levy, AFRC transaction levy and Stock Exchange trading fee. Assuming an Offer Price of HKD 37.05, being the mid-point of the Offer Price range, the cornerstone investors will subscribe for 33,616,400 offer shares, representing approximately 38.80% of the offer shares and approximately 2.72% of the issued share capital immediately following completion of the Global Offering; assuming the over-allotment option is exercised in full, the corresponding percentages are approximately 33.74% and approximately 2.69%. The cornerstone investors include GIC, E Fund, Millennium, LONGSYS, BOC wealth, Digimoc, Golden Link and HOSIN HK. GIC, E Fund HK and E Fund Management are existing minority shareholders or their close associates, and Digimoc is the beneficial owner of approximately 6.22% of the Company's issued share capital.

The Hong Kong Public Offer commenced at 9:00 a.m. on 7 October 2026 and will close at 12:00 noon on 12 October 2026, with the expected pricing date falling on 13 October 2026 and the expected commencement of trading in the H shares on the Stock Exchange at 9:00 a.m. on 15 October 2026. CITIC Securities acts as the sole sponsor, and CLSA acts as the sponsor and overall coordinator. Based on the mid-point Offer Price and assuming the over-allotment option is not exercised, the net proceeds from the Global Offering are approximately HKD 3,118.1 million, of which approximately 40.0% will be used for AI-related technology research and development, approximately 30.0% for marketing and brand building, approximately 20.0% for strengthening mobile internet services and IoT product development, and approximately 10.0% for working capital and general corporate purposes.

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The prospectus stated that the Fund is managed by Gateway Capital (Hong Kong) Limited, a member of Gaw Capital, and aims to deliver risk-adjusted returns while providing daily liquidity and trading flexibility, enabling investors to dynamically manage their risk without being subject to the multi-year lock-up periods common to unlisted private debt funds or private real estate funds. Its other highlights, as set out in the section headed "Key Investment Highlights", include a professional investment manager with a track record in real estate private debt investments, a diversified real estate private debt portfolio spanning mainly developed markets, opportunities arising from the structural financing gap in real estate private debt, and opportunities presented by the macroeconomic environment and real estate fundamentals.

The prospectus disclosed that the Fund has appointed Apex Fund Services (HK) Limited as fund administrator pursuant to the Fund Administration Agreement, responsible for the Fund's general administrative requirements such as the maintenance of accounting and statutory records, and DB Trustees (Hong Kong) Limited as custodian pursuant to the Custody Deed, which takes into custody or under its control all the Scheme Property, including the Fund Special Purpose Vehicles (if any) through which investments may be held, as well as other assets such as cash. The Fund has also appointed Deutsche Bank AG, acting through its Hong Kong Branch, as Bond Custodian, Portfolio Administrator and Account Bank.

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The prospectus stated that the Company is a leader in the global lithium-ion battery electrolyte sector. Leveraging its vertical integration capabilities and innovative technologies, it has integrated the production of the complete value chain of key electrolyte raw materials, including LiPF6, LiFSI, additives and lithium carbonate, and, through its R&D platform and engineering strengths and cross-selling capabilities built on long-term customer relationships, has expanded into cathode materials (including iron phosphate and lithium iron phosphate) and lithium battery adhesives (including PACK structural adhesives and binders), forming integrated lithium-ion battery material solutions. It has also positioned itself in advanced materials widely used in emerging fields such as intelligent driving, eVTOL, semiconductors, cutting-edge engineering and AI thermal management. Its next-generation products include solid-state electrolytes, adhesives and sealants for automotive electronics and semiconductors, high-performance polymers (mainly PEEK and PI), high-efficiency coolants and flame-retardant materials. Mr. Xu Jinfu, the founder and chairman, has over 35 years of experience in the fine chemicals field and founded TINCI 25 years ago.

