Hongfucheng made its debut on ChiNext on Sept. 29, pushing the number of tech companies listed this year on the Shanghai and Shenzhen exchanges to 27, according to the report.
The article says those 27 tech listings have raised a combined RMB 122.232 billion. Changxin Technology contributed RMB 66.6 billion of that total on its own. By board, STAR Market and ChiNext each hosted 11 listings, though their fundraising totals were far apart.
Hong Kong has also remained a major venue for tech fundraising. Citing a calculation by a Cailianshe reporter under the Hong Kong information technology industry category, the report says 49 tech companies have listed in Hong Kong so far this year, accounting for 43% of the city’s 114 IPOs. Together they raised about HK$207.94 billion, or 54% of total IPO proceeds.
Hongfucheng jumps 681% at the open
Hongfucheng opened 681% higher on its first trading day. The company sold 18.7306 million shares at RMB 76.86 apiece, raising RMB 1.44 billion. The report describes it as the highest-priced new ChiNext stock this year and also the second-highest offer price among ChiNext listings this year.
The IPO was jointly sponsored by lead underwriter Huayuan Securities and co-underwriter Dongguan Securities. The article says it was also Huayuan Securities’ first completed IPO project this year.
Founded in 2003 and based in Shenzhen, Guangdong, Hongfucheng is described as a national-level specialized and sophisticated “little giant” enterprise. It focuses on strategic sectors including computing infrastructure and intelligent connected vehicles, with products centered on thermal management, electromagnetic shielding and wave-absorbing functional materials. The report says it is also among the few suppliers globally able to mass-produce graphene thermal pads and deliver them for use by leading companies.
Its products are already embedded in global computing-power and automotive electronics supply chains, serving applications across data centers, smart vehicles, 5G communications and consumer electronics. The article specifically mentions AI high-power chips and optical modules.
On the listing timeline, the company was accepted by ChiNext on Dec. 26 last year, passed the listing committee meeting about six months later, and submitted its registration on July 7 this year. From acceptance to listing, the process took about nine months.
The offering brought in six external strategic investors: Hangzhou Aliyun Feitian, Tongfu Microelectronics, Eoptolink, Suzhou Dongshan Industrial Investment, Shenzhen High-Tech Investment and Shenzhen Capital Group.
Operating figures in the report show revenue of RMB 260 million, RMB 330 million and RMB 707 million for 2023, 2024 and 2025, respectively. Net profit attributable to shareholders came in at RMB 35 million, RMB 71 million and RMB 269 million over the same period. The article says net profit increased nearly sevenfold in two years, helped by demand tied to AI computing power.
Mainland tech IPO fundraising tops RMB 120 billion
According to Wind data cited in the article, 27 tech companies have completed listings in Shanghai and Shenzhen this year, raising a total of about RMB 122.232 billion. Average proceeds per deal were RMB 4.53 billion.
The median, however, was only RMB 1.68 billion. The report says the average was 2.7 times the median, showing a heavy concentration of capital in the largest offerings.
- Changxin Technology: RMB 66.607 billion, equal to 54.5% of the sector total
- HKC: RMB 8.493 billion
- Suiyuan Technology: RMB 6.119 billion
- Shenghe Jingwei: RMB 5.028 billion
- Jialichuang: RMB 4.693 billion
The top five projects accounted for 74.4% of total fundraising, the article says.
By board, the STAR Market’s 11 companies raised about RMB 90.489 billion, or RMB 8.23 billion on average. ChiNext’s 11 companies raised about RMB 14.168 billion, or RMB 1.29 billion on average. The main board hosted five companies that raised a combined RMB 17.574 billion.
Offer-price rankings in the report put Pinzhun Laser first at RMB 186.88 per share, followed by Suiyuan Technology at RMB 142.18 and Hengyunchang at RMB 92.18. Hongfucheng ranked fourth at RMB 76.86 and was the most expensive new ChiNext stock of the year.
Among sponsors, Guotai Haitong led with six completed deals, followed by CITIC Securities and China International Capital Corporation with five each, and Huatai United with three.
Kinwong Electronic completes A+H listing in Hong Kong
Hong Kong’s tech IPO market was also active on the day. The report says four new stocks listed in the city: Kinwong Electronic, Robotechnik, Tongcheng New Material and Benmo Technology.
Kinwong Electronic began trading on the main board of Hong Kong Exchanges and Clearing, completing an A+H listing. Its Hong Kong public offering covered about 7.2944 million shares and was oversubscribed 93.25 times. The international placing involved about 65.6498 million shares and was oversubscribed 9.57 times. Net proceeds were about HK$4.961 billion.
For the deal, Guolian Securities International Capital Markets Co., Ltd., a licensed entity under Guolian Securities (Hong Kong) Co., Ltd., acted as joint sponsor, while Guolian Securities International Financial Co., Ltd. served as overall coordinator. Together they are referred to in the article as Guolian Securities International. The report says this was the firm’s first breakthrough in both Hong Kong main-board IPO sponsorship and the overall coordinator role.
The article also says cooperation between Guolian Minsheng Securities and Kinwong Electronic dates back to 2010. The firm previously acted as sponsor for Kinwong’s 2017 A-share main-board IPO and three subsequent A-share refinancing deals. The latest A+H listing is described in the report as a step forward for Guolian Minsheng Securities’ international investment-banking business and its domestic-overseas integrated strategy.
Citing China Insights Consultancy, the article says Kinwong Electronic was the world’s largest supplier of automotive electronics PCB by 2025 revenue, with a 10.6% market share. The global offering covered 72.9443 million H shares. Net proceeds will be used to expand capacity for high-value products including AI-related products, develop next-generation PCB technology, repay bank borrowings, and support working capital and general corporate purposes.
The IPO also brought in 14 cornerstone investors, which subscribed for a combined $310 million, equivalent to about HK$2.431 billion.
The article was originally published by the WeChat account Chuangyeban Guancha and credited to Zhao Xinrui and Li Yicheng.