Shares of robot vacuum component maker Shenzhen Camsense Technologies Co. Ltd. (6802.HK) soared in their Hong Kong trading debut on Wednesday, nearly doubling at the open and climbing during the morning to close at HK$173.60 by the midday break, up nearly 200%.

The company sold 11.6 million shares for HK$58.85 each, raising net proceeds of nearly HK$615 million ($78.85 million). The public offering for local investors was oversubscribed by 3,546 times, while the international offering was oversubscribed by 4.5 times. Two cornerstone investors purchased 1.87 million shares, accounting for 16.13% of the total being sold.

The company generated revenue of 196 million yuan ($29.2 million) in the first quarter of 2026, up about 49% year-over-year. It swung to a profit of 7.76 million yuan during the latest three-month period, reversing a loss of 6.67 million yuan a year earlier.

The company plans to use 65% of the IPO proceeds to enhance its R&D capabilities. Another 25% will go to upgrading its manufacturing capabilities, with the remaining 10% earmarked for general working capital.

By Lau Chi Hang

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Printed circuit board (PCB) manufacturer Shenzhen Kinwong Electronic Co. Ltd. (3228.HK; 603228.SH) opened 7% lower in its Hong Kong trading debut on Tuesday, but then reversed course to close up 9.3% at HK$76.40 by the midday break.

The company sold 72.9 million shares for HK$69.88 each, raising net proceeds of nearly HK$4.96 billion ($636 million). The public offering for local investors was oversubscribed by nearly 93 times, while the international offering was oversubscribed by 9.6 times. A total of 14 cornerstone investors subscribed for 34.79 million shares, accounting for 47.69% of the offering.

Kinwong Electronic is the world's largest automotive electronic PCB supplier with 10.6% of the market, based on 2025 revenue. In the broader global market, it ranks 11th with 2.5% share.

The company reported its revenue rose 18% year-over-year to 5.34 billion yuan in the first four months of this year. But its profit over that period declined 25.3% to 317 million yuan.

By Lau Chi Hang

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AI infrastructure software provider Transwarp Technology (Shanghai) Co. Ltd. (6727.HK) opened flat in its Hong Kong trading debut on Monday, then edged slightly lower to end the morning session at HK$47.82, down 2.4% from its listing price.

The company sold 14.01 million shares for HK$49 each, raising net proceeds of nearly HK$630 million ($80.77 million). The public offering for local investors was oversubscribed by nearly 73 times, while the international offering was oversubscribed by 0.42 times. Two cornerstone investors subscribed for 1.51 million shares, accounting for 10.75% of the offering.

Transwarp's revenue rose 20.6% year-over-year to 447 million yuan in 2025, while its loss narrowed by 28.6% to 245 million yuan. The company recorded revenue of 174 million yuan in the first half of this year, up 14.1% year-over-year, while its loss narrowed to 113 million yuan from 143 million yuan a year earlier.

The company will use 30% of the IPO proceeds for R&D, 20% to upgrade and expand its products and solutions, 15% to strengthen its sales channels and team building, 5% to enhance its commercialization capabilities and brand influence, and 20% on strategic investments. The remaining 10% will be used as working capital.

By Lau Chi Hang

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Optical communications product maker Ligent Technologies Inc. (9856.HK) launched its Hong Kong IPO on Monday, aiming to raise about HK$5.45 billion ($695 million) by selling 172 million shares to investors for HK$32.96 each. Subscriptions for the offering will close on Sept. 17, with a trading debut set for Sept. 22.

Founded in the early 2000s as an optical communications company, Ligent’s revenue rose 27.7% in the first half of 2026 to 5.39 billion yuan ($803 million) from 4.22 billion yuan a year earlier. About 70% of its revenue comes from datacom transceivers. Its profit rose 29.6% to 661 million yuan in the first half of this year from 510 million yuan a year earlier.

Nearly 30 cornerstone investors, including Primavera, Mirae Asset Securities and Barings, have agreed to collectively buy about 47% of the shares being sold.

By Doug Young

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Shares of robotics manufacturer Excelland Robotics (Wuxi) Co. Ltd. (3231.HK) opened 142% above their IPO price in their trading debut on Wednesday, and climbed through the morning session to end at HK$37.50 by the midday break, up 159%.

The company sold 45 million shares for HK$14.45 each, raising net proceeds of HK$577 million ($73.97 million). The public offering for local investors was 139 times oversubscribed. But the international placement, which typically goes mostly to global institutional investors, failed to be fully subscribed, with an overall subscription rate of about 94%. Two cornerstone investors subscribed to a total of 1.63 million shares, accounting for 3.63% of the total offering.

The company's revenue last year rose 19% to 318 million yuan ($47.4 million), while its net loss for the period narrowed 27% year-over-year to 110 million yuan. In the first quarter of this year, its revenue increased 5.7% from a year earlier to 76.51 million yuan. However, the company still recorded a loss of 31.22 million yuan for the three-month period, up 20% year-over-year.

By Lau Chi Hang

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Medical device maker Shenzhen Medcaptain Technology Co. Ltd. (2041.HK) plunged in its Hong Kong trading debut on Monday, opening 35% lower before stabilizing to close at HK$10.10 by the midday break, down 34.5%.

The company sold 38.91 million shares for HK$15.42 each, raising net proceeds of HK$496 million ($63.59million). The retail tranche for local investors was oversubscribed by 435.4 times, while the international placement was oversubscribed by just 1.4 times.

Medcaptain's revenue rose 15.7% last year to 1.62 billion yuan ($241 million), as the company swung to a profit of 48.89 million yuan for the year. Its revenue increased 19% year-over-year to 420 million yuan in the first quarter of this year, but it swung to a net loss of 3.1 million yuan, reversing a profit of 5.02 million yuan a year earlier.

The company will use 35% of its IPO proceeds for R&D, 20% to develop manufacturing centers to expand its production capacity, 20% to enhance its sales and marketing, 10% for strategic investments and acquisitions, 5% to upgrade its IT infrastructure, and the remaining 10% for general working capital.

By Lau Chi Hang

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The company, which serves more than 100 Fortune Global 500 companies, derives over half its revenue overseas, and counts Baillie Gifford among its cornerstone investors

By Teri Yu

Intelligent robot-component supplier Mech-Mind Robotics Technologies Co. Ltd. (9615.HK) made its Hong Kong trading debut on Tuesday at an offer price of HK$107.70 per share, raising approximately HK$2.35 billion ($300 million).

The listing was backed by cornerstone investors including century-old Scottish asset manager Baillie Gifford, Chinese insurance asset-management leader Taikang Life, Wall Street quantitative trading firm Jane Street, BYD's industrial investment arm Golden Link, and institutions such as Invus, Ghisallo, Ruihua, NGS Super Fund and E Fund.

Founded in 2016, Mech-Mind, whose name means "robot's brain," provides embodied AI infrastructure. Rather than building robot bodies, it supplies the “eyes, brains and hands” that give robots their intelligence and mobile abilities.

Its Mech-Eye industrial 3D cameras capture high-precision point-cloud data; its software platform, built around the Mech-GPT multimodal large model, handles perception, semantic understanding, task planning and motion control; and its Mech-Hand five-finger dexterous hands perform grasping and assembly. Together, the three form a closed loop from sensing to decision-making to execution in factories, warehouses and other operational settings.

The company has shipped more than 29,000 units worldwide to date, serving over 100 Fortune Global 500 companies, including CATL, BYD, Toyota, Midea and Foxconn, across more than 50 typical application scenarios. Third-party research cited in its listing documents ranks Mech-Mind first globally in the market for AI + 3D vision-guided non-specialty intelligent robot components, with 22.1% of the market by revenue in 2025. Its global shipment share topped 27% — more than its next four largest rivals combined.

