Hong Kong Stock IPO Weekly Report: Shenghong Technology and other companies submit applications; Estun passes listing hearing

Cailian Press, March 1 (Editor Feng Yi)
Here is your weekly Hong Kong stock new listing information.

According to Liberum Securities, this week (February 23 – March 1), 16 companies filed listing applications with the Hong Kong Stock Exchange, 3 companies passed preliminary review, and 4 companies are conducting IPOs.

First, review the filings: a total of 16 companies submitted applications this week:

1) On February 24, Shenghong Technology (300476.SZ) submitted a listing application to the Main Board of HKEX, with JPMorgan Chase, CITIC Securities International, and GF Securities as joint sponsors.

The prospectus shows that, according to Forrester and Sullivan data, based on revenue from AI and high-performance computing PCB in the first half of 2025, Shenghong Technology ranks first globally. In 2024, it ranks seventh with a 1.7% market share, covering core applications such as AI computing cards, servers, AI servers, data center switches, and general substrates.

In terms of performance, for the nine months ending September 30 in 2022, 2023, 2024, and 2025, the company’s revenue was approximately RMB 7.885 billion, RMB 7.931 billion, RMB 10.731 billion, and RMB 14.117 billion, respectively. Net profit was RMB 91 million, RMB 671 million, RMB 1.154 billion, and RMB 3.245 billion.

2) On February 24, Huayi Technology (688071.SH) submitted a listing application to HKEX Main Board, with Agricultural Bank International as its sole sponsor.

The prospectus indicates that Huayi Technology is a leading and globally competitive new energy vehicle powertrain testing platform in China. In 2024, it is the largest domestic provider of intelligent powertrain testing solutions for new energy vehicles in China, with a market share of 7.9%.

Performance-wise, for the nine months ending September 30 in 2023, 2024, and 2025, the company’s revenue was approximately RMB 352 million, RMB 423 million, and RMB 386 million. Losses for the period were RMB 15.91 million, RMB 45.75 million, and RMB 29.26 million.

3) On February 24, ManycoreTech Inc. (群核科技) submitted a listing application to HKEX Main Board, with JPMorgan Chase and CICC as joint sponsors.

The prospectus shows that ManycoreTech is a leading provider of cloud-native space design software, widely used in residential, office, retail, and commercial projects. In 2024, it holds a 23.2% market share, making it the largest provider in China.

In performance, revenue for 2023, 2024, and 2025 was approximately RMB 664 million, RMB 755 million, and RMB 820 million. Losses during these years were approximately RMB 646 million, RMB 513 million, and RMB 428 million.

4) On February 25, Jinxin Health Industry Group (Jinxin Kangyang) submitted a listing application to HKEX Main Board, with CICC and GF Securities as joint sponsors.

According to the prospectus, Jinxin Kangyang is a leader in China’s large and rapidly growing institutional elderly care market. According to Forrester and Sullivan, as of September 30, 2025, based on (i) the proportion of residents with mobility impairments in elderly care institutions and (ii) occupancy rates in integrated medical and elderly care facilities nationwide, Jinxin Kangyang ranks first among major participants, with an 85% market share.

In performance, for the nine months ending September 30 in 2023, 2024, and 2025, revenue was approximately RMB 489 million, RMB 605 million, and RMB 547 million. Net profit was RMB 27.06 million, RMB 40.31 million, and RMB 26.11 million.

5) On February 25, Tiancen Biopharmaceutical (Suzhou) Co., Ltd. submitted a listing application to HKEX Main Board, with Guojin Securities (Hong Kong) as sole sponsor.

The prospectus shows that Tiancen Biopharmaceutical is a clinical-stage biopharmaceutical company focusing on discovering and developing biologics for allergic and autoimmune diseases. The company has initiated eight clinical trials for LP-003 in China, with two completed and six ongoing.

In performance, for 2023, 2024, and the nine months ending September 30, 2024 and 2025, other income and gains were RMB 2.33 million, RMB 3.07 million, RMB 2.17 million, and RMB 2.397 million. Losses were RMB 95.78 million, approximately RMB 137 million, RMB 92.33 million, and about RMB 138 million.

6) On February 25, Shandong Hanfang Pharmaceutical Co., Ltd. submitted a listing application to HKEX Main Board, with CITIC International as sponsor.

The prospectus indicates that Hanfang Pharmaceutical is a comprehensive pharmaceutical company engaged in the production, sales, and R&D of traditional Chinese medicine products. It focuses on skin and mucosal disease treatments, integrating traditional Chinese medicine with modern pharmaceutical science. According to Forrester and Sullivan, based on 2024 sales revenue, the compound Huangbai liquid ointment ranks fourth in China’s external use Chinese patent medicine market, with a 1.1% market share.

