Rigol Technologies Pursues Hong Kong Stock Exchange Listing

Rigol Technologies Co., Ltd., a prominent Chinese manufacturer of electronic measurement instruments, is advancing its global capital market strategy with a planned secondary listing on the Main Board of the Hong Kong Stock Exchange. The company, already a constituent of Shanghai's STAR Market since April 2022, has formally submitted its application, engaging CITIC Securities as its sole sponsor for this significant international expansion initiative.

This move signals Rigol's ambition to broaden its investor base and elevate its international profile within the highly competitive electronic test and measurement (ETM) sector. The global ETM market, a critical enabler for advancements in telecommunications, automotive, and industrial automation, is projected to experience steady growth, driven by increasing demand for sophisticated testing solutions in emerging technologies like 5G, IoT, and electric vehicles. Rigol currently holds a notable position, ranking eighth globally in this industry by revenue, according to industry analysis firm Frost & Sullivan.

Financial performance underscores Rigol's upward trajectory. The company reported revenues of approximately RMB 631 million in 2022, followed by RMB 671 million in 2023. The most recent full-year figures for 2024 show a robust increase to RMB 776 million. This consistent revenue expansion is further evidenced by the first half of 2025, where the company posted RMB 355 million, a notable jump from RMB 307 million in the corresponding period of 2024, indicating sustained demand for its product offerings.

Rigol's comprehensive product suite, encompassing digital oscilloscopes, spectrum analyzers, signal generators, and power supplies, serves a diverse clientele across more than 90 countries and regions. These instruments are indispensable tools for research and development, quality control, and manufacturing across vital sectors including telecommunications, automotive, aerospace, education, and advanced industrial manufacturing. The company's ability to cater to such a broad spectrum of industries highlights its technological versatility and market reach.

The proposed Hong Kong listing is strategically designed to enhance Rigol's access to international capital and bolster its brand recognition on a global scale. This will be crucial as the company continues to vie for market share against established international giants such as Keysight Technologies, Tektronix, and Rohde & Schwarz. The ETM market is characterized by significant R&D investment and technological innovation, making a strong financial footing and international presence essential for sustained competitive advantage.

By establishing a dual-listing presence, Rigol aims to leverage the unique advantages of both the Shanghai STAR Market and the Hong Kong Stock Exchange. This dual approach could unlock new avenues for growth, facilitate strategic partnerships, and provide greater financial flexibility to pursue innovation and market expansion initiatives in an increasingly interconnected global economy.