Its revenue rose to 388.8 million yuan ($54.3 million) in 2025 from 268.8 million yuan in 2024 and 180.8 million yuan in 2023, averaging 46.6% annual growth over the two-year period. Its gross margin rose to 64.6% in 2025 from 51.1% a year earlier and 39.1% in 2023, while its gross profit climbed to 251.1 million yuan from 70.6 million yuan two years earlier.

The company’s losses are narrowing as its business scales. Mech-Mind’s adjusted net loss fell to 109 million yuan in 2025 from 334 million yuan in 2023. Its 2025 operating loss was smaller than that year’s R&D spending of 113 million yuan, suggesting the core business was nearing break-even before R&D costs. Existing customers accounted for 61% of revenue in 2023, rising to 78% in 2025 and 86% in the first quarter of 2026, while average deployments per customer climbed from 7.2 units to 13.2.

Revenue for the first quarter of 2026 rose 73.1% year on year to 106.9 million yuan, while its loss narrowed 19.5% to 56.8 million yuan.

Mech-Mind has targeted the global market since its founding, with 16 business centers covering major industrial hubs such as Tokyo, Seoul, Chicago and Munich. Its overseas revenue jumped to 195.5 million yuan in 2025 from 97.7 million yuan in 2024 and 58.6 million yuan in 2023, growing at an average of 82.7% annually, and accounting for a majority 50.3% of total revenue last year — up from 32.4% in 2023. The company now serves more than 900 overseas customers across 50 countries and regions.

Mech-Mind said it will allocate about 31.8% of the IPO proceeds to R&D, and another 29.4% to global expansion and commercialization. The remainder will fund a broader product portfolio and application scenarios, expanded production capacity, improved operational efficiency, and be used for general working capital.

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The Shenzhen-listed company is seeking to raise up to $800 million as its first-half profit surged by a factor of more than 700, fueled by spiking memory prices

By Teri Yu

Shenzhen Longsys Electronics Co. Ltd. (9976.HK; 301308.SZ) launched its Hong Kong IPO on Monday, seeking to raise up to HK$6.28 billion ($801 million) as it reported a record first-half profit on soaring memory chip prices. The company is offering 26.1 million shares for up to HK$240.60 each, giving Longsys an implied market value of up to HK$195 billion.

Longsys is part of a group of Chinese companies making second listings in Hong Kong to target the city’s international investor pool, in this case complementing its existing listing on China’s domestic market in Shenzhen. The company’s Shenzhen-listed shares are up around 50% so far this year, as investors have gravitated toward companies expected to benefit from global expanding AI infrastructure and broader semiconductor self-sufficiency drive.

Citic Securities and Citigroup are underwriting the deal. A group of cornerstone investors, including Lenovo and Ingenic Semiconductor, have agreed to buy 18.89% of the shares on offer. Subscriptions close on Thursday, with final pricing expected on Sept. 4, and a trading debut set for Sept. 8.

The IPO comes after a major earnings rebound for Longsys driven by higher memory prices from AI-related buying. Its revenue for the six months through June jumped 136.3% year-on-year to 24.09 billion yuan ($3.38 billion), while its net profit soared to 10.58 billion yuan from just 14 million yuan a year earlier, up by more than 700 times.

Longsys was founded in 1999 and listed on Shenzhen’s ChiNext board in 2022. The company has positioned itself as an independent branded memory-product maker with capabilities spanning controller-chip and memory-chip design, firmware algorithms, packaging and testing and sales. It markets its industrial and enterprise products under the Foresee brand, consumer storage under Lexar, and overseas industrial products through Zilia.

Longsys ranked ninth globally by 2025 storage-product revenue, and was second among independent memory makers, holding about 1.2% of the global memory-products market, according to third-party data cited in its listing document.

Enterprise storage, which offers Longsys a more direct route into AI infrastructure spending, was one of its fastest-growing businesses in the first half of this year. Revenue from the segment tripled year-on-year to 2.14 billion yuan, as its products entered the supply chains of several major internet companies and server manufacturers.

Its international operations also helped fuel the revenue expansion. Zilia generated 3.95 billion yuan in external sales in the first half of the year, up 184.6% year-on-year, while Lexar’s global sales revenue rose 84.9% to 3.97 billion yuan. Longsys generates nearly 70% of its revenue from outside Mainland China and serves customers including Dell, Lenovo, Mindray, Oppo, Samsung, Transsion and Xiaomi.

Longsys said production of its self-designed controller chips have exceeded 280 million cumulative units. Its 5-nanometer UFS 4.1 controller has entered large-scale production, while its newer storage processing unit chip supports NAND I/O speeds of up to 4,800 MT/s.

Longsys plans to use 78.3% of its IPO proceeds for R&D in chip design and advanced memory products. The balance will be used for capacity expansion at its plants in Suzhou and Brazil, and for global promotion of its Foresee, Lexar and Zilia brands, as well as potential strategic investments or acquisitions.

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Shares of online fashion retailer Shein Global Holdings Ltd. (0625.HK) opened flat in their highly anticipated Hong Kong trading debut on Tuesday, then traded down during the morning to close at HK$46.62 by the midday trading break, 4% below the offer price.

Shein sold nearly 280 million shares for HK$48.56 each, representing the middle of their indicated range of HK$47.60 and HK$49.50, to raise net proceeds of HK$13.21 billion ($1.69 billion). The retail tranche for local Hong Kong investors was oversubscribed by 4.63 times, while the international tranche was oversubscribed by 1.6 times. Seven cornerstone investors purchased 61.89 million shares, representing 22.1% of the total offering.

Shein was active in 160 global markets at the end of last year, boasting 273 million active customers. Its average order frequency per customer was four times, with an average fulfillment expense per order of $17.70.

The company’s revenue rose from $32.1 billion in 2023 to $41.84 billion last year. Its revenue rose 1.1% year-over-year in the first quarter of 2026 to $9.05 billion. But its profitability has been more volatile, rising from $2.79 billion in 2023 to $3.37 billion in 2024, only to drop to $2.06 billion in 2025. The company recorded a net loss of $99 million in the first quarter of this year, primarily driven by changes in the fair value of its convertible redeemable preferred shares.

By Lau Chi Hang

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Semiconductor memory manufacturer Shenzhen Longsys Electronics Co. Ltd. (9976.HK; 301308.SZ) launched its Hong Kong IPO on Monday, aiming to sell 26.1 million shares for HK$240.60 each to raise HK$6.26 billion ($803 million). Subscriptions will close on Thursday, with a trading debut set for Sept. 8.

The company was the world's ninth-largest memory manufacturer in 2025 by revenue with 1.2% of the market. It operates three main brands: Foresee, Zilia, and Lexar.

The company generated revenue and profit of 22.77 billion yuan and 1.5 billion yuan last year, respectively, up 30% and 196%, year-on-year. In the first six months of this year, its revenue surged 136.3% year-over-year to 24.09 billion yuan, while its profit skyrocketed 260-fold to 10.7 billion yuan.

Longsys plans to allocate nearly 80% of its IPO proceeds to bolster its chip design and R&D for advanced memory products. Approximately 12% is earmarked for strategic investments or acquisitions, with the remaining 10% for working capital.

By Lau Chi Hang

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The $35 billion to $40 billion the online fashion retailer is seeking is relatively modest compared with its global peers

By Teri Yu

Online fashion and lifestyle company Shein Global Holdings Ltd. is rumored to be targeting a valuation of $35 billion to $40 billion as it gets set to launch its Hong Kong IPO as soon as Aug. 19, according to a Reuters report.

Shein has built one of the world’s largest online fashion platforms by combining low prices, a vast assortment of products and rapid product turnover. But such a model has been harder to value, often viewed through the lens of ultra-fast fashion, leaving investors to question whether it deserves the kind of valuation awarded to established global apparel leaders.

The company, which serves customers across about 160 markets, has positioned itself as a global fashion business, with its diversified international customer base and broad product offerings set it apart from conventional fast-fashion peers.

