<div id="readability-page-1">The maker of enterprise resource planning solutions for manufacturers has applied to list in Hong Kong, seeking funds to expand its Athena Digital and Intelligent Platform <h4>Key Takeaways:</h4> <ul> <li>Digiwin has filed for a Hong Kong IPO to complement its current Shenzhen listing, reporting stable but unimpressive profit growth over the last three years</li> <li>The company’s valuation isn’t cheap, including a P/E ratio of more than 70 for its Shenzhen-traded shares</li> </ul> By Lau Chi Hang For Sun Ur-bane, the best decision he ever made was to shift the development focus of his company, Digiwin Co. Ltd. (300378.SZ), from his native Taiwan to the Chinese Mainland over two decades ago. That decision opened the door for Sun to ride an era of explosive growth among a new field of Chinese small- and medium-sized enterprises (SMEs), as Beijing embraced market economics. Now, Sun’s company is taking further steps into the international market with its application last week for a Hong Kong IPO. Born in Taiwan in 1948, Sun got degrees in physics and information management before founding Dingxin Computer in 1982. The company initially focused on enterprise resource planning (ERP) products, and went on to list in Taiwan as its operations grew. It began to develop the Mainland China market after 2000, and at one point even established a joint venture with Digital China, the IT services spinoff of PC giant Lenovo. <h4>Winning bet on the Mainland</h4> As the 21st century began, Sun saw how China’s economy was rapidly developing and the many business opportunities that presented. In response, he decided to concentrate his company’s focus entirely on the Mainland. Reflecting that shift, he delisted his company from the Taiwan Stock Exchange in 2008 and later renamed it as Digiwin. That decision turned out to be the right one, as rapidly developing Mainland enterprises readily gobbled up Digiwin’s ERP software. That growth led Digiwin to seek a new financial home on the Shenzhen Stock Exchange’s then-young ChiNext board for growth companies in 2014. The company’s current main business is providing digital and intelligent solutions for key business processes in the manufacturing industry, allowing enterprises to improve their efficiency through digital and intelligent transformation. Its business lines include provision of digital and intelligent software products, integrated digital and intelligent software and hardware solutions, and digital and intelligent technical services. Hon Hai, the world’s leading contract manufacturer for electronics, has long been a Digiwin supporter. Its Foxconn Industrial Internet subsidiary currently holds 12.37% of Digiwin’s shares, and is part of an “acting-in-concert” group that collectively holds 20.12% of the company’s stock and includes Sun, as well as Digiwin Chairman Yeh Tzu-chen. After more than 40 years in its space, Digiwin has carved out a comfortable place in China’s industrial manufacturing sector as a leading software supplier. According to third-party market data in its prospectus, Digiwin was the largest domestic provider in the Chinese manufacturing digital and intelligent solutions market in 2025, based on revenue. It ranks fifth in that market overall, with 1.4% share. <h4>Slow growth</h4> Despite its steady advancement and top-tier status in the manufacturing digital and intelligent solutions market, Digiwin lacks an explosive growth story to dangle in front of potential Hong Kong investors. The company’s revenue has climbed steadily over the past three years, rising from 2.23 billion yuan in 2023 to 2.43 billion yuan in 2025. But the annual growth rate is quite low, at just a few percentage points. Its profit has grown at an equally unimpressive pace, barely rising from 155 million yuan in 2023 to 158 million yuan the next year, before picking up to 174 million yuan in 2025. Unlike many new listing candidates whose top line gains are accelerating, Digiwin’s modest gains create an impression of just the opposite. Other elements of the company’s financials are also far from dazzling. To the contrary, they appear to show more signs of a slowdown. The company’s trade receivables and bills receivable reached 909 million yuan by the end of last year, up nearly 40% from 655 million yuan in 2023. Turnover days for trade receivables also climbed over that time from 57.4 days in 2023 to 95.3 days last year, rising by nearly 38 days. At the same time, Digiwin’s inventory turnover days also rose steadily over the period, climbing nearly 50% from 24.2 days to 36 days. Those metrics all rose far more quickly than the company’s revenue, though the underlying reason isn’t directly stated. Could it be due to a deliberate decision to relax customer payment terms to maintain the company’s sales volume? Additionally, Digiwin’s impairment losses on financial assets have been growing steadily in the last three years, rising from 26.45 million yuan in 2023 to 57.79 million yuan last year. The losses owe mainly to increased provisions for expected credit losses on trade receivables, reflecting rising bad debt. <h4>High valuation</h4> When compared to industry peers, both Kingdee International (0268.HK) and Yonyou Network Technology (600588.SH) boast higher visibility and greater customer usage volumes in the ERP market than Digiwin. Last year, revenue for each of those companies was also two to three times higher than Digiwin’s, and they were both far larger in terms of market cap. In terms of valuation, Kingdee’s price-to-earnings (P/E) ratio exceeds 300 times, and Yonyou Network remains money-losing, showing how difficult it is to make big profits in this area. The P/E ratio for Digiwin’s Shenzhen-listed shares is lower at 72 times, though even that level seems high. Unless the company’s profit can improve significantly, the risk-reward ratio at the valuation level of its Shenzhen stock appears unattractive. For the time being, the company’s future may hinge on its “Athena Digital and Intelligent Platform.” The company began an all-out effort to develop the platform in 2022, and has been gradually integrating it into its core digital and intelligent solutions for manufacturers. Digiwin says the Athena Platform is at the core of its AI strategy, and expects it to help the company maintain its edge in the competitive market. A big portion of funds from the Hong Kong listing is earmarked for the platform, whose success or failure could be a key factor for the company’s future development. To subscribe to Bamboo Works weekly free newsletter, click here</div>

鼎捷數智

Digiwin Co. Ltd.申請在香港上市，以籌集資金擴展其雅典娜數字智能平台。該公司在深圳的上市估值較高，市盈率超過 70，過去三年利潤增長穩定但不顯著。

In the digital intelligence battle, Digiwin bets on ancient Greek goddess