Huaqin Technology Co., Ltd. (Huaqin Co., Ltd., 03296.HK) has launched its Hong Kong initial public offering, with the subscription period running from April 15 to April 20. The company plans to globally offer 58,548,200 H shares, with a 15% over-allotment option and an offer size adjustment option. The maximum offer price is set at HK$77.70 per share, with a board lot size of 100 shares and an entry fee of approximately HK$7,848.36. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on April 23. China International Capital Corporation (CICC) and BofA Securities are acting as joint sponsors.

Huaqin Technology: A Global Leading Full-Stack Intelligent Product ODM Platform

Offering structure: Approximately 10% of the shares (5,854,900 shares) will be allocated to the Hong Kong public offering, while approximately 90% (52,693,300 shares) will be allocated to the international placing, subject to reallocation.

Offer price: Up to HK$77.70 per share; board lot of 100 shares; minimum subscription amount of approximately HK$7,848.36.

Offer period: April 15 to April 20 (expected pricing date: April 21).

Listing date: April 23.

Joint sponsors: CICC and BofA Securities.

Company Overview

Huaqin Technology has been deeply engaged in the intelligent product sector for over 20 years, providing global technology companies with intelligent products across mobile terminals, computing and data center businesses, AIoT, and emerging innovation segments. It operates as a full-stack intelligent product ODM platform.

According to CIC, in terms of global consumer electronics ODM shipment volume in 2024, the company ranked first globally with a market share of 22.5%. It also ranked as the world’s largest tablet ODM manufacturer (37.9%) and smart wearable ODM manufacturer (18.7%), and the second-largest smartphone ODM manufacturer globally (25.9%). The company has established a “3+N+3” product matrix, spanning three core pillars: smartphones, laptops, and servers.

Financial Information

According to the prospectus, Huaqin Technology recorded revenues of approximately RMB 85.338 billion, RMB 109.878 billion, and RMB 171.437 billion in 2023, 2024, and 2025, respectively. Net profit for the same periods was approximately RMB 2.657 billion, RMB 2.916 billion, and RMB 4.132 billion.R&D expenses in 2025 amounted to approximately RMB 6.364 billion, representing 3.7% of total revenue for the year.

Based on the maximum offer price of HK$77.70 per share, and assuming the over-allotment option and offer size adjustment option are not exercised, the company is expected to raise net proceeds of approximately HK$4.463 billion. The proceeds are intended to be used for product-centric R&D investment (approximately 40%), expansion and optimization of manufacturing systems (approximately 35%), strategic investments and vertical integration (approximately 15%), and working capital and general corporate purposes (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

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.

How to Subscribe for HuaQin via uSMART HK

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 HuaQin, tap "Public Offer," enter your subscription quantity, and submit your order.

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