A valuation of $35 billion to $40 billion would value Shein at roughly 14.6 to 19.4 times 2025 earnings, below the 25 times forward price-to-earnings (P/E) multiple for Zara owner Inditex (ITX.MC) and 20 times for H&M (HM-B.ST). Supporters of that range argue that Shein’s business has historically expanded faster than either rival, while its digitally coordinated supply chain is more efficient than conventional retailers.

Shein’s active-customer base rose to 273 million in 2025 from 186 million in 2023, representing 21.2% annual growth. Its revenue rose to $41.8 billion in 2025 from $32.1 billion in 2023, while its operating profit increased 76.7% to $1.71 billion last year from $966 million in 2024. The company’s operating margin rose to 4.1% in 2025 from 2.5% in 2024, helped by lower sales costs and a greater contribution from higher-margin service income.

Shein’s pitch centers on its “large-scale automated test and reorder,” or LATR model, which uses data-led demand forecasting, small initial production batches and digitally connected suppliers to identify winners before production is scaled up. The model is designed to solve a long-standing retail challenge: offering a wide selection of products and rapid design turnover without building up large unsold stock.

Shein’s inventory days stand at about 36 to 38 days, compared with 71 for Inditex, 114 for Fast Retailing and 164 for Adidas. Such lower inventory requirements can improve cash conversion and reduce the markdown risk that has historically weighed on fashion retailers.

The company had more than 2 million apparel styles at the end of 2025 and added about 4,700 products a day, underscoring the scale and responsiveness of its supply-chain network. Its total orders reached 1.09 billion in the 12 months to March 31, 2026.

Shein’s service income rose to 14.3% of revenue in the first quarter of 2026 from 2.7% in 2023, while non-apparel categories accounted for 38.6% of revenue, up from 31.2%.

Its Xcelerator program, upgraded in October 2025, offers partner brands access to Shein’s supply-chain tools. Leveraging the successful rollout of Shein’s Xcelerator brand incubation initiative, British fashion label Missguided, following its acquisition by Shein, posted over $210 million in annual revenue in 2025. Shein believes the company has big growth potential.

According to Morgan Stanley, Shein’s net profit is expected to grow about 12% annually between 2025 and 2028, compared with 9% for Inditex and 4% for H&M. With a stated commitment to distribute at least 50% of its profits as dividends after the listing, Shein argues it offers investors a combination of growth, cash returns and a platform model that could extend beyond its own brands.

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The online fashion retailer could launch its listing in the weeks ahead, as it continues its aggressive overseas expansion

By Teri Yu

Online fashion and lifestyle retailer Shein Global Holdings Ltd. has passed its listing hearing with the Hong Kong Stock Exchange, marking a key step toward launching an IPO likely to be one of the exchange’s largest this year.

The company cleared another important regulatory hurdle last month after securing approval for the listing from the China Securities Regulatory Commission (CSRC), while maintaining a confidential filing in Hong Kong. Shein plans to issue up to 341.6 million shares in its Hong Kong IPO, which could launch as early as this week.

According to its post-hearing information pack published on Sunday, Shein is the largest online fashion destination globally, with 273 million active customers last year. The company’s revenue grew at a brisk average rate of 14.2% annually from 2023 to 2025, reaching $41.8 billion in 2025, with apparel accounting for 63.8% of the total. Its net profit last year totalled $2.06 billion.

The company was founded in China in 2012 by entrepreneur Xu Yangtian and by 2018 it recorded 10 million annual active customers, establishing strong recognition as a go-to platform for fashionable apparel.

Shein said its business is built around its proprietary large-scale automated test and reorder (LATR) operating model that tests products in small batches, quickly gathers customer feedback, and restocks popular items fast, while balancing product variety, speed, and inventory.

Backed by an end-to-end intelligent supply chain and a global fulfilment network, the model helps Shein launch frequent new styles, respond to demand in days rather than weeks, and offer affordable fashion at scale. As of March this year, the company offered over 2 million apparel styles, with around 4,700 new styles added each day. It has also expanded beyond clothing into footwear, accessories, beauty, home and lifestyle products.

Shein says it works closely with brands and designers through its Xcelerator Programme, by combining their strengths with Shein’s operational capabilities.

The company largely sells its products overseas, with sales spanning approximately 160 markets with a heavy focus on Europe, the U.S., Australia and the Middle East. Shein has also moved to deepen its presence in Latin America.  The company said it worked with over 7,500 contract manufacturers last year.

Shein has attracted backing from an A-list of global investors over the years, including HSG, formerly known as Sequoia China, as well as IDG, Boyu, General Atlantic and Tiger Global, underscoring the strong institutional interest in its story. Leading global investment banks Goldman Sachs, Morgan Stanley and JPMorgan are underwriting the deal.

The IPO would be one of Hong Kong’s largest this year, and one of its most closely watched in recent years, gauging investor appetite for large consumer offerings. With the listing and the additional capital, Shein is expected to accelerate its global expansion and strengthen its position as a leading online fashion marketplace.

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Optical module maker Zhongji Innolight Co. Ltd. (3308.HK; 300308.SZ) stumbled in its trading debut on Thursday, after making Hong Kong's largest IPO this year. The stock opened at HK$971, down about 1% from its listing price of HK$980. It closed at HK$908 by the midday break, 7.4% below the offer price.

Adding to the rocky debut, Zhongli Innolight’s final offer price was 3% below its initial target of HK$1,010. The company issued 54.5 million shares, raising net proceeds of HK$52.89 billion ($6.74 billion). The retail tranche for local investors was oversubscribed by 15.8 times, while the international tranche was oversubscribed by 8.7 times. A total of 35 cornerstone investors subscribed for 27.25 million shares, accounting for 50% of the total on offer.

The company makes a diversified portfolio of optical module products ranging from 100G to 1.6T. It delivered 7.5 million units in 2023, 14.6 million in 2024 and 21.1 million units last year, while shipping another 9 million units in the first quarter of 2026.

The company recorded revenue of 19.5 billion yuan ($2.88 billion) in the first quarter of this year, up 192% year-over-year. Its profit for the period soared by 274% to 6.32 billion yuan.

By Lau Chi Hang

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Robotics maker Shenzhen Dobot Corp. Ltd. (2432.HK) said on Wednesday that its application for a second listing on the Shenzhen Stock Exchange's ChiNext board was approved by the exchange on Tuesday. Previous market rumors had placed Dobot's fundraising target at about 1.2 billion yuan ($177 million).

Proceeds from the offering will be used to develop embodied AI robots, with 45.8% earmarked for the development and industrialization of multi-legged models. Another 20.8% will be used to advance humanoid robotics technologies, and 8.3% will be used for marketing. The remaining 25% will go toward replenishing working capital.

Shares of Dobot opened up 5.3% at HK$26.56 on Thursday. The stock is down over 60% from its 52-week high.

By Lau Chi Hang

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China’s securities regulator has registered the Hong Kong IPO plan from Shein Global Holdings Ltd., clearing a key regulatory hurdle for the fast-fashion company to list. The China Securities Regulatory Commission’s (CSRC) approval caps a drawn-out process that saw Shein first try to list in the New York and then in London, before abandoning both efforts after running into political resistance.

Shein plans to sell up to 342 million shares in the Hong Kong listing, according to the CSRC’s registration notice posted on its website Friday. Such registration means the regulator has vetted the plan and given its formal approval, as required for all Chinese companies listing overseas, including in Hong Kong.

Shein rose to fame by selling cheap Chinese-made clothing to mostly Western buyers at very low prices. But the company came under scrutiny over allegations of abusive labor practices at some of its factories, and also for exploiting a loophole in U.S. and European law that allowed low-value parcels mailed from abroad to enter those markets duty-free. The U.S. has closed that loophole, and the EU is in the process of taking similar steps.

Following the CSRC’s approval, Shein is likely to formally file a preliminary prospectus for its IPO with the Hong Kong Stock Exchange in the next few weeks. The company was valued at $66 billion at the time of its last funding in May 2023. But it may target a significantly lower valuation of $40 billion to $50 billion in the upcoming IPO, a knowledgeable source told Reuters, adding the deal could raise several billion dollars.