According to the prospectus, the Company's revenue during the track record period was significantly affected by fluctuations in sales volume and average selling price. Total sales volume of electrolytes and core materials increased from 405 thousand tonnes in 2023 to 537 thousand tonnes in 2024 and further to 773 thousand tonnes in 2025, reaching 462 thousand tonnes in the first half of 2026, compared with 337 thousand tonnes in the same period of 2025. The average selling price decreased by 45.0% from RMB32,482 per tonne in 2023 to RMB17,862 per tonne in 2024, in line with the overall trend of selling prices of relevant materials and their core raw material lithium carbonate and reflecting industry-wide oversupply and intensifying competition, and further decreased by 5.5% to RMB16,885 per tonne in 2025. In the first half of 2026, the average selling price increased by 61.2% from RMB16,306 per tonne to RMB26,283 per tonne, mainly because strong market demand for electrolyte and LiPF6 products outpaced the pace of industry capacity expansion. 

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The prospectus stated that, vertically, the Company's product portfolio covers a toolchain spanning target discovery, drug screening and optimisation through to preclinical research, ensuring experimental continuity and consistent, comparable data; horizontally, it deeply integrates reagent products such as recombinant proteins with its technical capabilities to address key industry R&D bottlenecks such as the expression of difficult-to-express proteins; and through the synergy of products and data across preclinical and clinical trial stages, it achieves full traceability of research results and maintains consistency of datasets. As of the latest practicable date, the Company offers over 5,000 SKUs of products and various technical services, all manufactured or provided in accordance with applicable internationally and industry-recognised quality standards and frameworks, including ISO 9001:2015, ISO 13485:2016, current Good Manufacturing Practice, the Medical Device Single Audit Program (MDSAP) and Rx-360.

According to Frost & Sullivan, based on 2025 revenue, the Company ranked first among all Chinese suppliers and third among all suppliers in the global recombinant protein market, with a global market share of 2.7%, and ranked third among all suppliers in China's biological reagents industry with a market share of 2.6%. The Company also disclosed that from 2023 to 2025, it achieved a higher revenue growth rate than the top five players in the global biological reagents market by revenue.

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The prospectus stated that the Company's Amicro intelligent mobile robotics technology platform is built around self-developed robot algorithms and dedicated SoC, and comprises multiple types of sensors, motion control modules, SDK and toolchains, enabling the Company to go beyond the supply of individual components and translate its underlying technologies into application-specific intelligent mobile robotic solutions tailored to different use scenarios. The platform's perception domain accurately identifies complex information such as environmental layouts and obstacle types, its decision domain dynamically plans optimal routes based on real-time data, and its control domain delivers smooth movement and precise operation, forming a modular technology reuse system with cross-scenario adaptability and low migration cost.

According to Frost & Sullivan, based on 2025 revenue, the Company was the third largest intelligent mobile robotic solution provider with a market share of approximately 4.2%, the largest single-modal robotic solution provider in China with a 2.2% market share, and ranked third among multi-modal robotic solution providers in China with a 5.9% market share; in 2025, its sales volume of intelligent mobile robotic solutions exceeded 3.5 million units.View announcement.

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Zixun Technology is required to explain the pricing basis and paid-in capital of its historical capital increases and equity or share transfers, including any abnormally priced subscriptions, unpaid capital contributions, capital withdrawal or nominee shareholdings, and to address the compliance of its employee share scheme and option incentive scheme under the CSRC's Regulatory Rules Application Guidelines No. 2 for Overseas Offering and Listing, as well as whether its business scope and actual business involve fields restricted or prohibited under the Negative List for Foreign Investment Access.

POCO Holding (300811.SZ) is required to explain whether it and its subsidiaries actually carry out the property management business within their business scope, whether the industry is classified as "high energy consumption" or "high emission", whether the administrative penalty imposed on Huizhou POCO over a work safety accident constitutes a major violation, the compliance of the overseas investment and foreign exchange registration involved in setting up its overseas subsidiaries, and the necessity of its Hong Kong listing in light of the use of proceeds.

Shanghai Union Technology Corporation is required to explain the pricing basis of its historical capital increases and equity transfers, the fairness of certain transfers priced at RMB 0 or RMB 1, the background and pricing fairness of equity incentives granted to external advisers, the basis for the concert party agreement among 13 shareholders including Ma Jinsong and the determination of "no controlling shareholder and no de facto controller", the background of founder Zou Bo's exit and potential disputes, the progress of state-owned shareholder identification, the reasons for terminating its earlier A-share listing guidance, and whether its business involves large AI models.

Digiwin (300378.SZ) is required to explain the compliance of the overseas investment and foreign exchange management involved in setting up its overseas subsidiaries, whether major borrowing and credit facility contracts may lead to major ownership disputes or changes in major shareholders, all pending litigation and arbitration, the amounts and ratios of proceeds to be used for domestic and overseas investment projects and the relevant approval procedures, the fairness of related-party transactions with Foxconn Industrial Internet during the reporting period, and its property management and cultural and artistic exchange activities.

Huizhou Desay SV Automotive (002920.SZ) is required to explain the compliance of the overseas investment and foreign exchange management involved in setting up its overseas subsidiaries, whether major borrowing and credit facility contracts may lead to major ownership disputes or changes in major shareholders, all pending litigation and arbitration, the necessity and reasonableness of its Hong Kong listing in light of the use of proceeds, and the progress of its intelligent robot business and whether it involves embodied intelligent robots.

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According to the filing notice, from the date of its issuance until completion of the overseas offering and listing, the Company shall report any material matters through the CSRC's filing administration information system in accordance with the relevant provisions on the overseas offering and listing of domestic enterprises. Within 15 working days after completion of the overseas offering and listing, the Company shall report the offering and listing status through that system and strictly comply with the relevant laws, regulations and rules in and outside the PRC. Where the Company fails to complete the overseas offering and listing within 12 months from the date of the filing notice and intends to continue, it shall update its filing materials.

The filing notice stated that it only confirms the filing information of the enterprise's overseas offering and listing, and does not represent any substantive judgement or assurance by the CSRC on the investment value of the enterprise's securities or investors' returns, nor any assurance or affirmation as to the truthfulness, accuracy and completeness of the filing materials.

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According to the announcement, from the date of the filing notice until the completion of the overseas offering and listing, the Company shall report any material matters through the CSRC's filing administration information system in accordance with the relevant provisions on the overseas offering and listing of domestic enterprises. Within 15 working days after completion of the overseas offering and listing, the Company shall report the offering and listing status through that system and strictly comply with the relevant laws, regulations and rules in and outside the PRC during the process. Where the Company fails to complete the overseas offering and listing within 12 months from the date of the filing notice and intends to continue, it shall update its filing materials.

The announcement stated that the filing notice only confirms the filing information of the enterprise's overseas offering and listing, and does not represent any substantive judgement or assurance by the CSRC on the investment value of the Company's securities or investors' returns, nor any assurance or affirmation as to the truthfulness, accuracy and completeness of the filing materials. The offering and listing remain subject to approval or clearance from the Securities and Futures Commission of Hong Kong, the Stock Exchange of Hong Kong and other relevant regulators and stock exchanges, and the matter remains uncertain.

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The prospectus stated that, in terms of revenue in 2025, the Company ranked first in the global hot runner systems (HRS) market with a market share of approximately 12.5%, first in Asia with a market share of approximately 21.5%, and first in both China and Korea, and first globally in both the automotive and electronics and home appliances segments. As of June 30, 2026, it had 83 locations across 39 countries and 596 global patents, with R&D investment of US11.5 million in 2025. Its revenue grew from US367.3 million in 2023 to US373.0 million in 2024 and US380.8 million in 2025, with gross profit margins of 54.1%, 54.4% and 54.4%, respectively, and adjusted net profit (non-HKFRS measure) of US$87.9 million in 2025.

