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LeiDi Network, Lei Jianping, March 26
Huaqin Technology Co., Ltd. (referred to as &#34;Huaqin Technology&#34;) has recently updated its prospectus in preparation for listing on the Hong Kong Stock Exchange.
Huaqin Technology has obtained IPO filing and has secured the key to listing.
Huaqin Technology was listed on the main board of the Shanghai Stock Exchange in August 2023, with an issuance price of 80.8 yuan, issuing 72,425,241 shares, raising a total of 5.85 billion yuan.
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Huaqin Technology plans to distribute dividends of 869 million yuan and 912 million yuan for the years 2023 and 2024, respectively. Huaqin Technology will declare a total dividend of 1.216 billion yuan for the fiscal year ending December 31, 2025, in March 2026, with payment settled in June 2026.
As of today's close, Huaqin Technology's stock price in A-shares is 86.74 yuan, with a market capitalization of 88.1 billion yuan. Once listed on the Hong Kong stock market, Huaqin Technology will form an &#34;A+H&#34; share structure.
Annual revenue of 171.4 billion, net profit of 4.1 billion
Huaqin Technology was established in 2005 and is headquartered in Shanghai. It is a platform company specializing in the research and design, production, and operational services of smart hardware products, belonging to the smart hardware ODM industry.
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Huaqin Technology primarily serves domestic and international smart hardware brand manufacturers and internet companies, such as Samsung, OPPO, Xiaomi, vivo, Amazon, Lenovo, LG, Acer, ASUS, Sony, and others.
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Huaqin Technology's product line includes smartphones, laptops, tablets, smart wearables (including smartwatches, TWS earbuds, smart bands, etc.), AIoT products (including smart POS machines, automotive electronics, smart speakers, etc.), and servers, among other smart hardware products
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The prospectus shows that Huaqin Technology's revenue for 2023, 2024, and 2025 is expected to be 85.338 billion yuan, 109.9 billion yuan, and 171.4 billion yuan, respectively; gross profit is expected to be 9.337 billion yuan, 9.884 billion yuan, and 13.23 billion yuan, respectively; and net profit is expected to be 2.657 billion yuan, 2.916 billion yuan, and 4.132 billion yuan, respectively.
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In 2025, Huaqin Technology's revenue from mobile terminals is expected to be 80.2 billion yuan, accounting for 46.8% of total revenue; revenue from computing and data center business is expected to be 75.475 billion yuan, accounting for 44%; revenue from AIoT is expected to be 7.885 billion yuan, accounting for 4.6%; and revenue from innovative business is expected to be 3.484 billion yuan, accounting for 2%.
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As of December 31, 2025, Huaqin Technology is expected to hold cash and cash equivalents of 10.27 billion yuan.
Qiu Wensheng is the major shareholder.
The executive directors of Huaqin Technology are Qiu Wensheng, Cui Guopeng, Wu Zhenhai, Ms. Chen Xiaorong, Ms. Xi Pinghua, and Deng Zhiguo; the independent non-executive directors are Hu Saixiong, Huang Zhiguo, and Dr. Yu Fang.
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Before the IPO, Qiu Wensheng was the direct beneficial owner of 48,746,040 shares of the company, controlled 321,300,000 shares through Shanghai Aoqin, and indirectly controlled 56,700,000 shares through Shanghai Haixian. Both Shanghai Aoqin and Shanghai Haixian are ultimately controlled by Qiu Wensheng.
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Qiu Wensheng's brother Qiu Wenhui is the direct beneficial owner of 18,060 shares in the company and controls 13,750,943 shares through Fujian Yuexiang, which is 90% owned by Qiu Wenhui.
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Qiu Wensheng, Shanghai Aoqin, Shanghai Haixian, Qiu Wenhui, and Fujian Yuexiang together can exercise voting rights attached to 440,515,043 shares, accounting for approximately 43.37% of the company's issued shares, forming the controlling shareholder group of Huaqin Technology.
As of September 30, 2025, Shanghai Aoqin Information Technology Co., Ltd. holds 31.63%, Shanghai Haixian Information Technology Co., Ltd. holds 5.58%, Hainan Qinyuan Venture Capital Partnership (Limited Partnership) holds 4.93%, Qiu Wensheng holds 4.8%, and Hainan Chuangjian Venture Capital Partnership (Limited Partnership) holds 4.74%;
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As of September 30, 2025, the equity structure of Huaqin Technology
Hainan Ruosheng Venture Capital Partnership (Limited Partnership) holds 4.61%, Hainan Huaxiao Venture Capital Partnership (Limited Partnership) holds 4.54%, Hainan Mozhi Investment Partnership (Limited Partnership) holds 4.2%, Hong Kong Central Clearing Limited holds 3.35%, and Cui Guopeng holds 2.24%.
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Huaqin Technology Co., Ltd. has obtained IPO registration and is preparing to list on the Hong Kong Stock Exchange. In 2023, revenue was 171.4 billion, net profit was 4.1 billion, and dividends were 1.2 billion. The company was established in 2005 and focuses on the research and development and manufacturing of smart hardware, primarily serving well-known domestic and international brands. Revenue for 2023 and 2024 is projected to be 85.338 billion and 109.9 billion, with gross profit of 9.337 billion and 9.884 billion, respectively. It is expected that by 2025, the revenue from mobile terminals will account for 46.8%

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Huaqin Technology rushes to the Hong Kong stock market: annual revenue of 171.4 billion, net profit of 4.1 billion, dividend of 1.2 billion, and has obtained IPO filing