English
Back
Open Account
2026 IPO bonanza! Over 90% of new stocks rose on their debut
星岛财经
joined discussion · Feb 4 18:45

Ugreen Technology Eyes 'A+H' Listing: Founding Team Cashes Out Nearly $400 Million, Executive Pay Eight Times CEO's Salary

Cao Anxun, reporter from Sing Pao, Guangzhou report
Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets – this time, targeting the Hong Kong Stock Exchange.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International acting as the sole sponsor, aiming to achieve a dual listing on both the 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately 390 million yuan, sparking considerable market speculation.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
The founding pioneers share in the success
Before the listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and the company's equity-holding employees pocketed nearly 400 million yuan through two employee stock ownership platforms.
Ugreen Technology's announcement shows that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 collectively reduced their holdings by 6.2236 million shares, accounting for about 1.5% of the total share capital, via centralized bidding and block trading methods. According to rough calculations by The Sing Tao, the realized amount was as high as 389 million yuan.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
After this reduction, their combined shareholding ratio decreased from 13.24% to 11.74%.
Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, is the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive directors Tang Jian, Li Leijie, Zhang Qingsen, and Nie Xingxing hold approximately 18.75%, 18.75%, 9.18%, and 9.38% partnership interests, respectively. The remaining 25.20% partnership interests are jointly held by three other employees of the group, Heshun No. 5, Heshun No. 6, Heshun No. 7, and Heshun No. 8.
Heshun No. 4 was established in 2021, with Chen Yan, executive director and deputy general manager of Ugreen Technology, being the sole managing partner and general partner, holding approximately 11.06% of the partnership interest in Heshun No. 4. The remaining 88.94% partnership interests are collectively held by 38 other employees of the group.
The announcement shows that as of September 30, 2025, Zhang Qingsen directly holds approximately 45.27% of the company’s shares, remaining the controlling shareholder of the company.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
In the capital markets, on January 28, driven by the explosive growth of the AI NAS concept and positive company earnings expectations, Ugreen Technology's share price hit a record high. The stock price reached as high as 83.5 yuan per share, with its total market value surpassing 34 billion yuan. Since then, there has been a slight pullback. As of the close on February 4, Ugreen Technology closed at 65 yuan per share, down 3.72% for the day, with a total market value of 26.969 billion yuan. Over the past year, the company's stock price has cumulatively increased by approximately 51.69%.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
Behind the substantial 'withdrawals' by employee shareholders lies the generous nature of Ugreen Technology's founder, Zhang Qingsen.
The prospectus revealed an intriguing detail: the two founders, Zhang Qingsen and Chen Junling, ranked second to last and third to last in terms of executive compensation within the company.
Looking at other executive directors, aside from Nie Xingxing who is responsible for overseas procurement and sales, four executive directors—He Mengxin, Li Leijie, Tang Jian, and Chen Yan—earn several times more than the two founders.
Among them, He Mengxin joined Ugreen Technology in 2019, while the other three have followed Zhang Qingsen since the company’s inception in 2012, making them true founding members. This salary structure reflects the company's full recognition of its early core team.
Particularly noteworthy is Chen Yan, who oversees technology R&D and product innovation. In the first nine months of 2025, she received the highest compensation in the company—6.6 million yuan, which was 8.45 times that of one of the founders, Chen Junling.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
Not only that, all executive directors at Ugreen Technology are significant shareholders.
Their names appear in employee shareholding platforms such as Ugreen Management Consulting, Ugreen Heshun, and Heshun No. 4, indirectly holding large stakes in the company. In this round of reductions totaling 390 million yuan, they were the primary beneficiaries.
Now, as Ugreen Technology makes its push towards the Hong Kong Stock Exchange, these key players who have accompanied the company from its humble beginnings in Huaqiangbei to the capital markets may be on the verge of a new wave of wealth accumulation. Whether the Hong Kong Stock Exchange can create their 'second wave of wealth creation myth' is highly anticipated by the market.
Looking back at 2024, on the day of Ugreen Technology’s listing on the ChiNext board of the Shenzhen Stock Exchange, its market value surpassed 18 billion yuan, with Zhang Qingsen’s personal wealth skyrocketing to 13 billion yuan, securing him a spot among the 'Top Ten Wealthiest People in Putian.' If the 'A+H' dual-platform strategy is successfully implemented, the market value of the core team’s holdings could be reevaluated once again—this time, the protagonists of the wealth story might not just be the boss alone.
