HONG KONG, April 15, 2026 /PRNewswire/ — Huaqin Technology (603296.SH) has formally kicked off the global offering of its H shares on the Hong Kong Exchange, with trading expected to commence on April 23, positioning the company as an “A+H”-listed intelligent product platform.
The offering is sized at approximately US$580 million. Cornerstone investors have collectively subscribed to around US$290 million, accounting for 50% of the shares on offer. Including anchor allocations covering a further 40%, institutional investors are set to hold roughly 90% of the deal.
The IPO has attracted a high-profile roster of 17 cornerstone investors, including JPMorgan Asset Management, UBS Asset Management, Gaoyi Asset Management, Orchid Asia, Taikang Life, 3W Fund, China Life Franklin Asset Management, Everbright Wealth Management, Ivy Capital and the Tsinghua Education Foundation, underscoring strong backing from long-term institutional capital. The offering also brings in strategic industry investors spanning the supply chain, such as JCET, Kingboard Holdings, OmniVision, Xiaomi, Shenghong Technology, Beijing Junzheng and Awinic.
Huaqin Technology reported robust financial performance in 2025, with revenue reaching RMB171.44 billion, up 56.0% year-on-year, while net profit attributable to shareholders rose 38.6% to RMB4.05 billion. The company has built a “3+N+3” intelligent product platform: its three core businesses—smartphones, laptops and servers—form a stable revenue base; an extended portfolio covers smart living, commercial digital productivity and full-stack data center infrastructure, including wearables, printers, AIoT devices and switches; and three innovation pillars—automotive electronics, robotics and software—are driving new growth trajectories.
The company is the only ODM globally to hold leading market positions across five major segments: smartphones, tablets, wearables, laptops and data infrastructure. In 2024, it ranked first worldwide in consumer electronics ODM shipments, with a 22.5% market share.
Huaqin’s data center business generated over RMB40 billion in revenue in 2025, nearly doubling year-on-year, with AI servers contributing more than 70%. Switch revenues also saw multiple-fold growth, while hyperscale node projects are expected to enter mass production and delivery in the second half of 2026. Meanwhile, edge AI large models are expanding from the cloud to end devices such as smartphones, wearables and smart home systems, unlocking incremental demand across product categories.
The company has established deep and broad relationships with leading global technology brands. It partners with nine of the world’s top 10 smartphone brands—including Samsung, Xiaomi, OPPO and Sony—four of the top five tablet brands, four of the top five wearables brands—including Meta—and four of the top six PC vendors, such as Lenovo and ASUS. Its data infrastructure business serves all major domestic cloud service providers, including Alibaba, Tencent, ByteDance and Baidu, while its automotive electronics unit collaborates closely with SAIC, Wuling and several emerging EV manufacturers. Overseas revenue accounted for 53.8% in 2025.
Customer concentration has also improved, with the largest client contributing 14.9% of revenue in 2025, and the top five customers accounting for a combined 54.1%.
Recent A-to-H IPOs have typically seen cornerstone allocations of 30%–40%, but Huaqin’s 50% ratio—alongside a largest single cornerstone ticket of US$68 million—places it at the top end of recent deals. Combined with a 90% institutional ownership structure and participation from key industry players, the transaction reflects strong market confidence in the company’s platform resilience and growth prospects.
