The recent market for new stock listings has been exceptionally active, with companies like Fourier and Extreme Vision achieving strong post-listing share price performances. According to the latest announcement, HUAQIN, a leading intelligent hardware ODM giant, has commenced its public subscription today, moving closer to completing its A+H share structure. The announcement indicates that HUAQIN plans a global offering of 58.5482 million H shares, utilizing a B mechanism for the issuance. The Hong Kong public offering portion consists of 5.8549 million shares, representing approximately 10% of the total, while the international offering comprises 52.6933 million shares, accounting for about 90%. An additional 15% over-allotment option is included. The maximum offer price is set at HK$77.70 per share. Based on this highest price, the company expects to raise net proceeds of approximately HK$4.463 billion. Roughly 40.0% of the funds are allocated to product-centric research and development to enhance technological capabilities; about 35.0% will be used to expand and optimize the manufacturing system; approximately 15.0% is designated for strategic investments and vertical integration; and around 10.0% is intended for working capital and general corporate purposes. The subscription period for HUAQIN runs from April 15 to April 20, with an expected listing date of April 23. Each board lot consists of 100 shares, with an entry cost of approximately HK$7,848.36. It is noteworthy that this issuance has secured strong support from cornerstone investors, including JPMAMAPL, Shanghai Gaoyi, Taikang Life Insurance, Kingboard Investments, and Hong Kong Junzheng. These institutions have collectively agreed to subscribe to approximately US$290 million (about HK$2.273 billion) worth of the offered shares. Information reveals that, supported by profound technological accumulation, HUAQIN has established a "3+N+3" product matrix covering the most critical intelligent hardware sectors. Smartphones, laptops, and servers form the company's three core pillars, underpinning its fundamental performance. Products such as tablets, smart wearables, and AIoT constitute the extended business segments. Automotive electronics, software, and robotics serve as future-oriented innovation engines, continuously generating high-growth momentum. According to data from CIC, based on global shipment volume in 2024, HUAQIN is the world's largest consumer electronics ODM manufacturer, holding a market share of 22.5%. It also leads globally in the ODM markets for tablets and smart wearables, ranks second globally in the smartphone ODM market, and holds the top position in China for the laptop ODM market. Furthermore, based on data infrastructure business revenue in China for 2024, HUAQIN ranks sixth among all data infrastructure manufacturers in China, with a market share of 5.0%. Regarding financial performance, from 2023 to 2025, HUAQIN reported revenues of RMB 85.338 billion, RMB 109.878 billion, and RMB 171.437 billion, respectively. Net profits for the same periods were RMB 2.657 billion, RMB 2.916 billion, and RMB 4.132 billion, demonstrating sustained high-speed growth in both revenue and profit over the recent three-year period.