New stock news | Shanghai Longcheer Technology (603341.SH) has filed for a second listing on the Hong Kong Stock Exchange, becoming the world's second largest consumer electronics ODM manufacturer.

According to the disclosure of the Hong Kong Stock Exchange on December 29th, Shanghai Longcheer Technology Co., Ltd. (referred to as Shanghai Longcheer Technology) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Citigroup, HAITONG INT'L, and GUOTAI JUNAN I as its joint sponsors. The company had submitted documents to the Hong Kong Stock Exchange on June 27, 2025. Company Overview: According to the prospectus, Shanghai Longcheer Technology (603341.SH) is a provider of smart products and services, offering solutions to global renowned smart product brands and leading technology companies, including product research, design, manufacturing, and support. The company mainly competes in the global consumer electronics ODM market, which is a segment of the global smart product ODM market. The global smart product ODM market is a part of the global smart product manufacturing industry. According to data from Frost & Sullivan, based on the 2024 consumer electronics ODM shipment volume, the company is the second largest consumer electronics ODM manufacturer globally, holding a market share of 22.4%; based on the 2024 smartphone ODM shipment volume, the company is the largest smartphone ODM manufacturer globally, with a market share of 32.6%. The company has built a diverse product portfolio covering smart phones, AI PC, automotive electronics, tablets, smart watches/wristbands, and smart glasses. The company has also established a wide range of core customer groups, including leading brands such as Xiaomi, Samsung Electronics, Lenovo, Honor, OPPO, vivo, and others. Overall, the company's product portfolio follows a "1+2+X" framework, with smartphones as the core main track ("1"), personal computing and automotive electronics as key development businesses ("2"), and multiple categories including tablets, wearables, TWS earphones, smart glasses, representing the emerging consumer electronics field ("X"). Financial Data: Revenue: In the fiscal years of 2022, 2023, 2024, and the nine months ending on September 30, 2025, the company achieved revenues of approximately RMB 29.343 billion, RMB 27.185 billion, RMB 46.382 billion, and RMB 31.332 billion respectively. Net Profit: In the fiscal years of 2022, 2023, 2024, and the nine months ending on September 30, 2025, the company recorded net profits of approximately RMB 562 million, RMB 603 million, RMB 493 million, and RMB 514 million respectively. Gross Profit Margin: In the fiscal years of 2022, 2023, 2024, and the nine months ending on September 30, 2025, the company's gross profit margins were 8.1%, 9.5%, 5.8%, and 8.3% respectively. Industry Overview: Global Consumer Electronics ODM Industry Overview: Consumer electronics refer to smart electronic products used in daily life by consumers. They are usually easy to operate, and have characteristics such as entertainment and portability. Consumer electronics products include smart phones, tablets, laptops, and AIoT devices (smart watches/wristbands, TWS earphones, smart glasses). Global Consumer Electronics Industry Market Size: The global consumer electronics shipment volume is expected to increase from 2.113 billion units in 2024 to 2.49 billion units in 2029. With the iteration of human-computer interaction methods, smart glasses are expected to become the most promising category in the consumer electronics industry, with global shipments expected to increase from 9.6 million units in 2024 to 62.3 million units in 2029, with a compound annual growth rate of 45.4%. Global consumer electronics shipment volume remains relatively stable. In 2024, the market shares of Europe, North America, China, Asia-Pacific region (excluding China), and other regions were 13.5%, 18.9%, 23.0%, 26.1%, and 18.5% respectively. By 2029, it is expected that the market shares of China and other regions will increase. By then, the market shares of Europe, North America, China, Asia-Pacific region (excluding China), and other regions are expected to reach 13.0%, 18.9%, 23.3%, 25.8%, and 19.0% respectively. In the global consumer electronics industry, the market share of consumer electronics ODM and EMS suppliers' shipment volume has significantly increased, from 75.1% in 2020 to 79.7% in 2024. Specifically, in the entire global consumer electronics market, the market share of consumer electronics ODM suppliers was 40.3% in 2020, which is expected to increase to 46.2% by 2024. By 2029, the market share of consumer electronics ODM and EMS suppliers' shipment volume is expected to further increase to 82.5%, with ODM suppliers alone expected to account for 50.8% of the global consumer electronics shipment volume, maintaining the rapid growth of the global consumer electronics industry. Global Consumer Electronics ODM Industry Market Size: The global consumer electronics ODM shipment volume has grown from 853.5 million units in 2020 to 977 million units in 2024. Smartphones are the core category of consumer electronics ODM, with smartphones accounting for 54.3% of the total consumer electronics ODM shipment volume in 2024. Currently, smartphones and tablets are mainly manufactured using the ODM and EMS models, while laptops are mainly manufactured using the ODM model. The ODM model will continue to penetrate various categories, with the global consumer electronics ODM shipment volume expected to further increase to 1.266 billion units by 2029. The global consumer electronics ODM shipment volume is mainly concentrated in the Asia-Pacific region (excluding China) and China. In 2024, the market shares of Europe, North America, China, the Asia-Pacific region (excluding China), and other regions were 13.5%, 14.4%, 26.2%, 27.4%, and 18.5% respectively. By 2029, it is expected that the market shares of Europe, North America, China, the Asia-Pacific region (excluding China), and other regions will reach 13.1%, 13.7%, 27.0%, 27.6%, and 18.6% respectively. Global Consumer Electronics ODM Industry Competitive Landscape: In 2024, the global consumer electronics ODM shipment volume was 977 million units, with the top five participants holding a combined market share of 68.7%, indicating a relatively concentrated market. Shanghai Longcheer Technology's consumer electronics (including smartphones, tablets, laptops, smart watches/wristbands, TWS earphones, and smart glasses) ODM shipment volume in 2024 was 219 million units, ranking second globally with a market share of 22.4%. In 2024, the global smartphone ODM shipment volume was 530 million units, with the top three participants holding a combined market share of 75.1%, showing a concentrated market share. Shanghai Longcheer Technology's smartphone ODM shipment volume in 2024 was 173 million units, ranking first globally with a market share of 32.6%. Board of Directors Information: The company's board of directors consists of 7 directors, including 4 executive directors and 3 independent non-executive directors. Ownership Structure: As of December 22, 2025, Mr. Du is a general partner of Chong Hoi, and therefore has the right to exercise voting rights for 9.91% of the company's issued shares (excluding treasury shares) held by Chong Hoi, and controls 51% of Shanghai Xinhe's equity, therefore having the right to exercise voting rights for 20.70% of the company's issued shares (excluding treasury shares) held by Kunshan Longqi. Mr. Ge directly holds 4.63% of the company's issued shares (excluding treasury shares); and is the executive partner of Kunshan Qiyun, therefore having the right to exercise voting rights for 3.45% of the company's issued shares (excluding treasury shares) held by Kunshan Qiyun. Intermediary Team: Joint Sponsors: Citigroup Global Markets Asia Limited, HAITONG INT'L Capital Limited, Guotai Junan Finance Limited. Company Legal Advisors: For Hong Kong and US law: K&L Gates; For Chinese law: Dentons; For US regulatory law and international sanctions law: Hogan Lovells. Joint Sponsors' Legal Advisors: For Hong Kong and US law: Smithfield Law LLP; For Chinese law: Beijing Jington Gaocheng Law Firm. Reporting Accountants and Auditors: Ernst & Young. Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance Advisors: Guotai Junan Finance Limited.