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2026 IPO bonanza! Over 90% of new stocks rose on their debut
牛牛新股君
joined discussion · Jan 22 08:05

IPO Pricing | Longcheer Technology, a “globally leading provider of smart products and services,” goes public today with nearly 1,150 times subscription, priced at HKD 31 per share; a gain of HKD 612 for one lot in the gray market

In addition, during the international placement phase, Longcheer Technology received 9.02 times subscription, with the final number of international placement shares being 43.6936 million shares, accounting for 90% of the total offering shares. Futu Information has compiled relevant data in the following table:
In addition, during the international placement phase, Longcheer Technology received 9.02 times subscription, with the final number of international placement shares being 43.6936 million shares, accounting for 90% of the total offering shares. Futu Information has compiled relevant data in the following table: Company Overview Longcheer Technology is a globally leading provider of smart products and services, offering solutions—including product research, design, manufacturing, and support—to globally renowned smart product brands and leading technology companies. Established in 2004, Longcheer Technology has consistently upheld core values of “customer-centricity, contributor-focused, and long-termism.” Over the past two decades, the company has accumulated industry-leading capabilities in smart products and built a solution matrix covering solution design, hardware innovation, system-level software platform development, lean manufacturing, supply chain integration, and quality control. In 2024,$Shanghai Longcheer Technology (603341.SH)$Successfully listed on the main board of the Shanghai Stock Exchange. Longcheer Technology has created the industry's most extensive and integrated ecosystem of smart products applicable to the most popular platforms such as Android and Windows. Centered around new customer demands, market opportunities, and technological innovations in the AI era, the company’s product portfolio follows a “1+2+X” framework—where “1” represents smartphones as the core track, “2” focuses on personal computing and automotive electronics businesses, and “X” includes multiple...
In addition, during the international placement phase, Longcheer Technology received 9.02 times subscription, with the final number of international placement shares being 43.6936 million shares, accounting for 90% of the total offering shares. Futu Information has compiled relevant data in the following table: Company Overview Longcheer Technology is a globally leading provider of smart products and services, offering solutions—including product research, design, manufacturing, and support—to globally renowned smart product brands and leading technology companies. Established in 2004, Longcheer Technology has consistently upheld core values of “customer-centricity, contributor-focused, and long-termism.” Over the past two decades, the company has accumulated industry-leading capabilities in smart products and built a solution matrix covering solution design, hardware innovation, system-level software platform development, lean manufacturing, supply chain integration, and quality control. In 2024,$Shanghai Longcheer Technology (603341.SH)$Successfully listed on the main board of the Shanghai Stock Exchange. Longcheer Technology has created the industry's most extensive and integrated ecosystem of smart products applicable to the most popular platforms such as Android and Windows. Centered around new customer demands, market opportunities, and technological innovations in the AI era, the company’s product portfolio follows a “1+2+X” framework—where “1” represents smartphones as the core track, “2” focuses on personal computing and automotive electronics businesses, and “X” includes multiple...
Company Overview
Longcheer Technology is a globally leading provider of smart products and services, offering solutions—including product research, design, manufacturing, and support—to globally renowned smart product brands and leading technology companies. Established in 2004, Longcheer Technology has consistently upheld core values of “customer-centricity, contributor-focused, and long-termism.” Over the past two decades, the company has accumulated industry-leading capabilities in smart products and built a solution matrix covering solution design, hardware innovation, system-level software platform development, lean manufacturing, supply chain integration, and quality control. In 2024,$Shanghai Longcheer Technology (603341.SH)$Successfully listed on the main board of the Shanghai Stock Exchange.
Longcheer Technology has built the industry’s broadest and most comprehensive ecosystem of smart products compatible with popular platforms like Android and Windows. Centered around new customer demands, market opportunities, and technological innovations in the AI era, the company's product portfolio follows a '1+2+X' framework: '1' represents smartphones as the core business track; '2' includes personal computing and automotive electronics as key growth areas; and 'X' refers to multiple emerging consumer electronics businesses such as tablets, wearables, TWS earbuds, and smart glasses. This framework enhances the company’s all-encompassing product lineup.
Source: Prospectus
Source: Prospectus
In recent years, Longcheer Technology's AIoT business has grown rapidly. According to Frost & Sullivan, the company’s shipment volumes in fields like smartwatches and fitness bands have ranked among the top two in the industry, leading the global smart wearable ODM market. Particularly in the smart glasses sector, the company has maintained close collaboration with leading global internet clients. In 2024, it successfully launched several models of smart glasses, with total shipments exceeding 2 million units, making it a globally leading provider of smart glasses.
Financial Overview
In 2022, 2023, and 2024, and for the nine months ended September 30, 2024, and September 30, 2025, Longcheer Technology's revenue was RMB 29,343.2 million, RMB 27,185.1 million, RMB 46,382.5 million, RMB 34,920.9 million, and RMB 31,331.6 million, respectively. During the same periods, the company’s annual/period profit was RMB 561.5 million, RMB 602.7 million, RMB 493.4 million, RMB 425.4 million, and RMB 514.5 million, respectively.
The company’s overall gross margin increased from 5.8% for the nine months ended September 30, 2024, to 8.3% for the nine months ended September 30, 2025, primarily due to the company’s efforts during this period to actively improve project quality and strategically abandon certain low-margin projects, focusing on achieving higher-quality growth. Market raw material prices stabilized, ending the upward trend observed in 2024.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Longcheer Technology expects net proceeds from the global offering to be approximately HKD 1.521 billion (based on an offer price of HKD 31). According to the prospectus, Longcheer Technology plans to allocate the global offering proceeds for the following purposes:
Approximately 40% will be used to expand the company's overall production capacity both domestically and internationally, thereby enhancing the company's in-house production capabilities; around 20% will support the company’s ongoing research and development efforts, particularly strengthening its independent R&D and innovation capabilities in key areas; about 10% will go towards reinforcing the company’s marketing and customer expansion activities both within and outside the country; approximately 20% will be allocated to support the company’s strategic investments globally orMergers and acquisitions; around 10% will be utilized as the company’s working capital and for other general corporate purposes.
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In addition, during the international placement phase, Longcheer Technology received 9.02 times subscription, with the final number of international placement shares being 43.6936 million shares, accounting for 90% of the total offering shares. Futu Information has compiled relevant data in the following table: Company Overview Longcheer Technology is a globally leading provider of smart products and services, offering solutions—including product research, design, manufacturing, and support—to globally renowned smart product brands and leading technology companies. Established in 2004, Longcheer Technology has consistently upheld core values of “customer-centricity, contributor-focused, and long-termism.” Over the past two decades, the company has accumulated industry-leading capabilities in smart products and built a solution matrix covering solution design, hardware innovation, system-level software platform development, lean manufacturing, supply chain integration, and quality control. In 2024,$Shanghai Longcheer Technology (603341.SH)$Successfully listed on the main board of the Shanghai Stock Exchange. Longcheer Technology has created the industry's most extensive and integrated ecosystem of smart products applicable to the most popular platforms such as Android and Windows. Centered around new customer demands, market opportunities, and technological innovations in the AI era, the company’s product portfolio follows a “1+2+X” framework—where “1” represents smartphones as the core track, “2” focuses on personal computing and automotive electronics businesses, and “X” includes multiple...
Editor/Vincent
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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