A-share technology stock IPOs have continued to heat up during the year. How should we view the latest addition to the ChiNext today?

On September 29, Hongfucheng's successful listing on the ChiNext board reflects the continued heating up of the entire technology IPO market. It also brings the number of technology companies listed in Shanghai and Shenzhen this year to 27. Overall, the 27 technology companies raised a total of approximately RMB 122.232 billion, with CXMT Corporation alone raising RMB 66.6 billion in a single deal. The technology sector has become the undisputed protagonist of the IPO market this year. By board, the STAR Market and ChiNext are evenly matched, with 11 companies listed on each, but the scale of fundraising differs sharply. While A-share technology listings are booming, the Hong Kong stock market has also become an important financing venue for technology companies. A Cailian Press reporter, using the Hong Kong information technology industry classification, found that 49 technology companies have listed in Hong Kong so far this year, accounting for 43% of all 114 new shares during the year; they raised a total of approximately HKD 207.94 billion, accounting for as much as 54% of the total fundraising in the Hong Kong IPO market. In other words, for every two Hong Kong dollars raised in the Hong Kong market, one Hong Kong dollar flows to technology companies. At the same time, a wave of technology companies have chosen to list in Hong Kong. As the world's largest automotive electronics PCB supplier, Shenzhen Kinwong Electronic today achieved an A+H listing in Hong Kong, and this deal was also the "debut" of Guolian Securities International's Hong Kong stock underwriting and sponsorship. Hongfucheng opened up 681%, the second-highest issue price among ChiNext stocks this year As the ChiNext IPO with the second-highest issue price this year, Hongfucheng's IPO was jointly sponsored by lead underwriter Huayuan Securities and joint underwriter Dongguan Securities. This was also the first IPO project completed this year by the emerging investment bank Huayuan Securities. Hongfucheng publicly issued 18.7306 million shares at an issue price of RMB 76.86, raising RMB 1.440 billion in new share proceeds. Founded in 2003 and located in Shenzhen, Guangdong Province, Hongfucheng is a national-level key "little giant" enterprise specializing in niche sectors. It is deeply engaged in strategic emerging industry tracks such as computing infrastructure and intelligent connected vehicles, focusing on the R&D and industrialization of thermal management, electromagnetic shielding, and wave-absorbing functional materials. It is also one of the very few manufacturers in the global market capable of achieving mass production and delivery of graphene thermal pads and applying them with leading enterprises. At present, Hongfucheng's products have been deeply integrated into the global computing power and automotive electronics supply chain systems, serving a number of leading domestic and overseas industry players. Its business covers diversified scenarios including data centers (AI high-power chips, optical modules), smart vehicles, 5G communications, and consumer electronics, building a solid fulcrum for domestic high-end electronic new materials enterprises to participate in global industrial competition. In terms of progress, the company was accepted by ChiNext on December 26 last year, passed the listing committee meeting half a year later, and submitted for registration on July 7 this year. From acceptance to listing took about 9 months. This public offering also introduced 6 external strategic investors, including Hangzhou Alibaba Cloud Feitian, TongFu Microelectronics, Eoptolink Technology Inc.,, Suzhou Dongshan Industrial Investment, Shenzhen High-Tech Investment, and Shenzhen Capital Group, demonstrating the value industrial capital places on its positioning in the computing power track. As lead underwriter, Huayuan Securities has in recent years adhered to a differentiated development strategy of "focusing on segmented tracks + deeply cultivating regional markets," continuously accelerating talent team building and IPO project pipeline reserves. The landing of Hongfucheng marks a phased achievement in the company's investment banking business transformation. From operating data, driven by AI computing power-related demand, Hongfucheng's revenue from 2023 to 2025 was RMB 260 million, RMB 330 million, and RMB 707 million, respectively, and net profit attributable to the parent was RMB 35 million, RMB 71 million, and RMB 269 million, respectively, with net profit growing nearly 7 times over two years. Thermal management materials are the core revenue segment, and the products have entered domestic and overseas computing power and automotive electronics supply chains, participating in global industrial competition. 