Group 1 - Weisheng Holdings (03393) saw a nearly 6% increase in early trading, reaching HKD 24.48 with a transaction volume of HKD 35.6 million [1] - The company announced plans to spin off Weiyuan Energy for independent listing on the Hong Kong Stock Exchange, following the introduction of strategic investor Boyu Capital [1] - Boyu Capital will invest a total of RMB 380 million to subscribe for 48.81 million new shares of Weiyuan Energy, representing approximately 8% of its expanded share capital, with Weiyuan Energy valued at around RMB 4.75 billion [1] Group 2 - Guotou Securities (International) released a report anticipating collaboration between Weiyuan Energy and Boyu Capital, leveraging Boyu's extensive experience in data centers, technology, and new energy sectors to enhance business expansion and market competitiveness [1] - The strong demand for Weisheng Holdings' ADO business in data centers is entering a rapid growth phase, becoming a significant driver of overall business growth for the group [1]

Group 1 - The core viewpoint of the article is that Weisheng Holdings (03393) is experiencing a significant stock price increase following the announcement of the proposed spin-off of Weiyuan Energy for independent listing on the Hong Kong Stock Exchange [1] - Weiyuan Energy has introduced strategic investor Boyu Capital, which will invest a total of RMB 380 million to subscribe for 48.81 million new shares, representing approximately 8% of the enlarged share capital, with Weiyuan Energy's valuation estimated at around RMB 4.75 billion [1] - Guotai Junan Securities (International) anticipates that Weiyuan Energy will collaborate with Boyu Capital to leverage its extensive resources in data centers, technology, and new energy sectors, which is expected to enhance the company's business expansion and market competitiveness [1] Group 2 - Weisheng Holdings' ADO business is entering a rapid growth phase due to strong demand in data centers, becoming a significant driver of overall business growth for the group [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 致：香港交易及結算所有限公司 | | | --- | --- | | 公司名稱: | 威勝控股有限公司 | | 呈交日期: | 2026年2月2日 | | I. 法定/註冊股本變動 | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03393 | 說明 | 不適用 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | HKD | 0.01 | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | 本月底 ...

Core Viewpoint - Weisheng Holdings (03393) has submitted a proposal for a spin-off to the Hong Kong Stock Exchange, which has confirmed that the company can proceed with the suggested spin-off [1] Group 1: Company Developments - Weisheng Holdings' stock rose nearly 3%, currently trading at HKD 23.96 with a transaction volume of HKD 60.90 million [1] - The proposed spin-off involves the listing of Weiyuan Energy on the main board of the Hong Kong Stock Exchange, with the application submitted on January 27, 2026 [1] - Weiyuan Energy is a non-wholly owned subsidiary of Weisheng Holdings, focusing on smart distribution networks, data centers, and new energy storage solutions [1] Group 2: Market Position - Weiyuan Energy has established a strong position in the Chinese market and is expanding its global business footprint [1] - The spin-off is expected to allow Weiyuan Energy to remain a subsidiary of Weisheng Holdings after the completion of the proposed separation [1]

Core Viewpoint - Weisheng Holdings (03393) has announced plans for a spin-off of its subsidiary, Weiyuan Energy, which is focused on digital energy solutions in smart distribution networks, data centers, and new energy storage [1] Group 1: Company Announcement - Weisheng Holdings' stock rose nearly 3%, with a current price of HKD 23.96 and a trading volume of HKD 60.90 million [1] - The company has submitted a proposal for the spin-off to the Hong Kong Stock Exchange, which has confirmed that the company can proceed with the plan [1] - Weiyuan Energy is a non-wholly owned subsidiary of Weisheng Holdings and has established a strong position in the Chinese market while expanding its global footprint [1] Group 2: Spin-off Details - The proposed spin-off is expected to be conducted through a global offering of Weiyuan Energy shares on the main board of the Hong Kong Stock Exchange [1] - Weiyuan Energy's listing application form (A1 form) was submitted to the Hong Kong Stock Exchange by its exclusive sponsor on January 27, 2026 [1] - Upon completion of the spin-off, Weiyuan Energy is anticipated to remain a subsidiary of Weisheng Holdings [1]

