On June 23, Zhejiang Sanhua Intelligent Controls Co., Ltd. (hereinafter referred to as "Sanhua Intelligent Controls," stock codes: 02050.HK, 002050.SZ) successfully listed on the Main Board of the Hong Kong Stock Exchange. This milestone marks the successful completion of Sanhua Intelligent Controls' "A+H" dual-platform strategy, taking a significant step forward on the path of global development.
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Sanhua Intelligent Controls' Hong Kong IPO involved the global issuance of 414.3795 million shares at an offering price of HK$22.53 per share. The IPO attracted 17 cornerstone investors, including institutions such as Schroders and GIC, with a total subscription amounting to approximately USD 562 million, setting an industry-record milestone. Among them, European asset management firm Schroders became the largest cornerstone investor with a subscription of USD 142 million. This marked Schroders' first-ever participation as a cornerstone investor in a Hong Kong IPO project, highlighting global capital's confidence and positive expectations for Sanhua Intelligent Controls' long-term development prospects.
At 8:50 AM, the trading hall of the Hong Kong Stock Exchange was filled with a festive atmosphere as the listing ceremonies for "A+H shares" of three companies, including Sanhua Intelligent Controls, commenced. At 9:30 AM, Zhang Daocai, the founder and chairman of the board of Sanhua Holding Group as well as honorary chairman of Sanhua Intelligent Controls, and Zhang Yabo, chairman and CEO of Sanhua Intelligent Controls, struck the opening gong with a wooden mallet, marking the official start of trading for Sanhua Intelligent Controls' Hong Kong stock (02050.HK). Representatives from intermediary institutions such as CICC and Huatai Securities, representatives from the Hong Kong Stock Exchange, directors, supervisors, and senior management of Sanhua Intelligent Controls participated in the listing ceremony, witnessing another significant milestone in Sanhua's development.
"Today, we together witness Sanhua Intelligent Controls' listing on the Main Board of the Hong Kong Stock Exchange!" In his speech, Chairman Zhang Yabo thanked all shareholders, customers, partners, and colleagues for their support and trust, as well as the professional guidance from the Hong Kong Stock Exchange, the Hong Kong Securities and Futures Commission, and intermediary institutions. He stated that Hong Kong, as a key global capital market, and the "A+H" dual-platform strategy would provide new opportunities for Sanhua's global expansion. Sanhua will continue to adhere to creating customer value, staying true to innovation, achieving more performance and results, and living up to the trust and expectations of investors.
Since its establishment in 1994, Sanhua Intelligent Controls has been comitted to becoming a low-carbon,intelligent,and technology-driven enterprise. The company has consistently focused on the field of energy-efficient and intelligent thermal management,specializing in the devolopment of refrigeration control components and automotive thermal management system control parts.It has achieved a leading position in globle niche markets and continues to expand into emerging fields such as bionic robot electromechanical actuators.
Currently, Sanhua Intelligent Controls' main products, including refrigeration control components and automotive thermal management system control parts, are widely applied in refrigeration, HVAC, household appliances, and new energy vehicle thermal management fields. The company holds a world-leading position in multiple niche product areas, with sustained business growth and a globle clientele comprising major industry leaders，and continues to explore new opportunities and expand its business frontiers. From 2022 to 2024, the company's revenue grew from RMB 21.348 billion to RMB 27.947 billion, achieving a three-year compound annual growth rate of 14.4%. Gross profit increased from RMB 5.462 billion to RMB 7.621 billion, with a gross profit margin consistently above 25%. Net profit surpassed RMB 2.6 billion for three consecutive years, reaching RMB 3.112 billion in 2024, with a net profit margin maintained at over 11%.
As a globally operating company, Sanhua Intelligent Controls has established a worldwide industrial presence, encompassing 6 global R&D centers, 8 major global production bases, and 48 global manufacturing plants. Its sales offices are distributed across domestic markets, as well as key regions in Asia-Pacific, Europe, and North America, ensuring rapid and stable product delivery through a comprehensive system. Over the past three years, Sanhua Intelligent Controls' overseas sales have consistently accounted for about 45% of its total sales revenue.
Zhang Daocai, Honorary Chairman of Sanhua Intelligent Control, presented company souvenirs to representatives of the Hong Kong Exchanges and Clearing Limited (HKEX).
Hu Kaicheng, Vice President and Secretary of the Board of Directors of Sanhua Intelligent Control, presented donation checks and certificates to representatives of the public welfare fund.
The successful listing in Hong Kong, achieving the dual listing of "A+H" shares, will provide Sanhua with access to Hong Kong's robust financial system, abundant capital resources, and international market environment, opening up multiple development opportunities for its global business expansion. This milestone will further enhance Sanhua's international brand image, strengthen its global operational layout, optimize diverse incentive mechanisms, and better attract top global talent and quality partners for long-term collaborative growth. Moreover, it will drive increased investment in research and development, accelerate technological innovation, and propel Sanhua towards becoming more global, more technological, and more advanced, continuously creating value for customers and generating returns for investors.
Looking ahead, Sanhua Intelligent Controls firmly believes in the economic and industrial trends of low-carbon intelligent development. Leveraging the opportunity of this Hong Kong stock listing, the company will further focus on intelligent, green, and efficient development directions, concentrate on its core business areas, strengthen technological innovation and product development, accelerate digital transformation, and expedite integration into the global industrial and value chains. By leveraging strategic certainty to address the uncertainties of environmental changes and fluctuations, Sanhua will be committed to perfecting its craft to the utmost level,and continue to offer superior products and services to customers, generate returns for investors, foster industry progress, and serve the broader society.
