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wrote a column · Jul 22 02:46

After procurement volumes from Yangtze Memory and ChangXin Storage surged, Dinglong Shares saw a profit surge, yet its share price dropped over 30% in half a month as it plans to raise funds in Hong Kong

Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
Produced by | Frontline of Entrepreneurship
Author | Duan Nannan
Edited by Feng Yu
Visual editor | Xing Jing
Reviewed | Songwen
On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%.
Although profitability has continued to strengthen, Dinglong Corporation's performance in the capital markets has been lackluster recently, with its share price down more than 30% from the peak reached on July 1. Against this backdrop, Dinglong still plans to raise funds in Hong Kong to expand overseas production capacity for polishing slurries and polishing pads.
However, given the large number of companies awaiting listings in Hong Kong, it will not be easy for Dinglong to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong, which is determined to enter overseas markets, proceed with its overseas investment and capacity expansion?
1. Procurement volumes from ChangXin Memory Technologies and Yangtze Memory Technologies have surged significantly, driving sustained growth in the company’s profits.
In chip manufacturing, polishing slurries and polishing pads play a critical role. After multiple layers of thin-film deposition and circuit patterning, the wafer surface becomes uneven; without proper treatment, subsequent photolithography cannot achieve nanometer-scale precision.
As the carrier that supports the wafer during polishing, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing.
Due to the high-frequency consumption in wafer fabrication lines—where each wafer undergoes multiple chemical mechanical polishing (CMP) cycles—the polishing pads must be replaced periodically once worn out, resulting in very strong repeat purchase demand.
Over the past few years, the surge in AI adoption has driven a significant increase in demand for memory chips.According to data disclosed in ChangXin Memory Technologies’ IPO prospectus, the global DRAM market is projected to reach USD 150.5 billion in 2025, representing an increase of over 50% compared to 2024, while the NAND flash memory market is expected to reach USD 67.1 billion, also showing year-over-year growth.
Against this backdrop, memory chip manufacturers have significantly increased their demand for CMP polishing slurries and polishing pads.
Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
(Image / Official WeChat account of Dinglong Corporation)
According to Dinglong Co., Ltd.'s prospectus, the combined purchase amount from its top five customers in 2025 was RMB 1.316 billion, compared to just RMB 555 million in revenue from those same customers in 2023.
Per disclosures in Dinglong Co., Ltd.'s prospectus, its largest customer is Yangtze Memory Technologies Corp. (YMTC), a NAND flash memory producer, and its third-largest customer is ChangXin Memory Technologies (CXMT), a DRAM manufacturer.
In 2025, YMTC and CXMT accounted for purchase amounts of RMB 467 million and RMB 208 million, respectively, up from RMB 205 million and RMB 84.7533 million in 2023.
Amid substantial increases in purchases by YMTC and CXMT, Dinglong Co., Ltd.'s revenue rose accordingly. Data show that in 2025, the company reported revenue of RMB 3.66 billion, an increase of over 37% compared to RMB 2.667 billion in 2023.
The company's profit performance was even more impressive than its revenue growth: in 2025, Dinglong’s net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, reached RMB 678 million, surging over 300% from RMB 164 million in 2023—far outpacing its concurrent revenue growth.
Dinglong Co., Ltd.’s strong profitability stems from improved gross margins, which were primarily driven by higher revenue from key semiconductor materials such as polishing pads and slurries.
Prospectus data indicate that in 2023, revenue from the company’s polishing solutions segment totaled RMB 495 million, accounting for 37.9% of total revenue. By 2025, revenue from continuing operations in polishing solutions had grown to RMB 1.385 billion, representing 56.1% of total continuing operations revenue, thereby boosting the overall contribution of semiconductor materials and solutions to company revenue.
Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
Compared to its printing and copying materials and new energy materials segments, Dinglong Co., Ltd.’s semiconductor solutions business carries significantly higher gross margins. In 2025, the gross margin for semiconductor materials stood at 69.6%, versus 48.5% for printing and copying materials and 30.7% for new energy materials.
Thanks to the rising share of high-margin businesses, Dinglong Co., Ltd.’s profit growth has significantly outperformed its revenue growth.
Notably, bolstered by AI-driven demand, Dinglong Co., Ltd.’s profit growth remains robust. For the first half of 2026, the company forecasts net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, to reach between RMB 483 million and RMB 513 million, representing year-over-year growth of 64.42% to 74.64%.
