Two New IPOs Launch Hong Kong Listings Amid Strong Cornerstone Backing
SingTao · 1 SOURCESabout 3 hours ago2 MIN
Summary
Two new companies launched their Hong Kong IPO subscriptions on Monday, 14 September, marking another active day for the city's primary market. Nazhen Technology (stock code: 9856), an optical communication and connectivity product supplier, aims to raise HK$5.67 billion, while Sifang Jingchuang (stock code: 6700), a fintech services provider for the banking industry, seeks to raise up to HK$940 million. Both companies plan to list on 22 September .
Key Points
- Nazhen Technology is offering 172 million shares at HK$32.96 per share from 14 to 17 September, with one lot of 100 shares requiring HK$3,329.24 in minimum investment; the company ranked 5th globally and 3rd in China by optical module revenue in 2025 .
- The firm secured over 20 cornerstone investors committing a combined US$340 million, including Primavera Capital, GBAHIL, Oriental Asset Management, Harvest Fund, E Fund, and GigaDevice Semiconductor .
- Sifang Jingchuang priced its H-shares at a maximum of HK$16, representing a 40.5% discount to its Shenzhen A-shares (stock code: 300468), which closed at RMB 23.02 on 11 September .
- Sifang Jingchuang's two proprietary technology platforms, FINNOSafe and FINNOSmart, focus on tokenized asset compliance automation and enterprise generative AI with data sovereignty .
- Xinghuan Technology began subscriptions on 11 September and will close on 16 September, raising between HK$686 million and HK$855 million at HK$49 to HK$61 per share, with its A-shares (stock code: 688031) trading at a 47% premium to the proposed H-share range .
Why It Matters
The dual IPO launch demonstrates sustained institutional appetite for Hong Kong listings, with Nazhen Technology's 20-plus cornerstone investors signalling confidence in the optical module sector driven by global AI infrastructure demand . For Hong Kong's equity market, these listings reinforce the city's role as a gateway for mainland technology companies seeking international capital, with Sifang Jingchuang's significant A-H discount potentially setting a valuation benchmark for future fintech sector dual-listings .
The dual IPO launch demonstrates sustained institutional appetite for Hong Kong listings, with Nazhen Technology's 20-plus cornerstone investors signalling confidence in the optical module sector driven by global AI infrastructure demand . For Hong Kong's equity market, these listings reinforce the city's role as a gateway for mainland technology companies seeking international capital, with Sifang Jingchuang's significant A-H discount potentially setting a valuation benchmark for future fintech sector dual-listings .