MeiG Smart Technology (03268) will open for subscription from February 27 to March 5, planning to globally issue 35 million H shares.

MeiG Smart Technology (03268) will be listed from February 27, 2026 to March 5, 2026, with plans to globally issue 35 million H shares, of which 10% will be sold in Hong Kong and 90% internationally, with an additional 15% in over-allotment option. The offer price will not exceed HK$28.86 per share, with a board lot of 100 shares, and trading of H shares is expected to begin on the Hong Kong Stock Exchange on March 10, 2026 at 9:00 am. We are a leading provider of wireless communication modules and solutions, with a focus on smart modules (especially high-performance smart modules). Our modules and solutions are widely used in the Internet of Things (IoT), Intelligent Connected Vehicles (ICV), and wireless broadband fields. According to data from Frost & Sullivan, in 2024, based on revenue from the wireless communication module business, we ranked fourth in the global wireless communication module industry, with a market share of 6.4%. The global wireless communication module market is highly concentrated, with the top three players in 2024 accounting for 65.7% of global market revenue (with the largest player holding a market share of 42.7%), while we ranked fourth with a market share of only 6.4%. Our total revenue for 2022, 2023, 2024, and the 9 months ended September 30, 2025, were RMB 2.306 billion, RMB 2.147 billion, RMB 2.941 billion, RMB 2.182 billion, and RMB 2.821 billion, respectively, with net profits of RMB 126.6 million, RMB 62.6 million, RMB 134 million, RMB 90.5 million, and RMB 113 million. We have entered into cornerstone investment agreements with BaoYue GongYing, Mingxing Electronics Hong Kong, RuiMing Electronics, Harvest, JinYi Capital, KaiPan CaiFu, ZTE, and Mr. Zhou Zengchang. The cornerstone investors will subscribe to a total amount of approximately HK$458.5 million of the offering shares at the offer price. We believe that the cornerstone investment demonstrates the confidence of the cornerstone investors in us and our business prospects, and will help enhance our image. Based on the highest offer price of HK$28.86 per H share and assuming the over-allotment option is not exercised, we will receive net proceeds of approximately HK$944.5 million from the global offering. Approximately 55% of the proceeds are expected to be used to enhance our research and innovation capabilities; approximately 10% will be used to expand our overseas sales network and promote our products in overseas markets; approximately 10% will be used for strategic investments and/or acquisitions to realize our long-term growth strategy; approximately 15% will be used to repay several interest-bearing bank loans due after June 2025, in order to optimize our financial structure and reduce borrowing costs; and approximately 10% will be used for working capital and general corporate purposes.