DigiwinSoft goes public in Hong Kong for the second time, but Foxconn has already cashed out over 300 million.
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Author | Huang Yu
Amid the wave of AI reshaping various industries, the veteran player in manufacturing digital solutions—Dingjie Digital Intelligence (300378.SZ) has officially launched its plan for an IPO in Hong Kong.
On May 10, Dingjie Digital Intelligence formally submitted its listing application to the main board of the Hong Kong Stock Exchange, with China Merchants Securities International serving as sole sponsor. If the gong is struck smoothly this time, this manufacturer, deeply embedded in digital intelligence solutions for manufacturing, will officially establish a dual-capital map of "A+H".
However, the major shareholder's "cash out for safety" on the eve of listing casts a shadow over what appears to be a glamorous Hong Kong IPO.
Starting January 8, Foxconn Industrial Internet, Dingjie Digital Intelligence’s largest shareholder, began quietly retreating, reducing its holding by a total of 6.3736 million shares and cashing out over 351 million yuan.
However, as of now, Industrial Internet still holds about 12.37% of Dingjie Digital Intelligence, remaining the largest shareholder.
The predecessor of Dingjie Digital Intelligence, Dingxin Computer, was founded in Taiwan in 1982, originally taking root through open platform products. By 2001, as many manufacturing enterprises crossed the strait to settle in the mainland, the company, in joint venture with Digital China, established Digital China Management Systems Company, successfully opening the golden door to the mainland manufacturing market.
In January 2014, Dingjie Digital Intelligence was successfully listed on the Shenzhen Stock Exchange, ushering in its first golden decade with the support of capital.
As industrial manufacturing shifts from process-driven to data-driven, the traditional "software service provider" identity is no longer enough to carry this veteran’s ambitions. In 2022, the company launched the core carrier of its AI strategy—the Athena Digital Intelligence Platform, and on September 20, 2024, officially changed its Chinese name from "Dingjie Software" to "Dingjie Digital Intelligence".
However, to support this AI digital intelligence story requires extremely large and sustained investment in R&D.
The prospectus shows that the primary purpose for funds raised from the Hong Kong IPO is for R&D of AI-driven intelligent manufacturing solutions and accelerating international business expansion.
In 2023, 2024, and 2025, Dingjie Digital Intelligence's operating income was 2.228 billion yuan, 2.331 billion yuan, and 2.433 billion yuan respectively, with annual profits of 155 million yuan, 158 million yuan, and 174 million yuan. Although this shows a steady climb, the single-digit growth in revenue and profits also indicates that the traditional dividend period for domestic industrial software has peaked.
Without sufficient capital endurance, the AI intelligent manufacturing concept can only remain as a PPT on paper.
To break through the growth ceiling, Dingjie Digital Intelligence must use the Hong Kong stock market to attract global capital and extend the Athena platform's reach to wider overseas supply chain markets such as Southeast Asia.
From a business layout perspective, overseas expansion has already become a key part of Dingjie Digital Intelligence's growth strategy. From 2023 to 2025, income from Taiwan and overseas markets accounted for 48.2%, 49.5%, and 52.8%, respectively.
According to Frost & Sullivan, by 2025 revenue, Dingjie Digital Intelligence is already the largest local provider of digital intelligence solutions for manufacturing in China, but its market share in the overall China market, including foreign giants, is only 1.4%.
In the same year, based on revenue, Dingjie Digital Intelligence ranks eighth among all suppliers in the Asian manufacturing digital intelligence solution market and first among those headquartered in Asia.
Such a highly fragmented market ecosystem not only means vast space for future domestic substitution but also implies fierce battles and price wars among giants.
How much real capital can be raised in this Hong Kong IPO will directly determine whether Dingjie Digital Intelligence's "Athena" AI platform can establish an early technological moat amid the global manufacturing wave.
In this irreversible industrial large-model battle, after crossing the critical juncture of capital and the second half of AI, whether Dingjie Digital Intelligence will be engulfed by the wave of giants or ride the wind and rise will have to be tested by the global manufacturing field.
Risk Warning and DisclaimerThe market has risks; investment needs caution. This article does not constitute personal investment advice and does not take into account individual users’ specific investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investing based on this, you are responsible for your own decisions. ```