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According to the prospectus, the magnetic sensor industry is highly competitive. As at 31 December 2025, there were over 200 magnetic sensor suppliers globally, and the top ten global participants accounted for an aggregate 31.8% market share in 2025. According to Frost & Sullivan, the Company ranked 10th among all magnetic sensor companies globally by 2025 revenue, with a market share of 0.6%.

The Company adopts an integrated IDM operating model, enabling management and optimisation of the entire value chain from chip design and wafer fabrication to module design and manufacturing, and providing customers with end-to-end solutions. Its IDM operations are primarily located in China and it has wafer fabrication capabilities in Germany. It operates under the Sinomags brand in China and serves international markets through the Sensitec brand.

The Company focuses in particular on xMR sensors. In 2025, the global xMR sensor industry had a market size of RMB43.4 billion by revenue, accounting for approximately 31.4% of the global magnetic sensor industry. According to Frost & Sullivan, the Company ranked 5th globally by revenue generated from xMR sensors in 2025, with a market share of 1.6%. Its magnetic sensor solutions mainly comprise current sensors and motion sensors of various specifications and characteristics. In 2025, the global current sensor industry had a market size of RMB21.4 billion by revenue, accounting for approximately 15.5% of the global magnetic sensor industry, and the Company's current sensor products ranked 4th globally by 2025 revenue, with a market share of 3.3%.

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According to the prospectus, the Company provides turnkey AI computing infrastructure solutions for AI data center (AIDC) projects and delivers on-demand cloud computing services powered by its proprietary computing operating system. According to CIC, in terms of revenue in 2025, it ranked ninth among AI computing service providers in China and was the only neo AI computing service provider, or neocloud, among the top ten, making it the largest neocloud in China.

The prospectus stated that the Company's proprietary "One Degree of Compute" standard measures computing power in standardized data computing units (DCUs) and aligns charges with actual compute consumption rather than reserved physical capacity, which CIC said is the first quantifiable billing unit of its kind in China's AI computing industry. As of the Latest Practicable Date, its controllable computing capacity exceeded 29,000 PFLOPS across seven provinces in China, and it had served over 150 enterprise customers.

Its revenue grew from RMB106.2 million in 2023 to RMB395.5 million in 2024 and RMB1,098.2 million in 2025, and from RMB306.4 million for the six months ended June 30, 2025 to RMB588.4 million for the same period in 2026, a near tenfold increase over two years.

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According to the Filing Notice, the Company intends to issue no more than 234,038,600 overseas-listed ordinary shares and to list them on the Stock Exchange. From the date of issuance of the Filing Notice until the completion of the Overseas Offering and Listing, the Company shall report any material matters through the CSRC's filing administration information system in accordance with the relevant provisions on the overseas offering and listing of domestic enterprises. Within 15 working days after completion of the Overseas Offering and Listing, the Company shall report the offering and listing through the filing administration information system and shall strictly comply with the relevant domestic and overseas laws, regulations and rules; where the Company fails to complete the Overseas Offering and Listing within 12 months from the date of the Filing Notice and intends to continue, it shall update its filing materials.

The announcement noted that the Filing Notice only confirms the filing information of the Company's Overseas Offering and Listing and does not indicate that the CSRC makes any substantive judgement or guarantee as to the investment value of the Company's securities or the returns of investors, nor does it indicate that the CSRC guarantees or affirms the authenticity, accuracy and completeness of the filing materials. The Overseas Offering and Listing is still subject to the approval and clearance of the Securities and Futures Commission of Hong Kong, the Stock Exchange and other relevant regulatory authorities and stock exchanges, and remains subject to uncertainty.

