New Stock Preview | Grasping both storage computing power, SHARETRONIC intensifies transformation for Hong Kong IPO "seeking change"

Since the beginning of this year, the total amount raised through IPOs in the Hong Kong stock market has exceeded HKD 190 billion, ranking first among global exchanges. Leading A-share companies have also been "going to Hong Kong," adding a splash of color to the Hong Kong stock market. With companies like CATL, Heng Rui Medicine, and Haitian Flavoring & Food Co., Ltd. successively listing on the Hong Kong Stock Exchange, they have become the main force in the A+H listing boom. Against the backdrop of A-share companies flocking to Hong Kong for listings, another A-share company has joined this lineup.

Recently, SHARETRONIC (300857.SZ) submitted its main board listing prospectus to the Hong Kong Stock Exchange, with Tianfeng International, Bank of Communications International, and Guangyin International serving as joint sponsors, becoming another company seeking to list in both A and H shares.

From Storage Hardware to "Rise of Computing Power"

According to Zhitong Finance APP, SHARETRONIC was established in November 2005 and has been engaged in the consumer electronics manufacturing industry for nearly 20 years. It was listed on the Shenzhen Stock Exchange's ChiNext in July 2020. SHARETRONIC's core strategy is centered around the "smart IoT ecosystem," building a global industrial system that integrates "smart terminals + computing power infrastructure + cloud services," forming a global competitive edge through full value chain integration (R&D - manufacturing - services).

Relying on a composite product system of "perception layer + edge layer," SHARETRONIC deeply engages in the fields of AIoT smart hardware, data storage terminals, edge computing devices, and smart control terminals. Its technology R&D focuses on audio and video perception, wireless communication connections, and the implementation of scenario-based AI agents.

According to Frost & Sullivan data, in 2024, based on annual SSD revenue, the company will be the second-largest domestic smart storage device manufacturer in the global market; based on shipment volume, the company will be the second-largest domestic consumer-grade smart camera manufacturer in the global market, holding a 6.6% market share.

In 2025, SHARETRONIC will shift its investment and business focus to the AI computing power field, which is currently the hottest trend. The company's transformation has the most natural conditions—this transformation not only builds on the company's accumulation in the consumer electronics field but also lays a foundation for its AI computing power transition through deep engagement in hardware.

From the perspective of business structure, SHARETRONIC has shown significant changes in its business structure from 2022 to the first half of 2025 (as of June 30). Previously, data storage devices were the core pillar, with revenue increasing from RMB 1.694 billion in 2022 to RMB 3.502 billion in 2024. Although the proportion dropped to 37.1% in the first half of 2025, it still led with revenue of RMB 1.835 billion, making it the company's largest business segment. The IoT smart terminal, once the second-largest business, saw revenue grow from RMB 1.180 billion in 2022 to RMB 2.259 billion in 2024, maintaining a stable share of around 30%. However, in the first half of 2025, this business's revenue declined, and its share dropped to 17.7%, with its revenue scale surpassed by the smart computing power business.

The third major business is intelligent computing power products and services, which is also the key to the company's transformation. After generating revenue for the first time in 2023, the revenue surged to 1.221 billion yuan in the first half of 2025, accounting for 24.7%, with a gross margin of 20.06%, becoming a new growth engine. The remanufacturing business of servers and peripherals also achieved breakthroughs in 2024, with its proportion further increasing to 16.9% in the first half of 2025, forming a business supplement.

Benefiting from the steady growth of revenue across various business lines, the company's financial data has shown significant growth in recent years. From the revenue perspective, it increased from 3.147 billion yuan in 2022 to 7.410 billion yuan in 2024, while the first half of 2025 saw a 38.1% increase compared to the same period in 2024, reaching 4.943 billion yuan. The growth momentum comes from the expanding customer base driven by IoT demand, AI development, and the popularization of cloud computing.

In terms of profit during the same period, the company's gross profit rose from 322 million yuan in 2022 to 1.233 billion yuan in 2024, with the gross margin increasing from 10.2% to 16.6%, and maintaining a gross margin of over 16% in the first half of 2025. The net profit of SHARETRONIC also increased from 131 million yuan in 2022 to 687 million yuan in 2024, achieving 422 million yuan in the first half of 2025. Overall, the company is in a rapid expansion phase, with significant growth in revenue and profit, continuous improvement in gross margin and net profit, reflecting enhanced operational efficiency and market competitiveness.

