Cymer's Hong Kong Stock Exchange Listing Push: Multiple Brokers Withdraw as Underwriters, Huawei Cashes Out 145 Million Yuan Before IPO

Recently, Samet Information Group Co., Ltd. (hereinafter referred to as “Samet”) disclosed an announcement on the Hong Kong Stock Exchange, stating that the company has terminated its respective appointments as the overall coordinator with CITIC Lyon Securities Limited and CITIC Construction Investment (International) Financing Limited. The termination will take effect on March 6, 2026, and March 8, 2026, respectively.

As of the announcement date, the remaining appointed overall coordinators by Samet are Haitong International, Shenwan Hongyuan Securities, and Futu Securities. Notably, Shenwan Hongyuan Securities and Futu Securities are the newly appointed overall coordinators as of September 30, 2025, while Haitong International serves as both the sponsor and overall coordinator.

What is the significance of Samet’s upcoming IPO?

1. Frequent Equity Changes, Hubble Investment and Others Selling Shares for Cash

According to Beiduo Business & Beiduo Finance, Samet submitted its prospectus on September 19, 2025, aiming to list on the Hong Kong Stock Exchange. In November of the same year, the China Securities Regulatory Commission (CSRC) issued supplementary disclosure requirements for overseas issuance and listing, requiring Samet to clarify issues related to equity changes, shareholder structure, business operations, and compliance.

Regarding equity changes, the requirements include explaining the basis for previous capital increases and share transfer pricing, whether paid-in capital has been fully contributed, and whether there are issues such as unpaid contributions, capital withdrawal, or flaws in contribution methods. Additionally, it should clarify whether participants in employee equity incentive plans are company employees or external parties.

Concerning shareholders, Samet is asked to clarify whether the domestic entities behind Wuxi Chongwei, after being pierced through, are subject to legal restrictions on shareholding; to explain the reasonableness of the recent 12-month share subscription prices, reasons for any differences among these prices, whether there are abnormal valuation issues, and to provide a clear opinion on potential利益输送 (benefit transfer).

According to Tianyancha App, Samet was established in October 2017, formerly known as Temai Si Software Technology (Shanghai) Co., Ltd. Currently, the company’s registered capital is approximately 430 million yuan. The legal representative is Li Gangjiang, with major shareholders including Nanjing Jiashilian Venture Capital Center (Limited Partnership) and Shanghai Samet No. 2 Enterprise Management Partnership (Limited Partnership).

The prospectus discloses that Samet positions itself as a provider of intelligent industrial software solutions. Since its founding, it has received multiple rounds of financing, including 50 million yuan in Series A in 2021, 200 million yuan in Series A+, 340 million yuan in Series B in 2022, 233 million yuan in Series C in 2023, and 150 million yuan in Series C+.

Notably, the per-share cost for Samet’s Series C and Series C+ financings in 2023 was 8.5 yuan, representing an 81.6% increase from the 4.68 yuan per share in Series B in June 2022. According to the prospectus, the post-investment valuation after the Series C+ round was approximately 638 million yuan.

In addition, in May 2024, Hongyuan Huifu transferred 0.31% of Samet’s shares to Shen Hong Zhi Zao for 20 million yuan, at a cost of 8.5 yuan per share; in November of the same year, Shanghai Samet No. 4 transferred 0.17% and 0.13% of its shares to Shanghai Junshi and Jiaxing Junying, respectively, for 10 million yuan and 7.5 million yuan, at costs of 7.99 yuan per share.

In December 2024, Shanghai Samet No. 3 transferred 0.25% of its shares to Yinshi Zhi Zao for 15 million yuan, at a cost of 7.99 yuan per share. In January 2025, Hainan Samet No. 6 transferred 0.15% each to Ceyuan Guangyi and Ceyuan Fengfan, totaling about 10.5 million yuan, at a cost of 4.68 yuan per share.

In February 2025, Hainan Samet No. 3 and No. 4 transferred 0.30% and 0.22% of their shares to Huaxi Jinzhi, respectively, for 16.766 million yuan and 12.124 million yuan; Hainan Samet No. 4 also transferred 0.02% to Jinzhi Maosi for 1.11 million yuan, with costs ranging from 7.455 to 7.460 yuan per share.

