Huaqin Technology Co Ltd: IPO Announcement and Market Performance

Company Overview

Huaqin Technology Co Ltd (Stock Code: 603296) is a Shanghai‑listed company focused on the research, development, design, manufacturing, and operation of intelligent hardware. Its product portfolio includes smartphones, laptops, tablets, smart wearables (smart watches, true‑wireless stereo earphones, smart bracelets), artificial intelligence (AI) and Internet of Things (IoT) devices, and servers. The company serves both domestic and international markets, with exports to South Korea, the United States, Japan, India, and Brazil. As of September 23 2025, the share price closed at 100.94 CNH, with a 52‑week high of 105.98 CNH and a 52‑week low of 48.69 CNH. The market capitalization stands at 97.47 billion CNH and the price‑earnings ratio is 28.32.

IPO Application in Hong Kong

On September 25 2025, Huaqin Technology submitted an application to the Hong Kong Exchanges and Clearing Limited (HKEX) for the issuance of H‑shares and a listing on the main board. The announcement was released through a formal corporate notice. The company plans to use the proceeds from the Hong Kong IPO to strengthen its global operations and advanced manufacturing capabilities, marking the start of a new chapter in international expansion. This move follows the company’s 20th‑anniversary celebrations and its evolution from a start‑up to an industry leader with annual revenue exceeding one hundred thousand million yuan.

Market Impact of the IPO Announcement

The announcement coincided with a strong day in the Chinese equity market. The Shanghai Composite Index recorded a modest increase of 0.16 %, while the Shenzhen Component Index rose 1.14 %. The ChiNext Index, which tracks high‑growth companies, gained 2.22 %. A significant portion of the market rally was attributed to AI‑related stocks, with several firms, including Huaqin Technology, reaching or approaching the daily limit price. The company’s share price surged to a new all‑time high during the trading session, reflecting investor enthusiasm for its AI and IoT product lines.

Broader IPO Context

The Hong Kong market is experiencing an unprecedented level of IPO activity. As of September 25, 2025, 65 new stocks had been listed in Hong Kong for the year, raising approximately 156.03 billion HKD—an increase of 179.86 % year‑to‑date. Analysts from Deloitte China project that, by the end of the first three quarters of 2025, the Hong Kong Stock Exchange will be the global leader in IPO financing, raising 182.3 billion HKD. The total funding for the entire year is expected to reach between 250 billion HKD and 280 billion HKD, with over 80 new listings anticipated.

Strategic Significance

Huaqin Technology’s decision to pursue a dual‑listing (A+H) strategy aligns with its goal of expanding its global footprint. The company’s product portfolio—particularly in AIoT and smart wearables—positions it well to capitalize on the accelerating demand for connected devices. The additional capital from the Hong Kong IPO is expected to support the expansion of production capacity and the development of new technologies, thereby reinforcing its competitive position in both domestic and overseas markets.

Conclusion

The announcement of Huaqin Technology’s H‑share issuance and its subsequent market performance demonstrate a strong investor response and underscore the company’s strategic trajectory toward internationalization. Coupled with the broader surge in Hong Kong IPO activity, Huaqin Technology is poised to leverage its technological capabilities and market presence to drive future growth.