2. The stock price has fallen more than 30% in half a month, and the company plans to raise funds in Hong Kong to expand production capacity
Due to exceptionally strong downstream demand, Dinglong Co., Ltd. plans to raise capital in Hong Kong to expand its production capacity. On July 6, Dinglong formally submitted its prospectus to the Hong Kong Stock Exchange, aiming for a listing on the Hong Kong stock market.
The proceeds from this Hong Kong listing are intended to fund capacity expansion for CMP materials in overseas markets, domestic CMP polishing capacity expansion, and research and development of advanced photolithography materials.
Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
(Image / Jiemian Image Library)
Unlike the A-share market, Hong Kong—as an international financial market—has risk management and governance frameworks closer to those of the U.S. and European markets. As an offshore market, financing raised in Hong Kong can be directly used for overseas investments, offering relatively convenient capital inflows and outflows. Therefore, A-share technology companies seeking to expand capacity often choose to list in Hong Kong.
However, an excessive number of companies seeking Hong Kong listings has led to a long queue of IPO applicants. According to HKEX data as of June 30, 2026, there were a total of 559 companies waiting in the Hong Kong IPO pipeline, significantly extending expected listing timelines.
Consequently, listed companies typically proceed with investing their own capital to initiate fundraising-related projects while awaiting their IPO, later replacing these funds once the IPO proceeds are secured.
From a financial standpoint, Dinglong Co., Ltd. is fully capable of using its own funds to initiate capacity expansion projects. As of March 31, 2026, the company held RMB 1.332 billion in cash and cash equivalents, along with RMB 180 million in tradable financial assets.
In this regard, Chuangye Zui Qianxian (Frontiers of Entrepreneurship) attempted to contact Dinglong Co., Ltd. to inquire whether the company would proceed with investing in its Hong Kong-listing-funded projects if the listing process takes too long. As of publication, Dinglong had not responded.
Due to a shift in market sentiment and the fact that technology stocks had previously rallied significantly, tech shares have generally experienced a substantial pullback since July.
Dinglong Co., Ltd. was no exception. After peaking at RMB 111.03 per share on July 1, its stock price declined steadily, closing at RMB 77.32 per share on July 21—a drop of over 30% in just about half a month.
Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
Since issuing Hong Kong-listed shares involves a new share offering, the total number of shares outstanding will increase. However, in the short term, the company’s profits will not rise proportionally with the expanded share base, thereby diluting earnings per share to some extent.
For example, if the total shares outstanding are 1 billion and attributable net profit is RMB 1 billion, earnings per share would be RMB 1. After issuing an additional 100 million Hong Kong-listed shares, the total shares outstanding would rise to 1.1 billion, reducing earnings per share to approximately RMB 0.91, thus diluting EPS.
Moreover, compared with A-shares, Hong Kong-listed shares generally have lower liquidity, and the issue price of H-shares is typically offered at an 80–90% discount to the A-share price.Due to unequal voting rights between share classes, many large institutional investors often sell their higher-priced A-shares and arbitrage by buying the corresponding H-shares, which can lead to sustained declines in A-share prices.
Take Dajin Heavy Industry, a leading manufacturer of wind turbine towers that recently issued H-shares, as an example: since June 5, its share price has been in continuous decline. As of July 20, its A-share closing price stood at RMB 36.61 per share—nearly halved over just over a month. It is therefore reasonable to infer that Dinglong Co., Ltd.’s H-share issuance could exert downward pressure on its A-share valuation in the short term.
3. The two brothers who are actual controllers each hold shares worth nearly RMB 10 billion, and senior executives collectively sold tens of millions of yuan worth of shares.
Public records show that Dinglong Co., Ltd. was founded in 2000 by brothers Zhu Shuangquan and Zhu Shunquan. Initially, the company focused on printing consumables—specifically toner cartridges and toner powder. Through persistent efforts and deep expertise in this field, it gradually expanded its operations and successfully listed on the ChiNext board in 2010.
Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
(Image / Dinglong Co., Ltd. official website)
As growth in the printing consumables industry slowed, Dinglong began transitioning into semiconductor materials. In 2018, its first-generation CMP polishing pad passed validation by Yangtze Memory Technologies. Mass shipments commenced in 2020. By 2025, Dinglong had already launched its fourth-generation polishing pad, supporting advanced semiconductor processes below the 14nm node. Subsequently, the company further expanded into other semiconductor materials such as cleaning solutions and photoresists.
In 2023, the AI boom significantly increased market demand for memory chips. As critical consumables in wafer fabrication, demand for polishing slurries, polishing pads, and cleaning solutions surged, driving a sharp rise in Dinglong Co., Ltd.’s profitability.
Thanks to improved earnings and strong investor enthusiasm for the semiconductor supply chain in capital markets, Dinglong Shares' stock price has continued to surge.
