--- title: "LY iTECH will be listed tomorrow: dark market up 21%, company market value reaches 100 billion, Shenghong supports, Zeng Fangqin cashes out 500 million" type: "News" locale: "en" url: "https://longbridge.com/en/news/290847777.md" description: "LY iTECH will be listed on the Hong Kong Stock Exchange tomorrow, with an issue price of HKD 10.18. Today, the dark market surged by 21%, which calculates the market value to exceed HKD 100 billion. The company has cornerstone investors such as Winning Technology and Honor, collectively subscribing for USD 400 million. In addition, founder Zeng Fangqin plans to cash out HKD 500 million" datetime: "2026-06-25T14:12:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290847777.md) - [en](https://longbridge.com/en/news/290847777.md) - [zh-HK](https://longbridge.com/zh-HK/news/290847777.md) --- # LY iTECH will be listed tomorrow: dark market up 21%, company market value reaches 100 billion, Shenghong supports, Zeng Fangqin cashes out 500 million ![1.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/4c360068d30e1ead9345d559ea3bb014.jpeg?x-oss-process=style/lg) Leidi Network, Lei Jianping, June 25 Guangdong LY iTECH Co., Ltd. (abbreviated as "LY iTECH", stock code: "01688") will be listed on the Hong Kong Stock Exchange tomorrow. The issue price of LY iTECH is HKD 10.18, issuing 812 million shares, raising a total of HKD 8.266 billion. LY iTECH's dark market rose by 21% today; based on the dark market closing price, the company's market value is HKD 100.282 billion. Shenghong Technology and Honor's Support The cornerstone investors of LY iTECH include GF Fund Management, Kaide Global Investment, Qube Master Fund Ltd ("Qube"), Ti-Capital Funds, Value Partners, Hongxing International (wholly owned by Shenghong Technology (300476.SZ)), MSIP (with the ultimate parent company and holding entity being Morgan Stanley), Hong Kong Jinglin, 3W Fund, Deliante, Sunny Optical Capital (wholly owned by Sunny Optical Technology (02382.HK)), Honor, Jain Global, Seven Grand, Taikang Life, Da Cheng International, Everbright Wealth Management, GRANITE ASIA, Verition, with a total subscription of USD 400 million (approximately HKD 3.189 billion). ![2.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/6c6b3375fbc5fe6563bc21de3daddb5f.jpeg?x-oss-process=style/lg) Among them, GF Fund Management subscribed USD 32 million, GF Fund Hong Kong subscribed USD 10 million; Kaide Global Investment subscribed USD 32 million, Qube and Ti-Capital Funds subscribed USD 30 million each, Value Partners Hong Kong Limited subscribed USD 24.5 million, Value Partners subscribed USD 5.5 million; Hongxing International subscribed USD 30 million, MSIP subscribed USD 29.9 million, Hong Kong Jinglin subscribed USD 23 million, 3W Fund, Deliante, and Sunny Optical Capital subscribed USD 20 million each, Honor, Jain Global, Seven Grand, and Taikang Life subscribed USD 15 million each, Da Cheng International, Everbright Wealth Management, GRANITE ASIA, and Verition subscribed USD 10 million each. Zeng Fangqin cashed out 500 million In the "2025 Hurun Women Entrepreneurs List," the actual controller of LY iTECH, Zeng Fangqin, ranked 6th with a net worth of 69.5 billion yuan, becoming a new face in the top ten of the year ![3.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/5a11c5b07a659fcb5fe7475104b598fa.jpeg?x-oss-process=style/lg) Zeng Fangqin reduced his holdings by 36 million shares on February 9, 2026, at an average price of 14.13 yuan, reducing his equity stake by 0.49%, cashing out a total of 500 million yuan. The reason for the reduction is Zeng Fangqin's personal funding needs. First quarter revenue of 12.6 billion, net profit down 31% The prospectus shows that LY iTECH's revenue for 2023, 2024, and 2025 is expected to be 34.154 billion, 44.26 billion, and 51.429 billion respectively; gross profit is expected to be 6.394 billion, 6.393 billion, and 7.818 billion respectively; gross profit margin is expected to be 18.7%, 14.4%, and 15.2% respectively. ![4.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/04ca7acc56521ef3a7e269acfa59750e.jpeg?x-oss-process=style/lg) LY iTECH's operating profit for 2023, 2024, and 2025 is expected to be 2.742 billion, 2.5 billion, and 3.053 billion respectively; operating profit margin is expected to be 8%, 5.7%, and 5.9% respectively; net profit for the period is expected to be 2.014 billion, 1.761 billion, and 2.327 billion respectively; net profit margin for the period is expected to be 5.9%, 4%, and 4.5% respectively. ![5.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/c28945b2ca504ce0c73bf7f9a84047dd.jpeg?x-oss-process=style/lg) LY iTECH's adjusted net profit for 2023, 2024, and 2025 is expected to be 2.076 billion, 1.862 billion, and 2.645 billion respectively; adjusted net profit margin is expected to be 6.1%, 4.2%, and 5.1% respectively. ![6.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/53842d948ca75d9944550e83f85cc4b5.jpeg?x-oss-process=style/lg) LY iTECH's revenue for the first quarter of 2026 was 12.64 billion, an increase of 10% compared to 11.494 billion in the same period last year; net profit was 392 million, a decrease of 30.7% compared to 565 million in the same period last year; net profit after deducting non-recurring items was 239 million, a decrease of 33% compared to 358 million in the same period last year. Zeng Fangqin controls 58% of the equity As of March 31, 2026, Lingsheng Investment (Jiangsu) Co., Ltd. holds 56.64%, Hong Kong Central Clearing Limited holds 2.19%, Zeng Fangqin holds 1.49%, and Zhang Qiang holds 0.44%. ![7.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/e2753dce8dcd2af1bcb6a77e19caff8a.jpeg?x-oss-process=style/lg) As of March 31, 2026, the equity structure of LY iTECH China Construction Bank Corporation - E Fund CSI 300 Exchange-Traded Fund holds 0.41%, and Industrial and Commercial Bank of China Limited - Huatai-PB CSI 300 Exchange-Traded Fund holds 0.4%; ![8.jpeg](https://pub.pbkrs.com/post/2026/lb_crawler_news_hk/1baf29624c2b226db3dc1144b683e6e9.jpeg?x-oss-process=style/lg) Ms. Zeng Fangqin is the actual controller of Lingsheng Investment (Jiangsu) Co., Ltd., and Lingsheng Investment has a concerted action relationship with Ms. Zeng Fangqin. Ms. Zeng Fangqin controls a total of 58.22% of the shares. As of today's close, the A-share price of LY iTECH is 17.88 yuan, with a market value of 130.7 billion yuan. —————————————— ### Related Stocks - [002600.CN](https://longbridge.com/en/quote/002600.CN.md) ## Related News & Research - [Here's what a $50,000 investment in SpaceX stock could look like in 10 years, according to billionaire investor Ron Baron](https://longbridge.com/en/news/291037091.md) - [Direxion Daily LMT Bull 2X ETF declares quarterly distribution of $0.2282](https://longbridge.com/en/news/290596968.md) - [CATL Speeds up Global Expansion of Battery Swapping Business With Hong Kong Launch](https://longbridge.com/en/news/290826732.md) - [Sunny Optical unit OmniLight invests RMB 500 million in Goertek Optical, raising stake to 33.27%](https://longbridge.com/en/news/290803971.md) - [Is It Worth Considering Samse SA (EPA:SAMS) For Its Upcoming Dividend?](https://longbridge.com/en/news/290788651.md)