Longcheer Technology (9611.HK) successfully listed on the Hong Kong Stock Exchange! Futu acted as the underwriter to support the company's IPO

On January 22, Longcheer Technology $LONGCHEER (09611.HK)$ successfully listed on the Main Board of the Hong Kong Stock Exchange, marking the official entry of this smart product and service provider into the Hong Kong stock market and opening a new chapter of development.

In this IPO, Futu, leveraging its professional investment banking capabilities and advantages in integrating all-channel resources, served as thejoint bookrunners, deeply participating in the project's operation throughout the process. Meanwhile, Futu relied on its comprehensive corporate service ecosystem to provide Longcheer Technology with services, helping the company build an efficient communication bridge with participants across the Hong Kong capital market and accurately convey the company’s core value.

Longcheer Technology’s listing in Hong Kong was highly recognized by the market,with six well-known institutions such as Qualcomm, Hong Kong Yuto, and Qingdao Guanlan introduced as cornerstone investors in this offering,collectively intending to subscribe for approximately USD 56.5 million (or about HKD 440 million).

According to the announcement, Longcheer Technology is a globally leading provider of smart products and services, offering end-to-end solutions encompassing research, design, manufacturing, and support for well-known global smart product brands and leading technology companies. The company provides customers with a diversified portfolio of products, including smartphones, AI PCs, automotive electronics, tablets, smartwatches/fitness bands, and smart glasses, which are applicable across consumer electronics, automotive smart cockpits, IoT, and other fields to meet customized customer demands. The company also possesses a comprehensive solution matrix covering conceptual design, hardware innovation, system-level software platform development, lean manufacturing, supply chain integration, and quality control. Its core clients include leading brands such as Xiaomi, Samsung Electronics, Lenovo, Honor, OPPO, and vivo.

According to Frost & Sullivan, based on shipment volumes in 2024: In the consumer electronics ODM segment, Longcheer Technology ranks second globally, with a market share of 22.4%; in the smartphone ODM segment, it ranks first globally, with a market share of 32.6%; and in the tablet ODM segment, it ranks among the top three globally.

Financially, for the fiscal years 2022, 2023, and 2024, as well as the nine months ended September 30, 2024, and 2025, Longcheer Technology reported revenues of approximately RMB 29.343 billion, RMB 27.185 billion, RMB 46.382 billion, RMB 34.921 billion, and RMB 31.332 billion, respectively. During the same periods, net profits were approximately RMB 562 million, RMB 603 million, RMB 493 million, RMB 425 million, and RMB 514 million, respectively.

In terms of business development, Longcheer Technology continues to advance its product structure upgrade while entering high-growth sectors such as AI PCs and automotive electronics, forming a dual-driven pattern of 'mature businesses ensuring steady growth and emerging businesses driving incremental gains.' With the iterative upgrading of the global smart terminal market and the recovery of consumer demand, the company, with its full-category layout and technological accumulation, is expected to further expand its market share and improve profitability.

In terms of the use of proceeds, Longqi Technology currently plans to allocate approximately 40% to expand the company's overall production capacity both domestically and internationally, thereby enhancing its in-house production capabilities; about 20% will be used to support the company’s ongoing R&D efforts, particularly strengthening its independent R&D and innovation capabilities in key areas; approximately 10% will go towards reinforcing the company’s marketing and customer expansion efforts at home and abroad; around 20% will be used to support the company’s strategic investments or acquisitions globally; and about 10% will be utilized as working capital and for other general corporate purposes.

As a leading digital fintech company, Futu, with an investor ecosystem of over 27 million and a comprehensive enterprise service system, is capable of providing companies with end-to-end services throughout the pre-, mid-, and post-IPO process, including one-stop ESOP stock option management solutions, Hong Kong and US IPO distribution*, investor relations (IR) and PR, financial public relations services, international placement*, secondary trading services*, and other core services.

As of Q3 2025, six out of the top ten companies in terms of Hong Kong IPO fundraising have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q3 involved cooperation with Futu. In Q3, on the Futubull platform, 12 new stocks had subscription amounts exceeding 100 billion Hong Kong dollars. Futu’s capability in US IPOs has been highly regarded, with popular new stocks like Bullish, Figure, and Gemini achieving full allocation for all subscribing US clients.

As of Q3 2025, Futu's corporate service clientele reached 1,112 companies, providing IPO distribution and IR services to 561 enterprises. It has successfully assisted 358 companies such as Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili in going public in Hong Kong and the US. A total of 804 ESOP clients have signed up cumulatively, and 1,300 listed companies are now hosted on the Futu platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market value calculated based on the first day of listing.

*Data source: Futu's Q3 2025 earnings report.

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