High revenue coexists with numerous complaints
Looking back at Ugreen Technology's rise, it is yet another inspiring entrepreneurial story from Huaqiangbei, Shenzhen.
Ugreen Technology's story began with a small stall in Huaqiangbei selling data cables, where Zhang Qingsen, a post-80s youth from Putian, started his journey.
In 2012, Zhang Qingsen founded Ugreen Technology, entering the market with basic accessories like data cables and chargers. By capitalizing on the rise of smartphones and leveraging meticulous supply chain management along with an early focus on cross-border e-commerce, Ugreen quickly rose to prominence.
According to the prospectus, Ugreen Technology has experienced rapid revenue growth in recent years, increasing from 4.801 billion yuan in 2023 to 6.166 billion yuan in 2024, marking a 28.4% increase.
In the first three quarters of 2025, Ugreen Technology's revenue reached 6.361 billion yuan, surpassing the total for the entire year of 2024, with a year-on-year growth rate of 47.8%.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
Ugreen Technology’s 2025 earnings forecast indicates that net profit attributable to shareholders is expected to reach between 653 million yuan and 733 million yuan, representing a year-on-year increase of 41.26% to 58.56%.
Breaking down by market, international markets have been the main driver of Ugreen Technology's growth, with its products covering more than 180 countries and regions worldwide. In the first nine months of 2025, revenue from China and overseas markets accounted for 40.4% and 59.6% of the company’s total income respectively.
The proceeds from this IPO are planned to be used for enhancing R&D investment and product development, brand building, deepening sales channel construction, increasing market penetration, upgrading business processes with intelligent systems, working capital, and other general corporate purposes.
If successfully listed on the Hong Kong Stock Exchange this time, Ugreen will become one of the few consumer electronics accessory companies to achieve dual-platform listings on both the A-share and H-share markets.
However, it is important to note that despite the continuous expansion of its business landscape, Lulian has repeatedly been embroiled in controversies over product quality and compliance.
Currently, on the Heimao platform, there have been 1,365 complaints about Lulian, involving issues such as product quality and malicious order cancellations.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
In 2022 and 2024, the Shenzhen Market Supervision Bureau issued multiple fines to Lulian Technology for reasons including its production and sale of USB-C smart chargers (20W) not meeting national mandatory standards, failing quality inspections, and mislabeling prices.
Cao Anxun, reporter from Sing Pao, Guangzhou report Just a year and a half after its listing on the A-share market, consumer electronics giant Ugreen Technology (301606.SZ) is making another push into the capital markets - this time targeting the Hong Kong Stock Exchange. On February 2, Ugreen Technology officially submitted its prospectus to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor, aiming for a dual listing in both 'A+H' markets.However, just before the disclosure of the prospectus, major shareholder Ugreen Management and its concert party Heshun No. 4 quietly completed a large-scale sell-off, cashing out approximately $390 million, sparking significant market speculation. Founding Members Share in the Celebration Prior to its listing on the Hong Kong Stock Exchange, Ugreen Technology founder Zhang Qingsen and employee shareholders cashed out nearly $400 million via two employee shareholding platforms. Ugreen Technology's announcement revealed that from November 6, 2025, to January 27, 2026, Ugreen Management Consulting and its concert party Heshun No. 4 sold a combined 6.2236 million shares through centralized bidding and block trades, representing about 1.5% of the total share capital. According to a rough estimate by The Sing Tao, the amount realized was as high as $389 million. After this reduction, their combined shareholding ratio dropped from 13.24% to 11.74%. Ugreen Management Consulting was established in 2018 as a limited partnership. As of January 27, 2026, Chen Yan, executive director and deputy general manager of Ugreen Technology, serves as the sole managing partner and general partner, holding approximately 18.75% of the partnership interest in Ugreen Management Consulting; executive director Tang Jian...
According to a Frost & Sullivan report, by the end of 2025, the total annual shipments of products from the top five companies in the global expansion-focused consumer electronics technology market will be approximately 512 million units, with total annual retail sales reaching about 31.85 billion yuan. Based on annual shipment volume, Lulian Technology ranks first; based on annual retail sales, Lulian Technology ranks second globally.
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
1095 Views
Report
Comments
Write a Comment...