As the second half of the year unfolds, Hong Kong’s IPO market is heating up. A+H tech firms boasting self-developed core chips and deep exposure to high-growth tracks including AI computing power, 800G/1.6T optical communication and high-frequency PCBs have become prime targets for foreign institutional and long-term capital. Driven by surging demand for testing equipment for AI servers, 800G/1.6T optical modules and high-frequency PCBs, leading instrument manufacturers with proprietary underlying chip R&D capabilities stand poised for valuation recovery.
On 9 July, RIGOL Technologies Co., Ltd. (HKEX stock code: 00537; SSE STAR Market stock code: 688337), China’s premier electronic measurement instrument maker, was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). It marks the industry’s first A+H dual-listed benchmark enterprise, setting a vital example for the internationalization of China’s tech innovation. For this IPO, the final offer price was set at HK$45.98, raising total gross proceeds of HK$1.14 billion. CITIC Securities acted as the sole sponsor.
The Company boasts an impressive, diversified lineup of cornerstone investors, with seven renowned institutions committing a combined HK$480 million, accounting for approximately 42.11% of the global offering shares. The roster features HHLR Advisors under Hillhouse Capital, CPE Hemlock, Suzhou High-tech Zone Government Fund, Huayuan Investment, Sungrow Power Hong Kong, CITIC Prudential Fund and Pengnian Group. The balanced participation of industrial capital, top-tier US dollar private equity, local state-owned funds and public mutual funds underscores global investors’ recognition of RIGOL’s growth narrative centred on AI and optical communication, while forming a robust valuation floor for the stock.
Industry Leader with Self-developed Chips Building Technical Moat
With nearly 30 years of deep cultivation in general electronic measurement instruments, RIGOL has built a comprehensive product portfolio covering digital oscilloscopes, microwave RF instruments, DC precision instruments and modular instruments. Its full-range products cater to high-growth sectors such as AI computing hardware, high-speed optical communication, high-frequency PCBs, semiconductors and automotive electronics, cementing its leading market position.
According to Frost & Sullivan data based on 2025 revenue, RIGOL ranks 1st in China and 8th globally among electronic measurement instrument suppliers. For digital oscilloscopes, it claims the top spot in China and 5th worldwide; for waveform generators, it is No.1 domestically and No.3 globally. It is also the sole Chinese enterprise to successfully commercialize digital oscilloscopes equipped with self-developed ASIC chips, filling a critical domestic industry gap.
RIGOL’s core competitive edge stems from breakthroughs in proprietary underlying chips. It launched its fully self-developed Phoenix ASIC in 2017, breaking overseas performance barriers. In April 2026, the Company rolled out its upgraded Aquila new-generation proprietary chips, alongside two flagship new products: the DHO50000 high-resolution oscilloscope and MSO/DS9000 industrial models. The new products precisely address testing demands for AI server PCB signal inspection and mass production verification of 1.6T optical modules, capturing the market’s largest incremental opportunities.
Booming demand for AI computing, optical communication and high-end PCBs has generated massive testing requirements. AI servers equipped with high-density PCBs, 800G/1.6T optical modules, CPO silicon photonic devices and high-speed PCIe interfaces all rely on high-precision oscilloscopes and RF analyzers for signal integrity testing. RIGOL’s revenue from optical communication clients jumped 70.45% year-on-year in 2025, with growth accelerating to 147.71% in Q1 2026. Its array measurement and control solutions tailored for AI production lines delivered over 600% YoY growth, emerging as the Company’s second major growth driver.
RIGOL maintains heavy investment in R&D: its R&D expenditure reached RMB143 million, RMB207 million and RMB226 million in 2023, 2024 and 2025 respectively, accounting for over 20% of annual revenue each year. In 2025, the Company led all Chinese listed electronic measurement firms in R&D spending, proportion of R&D staff and total patents. As of the end of 2025, it held 553 authorized patents and actively participates in the formulation of global testing industry standards.
Dual A+H Platform to Fuel Global Expansion
Under its globally recognized RIGOL brand, the Company’s overseas business has posted robust growth. Overseas revenue hit RMB317 million in 2025, making up 35.2% of total revenue and ranking first among domestic peers. It operates branches across China, the US, Europe, Japan, South Korea and Singapore, with a production base in Malaysia unlocking greater overseas delivery capacity. To date, the Company has shipped over one million instruments worldwide, serving more than 100,000 industrial and research clients across over 90 countries and regions.
Its overarching G-THSA strategy – Global layout, High-end talent, Total hardware self-reliance, Sector-customized solutions, AI empowerment – fully aligns with current industrial trends. Leveraging self-developed testing hardware, RIGOL delivers one-stop measurement solutions for AI computing and optical communication enterprises, seizing massive opportunities brought by global tech cycles.
Amid China’s nationwide push for full industrial chain import substitution, the measurement leader with integrated in-house R&D and global delivery capacity is set for continuous valuation re-rating. The Hong Kong IPO creates a dual A+H capital platform. Proceeds will be allocated to iterations of high-end ASIC chips, development of specialized instruments for AI and optical communication, capacity expansion at home and abroad, and global channel mergers and acquisitions. Driven by breakthroughs in proprietary core chips, an expanding product lineup and deepened global footprint, RIGOL is well-positioned to lift its global market share and evolve into a flagship Chinese maker of precision scientific instruments competing on the world stage.
