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IPO Pricing | HQ Technology goes public today with over 500 times subscription, priced at HKD 77.7 per share, making a profit of HKD 1,345 per lot in the gray market

Futu Information reported on April 23$HUAQIN (03296.HK)$Announced allocation results, pricing at HKD 77.7 per share, issuing a total of 58,548,200 shares, with each lot consisting of 100 shares, and officially listed today
In the last trading session, the gray market closed more than 13% higher at HKD 91.15 per share, with each lot consisting of 100 shares, yielding a profit of HKD 1,345 per lot excluding handling fees
During the public offering phase, HQ Technology received 531.33 times subscription, with the final number of shares allocated for public offering being 5,854,900 shares, accounting for approximately 10% of the total offering shares. A total of about 140,150 valid applications were received, with approximately 42,660 accepted applications. The approximate percentage of successfully allocated shares to applied shares was 12%
In addition, during the international placement phase, HQ Technology received 13.34 times subscription, with the final number of international placement shares being 52,693,300 shares, equivalent to 90% of the total offering shares. Futu Information compiled the related data as shown in the table below
Futu Information reported on April 23$HUAQIN (03296.HK)$Announced allocation results, pricing at HKD 77.7 per share, issuing a total of 58,548,200 shares, with each lot consisting of 100 shares, and officially listed today In the last trading session, the gray market closed more than 13% higher at HKD 91.15 per share, with each lot consisting of 100 shares, yielding a profit of HKD 1,345 per lot excluding handling fees During the public offering phase, HQ Technology received 531.33 times subscription, with the final number of shares allocated for public offering being 5,854,900 shares, accounting for approximately 10% of the total offering shares. A total of about 140,150 valid applications were received, with approximately 42,660 accepted applications. The approximate percentage of successfully allocated shares to applied shares was 12% In addition, during the international placement phase, HQ Technology received 13.34 times subscription, with the final number of international placement shares being 52,693,300 shares, equivalent to 90% of the total offering shares. Futu Information compiled the related data as shown in the table below Company Overview HQ Technology is a platform company specializing in smart products with over 20 years of experience in the field. Its smart products integrate core technologies such as artificial intelligence, IoT, big data, and communication technology, combining multiple intelligent functions. Drawing from its experience throughout its development, the company drives the development and application of products and technologies in the era of mobile communications, internet, cloud computing, and artificial intelligence, providing global tech companies with solutions covering mobile...
Futu Information reported on April 23$HUAQIN (03296.HK)$Announced allocation results, pricing at HKD 77.7 per share, issuing a total of 58,548,200 shares, with each lot consisting of 100 shares, and officially listed today In the last trading session, the gray market closed more than 13% higher at HKD 91.15 per share, with each lot consisting of 100 shares, yielding a profit of HKD 1,345 per lot excluding handling fees During the public offering phase, HQ Technology received 531.33 times subscription, with the final number of shares allocated for public offering being 5,854,900 shares, accounting for approximately 10% of the total offering shares. A total of about 140,150 valid applications were received, with approximately 42,660 accepted applications. The approximate percentage of successfully allocated shares to applied shares was 12% In addition, during the international placement phase, HQ Technology received 13.34 times subscription, with the final number of international placement shares being 52,693,300 shares, equivalent to 90% of the total offering shares. Futu Information compiled the related data as shown in the table below Company Overview HQ Technology is a platform company specializing in smart products with over 20 years of experience in the field. Its smart products integrate core technologies such as artificial intelligence, IoT, big data, and communication technology, combining multiple intelligent functions. Drawing from its experience throughout its development, the company drives the development and application of products and technologies in the era of mobile communications, internet, cloud computing, and artificial intelligence, providing global tech companies with solutions covering mobile...
