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Leidi Network, Lei Jianping, March 16
Nations Technology Co., Ltd. (abbreviated as &#34;Nations Technology&#34;, stock code: &#34;02701&#34;) has recently opened its subscription and is preparing to list on the Hong Kong Stock Exchange on March 23, 2026.
Nations Technology's issue price is HKD 10.8, issuing 95 million H shares, with a total fundraising amount of HKD 1.026 billion.
The cornerstone investors of Nations Technology include Guohua Life Insurance, Harvest Oriental II, Ms. Dai Wanqin, An Jiangbo, and XWANDA Finance, collectively subscribing for HKD 140 million.
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Guohua Life Insurance subscribed for HKD 50 million, Harvest Oriental II subscribed for HKD 40 million, Ms. Dai Wanqin subscribed for HKD 30 million, and An Jiangbo and XWANDA Finance each subscribed for HKD 10 million.
Nations Technology is already listed on the A-share market. As of today's close, the stock price of Nations Technology is CNY 23.05, with a market capitalization of CNY 13.4 billion. Once listed on the A-share market, Nations Technology will form an &#34;A+H&#34; structure.
Annual revenue of 1.36 billion, net loss of 118 million
Founded in 2000, Nations Technology is a platform-based integrated circuit (IC) design company dedicated to providing control chips and system solutions for various smart terminals.
Nations Technology has achieved product applications in several key areas, including consumer electronics, industrial control and digital energy, smart home, automotive electronics, and medical electronics, building a diversified product matrix covering multiple scenarios.
The prospectus shows that Nations Technology's revenue for 2022, 2023, and 2024 is expected to be CNY 1.2 billion, CNY 1.037 billion, and CNY 1.168 billion, respectively; gross profit is expected to be CNY 426 million, CNY 18.01 million, and CNY 182 million, respectively; gross profit margins are expected to be 35.6%, 1.7%, and 15.6%, respectively; and losses during the period are expected to be CNY 18.93 million, CNY 594 million, and CNY 256 million, respectively.
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Nations Technology's revenue for the first 9 months of 2025 is CNY 958 million, compared to CNY 821 million in the same period last year; gross profit is CNY 183 million, compared to CNY 156 million in the same period last year;
The loss for the period was 75.75 million yuan, compared to a loss of 166 million yuan in the same period last year.
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Nations' adjusted net profits for 2022, 2023, and 2024 were 119 million, -591 million, and -192 million yuan, respectively; the adjusted net loss for the first 9 months of 2025 was 75.75 million yuan.
Nations' revenue for 2025 was 1.36 billion yuan, an increase of 16.4% compared to 1.168 billion yuan in the same period last year; the net loss was 118 million yuan, compared to a net loss of 256 million yuan in the same period last year.
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As of September 30, 2025, Nations held cash and cash equivalents of 188 million yuan.
Sun Yingtong holds less than 3%.
The executive directors of Nations are Sun Yingtong, Kan Yulun, and Ms. Ye Yantao; the non-executive director is Zhou Bin, and the independent non-executive directors are Chen Weiwu, Ms. Hao Dan, and Ms. Ji Xingdan.
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The degree of equity dispersion in Nations is surprising, with no shareholder holding more than 3%.
The largest shareholder is Sun Yingtong, who is the chairman, executive director, and general manager of Nations. Before the IPO, Sun Yingtong held only 2.65%.
As of September 30, 2025, China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF held 0.91%, Hong Kong Central Clearing Limited held 0.73%, Yan Wei held 0.59%, and China Merchants Bank Co., Ltd. - Huaxia CSI 1000 ETF held 0.54%;
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As of September 30, 2025, the equity structure of Nations
Yu Yunbo holds 0.48% of the shares, Industrial and Commercial Bank of China Limited - GF CSI 1000 Exchange-Traded Fund holds 0.42%, Fang Faqiu holds 0.37%, Huang Zhonglin holds 0.25%, and Li Xiaowei holds 0.24%.
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Nations Technology Co., Ltd. opened its initial public offering on March 16, planning to list on the Hong Kong Stock Exchange on March 23, 2026, with an issue price of HKD 10.8, issuing 95 million H shares, raising a total of HKD 1.026 billion. Cornerstone investors include Guohua Life Insurance, Harvest Oriental II, among others, with a total subscription amount of HKD 140 million. Nations Technology had a revenue of HKD 1.36 billion in 2022, with a net loss of HKD 120 million, and is expected to have a revenue of HKD 1.037 billion in 2023, with a loss of HKD 594 million

Nations Technology opens for IPO: annual loss of HKD 120 million, plans to raise HKD 1 billion, Xinwangda is the cornerstone investor