Sige New Energy is going public tomorrow! Hearing overview

Sig New Energy passed the hearing at the end of March and may be listed tomorrow, April 8th, but there are also quite a few points of interest in this batch of hearing-related stocks.

Sig New Energy$SIGENERGY(06656.HK) ：The company manufactures integrated solar-storage systems, falling under the residential storage category. As everyone knows, demand in Europe and the US for this kind of track is quite strong. Those unfamiliar can look at Tesla's energy storage business:

Tesla mainly includes Powerwall and Megapack. Energy storage is categorized by application scenario and scale into large-scale storage (utility-scale/grid-side storage), commercial & industrial (C&I) storage, and residential storage. Sig's integrated solar-storage system and Tesla's Powerwall are residential storage.

Although in terms of overall demand, large-scale storage is the core narrative (AI data centers) and the true mainstay of the market, Sig's residential storage is indeed done exceptionally well, with its five-in-one stackable integrated solar-storage system that integrates five major functions: PV inverter, DC charging module, energy storage converter, storage battery, and energy management system.

Sig's main strength is its extremely strong fundamentals. It's only been about three years since commercialization started, with revenue of 5.6 billion in the first nine months of 2025. The growth is even more outrageous than when I looked last year, a clear and significant volume increase. As for competition, Sig's unique positioning with its five-in-one modular design means concerns are minimal; at most, growth will slow down after expanding to a certain extent. (Heard it's already fifth globally, after Tesla, Huawei, and BYD.)

Changguang Chenxin：Industrial CIS, core applications in industrial production scenarios like machine vision and automated inspection. Global industrial imaging CIS market share is 15.2%, third globally and first domestically. Performance is growing, but actual scale with a few hundred million in revenue isn't that large. It's still leaning towards a small-to-medium-sized company, possibly in the more expensive wave in terms of valuation. Speculators must consider how many H shares are in circulation.

Huaqin Technology$Huaqin(603296.SH) ：A leading domestic smart hardware ODM enterprise. Mobile terminal business is the traditional core, accounting for 46.8%, including ODM business for mobile devices like smartphones and feature phones. Of course, the main focus is still on the computing and data business. 2025 revenue was 75.475 billion yuan, accounting for 44.0%, a year-on-year increase of 51.93%, including R&D and manufacturing of products like laptops, AI servers, and data center equipment. It has now become a core AI server supplier for internet giants like Alibaba and Tencent, with its own liquid cooling solution. This AI narrative is the core attraction. The industry average discount is 35%~40%, but with the AI narrative, it might break into 30%.

Mabwell Biotech$Mabwell(688062.SH) ：Main business focuses on R&D, production, and sales of biopharmaceuticals in areas like oncology, immune diseases, and bone health. Authorized licensing and service revenue was 409 million yuan, accounting for 61.7%. Core technologies like ADC, bispecific antibodies, and small nucleic acids are all hot oncology scenarios in HK. The only question is how much it will sell. There was a predecessor, Bai XX Heng, that still wanted to issue at a premium and directly flopped.

Qunhe Technology$MANYCORE TECH(00068.HK) ：One of Hangzhou's 'Six Little Dragons'. Main business is the "Kujiale" spatial design SaaS field, subscription-based. Revenue structure is extremely concentrated and stable, with enterprise customer subscriptions accounting for over 80%. In short, it's a relatively vertical AI service, belonging to the category of 'high-threshold SaaS AI transformation'. This point is a real test of market vision. Heard the valuation isn't expensive, I haven't looked.

Shenghong Technology$VGT(300476.SZ) ：Issued at a 30% discount (70% of price) based on last Friday, offering more meat than before. Dazi PCB accounts for 70% of the share. The main discount consideration is to suppress below 20%; whether it can break 10% is another story.