Core Viewpoint - Weiyuan Energy Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, having been spun off from Weisheng Holdings [1] Group 1: Business Overview - Weiyuan Energy focuses on the integration of digital technology and the energy sector, providing comprehensive solutions for data centers, smart power grids, and new energy storage scenarios [2] - The company operates in three core segments: smart power grids, data centers, and new energy storage [2] - The smart power grid segment has been the main revenue contributor, accounting for 62.9% of total revenue in the first nine months of 2025 [2][3] - The data center segment has seen significant growth, with its revenue share increasing from 8.4% in 2023 to 22.1% in the first nine months of 2025, driven by the demand for AI data centers [2][3] Group 2: Financial Performance - Weiyuan Energy reported revenues of 2.485 billion yuan in 2023, 2.903 billion yuan in 2024, and 1.967 billion yuan in the first nine months of 2025, indicating a consistent growth trend [3] - The gross profit margin is projected to improve from 23.5% in 2023 to 26.5% in 2024, reflecting enhanced profitability [4] - Net profit is expected to rise from 105 million yuan in 2023 to 200 million yuan in 2024, with a net profit margin increasing from 4.2% to 9.2% [6] Group 3: Market Trends and Opportunities - The global data center infrastructure market is projected to grow from approximately $25.6 billion in 2020 to about $39.5 billion in 2024, with a compound annual growth rate (CAGR) of 11.5% [5] - The market is expected to reach around $90 billion by 2029, with a CAGR of 17.9% from 2024 to 2029, providing significant growth opportunities for Weiyuan Energy [5] Group 4: Client Base and Global Expansion - Weiyuan Energy has established a diverse client base, including state-owned and private power companies, data center operators, and large industrial enterprises, with key clients such as State Grid and Southern Power Grid [9] - The company has initiated a globalization strategy, establishing sales and service centers in Malaysia, Australia, Brazil, Turkey, and Mexico, with overseas revenue expected to account for 14.4% in 2024 [9] - The company plans to use the proceeds from its IPO to enhance production capacity, improve R&D capabilities, expand its global marketing network, and optimize financial conditions [9]

Core Viewpoint - Weiyuan Energy Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor, focusing on digital energy solutions in smart distribution networks, data centers, and new energy storage [3]. Financial Performance - The projected revenues for Weiyuan Energy are 2.485 billion RMB for 2023 and 2.903 billion RMB for 2024, with annual profits of 105 million RMB and 200 million RMB respectively [5]. - For the first three quarters of 2025, the company reported revenues of 1.967 billion RMB, reflecting an 11.96% year-on-year growth, and profits of 181 million RMB, showing a significant increase of 52.79% [3][5]. Cost Structure - The cost of sales for 2023 is projected at 1.901 billion RMB, representing 76.5% of total revenue, while for 2024, it is expected to be 2.135 billion RMB, or 73.5% of revenue [5]. - Gross profit margins are expected to improve from 23.5% in 2023 to 26.5% in 2024 [5]. Board Composition - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors [6]. - The chairperson and executive director, Cao Zhaohui, has extensive experience in financial management and corporate strategy, having joined Weiyuan Holdings in 2000 [6].

Summary of Conference Call Notes Company and Industry Involved - The notes pertain to **Weisheng Holdings** and its subsidiary **Weiyuan Energy**, which focuses on power distribution and is planning to list separately on the Hong Kong Stock Exchange. Core Points and Arguments 1. **New Orders and Revenue Projections**: - In 2025, Weiyuan Energy secured new orders related to data centers amounting to **23 billion**. - For 2026, the company anticipates these orders to exceed **35 billion**, establishing itself as a primary supplier for data center power distribution systems both domestically and internationally [1][2]. 2. **Product Expansion**: - In 2026, Weiyuan Energy plans to expand its product offerings to include energy storage and liquid cooling systems, indicating a diversification strategy to enhance its market presence [1][2]. 3. **Strategic Investors**: - Weiyuan Energy has recently attracted two major strategic investors: - **Bohui**, holding **8%** of the company - A leading battery manufacturer, holding approximately **4%** [1][2]. 4. **Ownership Post-IPO**: - After the IPO, Weisheng Holdings is expected to retain a **59%** ownership stake in Weiyuan Energy, ensuring significant control over the subsidiary post-listing [1][2]. Other Important but Possibly Overlooked Content - The focus on data center-related orders highlights the growing demand for power distribution solutions in the tech sector, which may present further investment opportunities in related industries. - The introduction of strategic investors may enhance Weiyuan Energy's credibility and financial stability, potentially leading to increased market confidence and investment interest [1][2].

建议分拆目前拟以于香港联交所主板全球发售惟远能源股份的方式进行。于本公告日期，惟远能源为公 司的非全资附属公司，其乃一间聚焦于智能配电网、数据中心及新型储能相关三大核心领域的数字能源 解决方案提供商，于中国市场已建立稳固的地位，且全球业务版图不断扩大。于建议分拆完成后，预期 惟远能源仍将为公司的附属公司。 智通财经APP讯，威胜控股(03393)公布，公司已根据上市规则第15项应用指引就建议分拆向香港联交所 提交建议，而香港联交所已确认公司可继续进行建议分拆。 于2026年1月27日，惟远能源透过其独家保 荐人向香港联交所递交上市申请表格( A1表格)，申请惟远能源股份在香港联交所主板上市及买卖。 ...

Group 1 - The company has submitted a proposal for a spin-off to the Hong Kong Stock Exchange, which has confirmed that the company can proceed with the proposed spin-off [1] - The spin-off is planned to be executed through a global offering of shares for Weiyuan Energy on the main board of the Hong Kong Stock Exchange, with the application submitted on January 27, 2026 [1] - Weiyuan Energy, a non-wholly owned subsidiary of the company, focuses on three core areas: smart distribution networks, data centers, and new energy storage solutions, and has established a strong position in the Chinese market while expanding its global footprint [1]