Transwarp Technology (06727) listed on September 21 and included in Stock Connect on its first day of trading.

Transwarp Technology (06727) will be listed on the Main Board of the Hong Kong Stock Exchange on September 21, 2026, with an offer price of HK$49.00 per share. On September 18, the Shanghai Stock Exchange issued a notice on the adjustment of Southbound Stock Connect securities under the Shanghai-Hong Kong Stock Connect, and Transwarp Technology's H shares were included in the list of Southbound Stock Connect securities under Shanghai-Hong Kong Stock Connect, effective from September 21, allowing the shares to be included in Southbound Stock Connect on the first day of listing. Under the arrangements for adjusting Shanghai-Hong Kong Stock Connect securities, where an A-share company listed on the Shanghai Stock Exchange lists H shares on the Hong Kong Stock Exchange, its H shares are included in Southbound Stock Connect after the price stabilization period ends and 10 trading days have passed since the corresponding A-share listing. Transwarp Technology's A shares have been listed on the STAR Market since October 18, 2022. This offering did not include an over-allotment option (greenshoe), and there is no price stabilization period, so the date of inclusion in Stock Connect is the same as the listing date, September 21. For A+H companies, the inclusion of H shares in Southbound Stock Connect provides mainland investors with a channel to participate in H-share trading and is expected to introduce a broader investor base and enhance trading liquidity for the company. In the first half of 2026, driven by the accelerated implementation of AI, procurement demand from government and state-owned enterprise customers increased. The company's revenue from software products and technical services rose 25.46% year on year to RMB139 million, increasing its share of total revenue to 80.35%. Among this, revenue from software product licensing and supporting services was RMB85.7703 million, up 46.82% year on year, driving total company revenue up 13.83% to RMB174 million. Revenue from the government sector increased from RMB18.49 million in the same period last year to RMB50.09 million, making it a prominent marginal increment during the period. This change in revenue structure has strengthened the company's resilience against cyclical fluctuations. According to Frost & Sullivan, based on 2025 revenue, the company is China's fifth-largest AI infrastructure software provider, with a market share of 2.7%, and is also the largest independent service provider among them. In terms of domestic innovation and localization, the company's ArgoDB V6 passed the joint security and reliability evaluation by the China Information Technology Security Evaluation Center and the State Secrecy Science and Technology Evaluation Center in May 2026, receiving Distributed Level I, and can serve as an access and compliance reference for the selection of domestic databases by party and government bodies and key industries. Combined with privatized data foundations and AI platforms such as TDH, TDC, TDS, and Sophon, the company has a full-stack advantage among independent software vendors. In the first half of 2026, revenue from the government sector accounted for about 29%, which can be seen as early validation of the implementation of government data infrastructure and digital government demand. In July 2026, the company launched a cognitive database cloud service, running a complete relational database on GPUs. According to company disclosures, its benchmark performance reaches 20 times that of a dual-CPU solution. This product is driving the company's shift from a "one-time license sale" model to a cloud service model billed by usage and/or tokens, charging for scenarios such as AI data engineering, data analytics, and agent development. The product is currently available for trial, with invitation-based trials gradually commencing for customers in industries such as finance, manufacturing, transportation, retail, and biopharmaceuticals both domestically and overseas. The company is jointly promoting it with partners such as AWS and Nvidia, and has set its 2026 goal as establishing benchmark customers, with 2027 targeted as the stage for large-scale ramp-up. Overall, domestic innovation and localization correspond to the company's revenue base, while the GPU-native cognitive database corresponds to future flexible incremental growth. The two are the main pillars supporting Transwarp Technology's subsequent revenue scale expansion.