[IPO Tracker] Three stocks kick off subscriptions on the same day! Hua Xida (00901.HK) raises nearly HKD 600 million

On May 18, the Hong Kong stock IPO market became active again,$SDMC (00901.HK)$ 、 $DEEPZERO (02723.HK)$ signed a 1.2 GW fuel cell power contract with $VIEWTRIX TECH (03310.HK)$ with three new stocks launching their subscription offerings on the same day.

According to the announcement,This time, Sunrise Technology plans to globally offer 19.2073 million H-shares using Mechanism B for issuance.Of this, 1.9208 million shares will be allocated for public offering in Hong Kong, accounting for approximately 10%; 17.2865 million shares will be for international placement, making up about 90%; and there is an additional 15% over-allotment option (greenshoe).

The offering price has been set at HKD 32.80 per share, with the H-share market capitalization reaching HKD 6.868 billion. Based on this pricing, the expected net proceeds from this offering are approximately HKD 570 million.Of the proceeds, around 25% will be used to enhance market position and develop new products; about 35% will go toward AI Home-related technologies; roughly 20% will fund global expansion; about 10% will be invested in upstream and downstream participants in the AI and algorithm fields; and approximately 10% will serve as working capital and for general corporate purposes.

The subscription period for Sunrise Technology runs from May 18 to May 21, with listing expected on May 27. Each lot consists of 100 shares,and the entry fee is approximately HKD 3,313.08.

Sunrise Technology is a smart home product provider serving global enterprise clients, primarily telecommunications operators, using an ODM model to provide integrated 'hardware + software' solutions under customer brands instead of directly selling its own branded products to consumers.

The company's core hardware products include digital video equipment (such as streaming media terminals, smart projectors) and network communication devices (such as optical network terminals, Wi-Fi routers). In terms of software,Huazhixda has built a system platform consisting of Cedar, the home AI agent, XMediaTV, the streaming platform, and XHome, the home device management platform,Committed to building an open smart home ecosystem.

Among them, in 2024, the company launched Cedar, a home AI agent supported by third-party large language models. Cedar has completed development and is ready for mass production,and is currently in the customer testing and commercialization phase.

According to Frost & Sullivan, in terms of revenue in 2024, Huazhixda is the world's eighth-largest and mainland China's third-largest provider of smart home products for enterprise customers, with a market share of 2.7%. In terms of sales volume in 2024, the company is also the world’s largest supplier of Android TV smart terminals and the first ODM company to receive Google TV projector certification.

In terms of performance, Huaxida has maintained a growth trend. From 2023 to 2025, its revenue reached 2.367 billion yuan (RMB, same below), 2.541 billion yuan, and 3.368 billion yuan, respectively,with net profits for the year amounting to 191 million yuan, 137 million yuan, and 239 million yuan, respectively, and net profit margins at 8.1%, 5.4%, and 7.1%.

According to the prospectus, the company’s profit decline in 2024 was mainly due to reduced gross profit, coupled with increased sales and marketing expenses, administrative expenses, and R&D costs. In contrast, the significant increase in profit in 2025 was primarily driven by revenue growth, effective cost and expense management, and the recovery of long-standing trade receivables.

For more details and in-depth analysis of Huaxianda, please refer to the previous report by Fortune Herald: 'Infographic: Huaxida passes listing hearing, a provider of enterprise-level smart home products with ninety percent of revenue from overseas markets》。

Author: Yan Shisì

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