The IPOs of technology stocks on China's A-share market have continued to gain momentum this year. What's your take on this new listing added to the ChiNext board today?
On September 29, the successful listing of Hongfucheng on the ChiNext marks the continuous warming of the entire technology IPO market behind its listing. So far this year, the number of technology enterprises listed on the Shanghai and Shenzhen stock exchanges has reached 27.
Overall, the 27 technology enterprises raised a total of about 122.232 billion yuan, of which only Changxin Technology raised 66.6 billion yuan in a single offering. The technology sector has become the undisputed protagonist of the year's IPO market. By sector, the Sci-Tech Innovation Board and the ChiNext are equally matched, with 11 enterprises listed on each, but there are sharp differences in the scale of fundraising.
While the A-share technology listing is in full swing, the Hong Kong stock market has also become an important financing position for technology enterprises. According to statistics from a CLSA reporter based on the IT industry caliber of the Hong Kong stock market, 49 technology enterprises have landed on the Hong Kong stock market since the beginning of this year, accounting for 43% of the total 114 new shares issued during the year; the total raised funds are about 207.94 billion Hong Kong dollars, accounting for as high as 54% of the total fundraising amount of the Hong Kong stock IPO market. In other words, for every two Hong Kong dollars raised in the Hong Kong stock market, one Hong Kong dollar flows to technology enterprises.
At the same time, a number of technology enterprises have chosen to list on the Hong Kong stock market. As the world's largest automotive electronic PCB supplier, Kingboard Electronics completed its A+H listing on the Hong Kong stock market today, and this offering is also the "debut" of Guolian Securities International's Hong Kong stock underwriting and sponsorship business.
Hongfucheng surges 681% at opening, making it the ChiNext stock with the second highest issue price this year
As the ChiNext new share with the second highest issue price this year, Hongfucheng's IPO is jointly sponsored by the lead underwriter Huayuan Securities and the joint underwriter Dongguan Securities, which is also the first IPO project implemented by Huayuan Securities, a new investment bank player, this year. Hongfucheng publicly issued 18.7306 million shares this time at an issue price of 76.86 yuan, raising 1.44 billion yuan for the new shares.
Founded in 2003 and headquartered in Shenzhen, Guangdong Province, Hongfucheng is a national-level specialized, refined and innovative key "little giant" enterprise. It is deeply engaged in strategic emerging industry tracks such as computing power infrastructure and intelligent connected vehicles, focusing on the R&D and industrialization of thermal management, electromagnetic shielding and wave-absorbing functional materials. It is also one of the very few manufacturers in the global market that can realize mass production and delivery of graphene thermal conductive gaskets and supply them to leading enterprises.
At present, Hongfucheng's products have been deeply integrated into the global computing power and automotive electronics supply chain system, serving a number of leading enterprises in the industry at home and abroad, with business covering multiple scenarios such as data centers (AI high-power chips, optical modules), intelligent vehicles, 5G communications and consumer electronics, which builds a solid fulcrum for domestic high-end electronic new material enterprises to participate in global industrial competition.
In terms of the progress, the company obtained the acceptance of the ChiNext listing application on December 26 last year, passed the listing committee meeting half a year later, and submitted for registration on July 7 this year. It took about 9 months from acceptance to listing. This public offering also introduced 6 external strategic investors including Hangzhou Alibaba Cloud Feitian, Tongfu Microelectronics, Eoptolink, Suzhou Dongshan Industrial Investment, Shenzhen Hi-Tech Investment, and Shenzhen Venture Capital, which shows the value of industrial capital's layout in its computing power track.
As the lead underwriter, Huayuan Securities has adhered to the differentiated development strategy of "focusing on segmented tracks and deeply cultivating regional markets" in recent years, continuously accelerated the construction of talent teams and the reserve of IPO project echelons. The successful listing of Hongfucheng marks the phased achievement of the company's investment banking business transformation.
In terms of operating data, driven by the demand related to AI computing power, Hongfucheng's operating revenue from 2023 to 2025 was 260 million yuan, 330 million yuan and 707 million yuan respectively, and the net profit attributable to shareholders was 35 million yuan, 71 million yuan and 269 million yuan respectively, with the net profit increasing by nearly 7 times in two years. Thermal management materials are the core revenue segment, and its products have entered the global computing power and automotive electronics supply chains at home and abroad, participating in global industrial competition.
27 core technology enterprises listed on A-share market this year, raising over 120 billion yuan in total
Behind the listing of Hongfucheng is the continuous warming of the entire technology IPO market.
According to Wind data and statistics based on the information technology caliber of the core technology industry, a CLSA reporter found that 27 technology enterprises have completed their listing on the Shanghai and Shenzhen stock exchanges since the beginning of this year, raising a total of about 122.232 billion yuan, with an average fundraising of 4.53 billion yuan per offering.
It is worth noting that behind the average fundraising of 4.53 billion yuan, the median is only 1.68 billion yuan — the average is 2.7 times the median, and funds are highly concentrated in head projects. Among them, Changxin Technology takes the lead with a fundraising scale of 66.607 billion yuan, accounting for 54.5% of the total fundraising amount of the industry; HKC Corporation (8.493 billion yuan), Enflame Technology (6.119 billion yuan), JCET (5.028 billion yuan), and Jialichuang (4.693 billion yuan) follow closely, and the total fundraising of the top five projects accounts for as high as 74.4%. The Matthew effect of "large-scale" projects is obvious.
By sector, the Sci-Tech Innovation Board and the ChiNext are equally matched, with 11 enterprises listed on each, but the scale of fundraising is significantly different. The 11 enterprises on the Sci-Tech Innovation Board raised a total of about 90.489 billion yuan, with an average of 8.23 billion yuan per enterprise; the 11 enterprises on the ChiNext raised a total of about 14.168 billion yuan, with an average of only 1.29 billion yuan per enterprise; the 5 enterprises on the Main Board raised a total of about 17.574 billion yuan. The trend of hard technology enterprises gathering on the Sci-Tech Innovation Board, and the clear division between "large and hard" enterprises and "small and beautiful" enterprises is prominent.
In terms of issue price, Pinzhun Laser ranks first with an issue price of 186.88 yuan per share, followed by Enflame Technology (142.18 yuan per share) and Henechang (92.18 yuan per share). Hongfucheng ranks fourth with an issue price of 76.86 yuan, but it is the most expensive new share on the ChiNext this year, which fully reflects the market's recognition of its scarcity and growth potential.
In terms of the number of completed projects by sponsor institutions, Guotai Haitong leads with 6 projects, followed by CITIC Securities and China International Capital Corporation with 5 projects each, and Huatai United with 3 projects.
Guolian Securities International's Hong Kong stock underwriting and sponsorship business makes its "debut" today
While the A-share technology listing is in full swing, the listing of technology stocks on the Hong Kong stock market is also heating up. Only today, 4 new shares including Kingboard Electronics, Robote Control, Tongcheng New Materials, and Benmo Technology have been listed on the Hong Kong Stock Exchange.
Among them, A+H share Kingboard Electronics was officially listed on the main board of the Hong Kong Stock Exchange today. The Hong Kong public offering is about 7.2944 million shares, with an over-subscription multiple of 93.25 times; the international placement is about 65.6498 million shares, with an over-subscription multiple of 9.57 times; the net raised funds are about 4.961 billion Hong Kong dollars.
Kingboard Electronics appointed Guolian Securities International Capital Limited, a licensed institution under Guolian Securities (Hong Kong) Co., Ltd., a subsidiary of Guolian Minsheng Securities, as the joint sponsor, and Guolian Securities International Financial Limited as the overall coordinator (collectively referred to as "Guolian Securities International"), and also served as the joint global coordinator, joint bookrunner and joint lead manager. This is the first breakthrough of Guolian Securities International in realizing the Hong Kong main board IPO sponsorship business and the role of overall coordinator.
Kingboard Electronics also reflects the accompanying role of investment banks in the growth of enterprises, which is a practice of Guolian Securities International closely following the company's positioning of "industrial investment banking, technology investment banking, and wealth investment banking".
The business cooperation between Guolian Minsheng Securities and Kingboard Electronics began in 2010, and it has successively served as the sponsor of its 2017 A-share main board IPO and three A-share refinancing projects. The successful A+H listing of Kingboard Electronics on both markets is a breakthrough in the international investment banking business of Guolian Minsheng Securities, and also a practice of Guolian Minsheng's "domestic and overseas integrated collaboration" strategy.
According to data from CIC, Kingboard Electronics is the world's largest automotive electronic PCB supplier with a market share of 10.6% in terms of revenue in 2025. The total number of H shares issued globally by Kingboard Electronics on the Hong Kong stock market is 72.9443 million shares, and the net raised funds will be used to expand the production capacity of high-value products such as AI, carry out R&D of next-generation PCB technology, repay bank loans, supplement working capital and for general corporate purposes.
Kingboard Electronics' IPO prospectus has introduced 14 cornerstone investors, with a total subscription of 310 million US dollars (about 2.431 billion Hong Kong dollars). The lineup covers well-known domestic and foreign industrial capital, leading public funds and foreign capital asset management leaders, with diverse types of cornerstone investors.
This article is from the WeChat official account "ChiNext Observer", authors: Zhao Xinrui, Li Yicheng, authorized to be released by 36Kr.