Frost & Sullivan, referred to as 'Frost & Sullivan', provided exclusive industry consulting services for Frost & Sullivan Industrial Co., Ltd.'s listing on the Hong Kong stock market on July 9, 2026. As a world-leading provider of precision intelligent manufacturing solutions, Frost & Sullivan has long focused on the field of precision manufacturing. By covering core application areas such as consumer electronics, automotive, communications, and data centers, the company has developed an integrated manufacturing capability that includes precision components, functional modules, and system integration. With its leading intelligent manufacturing capabilities, continuous technological development and investment, global production layout, and superior customer resources, the company has become a leading player in the global precision intelligent manufacturing industry. It has established long-term and stable partnerships with many world-leading technology companies and continuously enhances its strategic position in the high-end manufacturing chain. Frost & Sullivan provided exclusive industry consulting services for Frost & Sullivan Industrial Co., Ltd.'s listing on the Hong Kong market, and we extend our warm congratulations on its successful listing.
Frost & Sullivan Industrial Co., Ltd. was successfully listed on July 9, 2026. The company plans to issue 383,472,800 H shares, of which 345,125,500 shares will be offered internationally, and 38,347,300 shares will be offered publicly. The issue price per share is HK$63.28, resulting in a net fundraising amount of approximately HK$24.3 billion.
During the process of listing on the Hong Kong market, Frost & Sullivan undertook the following tasks: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing important sections of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, etc.), helping the issuer communicate with the Stock Exchange and investors, and assisting the issuer in responding to various questions from the Stock Exchange regarding the industry.
Frost & Sullivan has always been a leader in helping companies list on the Hong Kong market. According to LiveReport Big Data (statistical data as of June 30, 2026), over the past 36 months and 12 months, and from January to June 2026, Frost & Sullivan provided listing industry consulting services for 212 (market share: 69%), 111 (market share: 71%), and 58 (market share: 69%) Hong Kong IPO listings, ranking first in terms of number of cases. It has rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and related organizations.
Part.01
Investment Highlights
-
The company is a world-leading innovative technology company in precision intelligent manufacturing, offering one-stop solutions covering components, modules, and system integration.
-
The company's product portfolio covers consumer electronics, automotive, communications, and data centers, capturing the core upgrading opportunities in industries such as AI terminals, robots, and XR.
-
The company is one of the enterprises with the largest distributed production capacity for precision intelligent manufacturing solutions worldwide, having established a global R&D, production, sales, after-sales, and logistics support system.
-
The company maintains leading industry R&D investment, continuously innovating in material applications, processing technologies, intelligent manufacturing systems, and digital applications, establishing core technical barriers in precision manufacturing, automation, and intelligent manufacturing.
-
The company has end-to-end vertical integration capabilities, with rapid delivery capabilities that lead the industry in product collaborative development and large-scale mass production.
-
The company is deeply integrated with leading enterprises in various fields around the world, establishing a long-term, stable, and high-touch global customer ecosystem.
-
The company is actively developing new growth engines such as AI data centers,High-speed interconnectionand humanoid robots, continuously expanding long-term growth potential.
According to Frost & Sullivan report:
-
Based on 2025 revenue, the company ranks fifth in the global precision intelligent manufacturing solution industry, with a market share of 3.3%;
-
Based on 2025 revenue, the company ranks second in the global consumer electronics component and module precision intelligent manufacturing solution industry, with a market share of 11.2%, and ranks first among enterprises based in Mainland China;
-
Based on 2025 revenue, the company ranks fourth in the global automotive wiring precision intelligent manufacturing solution industry, with a market share of 7.6%;
-
Based on 2025 revenue, the company ranks tenth in the global communications and data center component and module precision intelligent manufacturing solution market, with a market share of 2.5%;
-
Based on 2025 revenue, the company ranks fourth in the global communications and data center copper connection precision intelligent manufacturing solution market, with a market share of 4.1%;
Part.02
Overview of the Global Precision Intelligent Manufacturing Solution Industry
1Definition of the Global Precision Intelligent Manufacturing Solution Industry
Precision Intelligent Manufacturing Solutions(referred to as "PIMS") refer to customer-centric, technology-driven manufacturing services that integrate advanced processing technology, rapid prototyping technology, automated control, and intelligent systems, providing high-precision components, functional modules, and system integration. These solutions go beyond standardized production and feature deep customization, aiming to transform breakthrough product concepts into mass-produced products with high technical standards. Their products are widely used in advanced consumer electronics, smart cars, communications, data centers, and other high-tech and innovation-driven fields.
2Market Size of the Global Precision Intelligent Manufacturing Solution Industry
Global PIMSThe market includes components, modules, and system integration. Among them, components and modules are highly strategic due to their high technical complexity.
Source: Frost & Sullivan; interviews with industry experts
Consumer Electronics PIMSRefers to design and manufacturing solutions for consumer electronics products that integrate high-precision manufacturing, automatic control, intelligence, and digitalization, covering components, modules, and system integration. It usually involves miniaturization, lightweighting, and multi-material composite processing. Its core lies in achieving extreme precision in product dimensions (micrometers) and performance stability through "precision manufacturing," and enhancing production efficiency and cost optimization through "intelligent manufacturing," while flexibly responding to the market demand for high-precision, flawless appearance, thinness, multifunctionality, and rapid replacement in the consumer electronics industry. The consumer electronics PIMS market can be divided into: components (including structural components, functional components, electronic components) and modules, system integration (mainly referring to fully assembled consumer electronics products).
