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Leidi Network, Lei Jianping, March 30
Huaqin Technology Co., Ltd. (referred to as &#34;Huaqin Technology&#34;) today passed the listing hearing and is preparing to list on the Hong Kong Stock Exchange.
Huaqin Technology was listed on the main board of the Shanghai Stock Exchange in August 2023, with an issue 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 year ending December 31, 2025, in March 2026, with payment due in June 2026.
As of today's close, Huaqin Technology's stock price in the A-share market 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 development, design, manufacturing, and operational services of smart hardware products, belonging to the smart hardware ODM industry.
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Huaqin Technology mainly serves domestic and foreign 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 holds 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. today passed the listing hearing and is preparing to list on the Hong Kong Stock Exchange. The company's revenue for 2023, 2024, and 2025 is projected to be 85.338 billion yuan, 109.9 billion yuan, and 171.4 billion yuan, respectively, with net profits of 2.657 billion yuan, 2.916 billion yuan, and 4.132 billion yuan, respectively. Huaqin Technology primarily serves smart hardware brand manufacturers, with products including smartphones, laptops, and more. The company's market capitalization in the A-share market is 88.1 billion yuan, and it plans to form an "A+H" share structure

Huaqin Technology passes the listing hearing: 2025 revenue of 171.4 billion, net profit of 4.1 billion