Husong Technology charges into IPO: Multiple shareholders cut holdings in a rush, dumping shares at low prices; performance fluctuates significantly

Recently, Husong Technology Group Co., Ltd. (“Husong Technology”) submitted its prospectus for listing on the Hong Kong Stock Exchange. Through this IPO, Husong Technology plans to raise funds to enhance production capacity, establish sales and marketing centers, and boost R&D capabilities in advanced materials and advanced material solution equipment.

According to the prospectus, Husong Technology's history can be traced back to the establishment of Shanghai Husong Electromechanical Technology Co., Ltd. in July 2012. In 2015, the company completed its restructuring and was renamed Shanghai Husong Electromechanical Technology Co., Ltd. (“Husong Electromechanical”), going public on the New Third Board in December 2015 under the stock code “835153.”

Later, in September 2018, Husong Electromechanical delisted from the New Third Board. In May 2022, it filed for IPO coaching with the Shanghai Securities Regulatory Bureau, planning to list on the Shanghai Stock Exchange’s STAR Market. However, in January 2024, the company terminated its IPO coaching. During this period, the company changed its name to Husong Technology.

Information from the Tianyancha App shows that AmberSong Technology was founded in July 2012, located in Shanghai, and later relocated to Guiyang City, Guizhou Province in May 2023. Currently, the company's registered capital is 56.275867 million yuan, with Li Yuanlin as its legal representative. The main shareholders include Li Yuanlin, Wang Honggao, and others.

According to the prospectus, AmberSong Technology has received multiple rounds of financing and undergone several equity transfers. In September 2025 alone, Huajin Avenue, Shenzhen Jinglin, Li Haichun, Pei Xuelong, and Beijing Future transferred part of their stakes in AmberSong Technology to Guizhou Yunhui and Guizhou Guochuang for a total amount of 98.708 million yuan.

In this transfer, Guizhou Yunhui contributed approximately 53.708 million yuan, while Guizhou Guochuang invested 45 million yuan, acquiring 2.27% and 1.90% of the equity respectively, at a per-share cost of 42.0 yuan. After the completion of the transfer, Huajin Avenue, Li Haichun, Pei Xuelong, and Beijing Future are no longer shareholders of AmberSong Technology.

By comparison, the per-share cost of AmberSong Technology’s September 2025 transfer is lower than the 43.1 yuan per share transferred in March 2024, as well as the 49.5 yuan per share increase in 2022 and the 56.9 yuan per share increase in October 2024. In other words, shareholders are “dumping” their stakes in AmberSong Technology at a lower price.

Prior to this IPO, Li Yuanlin directly holds 20.09% of shares, holds an additional 9.92% through the employee stock ownership platform Shanghai Honghu, and together with Fang Linlin, holds 1.86% via AmberSong Investment. Accordingly, the couple Li Yuanlin and Fang Linlin collectively hold approximately 31.86%, making them the largest single shareholder group of AmberSong Technology.

Among them, Li Yuanlin serves as the executive director, chairman of the board (also known as the “chairman”), and general manager of AmberSong Technology, while Fang Linlin serves as executive director and office director. In addition, the senior management of AmberSong Technology also includes Shan Zhaolin as executive director and deputy general manager, Yao Liang as executive director, deputy general manager, chief financial officer, board secretary, and joint company secretary, and Gong Benli as deputy general manager.

According to the prospectus, AmberSong Technology is a provider of intelligent production line platforms for process industries. Currently, AmberSong Technology's business mainly covers intelligent production line solutions for micro-nano materials, single machines, and biomanufacturing process solutions, with intelligent production line solutions for micro-nano materials being the core.

In 2022, 2023, 2024, and the first half of 2025 (the 'reporting period'), Husong Technology's revenue from intelligent production line solutions for micro-nano materials was 392 million yuan, 555 million yuan, 691 million yuan, and 80.576 million yuan respectively, accounting for 95.8%, 97.1%, 97.2%, and 97.7% of total revenue respectively.

According to data from灼识咨询 (CIC), in 2024 by revenue, AmberSong Technology ranked first in the national market for intelligent production lines for lithium battery anode materials, with a market share of 6.6%; it ranked second in the national market for intelligent production lines for lithium battery materials, with a market share of 4.9%.

During the reporting period, AmberSong Technology's revenues were approximately 409 million yuan, 572 million yuan, 710 million yuan, and 82.461 million yuan, respectively, while net profits were approximately -26.126 million yuan, -68.477 million yuan, 15.298 million yuan, and -59.715 million yuan, respectively. Adjusted net profits were approximately 1.83 million yuan, -37.181 million yuan, 47.053 million yuan, and -54.553 million yuan, respectively.

It is not difficult to see that AmberSong Technology's performance has fluctuated. The prospectus shows that due to the acceptance time of two large projects, each with contract amounts exceeding 150 million yuan, being delayed from the first half of 2025 to the second half, revenue from intelligent production line solutions for micro-nano materials in the first half of the year decreased from 309 million yuan to 80.576 million yuan.

In contrast, Huisong Technology has a relatively high customer concentration. During the reporting period, revenue from its largest single client accounted for 71.9%, 43.7%, 41.7%, and 47.4%, respectively, while revenue from the top five clients accounted for approximately 96.0%, 92.1%, 85.1%, and 97.0%, respectively.

It is not an exaggeration to say that Huisong Technology is highly dependent on a few core clients. Should the company face reductions in cooperation scale or interruptions in relationships with key clients, its operating performance, financial condition, and even future prospects could be subject to significant challenges. Its risk resistance capabilities and business diversification strategies need further optimization.

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