In performance, for the nine months ending September 30 in 2023, 2024, and 2025, revenue was approximately RMB 1.053 billion, RMB 992 million, and RMB 803 million. Profits were RMB 237 million, RMB 199 million, and RMB 145 million.

7) On February 26, Qingdao Tereed Electric Co., Ltd. submitted a listing application to HKEX Main Board, with China Galaxy International and GF Securities as joint sponsors.

The prospectus shows that Tereed is the world’s largest manufacturer of high-voltage prefabricated substations and China’s largest manufacturer of EV charging equipment and charging network operator. Based on 2023 and 2024 sales revenue from prefabricated substations, it is the largest global provider of such products.

In performance, for the ten months ending October 31 in 2023, 2024, and 2025, revenue was approximately RMB 12.691 billion, RMB 15.374 billion, and RMB 11.329 billion. Profits were RMB 527 million, RMB 939 million, and RMB 835 million.

8) On February 27, Taitong Technology Co., Ltd. submitted a listing application to HKEX Main Board, with CICC and JPMorgan Chase as joint sponsors.

The prospectus states that Taitong aims to empower business growth through AI, providing effective marketing solutions. In 2024, it ranks first among domestic AI marketing service providers in China, leading in scale, customer base, data assets, and media coverage.

In performance, in 2023 and 2024, revenue was USD 72.281 million and about USD 102 million, with a 40.5% increase. In the first three quarters of 2025, revenue reached about USD 130 million. Net profits were USD 34.345 million, USD 50.999 million, and USD 55.679 million.

9) On February 27, Wolong Electric Drive Group Co., Ltd. submitted a listing application to HKEX, with CICC, Huatai International, and GF Securities (Hong Kong) as sponsors.

The prospectus shows that Wolong Electric is a leading provider of electric drive system solutions, focusing on R&D, manufacturing, sales, and service of electric drive products.

In performance, revenue for 2022, 2023, and 2024 was RMB 14.266 billion, RMB 15.567 billion, and RMB 16.247 billion; profits were RMB 839 million, RMB 553 million, and RMB 832 million.

10) On February 27, Anhui Xic Magnetic Technology Co., Ltd. submitted a listing application to HKEX, with CITIC Securities International as sponsor.

The prospectus indicates that Anhui Xic is one of China’s few IDM companies with complete magnetic sensing technology, capable of full industry chain production from chip design, wafer manufacturing, to module design and manufacturing. In 2024, its global market share is only 0.6%, ranking sixth.

In performance, for the nine months ending September 30 in 2023, 2024, and 2025, revenue was approximately RMB 594 million, RMB 703 million, and RMB 627 million. Profits were RMB -66.56 million, RMB 9.85 million, and RMB 39.77 million.

11) On February 27, Luxshare Precision (002475.SZ) submitted a listing application to HKEX Main Board, with CITIC Securities, Goldman Sachs, and CICC as sponsors.

The prospectus shows that Luxshare is a leading global precision manufacturing and innovative technology company, providing integrated solutions from components, modules, to systems for consumer electronics, automotive electronics, communications, data centers, and other markets. In 2024, it ranks fourth globally and first in mainland China in PIMS, leading in all major business lines.

In performance, for the nine months ending September 30 in 2023, 2024, and 2025, revenue was approximately RMB 231.905 billion, RMB 268.795 billion, and RMB 220.915 billion; profits were RMB 12.243 billion, RMB 14.579 billion, and RMB 12.728 billion.

12) On February 27, Beijing Wuhe Bo’ao Pharmaceutical Co., Ltd., based in Daxing District, submitted a listing application to HKEX, with Huatai International as sponsor.

The prospectus states that Wuhe Bo’ao focuses on innovative natural medicines, with a pipeline including one commercialized product and eight candidates in development.

In performance, for 2024 and the first nine months of 2025, revenue was RMB 208 million and RMB 207 million, with losses of RMB 110 million and RMB 45.717 million.

13) On February 27, China Online (300364.SZ) submitted a listing application to HKEX Main Board, with Citigroup as sponsor.

The prospectus shows that China Online was founded in 2000, with over 25 years of experience, building a resource library of over 5.6 million digital content items, focusing on online literature, short dramas, and IP derivatives.

In performance, revenue for 2023 and 2024 was RMB 1.4 billion and RMB 1.159 billion; gross profit was RMB 630 million and RMB 381 million; net profit was RMB 89.98 million and a loss of RMB 243 million.

14) Radvance Cayman Limited submitted a listing application to HKEX, with GF Securities as sponsor.

The prospectus states Radvance is an innovation-driven electric mobility company centered in Europe, focusing on e-bikes to promote healthy and sustainable lifestyles. In 2024, it ranks among the top five e-bike brands in the Benelux urban commuting segment.

In performance, for 2023-2024 and the first nine months of 2025, revenue was EUR 48.03 million, EUR 60.64 million, and EUR 54.19 million; net losses were EUR 4.275 million, EUR 3.434 million, and EUR 2.950 million.