Futu Information reported on April 23$HUAQIN (03296.HK)$Announced allocation results, pricing at HKD 77.7 per share, issuing a total of 58,548,200 shares, with each lot consisting of 100 shares, and officially listed today In the last trading session, the gray market closed more than 13% higher at HKD 91.15 per share, with each lot consisting of 100 shares, yielding a profit of HKD 1,345 per lot excluding handling fees During the public offering phase, HQ Technology received 531.33 times subscription, with the final number of shares allocated for public offering being 5,854,900 shares, accounting for approximately 10% of the total offering shares. A total of about 140,150 valid applications were received, with approximately 42,660 accepted applications. The approximate percentage of successfully allocated shares to applied shares was 12% In addition, during the international placement phase, HQ Technology received 13.34 times subscription, with the final number of international placement shares being 52,693,300 shares, equivalent to 90% of the total offering shares. Futu Information compiled the related data as shown in the table below Company Overview HQ Technology is a platform company specializing in smart products with over 20 years of experience in the field. Its smart products integrate core technologies such as artificial intelligence, IoT, big data, and communication technology, combining multiple intelligent functions. Drawing from its experience throughout its development, the company drives the development and application of products and technologies in the era of mobile communications, internet, cloud computing, and artificial intelligence, providing global tech companies with solutions covering mobile...
Company Overview
HQ Tech is a smart product platform company with over 20 years of experience in the intelligent products field. Its smart products integrate core technologies such as artificial intelligence, IoT, big data, and communication technology while incorporating multiple intelligent functions. Drawing upon its accumulated experience throughout its development, the company drives the development and application of products and technologies in the era of mobile communications, the Internet, cloud computing, and artificial intelligence, providing global tech companies with smart products covering mobile terminals, computing and data center businesses, AIoT, and innovative business areas.
Source: Prospectus
Source: Prospectus
According to CIC Consulting, HQ Tech is one of the most category-diverse smart product ODM platforms globally. Moreover, it is the only ODM provider worldwide to have established a leading market position across smartphones, tablets, smart wearables, laptops, and data infrastructure products simultaneously. The company's platform and product capabilities have gained widespread recognition in the global market. As of December 31, 2025, the company's clients will include major global industry players such as mobile terminal brands, PC brands, cloud service providers, and automotive manufacturers.
Financial Summary
In 2023, 2024, and 2025, Huaqin Technology’s revenue reached RMB 85,338.5 million, RMB 109,878.0 million, and RMB 171,436.9 million, respectively. In 2023, 2024, and 2025, the company’s R&D expenditures were RMB 4,547.5 million, RMB 5,155.8 million, and RMB 6,363.5 million, accounting for 5.3%, 4.7%, and 3.7% of total revenue during the same periods, respectively. In 2023, 2024, and 2025, the company’s profits were RMB 2,657.0 million, RMB 2,916.4 million, and RMB 4,131.6 million, respectively.
Source: Prospectus
Source: Prospectus
Use of Proceeds
In terms of the use of proceeds, Huaqin Technology expects the net proceeds from the global offering to be approximately HKD 4.463 billion (based on an offer price of HKD 77.70). According to the prospectus, Huaqin Technology intends to use the proceeds from the global offering for the following purposes:
Approximately 40% will be used for product-centric R&D investment to enhance technical capabilities; about 35% will be allocated to expanding and optimizing the company's manufacturing system; around 15% will go towards strategic investments and vertical integration; and roughly 10% will be used for working capital and general corporate purposes.
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Futu Information reported on April 23$HUAQIN (03296.HK)$Announced allocation results, pricing at HKD 77.7 per share, issuing a total of 58,548,200 shares, with each lot consisting of 100 shares, and officially listed today In the last trading session, the gray market closed more than 13% higher at HKD 91.15 per share, with each lot consisting of 100 shares, yielding a profit of HKD 1,345 per lot excluding handling fees During the public offering phase, HQ Technology received 531.33 times subscription, with the final number of shares allocated for public offering being 5,854,900 shares, accounting for approximately 10% of the total offering shares. A total of about 140,150 valid applications were received, with approximately 42,660 accepted applications. The approximate percentage of successfully allocated shares to applied shares was 12% In addition, during the international placement phase, HQ Technology received 13.34 times subscription, with the final number of international placement shares being 52,693,300 shares, equivalent to 90% of the total offering shares. Futu Information compiled the related data as shown in the table below Company Overview HQ Technology is a platform company specializing in smart products with over 20 years of experience in the field. Its smart products integrate core technologies such as artificial intelligence, IoT, big data, and communication technology, combining multiple intelligent functions. Drawing from its experience throughout its development, the company drives the development and application of products and technologies in the era of mobile communications, internet, cloud computing, and artificial intelligence, providing global tech companies with solutions covering mobile...
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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