By Doug Young

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Shares of wafer foundry service provider Nexchip Semiconductor Corp. (2249.HK) opened up 11.5% in their Hong Kong trading debut on Friday, but then gave back the gains to close unchanged by the end of the day.

The company sold 216 million shares priced at HK$32.30 each, raising net proceeds of HK$6.78 billion ($869 million). Its public offering for local investors was oversubscribed by 343 times, while the international placement was oversubscribed by 13.6 times. Twenty cornerstone investors purchased 108 million shares, or roughly half of the offering.

Last year, the company generated 10.39 billion yuan ($1.53 billion) in revenue, up 14% year-over-year, while its profit rose 32% to 704 million yuan. But its gross margin for the year fell 2.5 percentage points to 22.7% from 25.2%.

The company will use 53.6% of the IPO proceeds to develop and optimize its next-generation 22 nm technology platform, while about 23.1% is slated for smart research and development and production plans based on AI technology. Roughly 13.3% will be used for building an R&D and sales center in Hong Kong, with the remaining 10% is earmarked for general working capital.

By Lau Chi Hang

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Shares of fruit snack seller Jiangxi Qiyunshan Food Co. Ltd. (2797.HK) more than doubled in their trading debut on Thursday, making it the best performer over a frenzied two-day period that saw 12 companies complete their Hong Kong IPOs.

Qiyunshan raised a relatively small HK$167 million ($21.3 million) by selling 25 million shares for HK$8 each. The stock traded as high as HK$26 during the day – more than triple the IPO price – before closing at HK$21, up 163%. The retail portion of the offer for local investors was more than 1,600 times oversubscribed, while the international portion was 1.51 times covered.

Qiyunshan ended the day with a market value of HK$2.1 billion. Its revenue fell 7.4% last year to 314 million yuan ($46.2 million), while its profit fell 8.1% to 48.9 million yuan.

Qiyunshan was the best performer among the 12 companies to list over the last two days, including seven that debuted on Thursday. One listing on Tuesday and another two set for Friday will bring the weekly total to 15 companies that made their trading debuts this week, in one of Hong Kong’s hottest IPO markets in years.

While Qiyunshan logged the best first-day performance among the 12 new listings on Wednesday and Thursday, the worst performance came from Rigol (0537.HK), an electronic test and measurement instrument company, whose shares fell 37.4% on their first trading day. The largest listing came from electronics contract manufacturer Luxshare (2475.HK; 002475.HK), which raised HK$24 billion.

By Doug Young

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Shares of e-paper display maker DKE Holding Co. Ltd. (1770.HK) opened 1.89% lower in their Hong Kong trading debut on Thursday, before rebounding to HK$78.8 by the midday break, up 0.2%.

The company said it issued 5.12 million shares at an offer price of HK$78.64 per share, raising net proceeds of about HK$355.4 million ($45 million). Its Hong Kong public offering for local investors was oversubscribed by more than 1,000 times, while the international placement was oversubscribed by 2.69 times.

DKE develops, produces and sells e-paper display modules. E-paper is a low-power display technology that mimics the appearance of paper. It consumes almost no power when an image remains static, and is commonly used in e-readers, electronic shelf labels, smart offices, smart logistics and transport information displays.

The company said that by 2025 revenue, it was the world’s second-largest e-paper display manufacturer with a market share of 20.8%, and the world’s largest commercial e-paper display manufacturer with 24.9% of the market. Its revenue last year rose 48.8% to 1.71 billion yuan ($252 million), while its net profit increased about 50.2% to 80.23 million yuan.

The company said about 65% of the proceeds will be used to expand capacity and digitalize its production bases, 25% will be used to develop full-color, large-sized and flexible e-paper products and the remaining 10% will be used for working capital and general corporate purposes.

The company was originally scheduled to list on July 8, but postponed its debut to July 9 to finalize its pricing and allotment announcement and obtain regulatory approval.

By Lee Shih Ta

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Shares of precision contract manufacturer Luxshare Precision Industry Co. Ltd. (2475.HK; 002475.SZ) opened down 0.04% at HK$63.25 in their Hong Kong trading debut on Thursday, giving it a market capitalization to over HK$450 billion ($57.7 billion). The stock continued to fall during the day, ending down 5% by the midday break. 

The company sold 383 million shares priced at HK$63.28 apiece, netting HK$24 billion in proceeds. The retail tranche of the offering was oversubscribed by 2.8 times, while the international placement was 8.5 times oversubscribed. A total of 34 cornerstone investors purchased 186 million shares, representing approximately 48.44% of the total offering.

Luxshare Precision was founded by Wang Laichun and her older brother, Wang Laisheng. Born to a farming family, Wang Laichun found work as a rank-and-file assembly line operator at electronics contract manufacturer Foxconn in the 1980s. Eleven years later, she left to start a business with her brother, officially establishing Luxshare in 2004 and eventually taking the company public on the Shenzhen Stock Exchange in 2010.

The family of Wang Laichun, the company's largest shareholder, holds more than 35.47% of Luxshare’s stock. Factoring in her holdings in the Shenzhen-listed entity, Wang's personal fortune now exceeds HK$100 billion.

By Lau Chi Hang

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Shares of silicon carbide (SiC) power device maker Basic Semiconductor Co. Ltd. (9971.HK) rose 5.1% in their Hong Kong trading debut on Wednesday, as five companies that began trading that day all logged gains or losses of 10% or less. Those relatively modest opening-day moves contrast with much bigger gains and losses for other recent stock debuts, indicating investor fervor for new stocks in Hong Kong may be starting to cool.

Basic Semiconductor said it sold 27.4 million shares for HK$31.62 each, raising about HK$766 million ($97.7 million). The stock traded in a relatively narrow range throughout the day, rising as high as HK$37.38 and falling as low as HK$33 before closing at HK$33.22.

The Hong Kong portion of the listing for local investors was more than 4,800 times oversubscribed, while the international portion was nearly three times covered. The company’s revenue grew 4% last year to 311 million yuan ($45.8 million) from 299 million yuan in 2024, while its net loss widened to 335 million yuan from 237 million yuan over that time.

Among the five companies that made trading debuts on Wednesday in Hong Kong, autonomous driving commercial vehicle maker Eacon (7687.HK) recorded the biggest gain of about 10%, while visual AI firm Reconova (7656.HK) performed the worst with a 3% decline. Another seven companies are set to make trading debuts on Thursday.

By Doug Young

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Shares of visual AI company Reconova Technologies Co. Ltd. (7656.HK) opened 16.9％lower in their Hong Kong trading debut on Wednesday, before paring losses to stand at HK$20.62 at the midday break, down 4.8% from their IPO price.

The company said it sold 28.07 million shares for HK$21.66 each, raising net proceeds of about HK$529 million ($67.8 million). The Hong Kong public offering for local investors was more than 3,600 times oversubscribed, while the international tranche was 2.08 times oversubscribed.

Reconova provides visual AI and visual embodied intelligence technologies and products for enterprise clients. Built using its self-developed vision large models, deep learning technologies, multi-spectral imaging technologies and software-hardware co-design capabilities, its products are used in civil aviation, commercial spaces and driving safety.

The company’s revenue rose 12.1% last year to 443 million yuan ($65 million). It swung to a net loss of 67.2 million yuan in 2025, compared with a profit of 9.7 million yuan a year earlier.

Reconova said 55.8% of the IPO proceeds will be used to enhance its R&D capabilities and product offerings, 26.3% will go to establish a production base, 10.4% to strengthen its marketing capabilities and expand overseas sales channels, and the remaining 7.5% will be used for general corporate purposes.

By Lee Shih Ta

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Shares of autonomous driving commercial vehicle maker Eacon Group Co. Ltd. (7687.HK) open up 3.5% in their trading debut on Wednesday, and close up 5% at HK$92.35 by the midday break.

