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IPO Pricing | Shenghong Technology goes public today, receiving 431.15 times subscription, with a per-share price of HKD 209.88, and a gain of HKD 12,632 per lot in the grey market

Futu Information reported on April 21st$VGT (02476.HK)$Announced allocation results, with a per-share price of HKD 209.88, issuing a total of 95.85 million shares, 100 shares per lot, officially listed today
On the previous trading day, the grey market closed over 60% higher at HKD 336.2 per share, with 100 shares per lot. Excluding handling fees, the profit was HKD 12,632 per lot
During the public offering phase, Shenghong Technology received 431.15 times subscription. The final number of shares offered to the public was 7.8528 million, accounting for approximately 8.19% of the total shares offered. A total of about 250,606 valid applications were received, with approximately 57,137 accepted applications. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of applied shares is approximately 0.71%
In addition, during the international placement phase, Shenghong Technology received 18.5 times subscription. The final number of internationally placed shares was 80.0139 million, representing 83.48% of the total shares issued. Futu Information compiled relevant data as shown in the table below
Futu Information reported on April 21st$VGT (02476.HK)$Announced allocation results, with a per-share price of HKD 209.88, issuing a total of 95.85 million shares, 100 shares per lot, officially listed today On the previous trading day, the grey market closed over 60% higher at HKD 336.2 per share, with 100 shares per lot. Excluding handling fees, the profit was HKD 12,632 per lot During the public offering phase, Shenghong Technology received 431.15 times subscription. The final number of shares offered to the public was 7.8528 million, accounting for approximately 8.19% of the total shares offered. A total of about 250,606 valid applications were received, with approximately 57,137 accepted applications. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of applied shares is approximately 0.71% In addition, during the international placement phase, Shenghong Technology received 18.5 times subscription. The final number of internationally placed shares was 80.0139 million, representing 83.48% of the total shares issued. Futu Information compiled relevant data as shown in the table below Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies....
Futu Information reported on April 21st$VGT (02476.HK)$Announced allocation results, with a per-share price of HKD 209.88, issuing a total of 95.85 million shares, 100 shares per lot, officially listed today On the previous trading day, the grey market closed over 60% higher at HKD 336.2 per share, with 100 shares per lot. Excluding handling fees, the profit was HKD 12,632 per lot During the public offering phase, Shenghong Technology received 431.15 times subscription. The final number of shares offered to the public was 7.8528 million, accounting for approximately 8.19% of the total shares offered. A total of about 250,606 valid applications were received, with approximately 57,137 accepted applications. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of applied shares is approximately 0.71% In addition, during the international placement phase, Shenghong Technology received 18.5 times subscription. The final number of internationally placed shares was 80.0139 million, representing 83.48% of the total shares issued. Futu Information compiled relevant data as shown in the table below Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies....
Futu Information reported on April 21st$VGT (02476.HK)$Announced allocation results, with a per-share price of HKD 209.88, issuing a total of 95.85 million shares, 100 shares per lot, officially listed today On the previous trading day, the grey market closed over 60% higher at HKD 336.2 per share, with 100 shares per lot. Excluding handling fees, the profit was HKD 12,632 per lot During the public offering phase, Shenghong Technology received 431.15 times subscription. The final number of shares offered to the public was 7.8528 million, accounting for approximately 8.19% of the total shares offered. A total of about 250,606 valid applications were received, with approximately 57,137 accepted applications. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of applied shares is approximately 0.71% In addition, during the international placement phase, Shenghong Technology received 18.5 times subscription. The final number of internationally placed shares was 80.0139 million, representing 83.48% of the total shares issued. Futu Information compiled relevant data as shown in the table below Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies....
Futu Information reported on April 21st$VGT (02476.HK)$Announced allocation results, with a per-share price of HKD 209.88, issuing a total of 95.85 million shares, 100 shares per lot, officially listed today On the previous trading day, the grey market closed over 60% higher at HKD 336.2 per share, with 100 shares per lot. Excluding handling fees, the profit was HKD 12,632 per lot During the public offering phase, Shenghong Technology received 431.15 times subscription. The final number of shares offered to the public was 7.8528 million, accounting for approximately 8.19% of the total shares offered. A total of about 250,606 valid applications were received, with approximately 57,137 accepted applications. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of applied shares is approximately 0.71% In addition, during the international placement phase, Shenghong Technology received 18.5 times subscription. The final number of internationally placed shares was 80.0139 million, representing 83.48% of the total shares issued. Futu Information compiled relevant data as shown in the table below Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies....
Company Overview
Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies.
The company is one of the first PCB manufacturers in China to establish a smart factory, implement green manufacturing, and venture into emerging fields. This has led to increased output, shorter delivery times, reduced energy consumption, labor savings, and ultimately enhanced corporate competitiveness. As the company continues to strengthen its core capabilities, it is seizing opportunities in AI and new energy vehicles, building a global delivery network to meet growing global demand, and rapidly advancing into the top tier of global PCB intelligent manufacturing.
Financial Summary
In 2023, 2024, and 2025, Shenghong Technology's revenues were RMB 7,931.2 million, RMB 10,731.5 million, and RMB 19,292.3 million, respectively. During the same period, the company’s research and development expenditures were RMB 348.3 million, RMB 449.8 million, and RMB 777.6 million, accounting for 4.4%, 4.2%, and 4.0% of total revenue, respectively.
The company’s net profit increased by 72.0% from RMB 671.3 million in 2023 to RMB 1,154.4 million in 2024, mainly due to gross profit increasing from RMB 1,643.3 million in 2023 to RMB 2,438.7 million in 2024. The company’s net profit further increased by 273.5% from RMB 1,154.4 million in 2024 to RMB 4,312.0 million in 2025, primarily driven by gross profit rising from RMB 2,438.7 million in 2024 to RMB 6,795.4 million in 2025.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, Shenghong Technology expects the net proceeds from the global offering to be approximately HKD 19.889 billion (based on an offer price of HKD 209.88). According to the prospectus, Shenghong Technology intends to allocate the proceeds from the global offering for the following purposes:
Approximately 74% will be used to expand the company's production capacity in mainland China; about 7% will be allocated to purchasing mSAP manufacturing equipment and other smart manufacturing machinery to further diversify the company’s product portfolio and maintain a competitive edge in advanced PCB technologies; around 9% will be used for R&D activities over a five-year period; and approximately 10% will serve as working capital and for general corporate purposes.
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Futu Information reported on April 21st$VGT (02476.HK)$Announced allocation results, with a per-share price of HKD 209.88, issuing a total of 95.85 million shares, 100 shares per lot, officially listed today On the previous trading day, the grey market closed over 60% higher at HKD 336.2 per share, with 100 shares per lot. Excluding handling fees, the profit was HKD 12,632 per lot During the public offering phase, Shenghong Technology received 431.15 times subscription. The final number of shares offered to the public was 7.8528 million, accounting for approximately 8.19% of the total shares offered. A total of about 250,606 valid applications were received, with approximately 57,137 accepted applications. The percentage of shares allocated to applicants who subscribed for one lot relative to the total number of applied shares is approximately 0.71% In addition, during the international placement phase, Shenghong Technology received 18.5 times subscription. The final number of internationally placed shares was 80.0139 million, representing 83.48% of the total shares issued. Futu Information compiled relevant data as shown in the table below Company Overview Based on sales revenue in the first half of 2024 and 2025, Shenghong Technology is one of the leading suppliers of advanced AI and high-performance computing PCB products, focusing on the R&D, production, and sales of high-end HDI and high-layer-count PCBs. With leading technology, high-quality products, and robust production capacity, it has become an important partner for numerous top-tier global tech companies....
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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