36 billion Hong Kong dollars, Hisense's sixth IPO is coming.

Hisense Group completed a spin-off, and this company has been listed on the Hong Kong stock market.

On September 22, Nazhen Technology (hereinafter referred to as "Nazhen Technology"), a supplier of optical communication and optical connection products, was officially listed on the Main Board of the Hong Kong Stock Exchange. The offering price was HK$32.96, with 172 million shares offered globally, raising HK$5.67 billion in total proceeds and HK$5.445 billion in net proceeds.

In the grey market trading yesterday, Nazhen Technology closed up 14.68%, corresponding to a market value of about HK$37.2 billion. At the opening of trading today, Nazhen Technology rose 11.04% to HK$36.6, with an opening market value of HK$35.976 billion.

Source: Baidu Stock Market Connect

In this IPO, the cornerstone investors of Nazhen Technology subscribed for a total of USD 340 million, accounting for 47% of the total issued shares. Among them, Chunhua Investment Fund, GBAHIL (Greater Bay Area Common Home Investment Co., Ltd.) each subscribed for USD 30 million; China Orient Asset Management, Huafeng International etc. each subscribed for USD 15 million; GF Fund, E Fund Management subscribed for USD 14.5 million respectively; Mirae Asset Securities (Hong Kong), CITIC Securities Construction Investment OTC Swap, Qianhai International Fund Management Co., Ltd., Gao Teng International Asset Management Co., Ltd., GigaDevice, Amlogic Hong Kong, Mingshan Capital etc. each subscribed for USD 10 million; Baring subscribed for USD 5 million.

The IPO process shows that Nazhen Technology submitted its prospectus to the Hong Kong Stock Exchange in August 2025 and March 2026 respectively; on August 4, 2026, Nazhen Technology completed the filing with the Securities and Futures Commission of Hong Kong, planning to issue no more than about 311 million ordinary shares for overseas listing and list on The Stock Exchange of Hong Kong Limited; on August 30, the company passed the listing hearing of the Hong Kong Stock Exchange.

It is worth noting that Nazhen Technology is controlled by Hisense Group. Founded in 1969, Hisense Group already has five listed companies: Hisense Visual Technology, Hisense Home Appliances, Sanei Holdings, Qianzhao Optoelectronics, and Kelin Electric. In other words, with the successful listing of Nazhen Technology, Hisense Group has ushered in its 6th IPO.

The history of Nazhen Technology can be traced back to the establishment of two main operating subsidiaries, LigentTech and Qingdao Broadband, in the 2000s. In September 2025, Hisense Broadband Multimedia Technologies (BVI) Co., Ltd. was officially renamed "Nazhen Technology", which serves as a key capital operation step for Hisense Group's spin-off and listing.

Led by its 68-year-old founder Dr. Huang Weiping, Nazhen Technology has entered the global optical communication and optical connection market and completed a number of major acquisitions.

Among them, in 2011, Nazhen Technology acquired the data communication business of Dongguan Xinke Technology Research and Development Co., Ltd., thus expanding into the data communication market; in 2012, the company completed the acquisition of LigentCom, an American active optical component manufacturer, and obtained Fabry-Pérot and distributed feedback laser technologies, thus expanding its business to the optical chip market; in 2013, Nazhen Technology acquired the assets of Multiplex, Inc., an American optoelectronic component developer and manufacturer, and obtained electro-absorption modulated laser and tunable laser technologies, so as to improve the performance of optical chips.

Since its establishment, Nazhen Technology has gone through multiple rounds of financing, attracting external capital such as Chunhua Capital, Archcom LLC, and Xiamen State-owned Assets Supervision and Administration Commission, with a total financing amount of about RMB 1.045 billion. The company completed its latest round of financing in July 2025, with an exclusive investment of RMB 330 million from the Xiamen State-owned Assets Supervision and Administration Commission.

After the IPO, Hisense Group directly holds 36.66% of the shares of Nazhen Technology, holds 3.44% of the shares through Century Jinlong, and holds 19.16% of the shares through TransLight (31.88% of which is held by Dr. Huang Weiping); Chunhua Capital holds 13.59% of the shares through Global Optical, making it the largest external shareholder; Archcom LLC holds 3.72%; Bolande holds 2.71%; Xiamen State-owned Assets Supervision and Administration Commission holds 2.53%; AI Talents holds 0.68%, and other public shareholders hold 17.5%.

As a global supplier of optical communication and optical connection products, Nazhen Technology is committed to the R&D, manufacturing and sales of optical modules, optical chips and optical network terminals, and is one of the few enterprises in the world that have both R&D and mass production capabilities for optical modules and optical chips. With the mass production and delivery capability of a wide range of high-quality products in the fields of AI, cloud computing, FTTx, transmission networks and wireless applications, its core customer group covers major cloud service vendors, telecommunications and network equipment suppliers in China and overseas.

According to data from Frost & Sullivan, in terms of global optical module revenue in 2025, Nazhen Technology ranks fifth among all professional optical module manufacturers worldwide, with a market share of 4.0%; in terms of China's optical module revenue in 2025, the company ranks third among all professional optical module manufacturers worldwide, with a market share of 10.1%;

In terms of global data communication optical module revenue in 2025, Nazhen Technology ranks fifth among all professional optical module manufacturers worldwide, with a market share of 4.7%; in terms of global FTTx optical module revenue, the company ranks third among all professional optical module manufacturers worldwide, with a market share of 5.4%; in terms of China's optical network terminal box revenue, Nazhen Technology ranks second among all professional optical network terminal box manufacturers worldwide, with a market share of 5.4%.

Based on multiple prospectuses, in 2022-2025 and the first half of 2026, Nazhen Technology's revenue was about RMB 5.043 billion, RMB 4.239 billion, RMB 5.087 billion, RMB 8.355 billion, and RMB 5.393 billion respectively; the gross profit was about RMB 1.117 billion, RMB 874 million, RMB 883 million, RMB 1.672 billion, and RMB 1.306 billion respectively, with gross profit margins of 22.1%, 20.6%, 17.4%, 20.0%, and 24.2% respectively; the net profit was about RMB 429 million, RMB 216 million, RMB 89 million, RMB 873 million, and RMB 661 million respectively.

Source: Nazhen Technology Prospectus

As of the end of June 2026, the cash and cash equivalents held by Nazhen Technology were about RMB 1.584 billion.

In this IPO, Nazhen Technology plans to use the raised funds for continuous investment in R&D of new products and technologies; expand the production capacity of optical modules and optical chips, and improve the automation level of the entire product line; strengthen business promotion and overseas market expansion; make strategic investments and acquisitions in domestic and overseas markets, etc.

This article is from the WeChat Official Account "Direct to IPO", written by Wang Fei, and published by 36Kr with authorization.