The company sold 26.13 million shares for HK$87.92 each, raising net proceeds of HK$2.17 billion ($278 million). The public offering for local subscribers was oversubscribed by 157 times, while the international tranche was oversubscribed by 9.5 times. Eleven cornerstone investors bought 13 million shares, accounting for nearly 50% of the offering.

Eacon ranked first in China's commercial vehicle autonomous driving market in 2025, based on 2025 revenue. It is also China’s largest provider of autonomous driving solutions for mining areas, capturing roughly 37.6% of the market.

The company will use half of the proceeds to enhance its software and hardware R&D. Another 23% is earmarked for overseas expansion, 12% for talent and information technology development, and 5% for strategic investments, with the remaining 10% for working capital.

By Lau Chi Hang

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Electronics manufacturing giant Luxshare Precision Industry Co. Ltd. (2475.HK; 002475.SZ) launched its Hong Kong IPO on Tuesday, with subscriptions open through next Monday. The company is offering 383 million Hong Kong-listed H-shares at a maximum price of HK$63.28 each, to raise net proceeds of about HK$24 billion ($3.06 billion). Its shares are set to debut on July 9.

Luxshare is a Shenzhen-listed precision intelligent manufacturing company, providing vertically integrated development and intelligent manufacturing solutions — from components and modules to systems — for end markets including consumer electronics, automotive electronics, communications and data centers. Citing third-party data, the company said it is the largest precision intelligent manufacturing solutions (PIMS) provider in the Mainland China and the fifth largest globally.

Luxshare is one of the core players in Apple’s supply chain. Its business has expanded from early-stage components such as connectors and cables to the assembly of products including AirPods, iPhones and Vision Pro. The prospectus shows that the company’s largest customer still contributed 56.7% of its revenue in 2025, though the figure was down from 75.2% in 2023.

On the financial side, Luxshare’s revenue reached 332.34 billion yuan ($48.92 billion) in 2025, up 23.6% year-on-year. Its profit for the year rose 24.6% to 18.17 billion yuan. By business line, consumer electronics remained its largest revenue source, generating 264.27 billion yuan in 2025, up 13.4% and accounting for 79.5% of total revenue.

The company said it will use proceeds from the listing primarily to expand its capacity and upgrade production bases. It will also use funds for investment in R&D, intelligent manufacturing and for industry-chain investments. Part of the proceeds will also be used to repay bank borrowings and replenish working capital.

By Lee Shih Ta

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Shares of caviar producer Hangzhou Qiandaohu Xunlong Sci-Tech Co. Ltd. (6715.HK) opened up 36% in their Hong Kong trading debut on Tuesday, and continued to rise through the day to close up 51% at HK$114.

The company sold 16.33 million shares for HK$75.50 per share, raising net proceeds of HK$1.15 billion ($147 million). The public offering for local investors was oversubscribed by 2,134 times, while the international offering was oversubscribed 19 times. Eight cornerstone investors purchased a combined 8.15 million shares, representing 49.88% of the amount being sold.

Xunlong's revenue reached 769 million yuan ($113 million) last year, up 14.9% from 2024, while its profit rose 17.8% year-over-year to 363 million yuan.

Of the net IPO proceeds, 40% will be allocated over the next five years for aquaculture and capacity expansion, 20% will go for brand marketing and expanding global sales channels, 15% for strengthening R&D capabilities and upgrading digital information systems, and 15% for strategic investments or acquisitions. The remaining 10% is earmarked for general working capital.

By Lau Chi Hang

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China’s securities regulator registered the Hong Kong listing plan by printed circuit board (PCB) maker Shenzhen Kinwong Electronic Co. Ltd. (603228.SH) on Friday, clearing a key regulatory hurdle for the IPO to proceed. The IPO would complement Kinwong’s current listing in Shanghai, as many Chinese technology firms pursue such dual listings.

Kinwong plans to issue up to 126 million overseas-traded shares in the new listing, according to the notice on the China Securities Regulatory Commission’s (CSRC) website. Underwriters of the Hong Kong IPO include Citic Securities and BofA Securities, according to its preliminary IPO prospectus filed on Jan. 1 this year. That prospectus will lapse on July 1, meaning Kinwong will need to file an updated prospectus before it can complete the listing.

Kinwong was the world’s largest maker of automotive electronics PCBs in 2024, based on revenue that year, according to the preliminary prospectus. Its revenue grew 22% year-on-year to 11.1 billion yuan ($1.63 billion) in the first nine months of last year, while its profit over that period rose 7.3% to 961 million yuan.

The company is one of several Shanghai- and Shenzhen-listed Chinese PCB makers applying for second listings in Hong Kong, as that group emerges as suppliers of a key component for AI computers. Others that have recently listed in Hong Kong, or are preparing to list, include Victory Giant (2476.HK; 300476.SZ), Delton Technology (1989.HK; 001389.SZ), WUS Printed Circuit (002463.SZ) and Dongshan Precision (002384.SZ).

By Doug Young

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E-paper display maker DKE Holding Co. Ltd. (1770.HK) launched its IPO on Monday, aiming to sell 5.12 million shares for HK$101.11 each to raise HK$518 million ($66.4 million). Shares are being sold in lots of 50, with a cost of HK$5,106.50 per lot. Subscriptions close on July 3, and the stock is slated to make its trading debut on July 8.

The company's sales volume of e-paper display modules grew from 56.1 million units in 2023 to 67.1 million units in 2024, and jumped by a further 86% last year to 124.5 million units. DKE had four manufacturing bases, three in China and one in Vietnam, at the end of last year.

The company posted revenues of 1.02 billion yuan in 2023, 1.15 billion yuan in 2024, and 1.71 billion yuan last year. Its profits over that period rose from 50.7 million yuan in 2023 to 53.4 million yuan in 2024 and 80.2 million yuan last year.

By Lau Chi Hang

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Shares ofPCB direct imaging equipment provider Circuit Fabology Mocroelectronics Equipment Co. Ltd. (9630.HK) open up 73% at HK$439 in their Hong Kong trading debut on Friday, then rose slightly during the morning to close at HK$445.80 by the midday break, up 76.4%.

The company sold 12.84 million shares for HK$252.73 apiece, raising net proceeds of about HK$3.15 billion ($404 million). The public retail tranche for local investors was oversubscribed by 1,007 times, while the international placement was oversubscribed by 27 times. Nineteen cornerstone investors collectively purchased 6.41 million shares, accounting for about half of the total offering.

The company reported revenue of 1.41 billion yuan in 2025, up 47.6% year-on-year, while its net profit rose 80% to 290 million yuan.

The company plans to use 25% of the IPO proceeds to bolster its research and development capabilities, 18% to expand production capacity and about 27% on strategic investments and acquisitions. Another 20% is earmarked for expanding its overseas sales and service networks, with the remaining 10% for general working capital.

By Lau Chi Hang

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Eacon Group Co. Ltd., a provider of autonomous driving solutions for the mining industry, has passed its listing hearing with the Hong Kong Stock Exchange, clearing the way for its IPO to proceed. The company’s listing plan was also previously approved by the China Securities Regulatory Commission, clearing another important regulatory hurdle.

According to its post-hearing information pack published on Wednesday, Eacon is one of the earliest companies in China to enter the field of autonomous transportation for mining. It focuses on unmanned driving solutions in mining scenarios, and is also the world’s first company to deploy an active fleet of more than 1,000 unmanned mining trucks.

According to third-party data in its prospectus, Eacon ranked first in China’s commercial vehicle intelligent driving market by revenue in 2025. The company’s backers include Zijin Mining, CATL, Yankuang Capital, Tonly Heavy and Zhongji Innolight.

The company’s revenue grew from 271 million yuan ($39.8 million) in 2023 to 986 million yuan in 2024 and 1.44 billion yuan in 2025. It remained unprofitable, posting losses of 333 million yuan, 390 million yuan and 515 million yuan over those three years.

