New stock news | Beijing Sifang Automation (601126.SH) submits listing application to the Hong Kong Stock Exchange, holding a leading position in the China market for protection and automation solutions.

According to the disclosure made by the Hong Kong Stock Exchange on June 16, Beijing Sifang Automation Co., Ltd. (stock code: 601126.SH) has submitted an application to the Hong Kong Stock Exchange for listing on the main board, with Huatai International being its exclusive sponsor. Company Overview According to the prospectus, the company is a provider of new power system solutions. The company's proprietary technologies and products have reached international leading or advanced levels, and it occupies a leading position in the Chinese market for protection and automation solutions. The company has accumulated profound expertise in power grid security and stability control, and according to Frost & Sullivan data, the company is ranked second in the Chinese market for protection and automation solutions in 2025 with a market share of 10.3%. Since its establishment in 1994, the company has been deeply involved in the field of power systems, continuously building comprehensive capabilities in system analysis, simulation verification, software and hardware platform development, and key equipment research and development based on a deep understanding of the secure and stable control of large power grids. This has laid a solid foundation for the engineering application and intelligent construction of an integrated product portfolio covering key links in the value chain of new power systems, including generation, transmission, distribution, utilization, and storage. As of the last feasible date (June 8, 2026), the company's solutions have been applied in over 30 provinces/autonomous regions in China, as well as in more than 90 countries and regions worldwide, earning widespread recognition from global customers and high praise from the market. As of December 31, 2025, the company has established three research and development centers. In addition to the research and development centers, the company has set up multiple specialized research and development teams within its business segments to ensure close integration of its research and development work with specific product requirements and market demands. The company manufactures products in its own production bases and has strategically established production base networks at key locations. As of December 31, 2025, the company operates three production bases in Baoding, Hebei Province, Nanjing, Jiangsu Province, and Huzhou, Zhejiang Province, China. The company's customers primarily include power grid companies, new energy and traditional power generation companies, industrial power users, as well as customers in industries such as steel, metallurgy, petroleum, chemicals, and port equipment. The company's suppliers mainly include providers of electronic components (including chips, PCBs, and casings), other equipment (including servers and power modules), and testing and design services. The company has established and maintained stable long-term cooperative relationships with these major suppliers. As of the last feasible date, the company has received recognition for over 100 technologies and products in its core business areas reaching international leading or advanced levels. As of the last feasible date, the company has won two national scientific and technological progress awards, over 210 provincial and ministerial level or higher scientific and technological awards, has undertaken or participated in over 40 national key scientific and technological projects, has been granted 999 invention patents, and has participated in the drafting, formulation, and revision of over 602 international, national, and industrial standards. As of the last feasible date, the company's protection and automation products have successfully operated in over 39,000 35 kV and above substations, with over 14,000 sets of secure and stable control devices put into operation. Financial Data Revenue: In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 5.751 billion, RMB 6.951 billion, and RMB 8.193 billion, respectively. Annual Profits: In the fiscal years 2023, 2024, and 2025, the company's annual net profits were approximately RMB 628 million, RMB 716 million, and RMB 829 million, respectively. Gross Profit: In the fiscal years 2023, 2024, and 2025, the company's gross profits were approximately RMB 1.923 billion, RMB 2.228 billion, and RMB 2.446 billion, respectively. Industry Overview From 2021 to 2025, the global market size of new power system solutions increased from RMB 632.4 billion to RMB 1.1133 trillion, with a compound annual growth rate of 15.1%. It is expected that by 2030, the global market size of new power system solutions will reach RMB 2.3909 trillion, with a compound annual growth rate of 16.6% from 2025 to 2030. From 2021 to 2025, the market size of China's new power system solutions increased from RMB 241.6 billion to RMB 390.5 billion, with a compound annual growth rate of 12.8%. It is expected that by 2030, the market size of China's new power system solutions will reach RMB 992.7 billion, with a compound annual growth rate of 20.5% from 2025 to 2030. Protection and automation solutions refer to an integrated technology system that combines the use of relay protection devices, measurement and control devices, supervisory control and data acquisition (SCADA) systems, automatic generation control, and other automation equipment, along with communication networks, computer technology, and control technology. From 2021 to 2025, the global market size of protection and automation solutions increased from RMB 74.3 billion to RMB 113.3 billion, with a compound annual growth rate of 11.1%. It is expected that by 2030, the global market size of protection and automation solutions will reach RMB 180.5 billion, with a compound annual growth rate of 9.8% from 2025 to 2030. From 2021 to 2025, the market size of China's protection and automation solutions increased from RMB 35.9 billion to RMB 54 billion, with a compound annual growth rate of 10.7%. It is expected that by 2030, the market size of China's protection and automation solutions will reach RMB 88.5 billion, with a compound annual growth rate of 10.4% from 2025 to 2030. Board of Directors Information The board of directors consists of nine directors, including five executive directors and four independent non-executive directors. Directors are appointed for a term of three years and are eligible for re-election after the expiration of their term. Shareholding Structure As of the last feasible date, Four-Faith Electric holds approximately 39.07% of the company's shares, Dr. Yang Qixun directly holds approximately 0.77%, and Dr. Wang Xuzhao directly holds approximately 0.52%. Dr. Yang Qixun and Dr. Wang Xuzhao jointly control approximately 32.14% of the voting rights in Four-Faith Electric through an agreement of concerted action, thereby forming control over the company. Following the completion of the H-share issuance, the aforementioned Four-Faith Electric (including Yingsins management) will collectively constitute a controlling shareholder group. Intermediary Team Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Limited; Legal Advisor: Regarding Hong Kong laws and US laws: Freshfields Bruckhaus Deringer LLP; Regarding Chinese laws: Jingtian & Gongcheng LLP; Legal Advisor of the Exclusive Sponsor: Regarding Hong Kong laws and US laws: Gibson, Dunn & Crutcher LLP; Regarding Chinese laws: Zhong Lun Law Firm; Auditor and Reporting Accountant: KPMG; Compliance Advisor: SOMERLEY CAP Limited; Industry Advisor: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch;