AI Computing Power + Optical Communication + PCB Resonance: Puyuan Jingdian's HKEX Listing Ushers in a New Era of A+H Shares
AI Computing Power + Optical Communication + PCB Resonance: RIGOL's HKEX Listing Ushers in a New Era of A+H
At the beginning of the second half of the year, the Hong Kong IPO market continues to heat up. Particularly, "A+H" technology companies with in-house chip design capabilities at the foundational level and deeply embedded in high-growth sectors like AI computing power, high-speed optical communication, and high-end PCB have become key targets for foreign institutions and long-term capital to scramble for shares. With the sustained surge in demand for AI servers, 800G/1.6T optical modules, high-frequency PCBs, and semiconductor testing, leading companies with in-house instrument design capabilities are entering a window for valuation recovery.
On July 9, China's leading electronic measurement instrument company, RIGOL ("RIGOL" or the "Company"; Stock Code: 00537.HK, 688337.SH), was officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first company in the industry to achieve a benchmark dual listing in both "A+H" markets, adding another important example to China's technology innovation internationalization. For this IPO, the final offer price was set at HK$45.98, with total gross proceeds of HK$1.14 billion. CITIC Securities acted as the sole sponsor.
The cornerstone investor lineup, which has attracted market attention, is luxurious and diverse. A total of seven well-known institutions subscribed for a total amount of HK$480 million, accounting for approximately 42.11% of the global offering shares. They include HHLR Advisors under Hillhouse, CPE Hemlock, the Suzhou New District Government Fund, Huayuan Investment, Sungrow Power Supply Hong Kong, CITIC-Prudential Fund, and Pengnian Group. The balanced layout of industrial capital, top-tier US dollar private equity, local state-owned capital, and public fund capital not only demonstrates global capital's recognition of the company's growth logic in AI and optical communication but also provides a strong supporting base for the company's valuation.
Maintaining Industry Leadership, Building a Technological Moat with In-House Chips
Having deeply cultivated the field of general-purpose electronic measurement instruments for nearly three decades, RIGOL's product matrix covers digital oscilloscopes, microwave RF instruments, DC precision instruments, and modular instruments, comprehensively adapting to high-growth sectors such as AI computing hardware, high-speed optical communication, high-frequency PCBs, semiconductors, new energy, and automotive electronics, solidifying its leading industry position.
According to data from Frost & Sullivan, based on 2025 revenue, RIGOL ranks first in China and eighth globally among electronic measurement instrument suppliers. Furthermore, it is the first in China and fifth globally among digital oscilloscope suppliers, and first in China and third globally among waveform generator suppliers. Additionally, the company is the first and only Chinese enterprise to have successfully commercialized a digital oscilloscope equipped with a self-developed ASIC, filling an industry gap.
The core technological barrier stems from RIGOL's breakthrough in foundational chip self-reliance. In 2017, the company launched the "Phoenix" fully self-developed ASIC, breaking overseas performance barriers. In April 2026, it significantly iterated the "Aquila" next-generation self-developed chip, simultaneously launching the DHO50000 high-resolution oscilloscope and the MSO/DS9000 industrial models. These two new products precisely meet the demands for AI server PCB signal detection, 1.6T optical module mass production testing, and high-speed interconnect interface verification, directly targeting the largest current market increment.
On the other hand, the explosive growth of the AI computing power, optical communication, and high-end PCB industries has created massive, rigid demand for testing. The R&D and production lines for AI server high-density PCBs, 800G/1.6T optical modules, CPO silicon photonic devices, and high-speed PCIe interfaces all rely on high-precision oscilloscopes and RF analyzers to complete signal integrity testing. RIGOL's revenue from major optical communication customers in 2025 increased by 70.45% year-on-year, with the growth rate further surging to 147.71% in the first quarter of 2026. Its array measurement and control solutions for AI production lines grew by over 600%, becoming the company's second growth curve.
On the R&D front, RIGOL continues to increase investment. In 2023, 2024, and 2025, R&D expenses were approximately RMB 143 million, RMB 207 million, and RMB 226 million, respectively, each accounting for over 20% of revenue. In 2025, its R&D expenses, proportion of R&D personnel, and number of patents all ranked first among listed Chinese electronic measurement enterprises. As of the end of 2025, it had cumulatively obtained 553 authorized patents and deeply participated in the formulation of global testing industry standards.
"A+H" Dual-Wheel Drive, Globalization and Volume Expansion Open Long-Term Space
Relying on the global "RIGOL" brand, the company's overseas business has grown rapidly. In 2025, overseas revenue reached RMB 317 million, accounting for 35.2% of total revenue, ranking first in the industry. The company's business covers over 90 countries, with branches established in China, the US, Europe, Japan and South Korea, Singapore, and Malaysia. The operational Malaysia production base has enhanced overseas delivery capabilities. The company has shipped over one million instruments globally, serving more than 100,000 industrial and research clients.
Simultaneously, the company's "G-THSA" strategy fully aligns with current industry trends. It continuously amplifies its advantages across five dimensions: global layout, high-end talent, hardware self-development, industry-customized solutions, and AI empowerment. By leveraging its self-developed equipment, it provides one-stop testing solutions for AI computing power, optical communication, and PCB enterprises, seizing the huge opportunities brought by the global technology industry cycle.
Amid the wave of China's high-tech self-reliance and substitution, the value of measurement leaders possessing both full-industry-chain self-development and global delivery capabilities is being continuously reassessed. This Hong Kong listing establishes the dual capital platform of "A+H". The raised funds will be primarily invested in high-end ASIC iteration, R&D of specialized instruments for AI and optical communication, domestic and overseas capacity expansion, and global channel M&A expansion. Benefiting from the resonance of multiple growth logics—breakthroughs in self-developed core technologies, continuous improvement of the product matrix, and deepening of the global layout—it is expected to continuously increase its global market share and become a core representative of China's precision scientific instruments going global.
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