Subsequently, in June 2025, Dixin Huaxi transferred 0.25% of its shares to Zhiheng Shuzhi for 15 million yuan, at a cost of 7.99 yuan per share; Hainan Samet No. 5 transferred 0.16% to Hubei Jiangcheng Guanggu for 8 million yuan, at a cost of 6.66 yuan per share.

Also in June 2025, Hubble Investment transferred 3.30% of Samet’s shares to Yangzhou Juzhi for approximately 145 million yuan, at a cost of 5.86 yuan per share; Shanghai Samet No. 3 transferred 0.53% and 0.89% to Anhui Haileng and Anhui Jun’an, respectively, for 30 million and 50 million yuan, at costs between 7.46 and 7.59 yuan per share.

It is evident that before submitting its IPO application, Samet experienced frequent equity changes, with shareholders including Hubble Investment. Notably, Hubble Investment is one of Huawei’s investment entities, and in June 2025, it transferred part of its shares in Samet for about 145 million yuan, with a per-share cost of only 5.86 yuan.

Compared to this, the per-share cost in the December 2023 Series C+ financing was 8.5 yuan, while Hainan Samet No. 6 transferred shares in January 2025 at 4.68 yuan per share, and Hainan Samet No. 5 at 6.66 yuan per share, showing significant variation.

Just considering the June 2025 share transfers, multiple different per-share costs are apparent. This is also the main reason why the China Securities Regulatory Commission requires Samet to clarify “the basis for the pricing of previous capital increases and share transfers, whether contributions have been fully paid, and whether there are issues such as unpaid contributions, capital withdrawal, or flaws in contribution methods.”

However, Hubble Investment, Dixin Huaxi (Dixin Capital), and others remain shareholders of Samet. Hubble Investment still holds 4.96%, and major shareholders also include BYD and Shenchuang Venture Capital. In comparison, Samet’s executive director, chairman, and CEO Li Gangjiang, along with his wife Ni Qiong, control a total of 55.64% of voting rights.

2. Rapid Revenue Growth, but Slowing Momentum

In terms of performance, in 2022, 2023, 2024, and the first half of 2025, Samet’s revenue was approximately 181 million yuan, 287 million yuan, 500 million yuan, and 283 million yuan, respectively. Net profit figures were about -80.91 million yuan, 24.56 million yuan, 73.83 million yuan, and 33.62 million yuan.

According to Beiduo Business & Beiduo Finance, Samet’s revenue mainly comes from providing intelligent manufacturing software solutions and management software solutions. Revenue from intelligent manufacturing software solutions was 180 million yuan, 254 million yuan, 373 million yuan, and 202 million yuan, accounting for 99.5%, 88.6%, 74.6%, and 71.4% of total revenue.

During the reporting periods, the number of clients for intelligent manufacturing solutions was 193, 296, 367, and 402. In comparison, management software clients numbered 30, 55, 304, and 349, with revenues of 860,000 yuan, 29.21 million yuan, 101 million yuan, and 80.91 million yuan, representing 0.5%, 10.2%, 20.2%, and 28.6% of total revenue.

It is worth noting that Samet’s growth momentum appears to be waning. The revenue growth rates were 211.8% in 2022, 58.4% in 2023, and 74.2% in 2024. In the first half of 2025, the growth rate slowed to 9.7%, indicating a significant slowdown.

Additionally, Samet turned profitable in 2023, with net profit continuing to grow in 2024, reaching profit margins of 8.6% and 14.8%. However, in the first half of 2025, net profit was about 33.62 million yuan, down 4.0% year-on-year, with the profit margin decreasing to 11.9% from approximately 13.6% in the same period of 2024.

Nevertheless, in the first half of 2025, Samet’s gross profit margin reached 46.7%, the highest in its history, up 10.5 percentage points from 36.2% in the same period of 2024. In comparison, the gross margins for 2022, 2023, and 2024 were 42.4%, 44.0%, and 39.6%, respectively.

Source: Beiduo Business & Beiduo Finance

Author: Zhang Jun

Disclaimer: This article is for informational sharing only and does not constitute investment advice. Any investment decisions made based on this information are at your own risk.