New stock news | Sendate Electric submits documents to Hong Kong Stock Exchange, primarily serving the data center and power grid application fields.

According to the disclosure of the Hong Kong Stock Exchange on June 10th, Fujian Send Electric Co., Ltd. (referred to as Send Electric) submitted an application to the Main Board of the Hong Kong Stock Exchange, with CISI FIN as its exclusive sponsor. Company Profile According to the prospectus, the company was established in 1995 and is a technology-driven provider of intelligent distribution equipment and control systems, mainly serving the data center and power grid applications. With over thirty years of industry expertise, the company has grown to become a leading comprehensive provider of high and low voltage complete switchgear equipment in China. The company's continuous technological innovation and extensive industry expertise are the foundation for driving growth. According to Frost & Sullivan data, the company ranks second with a 3.3% market share in the 2025 data center industry (a sub-sector of the communication industry) complete distribution equipment solution revenue. According to the same data source, the company ranks third with a 3.6% market share in the 2025 communication industry complete distribution equipment solution revenue. The company has vertical integration capabilities throughout the entire value chain, covering the design, research and development, manufacturing, quality testing, and after-sales maintenance of electrical products and systems. Leveraging its own intelligent high and low voltage complete switchgear equipment and supporting components, the company is committed to providing customers with systematic end-to-end power solutions. The company believes that its full-lifecycle service model enables it to ensure strict quality control, respond quickly to operational needs, and earn the long-term trust of customers. The company's product portfolio mainly includes: (i) low-voltage complete switchgear equipment; (ii) high-voltage complete switchgear equipment; and (iii) other electrical products. With over thirty years of production experience and technological innovation, the company has mastered key production processes and core technologies in the field of distribution and control systems. The company's solutions are widely deployed in smart grid scenarios. As a key infrastructure supporting advanced technologies like 5G, computing power, and AI, the company's power equipment applications are constantly expanding. While consolidating its established market position in the smart grid field, the company has strategically expanded its business to the data center industry to provide stable and reliable power solutions. Additionally, the company's products are widely used in industries such as transportation and industry. With strict quality control and systematic service capabilities, the company has established strategic partnerships with several large multinational electrical equipment manufacturers. The company has also successfully integrated into the supply chains of well-known automotive battery manufacturers and maintains long-term stable cooperation with major companies in the power and communication industries, as well as several large Chinese state-owned enterprises. Financial Information Revenue For the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 521 million, RMB 625 million, and RMB 655 million, respectively. Profit For the fiscal years 2023, 2024, and 2025, the company's annual profits and comprehensive income totaled approximately RMB 98.185 million, RMB 149 million, and RMB 140 million, respectively. Industry Overview The power system refers to a comprehensive industrial system cored around the production, transmission, distribution, and usage of electricity, with the function of converting primary energy from nature into electricity through generating equipment, then supplying electricity to various users through transformation, transmission, distribution, and usage. The main purpose of the power system is to ensure efficient production and reliable transmission of electricity to meet consumers' needs. The processes of the power system mainly include generation, transformation, transmission, distribution, and usage. Driven by the rapid development of industries such as data centers and new energy vehicles, there has been a continuous growth in CHINA POWER demand in recent years. From 2021 to 2025, China's total electricity consumption increased from 6,774.8 terawatt-hours to 8,173.4 terawatt-hours, with a compound annual growth rate of 4.8%. It is expected that by 2030, China's total electricity consumption will reach 10,225.0 terawatt-hours, growing at a compound annual growth rate of 4.6% from 2025 to 2030. In recent years, the market size of the complete distribution equipment solution market in China (based on revenue) decreased from RMB 202.9 billion in 2021 to RMB 186.9 billion in 2025, with a compound annual growth rate of -2.0%. The complete distribution equipment solutions are widely used in China, mainly in the power industry, manufacturing industry, construction industry, and new infrastructure construction industry (such as the communication industry and its sub-sectors, data center industry). Based on the revenue of complete distribution equipment solutions in 2025, the proportions are 35.4%, 33.8%, 23.1%, and 7.7%. Specifically, the revenue in the power industry and new infrastructure construction industry (such as communication industry and its sub-sectors, data center industry) in 2025 reached RMB 64 billion and RMB 20 billion, with compound annual growth rates of 2.7% and 12.9% from 2021 to 2025. However, the slowing economic growth and prolonged downturn in the real estate industry have led to a decline in demand for complete distribution equipment in the manufacturing and construction industries. In 2025, the revenue in the manufacturing and construction industries reached RMB 61.1 billion and RMB 41.8 billion, with compound annual growth rates of -1.8% and -11.2% from 2021 to 2025. It is expected that by 2030, the market size of the complete distribution equipment solution market in China (based on revenue) will reach RMB 211.4 billion, with a compound annual growth rate of 2.5% from 2025 to 2030. Specifically, by 2030, it is estimated that the revenue in the power industry and new infrastructure construction industry (such as the communication industry and its sub-sectors, data center industry) will reach RMB 73.9 billion and RMB 32.7 billion, with compound annual growth rates of 2.9% and 10.3% from 2025 to 2030. By 2030, the revenue in the manufacturing and construction industries is expected to reach RMB 70.9 billion and RMB 33.9 billion, with compound annual growth rates of 3.0% and -4.1% from 2025 to 2030. Board of Directors Information The company's board of directors consists of eight directors, including five executive directors and three independent non-executive directors. The term of office for the directors is three years, and they may be re-elected for consecutive terms, but according to Chinese laws and regulations, the cumulative term of office for independent non-executive directors shall not exceed six years. Equity Structure As of the latest feasible date (June 1, 2026), Mr. Zhou holds approximately 80.0% of the total issued share capital of the company. Therefore, as of the latest feasible date, Mr. Zhou is the controlling shareholder of the company and will remain the controlling shareholder after the compilation. Intermediary Team Sole Sponsor: CISI FIN Financing Co., Ltd.; Legal Advisors: Zhong Lun Law Firm, Haiwen & Partners Law Firm; Legal Advisors of the Sole Sponsor: Wilson Sonsini Goodrich & Rosati, Beijing Dentons Law Firm; Auditors and Reporting Accountants: KPMG CPA Firm; Industry Consultants: Fros...