New stock news | Hgtech (000988.SZ) submits application to the Hong Kong Stock Exchange, becoming the sixth in the world for optical interconnection and the first in China for PTC heaters.

According to the disclosure by Hong Kong Stock Exchange on April 13, Hgtech Industry Co., Ltd. (referred to as Hgtech (000988.SZ)) submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as the exclusive sponsor. Company Profile The prospectus shows that Hgtech, founded in 1999, is the first listed company in the laser industry in China. After more than 20 years of development, the company has formed three core business matrices: optical interconnection, intelligent sensing, and intelligent manufacturing, striving to become a full-stack AI capabilities provider for "sensing, transmitting, and using". Optical interconnection is the fastest-growing sector for Hgtech in recent years and is also one of the core beneficiaries of the AI computing power wave. This business segment includes artificial intelligence computing power optical modules, telecommunication and satellite optical modules, products such as ultra-high-speed optical modules, copper interconnect modules, intelligent automotive optical and satellite communication optical modules, mainly serving leading global cloud service providers, large-scale model developers, telecommunications operators, and new energy vehicle companies. According to Frost & Sullivan, Hgtech is the sixth-largest specialized optical interconnect product manufacturer globally. The company's core products, 800G and 1.6T optical modules, have already achieved global-scale mass production and delivery. In 2025, the company will launch the industry's first 3.2T NPO/CPO solution, 6.4T NPO solution, and 12.8T XPO. In terms of technological roadmap, the company is also laying out in directions such as VCSEL/EML, silicon photonics, and thin-film lithium niobate. In the intelligent sensing business, based on revenue, the company's new energy vehicle PTC heaters rank first globally, with a domestic market share of 67.2%. The company's customers cover the majority of mainstream domestic new energy brands and joint venture brands, and have also secured orders from several top international automobile companies. At the same time, the company is upgrading from single-function sensors to integrated thermal management systems, extending its reach to MEMS sensors, self-intelligence, low-altitude economy, and other cutting-edge fields. In the intelligent manufacturing business, with laser processing and AI empowerment at its core, Hgtech provides a full chain service from macro-processing equipment, micro-processing equipment to intelligent manufacturing solutions. According to Frost & Sullivan data, by 2025, Hgtech ranks second in the Chinese laser equipment market, with a market share of 4.4%. The company ranks second in the automotive laser equipment segment and first in the ship laser equipment segment. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, the company's revenue was approximately RMB 10.31 billion, RMB 11.709 billion, and RMB 14.355 billion, respectively. Annual Profit In 2023, 2024, and 2025, the company's annual profit was approximately RMB 1.003 billion, RMB 1.203 billion, and RMB 1.454 billion, respectively. Gross Margin In 2023, 2024, and 2025, the company's gross margin was 22.5%, 21.5%, and 21.2%, respectively. Industry Overview Global Optical Interconnect Market Driven by the explosive growth in artificial intelligence computing demand and large-scale data center construction, sales of optical interconnect products are expected to grow rapidly from 2021 to 2025. Looking ahead, with the continuous development of technologies such as 1.6T/3.2T and the gradual commercialization of new CPO/NPO solutions, this growth trend is expected to continue. From 2021 to 2025, global sales of optical modules are projected to increase from RMB 77.6 billion to RMB 162.4 billion, with a compound annual growth rate of 20.3%. By 2030, global optical module sales are expected to further rise to RMB 707.6 billion, with a compound annual growth rate of 34.2% from 2025 to 2030. North America currently holds the largest market share globally, with the region accounting for 38% of the total market by 2025. This leading position in North America is mainly driven by the continuous investments by tech giants like Amazon and Google into ultra-large-scale data centers, combined with the bandwidth demand surge fueled by the generative AI trend. These factors are expected to drive long-term and robust demand for higher-speed optical interconnect products. Additionally, North America's strategic layout and technological reserves in CPO are expected to expedite the scale deployment in this field, maintaining the region's dominance in the market. China is another rapidly growing market globally. From 2021 to 2025, the annual compound growth rate of the Chinese optical module market is 24.0%; it is projected to accelerate to 36.1% from 2025 to 2030, continuing to exceed the market average. The expansion of the Chinese market is driven by the continuous advancement of national integrated computing power networks, the cluster layout of smart computing centers, and the surge in demand for ultra-large-scale smart computing centers driven by the large-scale landing of AI models. Global and Chinese Sensor Market Size Driven by the global digital wave and the trend of Internet of Things, the sensor market continues to expand. By 2025, the global sensor market size is expected to grow from RMB 1.4422 trillion in 2021 to RMB 1.7824 trillion, with a compound annual growth rate of 5.4%. It is forecast to reach RMB 2.2551 trillion by 2030, with a compound annual growth rate of 4.8% from 2025 to 2030. The Chinese market, as the most dynamic incremental market globally, shows even more robust development momentum. Benefiting from the domestic manufacturing industry's intelligent upgrade, its global leading position in the new energy vehicle industry, and the vast consumer electronics, smart home, and appliance markets, the Chinese sensor market is projected to grow from RMB 320.1 billion in 2021 to RMB 427.0 billion in 2025, with a compound annual growth rate of 7.5%. This will account for approximately 24.0% of the global market by 2025. By 2030, the Chinese sensor market is expected to climb to RMB 588.2 billion, with a compound annual growth rate of 6.6% from 2025 to 2030, higher than the global average, underscoring the market's potential and strategic importance in China. Chinese Laser Equipment Market Size From 2021 to 2025, the Chinese laser equipment industry's market size is expected to continue growing steadily, rising from RMB 82.5 billion to RMB 92.6 billion, driven by various factors working synergistically. This growth is mainly due to the transformation of the domestic manufacturing industry towards high-end and intelligent processes, especially the surge in demand from emerging sectors such as new energy vehicles, lithium batteries, and semiconductors. Laser equipment, with its advantages of high precision and efficiency, has become the core choice for process upgrades, driving the large-scale substitution of traditional contact mechanical processing with laser processing. Furthermore, the state has included laser technology in the core areas of strategic emerging industries, clarifying its focus on development. By supporting funding, collaborative innovation between industry, academia, and research institutions, the country has promoted breakthroughs in core technologies and localization processes, expanding the market coverage. Looking ahead, the industry's growth momentum is expected to strengthen during the forecast period. Accelerating internationalization of enterprises will be a core growth point, combined with the extension of demand in downstream emerging applications and the continued empowerment of national strategic policies. By 2030, the Chinese laser equipment industry market size is expected to reach RMB 111.6 billion. Board of Directors Information The company's board of directors consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Equity Structure As of April 7, 2026, the general partners of Guoheng Fund are Donghu Innovation Investment and Guoheng Technology, each holding a 0.22% stake in Guoheng Fund. Guoheng Fund is held by its limited partners Jungongda, Junkeda, Junduda, Junjunda, Junhuada, Wuhan Guochuang, Wuhan Technology Investment Co., and Wuhan Industrial Development Fund. They hold stakes of 2.34%, 2.34%, 2.34%, 3.26%, 15.79%, 65.55%, 2.31%, and 5.62%, respectively. Intermediate Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited Company's Legal Advisor: Regarding Hong Kong Law: King & Wood Mallesons; Regarding Chinese Law: King & Wood Mallesons Legal Advisor for the Exclusive Sponsor: Regarding Hong Kong Law: Winston & Strawn LLP and partnership with Beijing Tongshang Law Firm; Regarding Chinese Law: Beijing Tongshang Law Firm Declaration Accountant: FGR Mazars Certified Public Accountants Co., Ltd. Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch Compliance Consultant: Chao Yao Capital Co., Ltd.