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The number of Offer Shares under the Global Offering is 68,118,700 H Shares, comprising 6,811,900 Hong Kong Offer Shares and 61,306,800 International Offer Shares. The Hong Kong Public Offering received 12,645 valid applications at a subscription level of 3.39 times, and no claw-back was triggered. There were 81 placees in the International Offering at a subscription level of 2.75 times. Based on the final offer price, gross proceeds amounted to HK$2,997.22 million and, after deducting estimated listing expenses of HK$95.93 million, net proceeds were HK$2,901.29 million. The number of issued Shares upon Listing is 684,188,336.

The Cornerstone Investors were allocated an aggregate of 22,577,600 Offer Shares, representing 33.1% of the total number of Offer Shares under the Global Offering, namely CNCB Investment, Full Truck, Golden Valley Master, Goldshore, Happy Wisdom, Prinx Chengshan HK, Yang Quanhai and Zhou Bo, subject to a lock-up period ending 28 March 2027. Immediately following the completion of the Global Offering, the total number of H Shares expected to be held by the public represents approximately 10.0% of the Company's total issued share capital (excluding treasury shares). The announcement warned that, in view of the high concentration of shareholding in a small number of Shareholders, H Shareholders and prospective investors should exercise extreme caution when dealing in the H Shares.

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According to Frost & Sullivan, based on 2025 sales revenue, the Company ranked ninth among pharmaceutical glass packaging suppliers in China with a 2.4% market share, and ranked first in China and second globally in the heat-resistant glass for daily use market, with market shares of 9.5% and 5.1%, respectively. The Company developed China's first hexagonal stepped all-electric glass melting furnace, leveraging its R&D capabilities in furnace design and glass melting technology.

During the track record period, the Company's products were sold to customers in about 60 countries and regions in the Americas, Asia and Europe. The Company has made strategic investments in the development of glass substrates for semiconductor packaging; in June 2026, the pilot furnace at its glass new materials innovation incubation centre was ignited and preliminary trial production of glass substrates for semiconductor packaging began, and as at the latest practicable date, the Company has begun providing glass substrate samples to semiconductor packaging industry participants for testing.

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The Hong Kong public offering opens on 28 September 2026 and closes at noon on 6 October, with pricing expected before noon on 7 October. The Company expects to grant the offer size adjustment option for up to 235,530,000 additional H shares (approximately 15% of the initially offered shares) at the offer price. The Company will not appoint a stabilisation manager and does not expect to conduct stabilisation activities.

Dealing in the H shares is expected to commence at 9:00 a.m. on Friday, 9 October 2026; if any termination events occur before 8:00 a.m. on the listing date, the sponsor has the right to terminate its obligations under the Hong Kong underwriting agreement. The announcement was signed by Executive Director and Chairman Mr. Mi Peng in Beijing.

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According to Frost & Sullivan, in terms of revenue in 2025, the Company ranked ninth among all providers of intelligent driving and vision safety solutions in China and fifth among domestic providers in the same market, and is one of the few domestic automotive intelligence solutions providers with driving-cockpit synergy and full-stack in-house R&D capabilities. The Company has established the VT-Navigara technology platform, an algorithms-based, software-hardware integrated infrastructure with a replicable, iterative and scalable structure.

The Company was recognised by the Ministry of Industry and Information Technology as a "Specialised and Sophisticated Little Giant Enterprise" in 2024, became a member of SAE-China in 2021 and of CAAM in 2022, and participated in drafting industry guidelines on software-defined vehicle service application programming interfaces and a group standard on electronic rear-view mirrors.

Its solutions and products have been deployed across multiple vehicle models of leading global OEMs. During the track record period, they were applied, by sales volume, to models of all of the top ten OEMs in China and seven of the global top ten OEMs.

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Under the filing notice, the company intends to issue no more than 269,330,400 overseas-listed ordinary shares and list on the Stock Exchange of Hong Kong. Before the completion of the overseas issuance and listing, the company shall report any material matters through the CSRC's filing administration information system in accordance with relevant rules. Within 15 working days after completing the overseas issuance and listing, the company shall report the status of the issuance and listing through the same system. If the company fails to complete the overseas issuance and listing within 12 months from the date of the filing notice and intends to proceed, it shall update the filing materials.