By Lee Shih Ta

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Shares of drugmaker Shaanxi Micot Pharmaceutical Technology Co. Ltd. (2335.HK) jumped in their Hong Kong trading debut on Wednesday, after the company raised HK$989 million ($126 million) by selling about 58 million shares for HK$18.20 each.

The stock opened up 87% from its listing price, and rose slightly after that during the morning to close up 90% at HK$34.50 by the midday trading break.

The Hong Kong portion of the listing for local investors was more than 1,000 times oversubscribed, while the international offering was just 1.5 times oversubscribed. Three cornerstone investors, including Hong Kong-listed Everest Medicines, purchased 24.7 million shares, or 42.5% of the amount being offered.

Micot develops bi- and multi-specific peptide drugs for the treatment of metabolic, cardiovascular and cerebrovascular diseases. The company has one core product and six other candidates in its pipeline, though none of those has been commercialized yet. Its core product is a dual-targeting receptor agonist polypeptide for the treatment of chronic kidney disease-secondary hyperparathyroidism (CKD-SHPT).

The company lost 185 million yuan ($27.3 million) last year, compared with a 157 million yuan loss in 2024.

By Doug Young

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Shares of robot control systems provider Shanghai Seer Intelligent Technology Co. Ltd. (6106.HK) opened flat in their Hong Kong trading debut on Wednesday, then edged higher during the morning to close up 13.5% at HK$115.30 by the midday break.

The company sold 10.5 million shares for HK$101.60 apiece, raising net proceeds of about HK$995 million ($131 million). The public retail tranche for local investors was oversubscribed by 5,934 times, while the international placement was oversubscribed by 21 times. Eight cornerstone investors collectively purchased 4.55 million shares, accounting for 43.34% of the total offering.

The company reported revenue of 440 million yuan in 2025, up 30% from 339 million yuan in 2024. Its net loss last year widened by 11% to 47.07 million yuan compared with 2024.

The company plans to use 50% of the IPO proceeds for development of core technologies and infrastructure, with another 20% earmarked for constructing a multifunctional center. Another 15% will be used for acquisitions and investments across the robotics supply chain, and 9.7% will go toward establishing a global sales network. The remaining 5.3% will be used for general working capital.

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Autonomous driving technology company Momenta Global Ltd. has passed its listing hearing with the Hong Kong Stock Exchange, around the same time its IPO was also approved by China’s securities regulator, in two key necessary steps for the listing to launch.

The company’s IPO prospectus was publicly posted on the Hong Kong Stock Exchange’s website for the first time on Tuesday under a section indicating it had recently passed the listing hearing. The China Securities Regulator Commission (CSRC) also formally registered the listing plan on its website last Thursday, equivalent to its approval of the plan. Momenta plans to list 43.75 million ordinary shares in the IPO, according to the CSRC document.

Companies typically launch their IPOs within one to two weeks after passing their listing hearings. CICC and Deutsche Bank are acting as joint bookrunners for the deal.

Founded in 2016, Momenta is the world’s largest independent driving automation solutions provider, based on sales volume for the number of vehicles equipped with its urban navigate on autopilot (NOA) solutions. The company’s revenue rose 83% to 2.41 billion yuan ($356 million) last year from 1.32 billion yuan in 2024. Its loss over that period grew to 3.46 billion yuan in 2025 from 3.21 billion yuan the previous year.

By Doug Young

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Shares of clinical-stage biotechnology company HJ Science Co. Ltd. (6132.HK) opened flat in their Hong Kong trading debut on Tuesday, but quickly headed south and ended their first day down 57% at HK$35.26.

The company sold 13.6 million shares for HK$81.80 apiece, raising net proceeds of about HK$1.02 billion ($131 million). The public offering for local Hong Kong investors was oversubscribed by more than 2,000 times, while the international placement was oversubscribed by seven times. Six cornerstone investors collectively purchased 6.23 million shares, accounting for 45.79% of the total offering.

The company generated 13 million yuan in revenue last year, up from 1.8 million yuan in 2024, but still recorded a loss of 135 million yuan for the year.

HJ Science will use about 80% of the IPO proceeds for clinical research and development for its pipeline products. Another 9.4% will go to upgrade its R&D platforms, and about 5% will be used to establish a commercialization team.

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Consumer electronics manufacturer Luxshare Precision Industry Co. Ltd.’s (002475.SZ) Hong Kong IPO was formally registered by the China Securities Regulatory Commission (CSRC) last Thursday, clearing a key regulatory hurdle for the listing to proceed. Previous reports said the listing could raise nearly $3 billion, making it one of the largest this year in Hong Kong.

The company plans to sell about 441 million ordinary shares in the Hong Kong listing, according to the CSRC announcement. Its stock is already traded on the domestic A-share market in Shenzhen, where it has a market cap of about 500 billion yuan ($73.9 billion).

Luxshare is a contract manufacturer that produces consumer electronics for other brands, including Apple. Its revenue rose 23.6% last year to 332 billion yuan , while its profit rose 21.2% to 14.2 billion yuan. Revenue from the company’s core consumer electronics business rose 13.4% last year to account for 80% of sales. Its newer automotive electronics division grew by a much faster 185%, rising to 11.8% of total sales from 5.1% in 2024.

Luxshare’s Shenzhen-listed stock was down 2.4% at 68.27 yuan in Monday afternoon trading. The shares are up 106% over the last 52 weeks.To subscribe to Bamboo Works weekly free newsletter, clickhere

Robotic precision transmission component maker Zhejiang Laifual Drive Co. Ltd. (3952.HK) began taking orders on Monday for its Hong Kong IPO, offering 13.44 million shares for between HK$77 and HK$85.50 each, to raise up to HK$1.15 billion ($147 million). Trading of the stock is set to commence next Tuesday.

Laifual’s portfolio of robotic precision transmission components includes harmonic reducers, joint modules, robotic arms and automated workstations. Its products are primarily used in humanoid and industrial robots.

According to third-party data from its prospectus, China's harmonic reducer market was a duopoly in 2025. Laifual ranked second, with 21.4% of the market by shipment volume and 12.9% by revenue, trailing only Leader Harmonious (688017.SH).

The company reported revenue of 260.9 million yuan ($38.5 million) in 2025, up 142.2% year-on-year. Its net loss widened by 1.1% to 170.6 million yuan, while its gross margin improved by 1.6 percentage points to 25.6%.

Laifual said 55% of its IPO proceeds will be used to expand production capacity, 20% will go to R&D, 5% to expand its overseas sales network, 10% for strategic investments or acquisitions, and the remaining 10% for working capital and general corporate purposes.

By Lee Shih Ta

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Human tetanus antitoxin (TAT) maker Jiangxi Institute of Biological Products Inc. (6915.HK) launched its Hong Kong IPO on Monday, offering 36.23 million shares for HK$13.06 each to raise HK$473 million ($60.25 million). Subscriptions for shares close on Thursday, with a trading debut set for next Tuesday.

Jiangxi Bio sold 29.9 million units of human TAT last year, including 13.5 million units in China and 16.4 million overseas. The company holds 65.8% of the Chinese market and 45.8% of the global market.

Jiangxi Bio’s revenue grew from 198 million yuan in 2023 to 235 million yuan in 2025, while its profit over the period rose from 55.5 million yuan to 94.8 million yuan.

But the company forecast a significant profit decline in 2026. It attributed the reversal to an increase in the value-added tax rate for human TAT from 3% to 13%, an additional cost the company had to absorb after adjusting its prices with distributors. Clinical R&D costs for its products also increased, as did distribution and sales expenses. Additionally, the company will also incur a major jump in administrative expenses this year tied to its listing.

By Lau Chi Hang

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Lifestyle platform Xiaohongshu, also known as RedNote, is preparing to confidentially file for a Hong Kong listing by the end of this month, with an aim to completing the IPO this year, Bloomberg reported this week.