15) Pinnacle Marine Holdings Ltd submitted a prospectus to HKEX, with Same Group as sponsor.

The prospectus shows Pinnacle Marine, founded in 2009 in Singapore, is a comprehensive maritime service provider with operations including aluminum workboat construction, leasing, logistics, shipping agency, ship supplies, and machinery and spare parts sales.

In performance, total revenue increased from SGD 34.9 million in 2023 to SGD 46.42 million in 2025, with net profit rising from SGD 3.78 million in 2023 to SGD 6.07 million in 2024, and SGD 9.75 million in 2025.

16) On February 27, Shugang submitted a listing application to HKEX Main Board, with CICC and DBS as sponsors.

The prospectus states Shugang is a professional oral materials company offering a diversified product portfolio including clinical oral products, dental technician products, and digital dental products. In 2024, its market share in China’s oral materials market was 1.3%.

In performance, for 2023, 2024, and 2025, revenue was approximately RMB 358 million, RMB 399 million, and RMB 400 million; profits were RMB 88.35 million, RMB 76.57 million, and RMB 47.70 million.

Next, review the companies that passed listing review this week, with 3 companies, two of which have started IPOs:

1) On February 23, Estun (002747.SZ) passed HKEX Main Board review, with Huatai International as sponsor.

The prospectus shows Estun is a leading Chinese industrial robot company, mainly engaged in R&D, manufacturing, and sales of industrial robots, intelligent manufacturing systems, robot workstations, and automation core components, motion control systems, and solutions. It has maintained the top domestic market share for industrial robot shipments for years. Based on 2024 revenue, it ranks sixth globally and in China, with market shares of 1.7% and 2.0%.

Financials show that in 2022, 2023, 2024, and the nine months ending September 30, the company’s revenue was approximately RMB 3.881 billion, RMB 4.652 billion, RMB 4.009 billion, and RMB 3.804 billion; profits were RMB 184 million, RMB 134 million, RMB -818 million, and RMB 29.7 million.

Estun (02715.HK) plans to go public from February 27 to March 4, 2026, offering 96.78 million H-shares, with 10% in Hong Kong and 90% internationally, plus a 15% over-allotment option. The offer price is HKD 15.36–17.00 per share, with a minimum trading lot of 200 shares. Trading is expected to start on March 9, 2026, at 9:00 a.m. on the HKEX.

2) On February 24, Suzhou Youlesai Shared Services Co., Ltd. passed HKEX Main Board review, with CITIC Securities International as sponsor.

According to Forrester and Sullivan, in 2024, Youlesai is the second-largest provider of circular packaging services in China, with a 1.5% market share, and the largest in the Chinese car-sharing operation service market, with an 8.2% share.

Financials show that in 2022, 2023, 2024, and the eight months ending August 31, revenue was approximately RMB 648 million, RMB 794 million, RMB 838 million, and RMB 533 million; profits were RMB 31.20 million, RMB 64.15 million, RMB 50.74 million, and RMB 26.89 million.

Youlesai Shared (02649.HK) plans to go public from February 27 to March 4, 2026, offering 20.336 million H-shares, with 10% in Hong Kong and 90% internationally, plus a 15% over-allotment option. The maximum price is HKD 14 per share, with a lot size of 500 shares. Trading is expected to start on March 9, 2026, at 9:00 a.m.

3) On February 27, Guangzhou Guanghe Technology Co., Ltd. passed HKEX Main Board review, with CITIC Securities and HSBC as sponsors.

The prospectus states that Guanghe Technology was founded in 2002, mainly engaged in R&D, production, and sales of customized printed circuit boards (PCBs) for computing servers and other high-performance computing scenarios. Based on revenue from 2022 to 2024, it ranks third globally and first among Chinese mainland manufacturers.

Financials show that in 2022, 2023, 2024, and the nine months ending September 30, revenue was approximately RMB 2.412 billion, RMB 2.678 billion, RMB 3.734 billion, and RMB 3.835 billion; profits were about RMB 280 million, RMB 415 million, RMB 680 million, and RMB 723 million.

Additionally, two more companies are planning IPOs this week:

1) Megatech (03268.HK) plans to go public from February 27 to March 5, 2026, offering 35 million shares, with 10% in Hong Kong and 90% internationally, plus a 15% over-allotment. The offer price will not exceed HKD 28.86 per share, with a lot size of 100 shares. Trading is expected to start on March 10, 2026, at 9:00 a.m.

2) Zhaowei Electromechanical (02692.HK) plans to go public from February 27 to March 4, 2026, offering 26.7483 million shares, with 10% in Hong Kong and 90% internationally, plus a 15% over-allotment. The offer price is HKD 73.68 per share, with a lot size of 100 shares, trading expected to start on March 9, 2026, at 9:00 a.m.