The filing notice only confirms the filing information of the company's overseas issuance and listing, and does not constitute any substantive judgment or guarantee by the CSRC on the investment value of the company's securities or investors' returns, nor does it guarantee or confirm the authenticity, accuracy or completeness of the company's filing materials. The application for the issuance and listing of overseas-listed foreign shares (H shares) remains subject to approval and clearance by the Securities and Futures Commission of Hong Kong, the Stock Exchange of Hong Kong and other relevant government authorities, regulators and stock exchanges. The matter remains uncertain.

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Under the filing notice, the company intends to issue no more than 96,329,900 overseas-listed ordinary shares and list on the Main Board of the Stock Exchange of Hong Kong. Before the completion of the overseas issuance and listing, the company shall report any material matters through the CSRC's filing administration information system in accordance with relevant rules. Within 15 working days after completing the overseas issuance and listing, the company shall report the status of the issuance and listing through the same system. If the company fails to complete the overseas issuance and listing within 12 months from the date of the filing notice and intends to proceed, it shall update the filing materials.

The filing notice only confirms the filing information of the company's overseas issuance and listing, and does not constitute any substantive judgment or guarantee by the CSRC on the investment value of the company's securities or investors' returns, nor does it guarantee or confirm the authenticity, accuracy or completeness of the company's filing materials. The issuance and listing remain subject to approval, clearance or filing by the Securities and Futures Commission of Hong Kong, the Stock Exchange of Hong Kong and other relevant regulatory authorities and stock exchanges, and can only be implemented after taking into account market conditions and other factors. The matter remains uncertain.

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The company has mastered all mainstream 3D perception technology pathways, positioning itself as a "one-stop" partner for robot manufacturers that require multi-sensor fusion. As at 30 June 2026, it had served more than 7,000 customers globally, including over 1,000 robotics companies, and cooperates with a leading global AI computing infrastructure provider to participate in its AI ecosystem. According to Frost & Sullivan, by revenue, the company became the largest sensor provider in the global robot 3D visual perception market in 2025, the world's largest manufacturer of dedicated consumer-grade 3D scanner solutions, and the largest sensor provider for biometrics recognition payment terminals globally.

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According to Frost & Sullivan, in terms of retail value in 2025, the Company ranked as the largest knowledge-driven productivity tool brand in China and the second largest globally, based on the knowledge-driven productivity tools market, a sub-segment of the broader knowledge-driven intelligent tools market, which accounted for nearly half of the overall market by retail value in 2025. Its global market share was 4.2%, while the highest market share in the same market was 13.1%. The Company was also the top knowledge-driven productivity tools brand in China and the highest-ranked China-based company among the top five global market participants, and operates in both the open-system segment and the color segment of the market. The global knowledge-driven productivity tools market expanded from RMB13.8 billion in 2021 to RMB35.3 billion in 2025, representing a CAGR of approximately 26.5%, and is projected to increase further from RMB44.4 billion in 2026 to RMB80.4 billion in 2030, a CAGR of approximately 16.0%.

The Company said its competitiveness is driven by several key factors, including its system-level capabilities in display driving and algorithms, handwriting input technology, color and optical design, and power consumption control; its closed-loop management from solution design to mass-production consistency; its commitment to data privacy and security compliance; the breadth and quality of its product portfolio; its brand recognition; and an efficient distribution network. During the Track Record Period, its products were sold in multiple countries and regions, including the PRC, Europe, the U.S., Asia (excluding the PRC) and other countries and regions. As of 30 June 2026, BOOX OS, the operating system embedded in its hardware products, had over 1.2 million monthly active users; new hardware products contributed 36.9%, 26.3%, 33.2% and 10.5% of total revenue in 2023, 2024, 2025 and for the six months ended 30 June 2026, respectively, while cumulative downloads of its software product StarNote reached approximately 2.0 million as of 30 June 2026.

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