New Stock News | Puyuan Jingdian(688337.SH) Files Again with the Hong Kong Stock Exchange, Becoming China's Largest Electronic Measurement Instrument Supplier

Zhitong Finance APP learned that, according to disclosures made by the Hong Kong Exchanges and Clearing Limited on April 2, 2025, Puyuan Jingdian Technology Co., Ltd. (abbreviated as: Puyuan Jingdian (688337.SH)) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange. Citic Securities is the sole sponsor. This is the company’s second time filing for listing on the Hong Kong Stock Exchange; previously, it submitted its listing application on September 29, 2025.

The prospectus shows that Puyuan Jingdian is a leading electronic measurement instrument company in China, with advanced technical capabilities and a large global footprint. According to information from Frost & Sullivan, the company is the largest supplier of electronic measurement instruments in China, ranking eighth globally in 2024 by revenue. The company designs, develops, manufactures, and delivers comprehensive electronic measurement instruments and solutions, supporting scientific exploration and industry innovation. Through its “RIGOL” brand, the company provides services to more than 100,000 end customers across over 90 countries and regions, addressing complex testing challenges faced by customers across various industries in the fields of communications, new energy, semiconductors, and education and scientific research. The company has always adhered to original technological innovation and independently developed key core technologies. Through continuous breakthroughs in hardware, software, and algorithms, it has built a self-developed core technology platform and established its position as a leading electronic measurement enterprise.

Puyuan Jingdian believes that “science comes from measurement.” Electronic measurement instruments are devices used to observe, test, measure, and compute various physical parameters. Such instruments feature functions including detection and measurement, signal transmission, and data processing, and can be used to diagnose, test, and verify the performance of other electronic devices or components. Electronic measurement instruments play an important supporting role in the development of modern science and technology. After years of focused research and development (“R&D”) and innovation, the company has built a comprehensive portfolio of electronic measurement products based on two major pillars: (i) a product matrix driven by core technologies, covering digital oscilloscopes, microwave radio frequency (“RF,” the electromagnetic frequency range used for wireless communications) instruments, direct current (“DC,” precision instruments and modular instruments with charges flowing in a fixed direction); (ii) multi-scenario solution suite, mainly serving high-growth industries such as communications, new energy, semiconductors, and education and scientific research.

Revenue

In fiscal years 2023, 2024, and 2025, the company recorded revenue of approximately RMB 671 million, RMB 776 million, and RMB 900 million, respectively.

Profit for the year

In fiscal years 2023, 2024, and 2025, the company recorded profit for the year of approximately RMB 108 million, RMB 92.303 million, and RMB 86.083 million, respectively.

Gross profit and gross margin

In fiscal years 2023, 2024, and 2025, the company recorded gross profit of approximately RMB 358 million, RMB 426 million, and RMB 476 million, respectively. The company’s gross margin increased from 53.4% in 2023 to 54.9% in 2024, mainly due to an increased proportion of sales revenue from high-performance digital oscilloscopes and solutions. The company’s gross margin decreased from 54.9% as of 2024 to 52.8% in 2025, mainly due to increased manufacturing costs resulting from the production ramp-up of the Penang production center in the second half of 2024, as well as an increase in direct material prices.

In recent years, the global electronic measurement instruments market has shown a steady expansion trend, with a compound annual growth rate of 5.1% from 2020 to 2024.
In 2024, the global electronic measurement instruments market revenue reached RMB 57.1 billion. Looking forward, it is expected that the market will maintain strong growth momentum. From 2025 to 2029, the estimated compound annual growth rate is 5.0%. In sub-segments, due to strong downstream demand, digital oscilloscopes are expected to have the highest growth rate, with a significant increase from 2020 to 2024 and a compound annual growth rate of 6.9%. It is expected that this market will maintain steady growth from 2025 to 2029, with an estimated compound annual growth rate of 6.1%.

In recent years, China’s electronic measurement instruments market has maintained a faster growth rate than the global average, with a compound annual growth rate as high as 6.9% from 2020 to 2024. In 2024, the revenue of China’s electronic measurement instruments market reached RMB 19.3 billion. Looking forward, the market is expected to maintain strong growth momentum, and the compound annual growth rate from 2025 to 2029 is expected to be 7.5%. In sub-segments, due to strong downstream demand, digital oscilloscopes demonstrate the highest growth rate, with a compound annual growth rate of as high as 8.9% from 2020 to 2024. It is expected that from 2025 to
2029, the market will maintain steady growth, with an estimated compound annual growth rate of 8.7%.

Board of Directors and Senior Management

The company’s board of directors will consist of seven directors, including one executive director, three non-executive directors, and three independent non-executive directors. Directors’ terms of office shall be three years, and upon expiration of their term, they are eligible for re-election if qualified. According to relevant laws and regulations in China, an independent non-executive director may not serve in consecutive terms for more than six years.

As of the latest practicable date, Dr. Wang Yue is entitled to exercise, at the company’s general meetings, a total of approximately 61.07% of the voting rights through the shares directly held by him and the shares held in the company by Puyuan Jingdian Investment, Ruige Junzhong, Ruijin Junzhong, Mr. Wang Tiejun, and Mr. Li Weisen.

[To be edited] Upon completion, because Puyuan Jingdian Investment, Ruige Junzhong, and Ruijin Junzhong are each entities controlled by Dr. Wang Yue; and according to the acting-in-concert parties agreement dated October 27, 2021, Dr. Wang Yue, Mr. Wang Tiejun, and Mr. Li Weisen are acting in concert, therefore, Dr. Wang Yue, Puyuan Jingdian Investment, Ruige Junzhong, Ruijin Junzhong, Dr. Wang Tiejun, and Mr. Li Weisen will each constitute the company’s controlling shareholder group after [To be edited].

Sole sponsor: Citic Securities (Hong Kong) Company Limited

Company’s legal adviser: As to Hong Kong and U.S. laws: Re-Think International Lawyers Co., Ltd. (limited liability partnership); as to PRC laws: Jingtian Gongcheng Lawyers; as to international sanctions laws: Hawking Lund Weir Law Firm

Independent auditor and reporting accountant: Deloitte‧Guan Huang Chen Fang Certified Public Accountants Co.

Industry adviser: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch