Qingdao Guoen Technology Co., Ltd. (02768.HK) has launched its Hong Kong IPO. The offer period is from January 27 to January 30, 2026, with a global offering of 30,000,000 H-shares and an over-allotment option. The offer price will range between HKD 34.00 and HKD 42.00 per share, with a minimum lot size of 200 shares, and the entry fee is approximately HKD 8,484.71. The company is expected to list on the Hong Kong Stock Exchange on February 4, 2026. China Merchants Securities (HK) Co., Ltd. is the sole sponsor of the IPO.

Guoen Technology: The Second Largest Organic Polymer Modified/Composite Materials Manufacturer in China

Issue Ratio: 10% for Hong Kong public offering (3,000,000 shares), 90% for international placement (27,000,000 shares).

Offer Price: HKD 34.00 to HKD 42.00 per share; minimum lot size of 200 shares; entry fee approximately HKD 8,484.71.

Offer Period: January 27 to January 30, 2026 (Expected pricing date: February 2, 2026).

Listing Date: February 4, 2026.

IPO Sponsor: China Merchants Securities (HK) Co., Ltd.

Company Overview

Guoen Technology is a Chinese supplier specializing in chemical new materials, gelatin, and collagen products, with operations across the "large chemicals" and "large health" sectors. In the large chemicals sector, the company has built a vertically integrated industry chain covering "monomer - synthetic resin - organic polymer modified/composite materials - end products." According to Frost & Sullivan reports, in 2024, Guoen Technology was the second-largest organic polymer modified materials and organic polymer composite materials manufacturer in China by revenue, with a market share of 2.5%. By production capacity, the company is the largest polystyrene producer in China. In the large health sector, the company focuses on the natural collagen industry, and by production volume, it is the second-largest bone gelatin producer in China, and the largest domestic brand.

Financial Information

According to the IPO prospectus, Guoen Technology’s revenue for the fiscal years 2022 to 2024 was approximately RMB 13.406 billion, RMB 17.439 billion, and RMB 19.188 billion, respectively. The net profit for these years was approximately RMB 724 million, RMB 540 million, and RMB 721 million, respectively. For the first ten months of fiscal year 2025, the company recorded revenue of approximately RMB 17.444 billion and net profit of approximately RMB 721 million. Based on the mid-price of HKD 38.00 per share, after deducting underwriting commissions and estimated expenses, the company expects to raise approximately HKD 1.058 billion from the global offering. The proceeds will be used for expanding production capacity at a new facility in Thailand (50%), expanding capacity at the existing facility in Yixing, China (35%), supporting the Hong Kong regional headquarters and upgrading existing facilities (10%), and for working capital (5%).

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This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

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The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Guoen Technology, tap "Public Offer," enter your subscription quantity, and submit your order.

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