In September 2024, Dinglong Shares' stock traded at around RMB 19 per share; by July 1, 2026, it had soared to over RMB 111 per share, representing a peak-to-trough increase of more than 480%.
As of July 21, although the stock price had declined to approximately RMB 77.32 per share, it was still up nearly 250% compared to its level in September 2024.
The sharp rise in the company's share price has significantly benefited Zhu Shuangquan and Zhu Shunquan, the two brothers who are the company's actual controllers.As of March 31, 2026, Zhu Shuangquan and Zhu Shunquan held 139 million shares and 138 million shares, respectively. At current prices, each brother’s stake is worth over RMB 10 billion.
Beyond the substantial gains enjoyed by the controlling shareholders, the management team has also greatly benefited from the stock’s rally. Since its IPO, Dinglong Shares has implemented multiple rounds of equity incentive plans.
Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
As of March 31, 2026, Vice General Manager Xiao Guilin held 706,500 shares, valued at nearly RMB 50 million based on the current share price. Other executives, including Huang Jinhui, Yang Pingcai, and Yang Bo, also hold company shares.
Tempted by the soaring stock price, executives began coordinated sell-offs to cash in. On June 8, 2026, Dinglong Shares announced that certain executives planned to reduce their holdings, citing the need for funds to cover equity incentive exercise costs and personal income tax payments.
Among them, Vice General Manager Xiao Guilin intends to sell 231,000 shares, and Vice General Manager Huang Jinhui plans to sell 145,000 shares. Five executives in total plan to offload 513,100 shares, amounting to over RMB 33 million at current prices.
In fact, this is not the first time Dinglong Shares’ executives have reduced their stakes. On March 17, 2026, the company disclosed that Director, Vice General Manager, and Secretary to the Board Yang Pingcai, as well as Director and CFO Yao Hong, sold 159,100 shares and 90,000 shares, respectively. Additionally, numerous executives also sold shares in 2025.
Produced by | Frontline of Entrepreneurship Author | Duan Nannan Edited by Feng Yu Visual editor | Xing Jing Reviewed | Songwen On July 10, Dinglong Shares, a domestic leader in semiconductor polishing slurries and pads, released its earnings forecast for the first half of 2026. Benefiting from strong downstream demand, the company’s net profit attributable to shareholders excluding non-recurring gains and losses is projected to increase by up to 74.64%. Although profitability continues to strengthen, Dinglong Shares has recently underperformed in the capital markets, with its share price falling more than 30% from its peak on July 1. Against this backdrop, the company still plans to raise funds in Hong Kong to expand overseas capacity for polishing slurries and pads. However, with numerous companies awaiting listing in Hong Kong, it will not be easy for Dinglong Shares to secure approval from the Hong Kong Stock Exchange and obtain financing in the near term. Under these circumstances, how should Dinglong Shares—aiming to break into overseas markets—proceed with its overseas investment and capacity expansion? 1. Procurement volumes from ChangXin and Yangtze Memory have surged significantly, driving continuous profit growth for the company In chip manufacturing, polishing slurries and pads play a critical role. After multiple layers of film deposition and circuit patterning, the surface of a silicon wafer becomes uneven; without treatment, subsequent photolithography cannot produce nanometer-scale precision circuits. As the carrier that contacts the wafer, the polishing pad uses its own hardness to quickly flatten raised areas, while the polishing slurry chemically softens surface particles to facilitate smoother polishing. Due to high-frequency consumption in wafer fabrication lines, each wafer undergoes multiple chemical mechanical polishing (CMP) steps, and polishing pads are used until...
It is understandable for executives to monetize a portion of their shares after receiving equity incentives. However, as core management personnel, such frequent share sales may raise investor concerns about whether they lack confidence in the company's future prospects. 'Frontline of Entrepreneurship' attempted to reach out to Dinglong Co., Ltd. for comment, but had not received a response as of publication time.
Driven by the continued boom in AI, shipments of memory chips continue to rise. To seize the opportunity presented by strong demand for memory chips, Dinglong Co., Ltd. plans to raise funds in Hong Kong to expand its domestic and overseas production capacity for semiconductor consumables such as slurry and polishing pads. However, given the large number of companies queuing for Hong Kong listings, it will not be easy for Dinglong to secure financing for capacity expansion in the short term. 'Frontline of Entrepreneurship' will continue monitoring whether Dinglong proceeds with expansion using its own funds.
*Note: The featured image in this article is from Dinglong's official website; other uncredited images are sourced from Shutterstock under the VRF license.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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