Huike Co., Ltd. completed a key step in listing

Recently, the China Securities Regulatory Commission disclosed the completion report on the initial public offering and listing counseling of Huike Co., Ltd. (hereinafter referred to as Huike Co., Ltd.). Its listing counseling agency is CICC.

Generally speaking, Huike Co., Ltd.’s successful IPO process will significantly strengthen the “head-concentrated” competitive landscape of the panel industry. At the same time, in the process, Huike Co., Ltd. will also face multi-dimensional challenges from capital, technology, customers, etc. After counseling, CICC believes that Huike Co., Ltd. has the corporate governance structure, basic accounting work, and internal control system required to become a listed company, and fully understands the characteristics and attributes of each sector of the multi-level capital market; Huike Co., Ltd., its directors, supervisors, and senior managers, holding 5% The shareholders and actual controllers (or their legal representatives) of the above shares have fully grasped the laws, regulations and rules on issuance and listing, standardized operations, etc., and are aware of the responsibilities and obligations in information disclosure and fulfillment of commitments, etc., and have established a sense of integrity, self-discipline and rule of law when entering the securities market. Experts say that Display has sorted out the IPO path of Huike Co., Ltd., which applied for a GEM IPO in 2022. The IPO was withdrawn in August 2023. In this IPO, Huike Co., Ltd. originally planned to raise 9.5 billion yuan. In February 2024, Huike re-entered the IPO coaching stage, and at the same time frequently invested in new display fields such as MLED. domain.

Source: Experts say "LED Industry Quarterly Analysis Report Q2 (2025)" At the same time, according to its prospectus, Huike currently has four G8.6 high-generation production lines and four smart display terminal production bases. It is also equipped with a display module production base and a display terminal accessories production factory.

Among the four display panel production bases, Chongqing Jinyu and Chuzhou Huike G8.6 high-generation production lines were put into operation in 2017 and 2019 respectively; Mianyang Huike G8.6 high-generation production line was put into operation in 2020; Changsha Huike G8.6 high-generation production line was put into operation in 2021.

In terms of semiconductor display panel business, Huike Co., Ltd. is actively promoting the construction and product technology development of OxideTFT, current-mode backplane and process platforms while deploying mainstream amorphous silicon TFT-LCD technology. It is the first in China to realize the G8.6 high-generation Oxide RGB OLED backplane development and production technology platform construction, and has completed Oxide LCD mass production technology development and product verification. In addition, Huike Co., Ltd. relies on its independent development platform of Oxide backplane technology to actively lay out advanced technology reserves in the field of high-generation OLED displays, and at the same time develop innovative Mini LED technology. Especially since this year, Huike has continued to increase its investment in emerging display fields, and its investment pace has accelerated. According to experts’ Display statistics, as of May this year, Huike Investment in MLED has exceeded 30 billion.

Source: Experts say "LED Industry Quarterly Analysis Report Q1 (2025)"

It can be seen that Huike has gradually incorporated Mini LED technology into its strategic plan. As Huike continues to invest in the Mini LED field and expands its production capacity, Mini LED technology may become an important part of its core business, which will not only provide a strong impetus for the company's performance growth; at the same time, this strategic layout may inject new momentum into Huike's IPO process and help it achieve greater breakthroughs in the capital market. Overall, Huike Co., Ltd.'s successful IPO process will significantly strengthen the "head-concentrated" competitive landscape of the panel industry and promote the dual-track upgrade of the competition dimension from single production capacity expansion to "scale effect and core technology". On the one hand, Huike has accelerated investment in high-end technology after obtaining sufficient funds, which will inevitably create stronger catching-up pressure on leading companies such as BOE and TCL CSOT in the frontier field, intensifying competition in the high-end market; on the other hand, this kind of technological competition between leading camps will also accelerate the speed and breadth of the industry's overall technology iteration. However, domestic and foreign display companies are accelerating the deployment of technological highlands and core resources. In this context, while Huike is actively catching up, it also needs to face challenges from financial strength and core technology. Multi-dimensional challenges such as disruption and competition for customer resources.