The company was worth $20 billion during a 2021 funding round, and the valuation further climbed to $31 billion last year. The report said the size of the IPO remains undetermined, but the company is expected to post a profit of $3 billion for 2026. Goldman Sachs and CICC are acting as underwriters.

Founded in 2013 by Mao Wenchao and Qu Fang, Xiaohongshu initially focused on sharing overseas shopping content. It has since evolved into one of China's most popular social media, short video, and e-commerce platforms. The company's backers include Hillhouse, Tencent and Alibaba.

Xiaohongshu reportedly filed a confidential application for a U.S. listing in 2021, but ultimately scrapped that plan due to concerns from Chinese regulators over the listing venue.

By Lau Chi Hang

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Leading global caviar producer Hangzhou Qiandaohu Xunlong Sci-Tech Co. Ltd. has passed its listing hearing with the Hong Kong Stock Exchange, paving the way for the company’s IPO to proceed in the coming weeks, according to Chinese media reports on Sunday.

The company plans to sell up to 18.8 million ordinary shares in the IPO, according to the listing’s registration with the China Securities Regulatory Commission (CSRC) dated May 22. Another 31 current shareholders plan to sell 92.6 million shares in the listing as well, according to the registration document.

Xunlong’s revenue rose from 577 million yuan ($85.3 million) in 2023 to 769 million yuan last year, while its profit climbed from 270 million yuan to 363 million yuan over that time. The listing is being underwritten by Citic Securities and China Securities International.

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Shares of plum-based snack producer Liuliumei Co. Ltd. (6658.HK) opened more than 100% higher in their Hong Kong trading debut on Monday, and continued to climb through the morning to close up 189% at HK$126 by the midday break.

The company sold 11.5 million shares for HK$43.58 each, raising net proceeds of approximately HK$440 million ($56.4 million). The Hong Kong public offering for local investors was oversubscribed by more than 6,500 times, while the international offering was oversubscribed by 1.6 times. Two cornerstone investors collectively subscribed to 3.39 million shares, accounting for 29.55% of the amount being sold.

Liuliumei sells three major product categories: dried plum snacks, prune based products and plum jelly. Its major customers include supermarkets, membership stores, snack specialty stores, and distributors. Revenue from its top five customers rose from 14.2% of its total in 2023 to 45.8% of the total last year.

By Lau Chi Hang

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Lithium-ion battery separator manufacturer Shenzhen Senior Technology Material Co. Ltd. (6067.HK) launched its Hong Kong IPO on Friday, aiming to sell 150 million shares through next Wednesday. Shares will be priced at up to HK$8.98 each, raising up to HK$1.34 billion ($171 million). The stock is set to make its trading debut on June 23.

Founded in 2003, Senior Technology designs and produces lithium-ion battery separators. Its customers include LG Energy, Samsung SDI, CATL, BYD and Gotion High-tech. According to third-party data in its prospectus, the company has ranked second globally in lithium-ion battery separator shipments for six consecutive years, with a global market share of 11.6% in 2025.

Senior Technology is the first company in China, and one of the few globally, with capabilities across all three major lithium-ion battery separator technologies: dry-process, wet-process and coated separators. By shipment volume, the company held 21.5% of the global dry-process separator market and 9% of the global wet-process separator market in 2025, ranking first and fourth worldwide, respectively.

The company reported revenue of 4.08 billion yuan ($568 million) in 2025, up 16.3% year-on-year, while its net profit fell 61.4% to 143 million yuan over that time.

Senior Technology plans to use 28% of the IPO proceeds to strengthen its R&D capabilities, 27% to expand its operations in Malaysia and the U.S., 20% for investments in next-generation battery materials and semiconductor-related companies, 15% to repay fixed-asset loans for its Sweden production base, and the remaining 10% for working capital and general corporate purposes.

By Lee Shih Ta

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Plum-based snack producer Liuliumei Co. Ltd. (6658.HK) launched its Hong Kong IPO on Friday, aiming to sells 11.46 million shares for HK$43.58 apiece to raise about HK$500 million ($64.1million). Subscriptions, which carry a minimum entry fee of HK$4,401.96 for a board lot of 100 shares, will close on June 10, with the stock scheduled to debut on June 15.

The company’s revenue rose from 1.32 billion yuan in 2023 to 1.62 billion yuan in 2024, and climbed further to 1.71 billion yuan last year. Over that time, its profit rose from 99.2 million yuan in 2023 to 182 million yuan last year.

The company will use about 61% of the proceeds to expand its production capacity over the next three years. Another 21% will be earmarked for enhancing brand awareness, with about 8% dedicated to research and development.

By Lau Chi Hang

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Shares of 3D printing company Shenzhen Creality 3D Technology Co. Ltd. (3388.HK) open up 80% in their Hong Kong debut on Friday, then later pared some of the gains to close at HK$25.62 by the midday break, up 36% from its offering price.

The company sold 73.43 million shares for HK$18.80 each, raising net proceeds of HK$1.27 billion ($163 million). The public offering for local Hong Kong investors was oversubscribed by more than 3,800 times, while the international placement was oversubscribed by 25.8 times. Fifteen cornerstone investors purchased 36.6 million shares, representing 49.9% of the total offering.

Approximately 30% of the proceeds will be used for R&D, about 25% will go to overseas operations, 25% will go to the development of global brand promotion and sales channels, and 10% will be used for investments and acquisitions.

The company's revenue last year rose 36.7% to 3.13 billion yuan, while its loss totaled 182 million yuan.

By Lau Chi Hang

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Smart cockpit technology maker Pateo Connect Technology (Shanghai) Corp. (2889.HK) on Wednesday said its revenue more than doubled in the first quarter, as its operating profit margin also improved significantly from the year-ago period.

The revenue surge was primarily driven by the company's focus on high-end intelligent cockpit solutions. Rising contributions from overseas markets and initial deliveries for smart cockpit projects also contributed, as did the company's expansion into AI applications.

Pateo Connect said that it will focus on cutting-edge scenarios such as physical AI and AI agents, while exploring innovative business models including computing power billing and in-vehicle token-based billing.

Shares of Pateo opened up 8.4% at HK$249.60 on Thursday. The stock up over 140% since its listing last September.

By Lau Chi Hang

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Shares of smart home products maker Shenzhen SDMC Technology Co. Ltd. (0901.HK) doubled in their Hong Kong trading debut on Wednesday, before paring some of their gains to close at HK$61.20, up 86.6% from the offering price.

The company sold 19.21 million shares for HK$32.80 each, raising net proceeds of HK$570 million ($73 million). The public offering for local Hong Kong investors was oversubscribed by more than 1,900 times, while the international placement was oversubscribed by 1.2 times. Luxshare Precision and Shenzhen Longsys subscribed for 1.73 million and 1.04 million shares, respectively, representing 9.02% and 5.41% of the total shares on offer.

The company's revenue last year rose about 33% to 3.37 billion yuan, while its profit jumped 74% to 239 million yuan.

The company plans to use 25% of the IPO proceeds to enhance its market position and develop new products, while 35% will go into AI Home-related technologies. Another 20% is earmarked for global expansion, 10% will be invested in players within the artificial intelligence and algorithm sectors, and the remaining 10% will go toward general working capital.

By Lau Chi Hang

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Ethanol supplier Beijing Shougang LanzaTech Technology Co. Ltd. (2553.HK) launched its Hong Kong IPO on Tuesday, aiming to sell nearly 40 million shares for HK$17.10 each to raise HK$684 million ($88 million). The subscription period will close on May 29, with the stock slated to debut on June 3.

The company's revenue has been falling steadily over the past three years, dropping from 593 million yuan ($87 million) in 2023 to 522 million yuan last year. It has also posted growing losses, with its net loss rising from 110 million yuan to 325 million yuan over the three-year period. The total losses over those three years is roughly equal to the amount it is now seeking to raise in the IPO.

The company explained that the losses were primarily driven by rising cost of sales and administrative and other expenses, compounded by the drop in revenue during the period.

