New stock news | Rigol Technologies (688337.SH) submits listing application to Hong Kong Stock Exchange again, becoming China's largest electronic measurement instrument supplier.

According to the disclosure by the Hong Kong Stock Exchange on April 2nd, Rigol Technologies Co., Ltd. (referred to as Rigol Technologies (688337.SH)) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as the sole sponsor. This is the company's second time submitting an application to the Hong Kong Stock Exchange, having previously submitted a listing application on September 29, 2025. Company Overview The prospectus shows that Rigol Technologies is a leading electronic measurement instrument company in China, with advanced technological capabilities and a global presence. According to data from Frost & Sullivan, the company is the largest electronic measurement instrument supplier in China and ranked eighth globally in terms of revenue in 2024. The company designs, develops, manufactures, and delivers comprehensive electronic measurement instruments and solutions, supporting scientific exploration and industry innovation. Through the "RIGOL" brand, the company serves over 100,000 end customers in more than 90 countries and regions, solving complex testing challenges in various industries such as communication, new energy, semiconductor, education, and research. The company has always adhered to original technological innovation, independently developing key core technologies. Through continuous breakthroughs in hardware, software, and algorithms, the company has established a self-developed core technology platform and established its position as a leading electronic measurement enterprise. Rigol Technologies believes that "science originates from measurement." Electronic measurement instruments are devices used to observe, test, measure, and calculate various physical parameters. These instruments have functions such as detection and measurement, signal transmission, and data processing, which can be used to diagnose, test, and verify the performance of other electronic devices or components. Electronic measurement instruments play an important support role in the development of modern science and technology. After years of focused research and development (R&D) and innovation, the company has established a comprehensive electronic measurement portfolio based on two main pillars: (i) a product matrix driven by core technology, covering digital oscilloscopes, microwave radio frequency (RF) instruments, direct current (DC) precision instruments, and modular instruments; (ii) multi-scenario solution suites, mainly serving high-growth industries such as communication, new energy, semiconductor, education, and research. Financial Information Revenue The company recorded revenues of approximately RMB 671 million, RMB 776 million, and RMB 900 million in the fiscal years 2023, 2024, and 2025 respectively. Annual Profit The company recorded annual profits of approximately RMB 108 million, RMB 92.303 million, and RMB 86.083 million in the fiscal years 2023, 2024, and 2025 respectively. Gross Profit and Gross Profit Margin The company recorded gross profits of approximately RMB 358 million, RMB 426 million, and RMB 476 million in the fiscal years 2023, 2024, and 2025 respectively. The company's gross profit margin increased from 53.4% in 2023 to 54.9% in 2024, mainly due to the increased sales revenue of high-performance digital oscilloscopes and solutions; the company's gross profit margin decreased from 54.9% in 2024 to 52.8% in 2025, primarily due to the increase in manufacturing costs resulting from the operation of the Penang production center in the second half of 2024 and the rise in direct material prices. Industry Overview In recent years, the global electronic measurement instrument market has shown steady expansion, with a compound annual growth rate of 5.1% from 2020 to 2024. In 2024, the global electronic measurement instrument market revenue reached RMB 57.1 billion. Looking ahead, the market is expected to maintain strong growth momentum, with an estimated compound annual growth rate of 5.0% from 2025 to 2029. In the sub-markets, due to strong downstream demand, digital oscilloscopes have the highest growth rate, with a significant increase from 2020 to 2024, with a compound annual growth rate of 6.9%. It is expected that this market will maintain stable growth from 2025 to 2029, with an estimated compound annual growth rate of 6.1%. In recent years, the Chinese electronic measurement instrument market has maintained a faster growth rate than the global average, with a compound annual growth rate of 6.9% from 2020 to 2024. In 2024, the revenue of the Chinese electronic measurement instrument market reached RMB 19.3 billion. Looking ahead, the market is expected to maintain strong growth momentum, with an estimated compound annual growth rate of 7.5% from 2025 to 2029. In the sub-markets, due to strong downstream demand, digital oscilloscopes showed the highest growth rate, with a compound annual growth rate of 8.9% from 2020 to 2024. It is expected that the market will maintain stable growth from 2025 to 2029, with an estimated compound annual growth rate of 8.7%. Board of Directors and Executive Team Information The board of directors of the company will consist of seven directors, including one executive director, three non-executive directors, and three independent non-executive directors. The term of office for directors is three years, and they are eligible for re-election after the expiration of their term. According to relevant Chinese laws and regulations, independent non-executive directors cannot serve continuously for more than six years. Equity Structure As of the last practicable date, Dr. Wang Yue has the right to exercise approximately 61.07% of the voting rights at the company's shareholders' meeting through his directly held shares, as well as shares held by Rigol Technologies Investment, Rigol United, Ruijin United, Mr. Wang Tiejun, and Mr. Li Weisen. [Compilation] After completion, as entities controlled by Dr. Wang Yue, Rigol Technologies Investment, Rigol United, and Ruijin United; and according to the unanimous action plan agreement dated October 27, 2021, Dr. Wang Yue, Mr. Wang Tiejun, and Mr. Li Weisen are acting in concert, therefore Dr. Wang Yue, Rigol Technologies Investment, Rigol United, Ruijin United, Dr. Wang Tiejun, and Mr. Li Weisen will collectively constitute the controlling shareholder group of the company. Intermediary Team Sole Sponsor: CITIC SEC (Hong Kong) Limited Company Legal Advisor: Regarding Hong Kong and U.S. law: Riess International Law Firm Ltd; Regarding Chinese law: Jingtian & Gongcheng Law Firm; Regarding international sanctions law: Hogan Lovells International LLP Independent Auditor and Reporting Accountant: Deloitte Touche Tohmatsu Certified Public Accountants LLP Industry Advisor: Frost & Sullivan Consulting Co., Ltd. (Shanghai branch)