27 core technology companies listed on A-shares this year, raising over RMB 120 billion in total Behind Hongfucheng's listing is the continued heating up of the entire technology IPO market. According to Wind data, using the core technology industry information technology classification, a Cailian Press reporter found that 27 technology companies have completed listings in Shanghai and Shenzhen so far this year, raising a total of approximately RMB 122.232 billion, with an average of RMB 4.53 billion per deal. It is worth noting that behind the average fundraising of RMB 4.53 billion, the median is only RMB 1.68 billion - the average is 2.7 times the median, showing that funds are highly concentrated in top projects. Among them, CXMT Corporation stands out with a fundraising scale of RMB 66.607 billion, accounting for 54.5% of the industry's total fundraising; Hkc Corporation (RMB 8.493 billion), Suiyuan Technology (RMB 6.119 billion), SJ Semiconductor Corporation (RMB 5.028 billion), and Shenzhen JLC Technology Group (RMB 4.693 billion) follow closely behind. The top five projects together accounted for as much as 74.4% of fundraising, vividly illustrating the Matthew effect of "big blockbuster" projects. By board, the STAR Market and ChiNext are evenly matched, with 11 companies listed on each, but the scale of fundraising differs sharply. The 11 STAR Market companies raised a total of approximately RMB 90.489 billion, averaging RMB 8.23 billion each; the 11 ChiNext companies raised a total of approximately RMB 14.168 billion, averaging only RMB 1.29 billion each; and the 5 main board companies raised a total of approximately RMB 17.574 billion. The trend of hard technology companies clustering on the STAR Market and the division between "large and hard" and "small and beautiful" is significant. In terms of issue price, Pinzhun Laser topped the list at RMB 186.88 per share, followed by Suiyuan Technology (RMB 142.18 per share) and Shenzhen CSL Vacuum Science and Technology (RMB 92.18 per share). Hongfucheng's issue price of RMB 76.86 ranked fourth, but it was the most expensive new stock on ChiNext this year, fully demonstrating the market's recognition of its scarcity and growth potential. In terms of the number of completed deals by sponsor institutions, Guotai Haitong led with 6, followed by CITIC SEC and CICC with 5 each, and Huatai United with 3. Guolian Securities International's Hong Kong stock underwriting and sponsorship "debut" today While A-share technology listings are booming, technology stock listings in the Hong Kong market are equally hot. Today alone, 4 new stocks listed on HKEX: Shenzhen Kinwong Electronic, Robotechnik Intelligent Technology, Red Avenue New Materials Group, and Benmo Technology. Among them, A+H share Shenzhen Kinwong Electronic officially listed on the HKEX main board today. Its Hong Kong public offering was approximately 7.2944 million shares, oversubscribed 93.25 times; the international placing was approximately 65.6498 million shares, oversubscribed 9.57 times; and net proceeds raised were approximately HKD 4.961 billion. Shenzhen Kinwong Electronic's Guolian Securities International Capital Markets Limited, a licensed institution under Guolian Securities (Hong Kong) Limited, a subsidiary of Guolian Minsheng Securities, acted as joint sponsor, and Guolian Securities International Financial Limited acted as overall coordinator (together, "Guolian Securities International"), while also serving as joint global coordinator, joint bookrunner, and joint lead manager. This is also Guolian Securities International's first breakthrough in achieving a Hong Kong main board IPO sponsorship business and overall coordinator role. Shenzhen Kinwong Electronic also demonstrates the role of investment banks in accompanying enterprise growth, and is an implementation of Guolian Securities International's close adherence to the company's "industrial investment banking, technology investment banking, wealth investment banking" approach. The business cooperation between Guolian Minsheng Securities and Shenzhen Kinwong Electronic began in 2010, and it has successively served as its sponsor for its 2017 A-share main board IPO and three A-share refinancing transactions. Shenzhen Kinwong Electronic's successful "A+H" dual listing is a breakthrough in Guolian Minsheng Securities' international investment banking business and a practice of Guolian Minsheng's "domestic and overseas integrated coordination" strategy. According to China Insights Consultancy data, based on 2025 revenue, Shenzhen Kinwong Electronic is the world's largest automotive electronics PCB supplier, with a market share of 10.6%. Shenzhen Kinwong Electronic's total global offering in Hong Kong this time was 72.9443 million H shares, and the net proceeds will be used to expand production capacity for high-value products such as AI, research and development of next-generation PCB technology, repayment of bank borrowings, working capital, and general corporate purposes. Shenzhen Kinwong Electronic's IPO introduced 14 cornerstone investors, who collectively subscribed USD 310 million (approximately HKD 2.431 billion). The lineup covers well-known domestic and overseas industrial capital, leading public funds, and foreign asset management leaders, with diverse types of cornerstone investors. This article is reprinted from "Cailian Press", GMTEight editor: Feng Qiuyi.