Looking ahead, Shougang LanzaTech said it expects that as global economies roll out decarbonization policies to reduce greenhouse gas emissions and slow climate change, China's growing demand for fuel ethanol will unlock significant opportunities for the company.

By Lau Chi Hang

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Shares of Biotechnology firm TenNor Therapeutics (Suzhou) Ltd. (6872.HK) nearly tripled in their Hong Kong debut on Friday, doubling when trading began and rising throughout the day to close at HK$211, up 179%.

The company sold 8.86 million shares for HK$75.70 each, raising net proceeds of HK$598 million ($76.7 million). The public offering for local Hong Kong investors was oversubscribed by more than 9,000 times, while the international placement was oversubscribed by 8.2 times. Five cornerstone investors purchased 3.1 million shares, representing 34.81% of the total offering.

The company has been consistently unprofitable over the past three years, posting net losses of 192 million yuan ($28.2 million), 146 million yuan, and 153 million yuan in 2023, 2024 and 2025, respectively, primarily due to high R&D spending.

The company plans to spend 71% of the IPO proceeds on R&D, registration filing, and commercialization of its core products. Another 7% will go to R&D of its TNP-2092 oral formulation, with another 7% for development of other product candidates, and 7% for the construction of a manufacturing facility. The remaining HK$41.8 million is earmarked for general working capital.

By Lau Chi Hang

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The company is the first publicly listed firm in its class to focus on full-scenario Level 4 autonomous driving solutions, with plans to expand globally

By Teri Yu

Autonomous driving solutions provider UISEE Technologies (Beijing) Co. Ltd. (1511.HK) made its Hong Kong trading debut on Wednesday, raising HK$870 million ($111 million) as it became the first listed company focused on fully autonomous Level 4 (L4) driving technology.

Founded in 2016, the Beijing-based company has built a leading position in autonomous mobility, deploying all-scenario AI-driven solutions for logistics, transport and shuttle services in airports and industrial settings. Unlike other autonomous driving companies that focus on technology requiring some driver assistance, known as Level 0 (L0) to Level 3 (L3), UISEE focuses on Level 4, the first level on the six-step scale considered fully autonomous.

UISEE’s stock opened at HK$56 in its debut, after the company sold 14.5 million shares for HK$60.30 apiece.

The company ranked first in airport and factory scenarios in Greater China in 2025, with market shares of 90.5% and 31.7%, respectively, according to third-party data in its IPO prospectus. The global market for L4 autonomous driving solutions is expected to grow at an annual rate of 90% from this year to 2030 as the technology gains traction, according to the prospectus.

UISEE’s revenue grew 24% last year to 328 million yuan ($48.2 million), with a gross profit margin of 51.1% in 2025, up more than 7 percentage points from the previous year. The company derived nearly two-thirds of its revenue in 2025 from its autonomous driving vehicle solutions, while software solutions accounted for most of the rest. Like many of its peers, the company is still losing money as it scales up its business.

UISEE describes its main product as an all-in-one platform providing a full range of commercial vehicles with customizable L4 autonomous driving capabilities for environments like airports and factories. Its solutions are designed to operate without human intervention in some scenarios, including diverse and sometimes harsh environments.

At airports, UISEE says it is the only provider globally to deliver L4 solutions for large-scale commercial operations. Its solutions are already in use at major airports in Hong Kong, Singapore and South China’s Guangdong province.

The company is targeting factories as another key growth area, offering autonomous logistics solutions to transport materials, parts and finished goods across indoor and outdoor settings. Vehicles equipped with its technology can operate indoors without GPS using scenario memory, and can handle mixed traffic and all-weather conditions outdoors. UISEE was the largest L4 autonomous driving solutions provider for factory scenarios in Greater China in 2025, with customers in automotive, chemicals, photovoltaics and lithium batteries, according to its prospectus.

UISEE’s solutions are centered on its proprietary U-Drive autonomous driving system that supports multiple scenarios and vehicle types. The company is advancing toward its next-generation U-Drive 6.0, which is designed to improve multi-sensor fusion and decision-making in complex, dynamic environments. Its planned U-Drive 7.0 system will focus on enabling large-scale, cross-regional deployment, with enhanced cloud coordination, data feedback loops, and integration with intelligent infrastructure.

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Short video site operator Kuaishou Technology (1024.HK) said on Tuesday it is considering a potential restructuring that would allow its Kling AI unit to conduct its own fundraising. Kuaishou said it made its statement in response to media reports saying it was studying a plan to separately list Kling, which would allow the video creation unit to obtain its own financing.

Kuaishou said it is still assessing the proposal, added it is still at a “preliminary stage.” Kling AI is part of a growing field of new products that use AI to generate videos using photos and other materials.

On Monday, Late Post reported that Kuaishou was planning to spin off Kling AI at a valuation of $20 billion. The publication reported Kling is currently generating revenue at an annualized rate of $500 million, with the figure rising rapidly as the product gains popularity.

Kuaishou shares were up 3% at HK$53.15 in Tuesday afternoon trading in Hong Kong after the company issued its statement. The stock is down about 17% this year.

By Doug Young

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Shares of Shenzhen LDRobot Co. Ltd. (1236.HK), a maker of visual perception technology for robots, doubled when trading began on Monday, and continued to climb during the morning to close at HK$60.10 at the midday break, up 128%.

The company sold 33.33 million shares for HK$26.36 each, raising net proceeds of HK$807 million ($103 million). The public offering for local Hong Kong investors was oversubscribed by more than 6,700 times, while the international placement was oversubscribed by 8.5 times. KCH Vision Investment Ltd. subscribed to 10.51 million shares, representing 31.52% of the total offering.

LDRobot's revenue rose 60% last year to 748 million yuan ($110 million), while its loss widened by 10.7% to 62.5 million yuan.

The company plans to use 45% of the IPO proceeds for technology research and development, with 30% for improving productivity and expanding capacity. Another 10% will go to brand building and global expansion, with 5% for exploring potential investments and acquisitions.

By Lau Chi Hang

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Industrial robot maker Robotphoenix Intelligent Technology Co. Ltd. (6871.HK) launched its Hong Kong IPO on Friday, with shares open for subscription through next Wednesday. The company plans to sell 24.6 million shares for HK$30.50 each, raising net proceeds of about HK$673 million ($86 million). The stock is scheduled to debut on May 18.

Robotphoenix designs and makes industrial robots and integrated robotics solutions focused on light industrial application scenarios. The company ranked fourth among domestic providers of industrial robots and related robotics solutions for light industry applications in China by 2025 revenue, according to market data in its prospectus.

The company’s revenue mainly came from large-scale integrated robotics solutions, with a focus on automation for warehouse logistics, loading and unloading applications, as well as packaging and assembly. Its revenue rose 44.5% to 387.4 million yuan last year, while its annual loss widened 113.9% to 152.9 million yuan.

Robotphoenix said it will use its IPO proceeds mainly for R&D, production expansion and overseas market development, with the remainder for supply chain investment and working capital.

By Lee Shih Ta

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Shares of medical device company Star Sports Medicine Co. Ltd. (1609.HK) tripled from their IPO price when trading began on Tuesday, before giving back some of the gains to close up 132% at the midday break.

The company sold 8.42 million shares for HK$98.50 each, raising net proceeds of HK$758 million ($97 million). The public offering for local Hong Kong investors was more than 7,800 times oversubscribed, while the international offering was oversubscribed by 9.4 times.

Star Sports Medicine is China's fourth-largest provider of sports medicine implants and devices, controlling about 6.5% of the market in 2024. The company's revenue reached 403 million yuan ($59 million) last year, up 23% year-on-year, while its profit jumped 44% to 137 million yuan.

The company plans to use 30% of the IPO proceeds to expand its production capabilities and efficiency. Another 35% will go to R&D, 25% to commercialization, sales, and marketing, and the remaining 10% to general working capital.

By Lau Chi Hang

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