Opportunities and Challenges Under Increased Computing Power

It is noteworthy that SHARETRONIC's core goal for this IPO in Hong Kong is not merely "financing"; focusing on deepening the layout in the AI computing power track has become the company's "strategic plan."

The prospectus shows that the funds raised from this IPO are clearly intended for four major directions: first, to build AI computing power infrastructure, including the procurement of high-performance computing servers and storage server hardware and software, purchasing and building internet dedicated lines and network equipment, and hiring technical personnel responsible for the continuous maintenance of SHARETRONIC's AI infrastructure; second, to enhance R&D capabilities; third, for strategic and industry-related investments and acquisitions; fourth, to supplement working capital.

It is evident that SHARETRONIC's core business focuses on the transformation of AI computing power. In fact, the company's investment in computing power has entered an "acceleration phase": the day before submitting the application to the Hong Kong Stock Exchange, the company announced in the A-share market its plan to procure no more than 4 billion yuan worth of servers (for cloud computing services, not constituting a major asset restructuring or related party transaction); as of August 15, 2025, SHARETRONIC has cumulatively invested no more than 8.2 billion yuan in high-performance servers, and is increasing its presence in four major service regions: China, the US West, Europe, and Asia-Pacific. With an additional procurement of 4 billion yuan, the total investment in the computing power field will exceed 12 billion yuan within 2025, demonstrating the company's determination to transform into computing power.

At the same time, in terms of R&D, SHARETRONIC's R&D investments from 2022 to 2024 and the first half of 2025 were 103 million yuan, 156 million yuan, 241 million yuan, and 109 million yuan, respectively. Although the proportion of R&D expenditure in the first half of 2025 slightly decreased, the overall investment scale has increased. The advancement of AI computing power business has also driven market capitalization growth. According to Wind data, since 2025, the company's stock price has increased by over 122%, and as of October 27, the A-share closed at 169.56 yuan per share, with a total market value exceeding 60 billion yuan However, the road to transformation is not entirely "smooth." In the short term, SHARETRONIC faces financial risks associated with increasing its debt to enhance its computing power transformation. The prospectus shows that SHARETRONIC's operating cash flow is highly volatile, with net operating cash flows of -96.665 million yuan and 98.996 million yuan for 2023 and 2024, respectively. In the first half of 2025, the company's operating cash flow had a net outflow of 1.56 billion yuan, mainly due to increases in inventory and other receivables such as prepayments. At the same time, the company's investment cash flow remains negative, reflecting that the company is in a phase of large-scale investment. At the end of the period, the company's cash and cash equivalents balance was 1.534 billion yuan.

Moreover, by the end of the first half of 2025, the company's debt-to-asset ratio reached 256.4%, a sharp increase from 68.5% at the end of 2024. The company stated that this was mainly due to increased bank loans in the first half of the year to support the expansion of its smart computing products and services business. As of the end of June 2025, the company's current liabilities soared to 7.87 billion yuan, more than doubling from 3.361 billion yuan at the end of 2024. A closer look at the prospectus reveals that as of the end of August 2025, the total amount of loans due within one year reached 6.292 billion yuan, creating significant repayment pressure, making financing in Hong Kong urgent.

From an industry perspective, the AI computing power sector has become a darling of the capital market due to its characteristics of "high barriers, high margins, and high repurchase rates," providing a favorable market atmosphere for the company's IPO, but it must also accept the scrutiny of industry valuation standards. Currently, the AI computing power industry is favored by capital, with valuation levels significantly higher than traditional IT companies. In the U.S. stock market, AI computing leader CoreWeave had a market capitalization of up to $67.364 billion as of October 27; in the A-share market, companies like Zhongke Shuguang and Inspur Information also see their price-to-earnings ratios rising sharply.

At this point, SHARETRONIC's IPO in Hong Kong has three major advantages: first, the company's business structure is upgrading from storage hardware to AI computing, with a clear new growth engine; second, both revenue and profit are increasing, and the gross profit margin is steadily improving, enhancing profitability; third, R&D investment and global layout provide support, laying the foundation for business expansion. These highlights are not only the core logic for attracting capital but also the confidence for its transition from A-shares to a Hong Kong listing, combined with the industry's hot trend, which will deeply bind it to the prosperity of the computing power sector.

However, the market still needs to be wary of its financial and repayment risks, which could become key factors limiting its valuation and long-term development. Overall, the company's IPO in Hong Kong is both a grasp of opportunities in the computing power sector and implies liquidity risks. Whether it can achieve a win-win situation for capital and business will require continuous attention to the progress of its computing power business and the company's listing financing process