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Leidi Network, Lei Jianping, April 15
Huaqin Technology Co., Ltd. (abbreviated as &#34;Huaqin Technology&#34;, stock code: &#34;03296&#34;) has recently opened its subscription and is preparing to list on the Hong Kong Stock Exchange on April 23, 2026.
Huaqin Technology's offering price is not more than HKD 77.7, issuing 58.5482 million H shares, with a maximum fundraising of HKD 4.549 billion (approximately USD 590 million).
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The cornerstone investors of Huaqin Technology include JPMAMAPL, UBS AM Singapore, Shanghai Gao Yi, and CICC FT (for Gao Yi's OTC swaps), Perseverance Asset Management, Cloud Map, Taikang Life, 3W Fund, New China Asset Management, Everbright Wealth Management, Ivy League, Aurora SF (for arrangements), Jiantao Investment, OmniVision HK, Green Better, Hongxing International, Hong Kong Junzheng, Aiwei Technology Co., Ltd., JinYi Capital (acting for and on behalf of Structured Credit SP Fund), with a total subscription of USD 290 million (approximately HKD 2.272 billion).
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Among them, JPMAMAPL subscribed for USD 68 million, UBS AM Singapore subscribed for USD 10 million, Shanghai Gao Yi and CICC FT (for Gao Yi's OTC swaps) subscribed for USD 12.2 million, Perseverance Asset Management subscribed for USD 7.8 million, Cloud Map and Taikang Life each subscribed for USD 20 million, 3W Fund subscribed for USD 15 million, and New China Asset Management, Everbright Wealth Management, and Ivy League each subscribed for USD 10 million;
Aurora SF (in terms of arrangement) and JianTao Investment each subscribed for USD 25 million, OmniVision HK subscribed for USD 15 million, and Green Better under Xiaomi, Hongxing International, Hong Kong Junzheng, and Aiwei Technology Co., Ltd. each subscribed for USD 10 million. JinYi Capital (acting for and on behalf of Structured Credit SP Fund) subscribed for USD 2 million.
Huaqin Technology was listed on the main board of the Shanghai Stock Exchange in August 2023, with an issue price of 80.8 yuan, issuing 72,425,241 shares, raising a total of 5.85 billion yuan.
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Huaqin Technology plans to distribute dividends of 869 million yuan and 912 million yuan in 2023 and 2024, respectively. Huaqin Technology will declare a dividend of 1.216 billion shares in March 2026, to be settled in June 2026.
As of now, Huaqin Technology's stock price is 98.85 yuan, with a market capitalization of 100.4 billion yuan. Once listed on the Hong Kong stock market, Huaqin Technology will form an &#34;A+H&#34; share structure.
Annual revenue of 171.4 billion, net profit of 4.1 billion.
Huaqin Technology was established in 2005 and is headquartered in Shanghai. It is a platform company specializing in the research and design, production, and operation services of smart hardware products, belonging to the smart hardware ODM industry.
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Huaqin Technology mainly serves domestic and foreign smart hardware brand manufacturers and internet companies, such as Samsung, OPPO, Xiaomi, vivo, Amazon, Lenovo, LG, Acer, ASUS, Sony, and others.
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Huaqin Technology's product line includes smartphones, laptops, tablets, smart wearables (including smartwatches, TWS earbuds, smart bands, etc.), AIoT products (including smart POS machines, automotive electronics, smart speakers, etc.), and servers, among other smart hardware products.
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The prospectus shows that Huaqin Technology's revenue for 2023, 2024, and 2025 is expected to be 85.338 billion yuan, 109.9 billion yuan, and 171.4 billion yuan, respectively; gross profit is expected to be 9.337 billion yuan, 9.884 billion yuan, and 13.23 billion yuan, respectively; and net profit is expected to be 2.657 billion yuan, 2.916 billion yuan, and 4.132 billion yuan, respectively.
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In 2025, Huaqin Technology's revenue from mobile terminals is expected to be 80.2 billion yuan, accounting for 46.8% of total revenue; revenue from computing and data center business is expected to be 75.475 billion yuan, accounting for 44%; revenue from AIoT is expected to be 7.885 billion yuan, accounting for 4.6%; and revenue from innovative business is expected to be 3.484 billion yuan, accounting for 2%.
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As of December 31, 2025, Huaqin Technology holds cash and cash equivalents of 10.27 billion yuan.
Qiu Wensheng is the major shareholder.
The executive directors of Huaqin Technology are Qiu Wensheng, Cui Guopeng, Wu Zhenhai, Ms. Chen Xiaorong, Ms. Xi Pinghua, and Deng Zhiguo; the independent non-executive directors are Hu Saixiong, Huang Zhiguo, and Dr. Yu Fang.
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Before the IPO, Qiu Wensheng was the direct beneficial owner of 48,746,040 shares of the company, controlled 321,300,000 shares through Shanghai Aoqin, and indirectly controlled 56,700,000 shares through Shanghai Haixian. Both Shanghai Aoqin and Shanghai Haixian are ultimately controlled by Qiu Wensheng.
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Qiu Wensheng's brother, Qiu Wenhui, is the direct beneficial owner of 18,060 shares of the company and controls 13,750,943 shares through Fujian Yuexiang, of which Qiu Wenhui owns 90%
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Qiu Wensheng, Shanghai Aoqin, Shanghai Haixian, Qiu Wenhui, and Fujian Yuexiang together can exercise voting rights attached to 440,515,043 shares, accounting for approximately 43.37% of the company's issued shares, forming the controlling shareholder group of Huaqin Technology.
As of September 30, 2025, Shanghai Aoqin Information Technology Co., Ltd. holds 31.63%, Shanghai Haixian Information Technology Co., Ltd. holds 5.58%, Hainan Qinyuan Venture Capital Partnership (Limited Partnership) holds 4.93%, Qiu Wensheng holds 4.8%, and Hainan Chuangjian Venture Capital Partnership (Limited Partnership) holds 4.74%;
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As of September 30, 2025, the equity structure of Huaqin Technology
Hainan Ruosheng Venture Capital Partnership (Limited Partnership) holds 4.61%, Hainan Huaxiao Venture Capital Partnership (Limited Partnership) holds 4.54%, Hainan Mozhi Investment Partnership (Limited Partnership) holds 4.2%, Hong Kong Central Clearing Limited holds 3.35%, and Cui Guopeng holds 2.24%.
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603296

Huaqin Technology Co., Ltd. (stock code: 03296) opened its subscription on April 15 and plans to list on the Hong Kong Stock Exchange on April 23, 2026, with an issue price not exceeding HKD 77.7, offering 58.5482 million H shares, aiming to raise a maximum of HKD 4.549 billion (approximately USD 590 million). Xiaomi is one of the cornerstone investors, and multiple institutions have collectively subscribed for USD 290 million (approximately HKD 2.7272 billion)

Huaqin Technology opens its IPO: plans to raise HKD 4.5 billion, with Xiaomi as a cornerstone investor, listing on April 23