Hebei Haiwei Electronic New Material Technology Co., Ltd. (9609.HK) has launched its Hong Kong IPO, with the subscription period from November 20 to November 25. The company plans to issue 30,831,400 H-shares globally, with a 15% over-allotment option. The offering price is HKD 14.28 per share, with a minimum subscription of 200 shares per lot, and an entry fee of approximately HKD 2,884.80. The shares are expected to be listed on the Main Board of the Hong Kong Stock Exchange on November 28, with China International Capital Corporation Hong Kong Securities Limited as the sole sponsor.

Haiwei Shares: China’s Second Largest Capacitor Film Manufacturer

Offering Ratio: Approximately 10% (3,083,200 shares) will be offered in the Hong Kong public offering, and approximately 90% (27,748,200 shares) will be offered in the international placing.

Offer Price: HKD 14.28 per share; 200 shares per lot; entry fee is approximately HKD 2,884.80.

Subscription Period: November 20 to November 25.

Listing Date: November 28.

IPO Sponsor: China International Capital Corporation Hong Kong Securities Limited.

Company Overview

Haiwei specializes in the research, development, production, and sales of capacitor films, which include capacitor base films and metallized films, critical components in film capacitors. The company's end-use applications span new energy vehicles, renewable energy power systems, industrial equipment, and household appliances. According to a report by Frost & Sullivan, Haiwei is the second-largest manufacturer of capacitor films in China by sales volume of capacitor base films in 2024, with a market share of 14.2%.

Financial Information

According to the prospectus, Haiwei’s revenue from 2022 to 2024 was approximately RMB 327 million, RMB 330 million, and RMB 422 million, respectively. The net profit for the same periods was approximately RMB 102 million, RMB 70 million, and RMB 86 million, respectively. For the first five months of 2025, the company reported revenue of approximately RMB 157 million and net profit of approximately RMB 31 million. Based on an offering price of HKD 14.28 per share, assuming no exercise of the over-allotment option, the company expects to raise net proceeds of approximately HKD 389 million. The proceeds will be used for capacity expansion (about 82%), R&D enhancement (about 5%), sales and marketing activities (about 3%), and working capital (about 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

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 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 Haiwei Shares 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 Haiwei Shares, tap "Public Offer," enter your subscription quantity, and submit your order.

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