Source: Frost & Sullivan; interviews with industry experts
Smart Car PIMSRefers to applying advanced precision manufacturing processes and related intelligent technologies to provide key components and systems for car manufacturers, meeting the intelligent and electric needs of high-end smart cars such as new energy vehicles and autonomous driving, as well as traditional vehicles (such as B-pillars with integrated cameras), thereby promoting the intelligent, electric, and connected development of the automotive industry.
Specifically, the market size of smart car precision manufacturing components and modules reached RMB 19,307 billion in 2025. Driven by the trends of automotive electrification and intelligence, the segmented market of smart cockpit and smart assisted driving system integration is also developing rapidly. In 2025, the market size of smart car system integration precision manufacturing reached RMB 10,604 billion.
Source: Frost & Sullivan
Communications and Data Centers PIMSDesigned specifically for high-precision and high-reliability production requirements in infrastructure such as communications and data centers. By deeply integrating next-generation information technologies and advanced manufacturing technologies, it achieves high-precision processing, end-to-end automation, and intelligent management, ensuring efficient, reliable, and customized production of high-precision components for communication equipment and key data center infrastructure. Key features of this solution include micrometer/nano-meter precision processing of communications and data center components, as well as a core component production environment with automatic perception, automatic decision-making, automatic execution, and automatic adaptation capabilities.
Source: Frost & Sullivan
3Market Drivers and Trend Analysis of the Global Precision Intelligent Manufacturing Solution Industry
-
End-product iteration creates rigid demand for precision intelligent manufacturing: Consumer electronics end-products are continuously evolving towards miniaturization, lightweighting, multifunctional integration, and the use of new materials, resulting in increasingly compact and complex internal structures. This also places clear higher demands on processing accuracy, assembly consistency, and product reliability. Therefore, the demand for precision intelligent manufacturing solutions ("PIMS") continues to grow, including high-precisionCNC machinery, micro molding, automated precision assembly, AI-based visual inspection, and reliability testing. At the same time, the accelerated adoption of artificial intelligence, digital twins, industrial IoT (IIoT), and flexible automation technologies not only significantly improves manufacturing efficiency, product yield, and large-scale delivery capabilities but also reduces unit production costs and reduces dependence on labor, thus promoting PIMS to penetrate broader consumer electronics markets. Additionally, the integration of precision manufacturing with technologies in optics, acoustics, sensing, communications, and artificial intelligence is driving emerging applications such as MR/AR devices,edge AI terminalssmart wearable devices, and smart homes. These applications create huge new demands for precision structural components, multifunctional integration modules, and miniaturized high-performance components.
-
Electrification is reshaping the automotive energy architecture, creating large demand for precision intelligent manufacturing: High-voltage systems (400 volts/800 volts platform) make each electric vehicle's high-voltage wiring several times more valuable than those in fuel vehicles, and the 800 volts platform is further valued due to major upgrades (insulation layers that can withstand 150 degrees Celsius, three-layer shielding). The integration of motor controllers and reducers requires gear processing accuracy up to ISO 6 level. The increase in data transmission volume in smart driving environments drives the demand for high-frequency andhigh-speed wiring, directly driving precision manufacturing to upgrade to micrometer-level accuracy and high reliability.
-
Modularization and customization trends drive the development of smart car PIMS: The automotive industry is developing rapidly, and modularization and customization will become important trends in automotive precision intelligent manufacturing. Modularization can improve efficiency and expand functions, promoting vertical integration of the modular supply chain through hardware atomization, standardized interfaces, and software-defined approaches. Customization relies on direct consumer relationships with manufacturers, flexible production, and additive manufacturing to meet personalized needs. These two trends create a flexible synergy effect in the supply chain. The focus of competition lies in the expandability of modular platforms, the depth of customization services, and data-driven capabilities. Companies need to establish advantages through pre-embedded hardware, software-defined approaches, and ecological synergy effects.
-
5G ╱ IoT ╱ AI technology evolution drives the need for transmission efficiency improvement: With the continuous growth of artificial intelligence computing power, cloud computing, and big data, data centers continuously pose new requirements for computing power and transmission speed. As 5G network construction continues, the number of 5G base stations globally increases steadily by 2025, increasing the demand for communication equipment. As the potential of the artificial intelligence server market continues to unfold, data centers have higher demands for computing power and data transmission capabilities, moving towards higher computing performance, lower latency, and modularization. Driven by the rapid growth of global data storage and transmission, the acceleration of 5G base station construction, and the increasing importance of the AI market, high-speed connectors become crucial in the electronics industry. Copper connections, as cost-effective, low-energy (PUE)low, and high-transmission-capability connectors, play an important role in these scenarios.
-
Digital technologies such as AI drive the vigorous development of intelligent manufacturing in communications and data centers: Global digitalization brings explosive data growth, and advancements in autonomous driving and artificial intelligence require a large amount of computing and communication resources. Since manufacturing precision is crucial for ensuring the reliability, efficiency, and scalability of communication and data systems, with the growing demand for advanced communication and data storage technologies, the expansion of global communication infrastructure and data centers is accelerating, also driving the demand for precision intelligent manufacturing solutions. Innovations in automation, artificial intelligence, and IoT enhance manufacturing precision, enabling the production of high-performance components that are essential for communication and data systems. Thus, industry progress and the demand for precise, high-quality components drive the growth of intelligent manufacturing in communications and data centers.
