--- title: "[HK IPO Subscription] Huaqin Technology Subscription Strategy" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/39934525.md" description: "This afternoon, the grey market price for $SIGENERGY(06656.HK) was very exciting. Second Dog Bro said he was very satisfied and thrilled. The price surged over 100% to as high as 649 HKD, netting a profit of 30k HKD per lot. It's been a long time since something this exciting happened.... 1. Basic Information $HUAQIN(03296.HK), founded in 2005 and headquartered in Shanghai, is a globally leading ODM platform enterprise for smart devices. It was listed on the Shanghai Stock Exchange in August 2023. The company focuses on three core businesses: smartphones, laptops, and data center servers..." datetime: "2026-04-15T14:23:12.000Z" locales: - [en](https://longbridge.com/en/topics/39934525.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39934525.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39934525.md) author: "[王二狗子](https://longbridge.com/en/profiles/1050883.md)" --- # [HK IPO Subscription] Huaqin Technology Subscription Strategy This afternoon, the grey market trading for $SIGENERGY(06656.HK) was very exciting. Brother Er Gou said he was very satisfied. It surged over 100% to as high as HKD 649, netting HKD 30k per lot. It's been a long time since it was this exciting..... ## **I. Basic Information** $HUAQIN(03296.HK), founded in 2005 and headquartered in Shanghai, is a globally leading intelligent product ODM platform company. It was listed on the Shanghai Stock Exchange in August 2023. The company focuses on three core businesses: smartphones, laptops, and data center servers, while expanding into diverse categories such as tablets, wearables, AIoT, and venturing into three emerging sectors: automotive electronics, robotics, and software. The company is a globally leading intelligent product platform enterprise. It has continuously grown and expanded through technological iterations and transformations in mobile communications, the internet, cloud computing, and artificial intelligence, providing end-to-end, full-value-chain intelligent product services for global tech companies. It has established a solid leading position in its main product areas and achieved global number one status in multiple categories..... ## **II. IPO Information** Company Name & Code: Huaqin Technology (03296.HK) Offer Price: 77.7KD Minimum Subscription Fee: HKD 7,848.36 (1 lot of 100 shares) Subscription Period: April 15 to April 20, closing next Monday Allotment Announcement: April 22 Listing Date: April 23 Shares Offered: 58.5482 million shares, representing 5.45% of total share capital **Allocation Mechanism: Mechanism B** Market Cap: HKD 83.472 billion **Greenshoe: Yes...** Cornerstone Investors: 18 cornerstone investors subscribed for 49.96% in total, a decent lineup. **Sponsors: CICC, BofA Securities** ## **III. Fundamentals** 2023: Revenue RMB 85.338 billion, Net profit attributable to parent RMB 2.707 billion. 2024: Revenue RMB 109.878 billion (+28.76%), Net profit attributable to parent RMB 2.926 billion (+8.1%). 2025: Revenue RMB 171.437 billion (+56.0%), Net profit attributable to parent RMB 4.054 billion (+38.6%). The company's performance has shown high growth for three consecutive years, with revenue exceeding RMB 170 billion in 2025 and growth rate significantly accelerating, mainly benefiting from the explosive growth of AI servers, laptops, smartphones, and other businesses. Diversified layout and global production capacity support both scale and profit growth..... ## **IV. Subscription Strategy** 1\. The company has solid fundamentals, considered a high-quality large-cap stock in A-shares... For A+H shares, the main focus is on the discount. Currently, the A-share price is RMB 98.88, while the Hong Kong IPO price is HKD 77.7, representing a 31% discount compared to A-shares. However, compared to the ongoing IPO of Dashengzi, the sincerity is clearly lacking..... 2\. Good concepts: AI servers, smart hardware... 3\. The company is issuing under Mechanism B, with a total of 58k lots in Group A and B combined, which is not a small amount of shares. 4\. There is a greenshoe and cornerstone investors, with a subscription of 49.96%, a decent lineup... 5\. A+H shares are mainly about arbitrage. Brother Er Gou plans to use some margin financing, but of course, we still need to observe the performance of Huaqin Technology's A-shares in the next two days and adjust accordingly..... **Subscription Score: 7 points** **(**9-10 points: All in with margin financing; 7-8 points: Can use some margin financing; 6 points: Sneak in a small speculative position; 5 points: Forget it, don't bother) _**Of course, this is just Brother Er Gou's own trading strategy and does not constitute any investment advice.....**_ _**Follow Brother Er Gou for a smooth journey in Hong Kong IPO subscriptions ~~~**_ $VGT(02476.HK) $SIGENERGY(06656.HK)  _**Disclaimer:**_ _1\. This article represents only one person's opinion and should not be taken as any investment opinion or advice. The securities market is ever-changing and unpredictable, with constant fluctuations. Caution is still required in handling this._ _2\. When making any investment decisions or conducting any investment transactions, you must act within your means, handle matters calmly based on your own financial situation, or consult relevant professional investment institutions._ _3\. If you find this article somewhat interesting, likes, comments, and shares are welcome. The author would be most grateful._ ### Related Stocks - [603296.CN](https://longbridge.com/en/quote/603296.CN.md) - [03296.HK](https://longbridge.com/en/quote/03296.HK.md) - [06656.HK](https://longbridge.com/en/quote/06656.HK.md) - [02476.HK](https://longbridge.com/en/quote/02476.HK.md) - [300476.CN](https://longbridge.com/en/quote/300476.CN.md)