--- title: "HK IPO Subscription: FORTIOR Peak Technology Subscription Analysis, Discount Rate is Not an Advantage, Overall Inferior to Lens Technology!" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/31472176.md" description: "This year is the first year of second marriages. The public account previously analyzed the second-marriage stock Lens Technology, which Brother Cai thinks is good. However, judging from the popularity of this round of subscriptions, the subscription enthusiasm for Fortior Technology is almost comparable to Lens Technology. $FORTIOR(01304.HK) Is it really that good? Today's article will analyze it! 1. What does the company do? FORTIOR (Fortior Technology) is a high-tech enterprise focusing on BLDC motor drive control chip design, operating in a fabless model (focusing on chip design, outsourcing production)..." datetime: "2025-07-03T18:26:35.000Z" locales: - [en](https://longbridge.com/en/topics/31472176.md) - [zh-CN](https://longbridge.com/zh-CN/topics/31472176.md) - [zh-HK](https://longbridge.com/zh-HK/topics/31472176.md) author: "[读财报话新股](https://longbridge.com/zh-HK/profiles/794333.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/31472176.md) | [简体中文](https://longbridge.com/zh-CN/topics/31472176.md) # HK IPO Subscription: FORTIOR Peak Technology Subscription Analysis, Discount Rate is Not an Advantage, Overall Inferior to Lens Technology! This year marks the first year of second marriages. The public account previously analyzed the second-marriage stock Lens Technology, which Brother Cai thinks is good. However, judging from the popularity of this round of subscriptions, the enthusiasm for Fortior Tech's subscription is almost on par with Lens. Fortior Tech $FORTIOR(01304.HK) is it really that good? Today's article will analyze it! **1\. What does the company do?** ![Image](https://pub.pbkrs.com/uploads/2025/efe4f7bab33e4bab767d5233bddf9834?x-oss-process=style/lg) FORTIOR (Fortior Tech) is a high-tech company specializing in BLDC motor drive control chip design, operating under a fabless model (focusing on chip design while outsourcing production). As China's first company dedicated to BLDC chip design, Fortior Tech ranked sixth in the 2023 Chinese BLDC motor control and drive chip market with a 4.8% share, the only Chinese company among the top ten. The company's products cover core components such as motor control chips (MCU/ASIC), drive chips (HVIC), and intelligent power modules (IPM), widely used in smart home appliances, automotive electronics, industrial automation, and other fields. Clients include well-known companies like Midea, Haier, and Tesla. **2\. How is the company's fundamentals?** **1\. Is it a good industry?** **Industry growth:** The BLDC motor drive control chip industry is in a period of rapid growth. The global BLDC motor market size is expected to increase from RMB 326.2 billion in 2024 to RMB 686.9 billion in 2028, with a compound annual growth rate (CAGR) of 20.5%; China's market size will grow from RMB 84.8 billion to RMB 194.6 billion during the same period, with a growth rate of 23.1%. The growth is driven by demand for high-efficiency motors in new energy vehicles, industrial automation, and smart home sectors. **Industry competition landscape:** The industry is characterized by "dominance by international giants and catch-up by local companies." In 2023, the top five companies (Infineon, Texas Instruments, etc.) accounted for 55.1% of the market share, while Fortior Tech was the only Chinese company to make it into the global top ten. Domestic market participants include Silan Microelectronics and Sino Wealth Electronic, but Fortior Tech has formed differentiated advantage in areas like energy efficiency and integration through technological barriers (e.g., the world's first FOC algorithm hardware chip) and system-level solutions. The industry is highly competitive, with international players dominating the high-end market, while local companies have advantages in cost-effectiveness and customized services. **3\. Financial performance: Is the company resilient? Is it a good company?** Three-year CAGR: Revenue from 2022 to 2024 was RMB 323 million, RMB 411 million, and RMB 600 million, respectively, with a CAGR of 24.41%; ![Image](https://pub.pbkrs.com/uploads/2025/e18735319c5d54f7cc592df67a858989?x-oss-process=style/lg) Net profit was RMB 142 million, RMB 174 million, and RMB 222 million, respectively, with a CAGR of 16.71%. ![Image](https://pub.pbkrs.com/uploads/2025/2aa78f6b1c6178c4d4287a4dbbef101d?x-oss-process=style/lg) Latest reporting period: In the first three quarters of 2024, revenue was RMB 433 million (YoY +53.72%), net profit was RMB 184 million (YoY +48.23%), gross margin was 52.21%, and net margin was 42.47%, maintaining high profitability. **4\. Cornerstone investors and share allocation: What do institutional investors think?** 1\. Cornerstone share: 10 cornerstone investors subscribed to a total of $112 million (approx. HKD 879 million), accounting for 44.78% of the issued shares, with a 6-month lock-up period. The cornerstone investors are relatively balanced, including both Chinese and foreign funds, especially ChinaAMC, which is also an undefeated cornerstone. **5\. IPO details:** Subscription period: June 30, 2025 - July 4, 2025 Issue price: HKD 120.5 per share (upper limit) Board lot: 100 shares Minimum subscription: HKD 12,171.53 Fundraising: Global offering of 16.2995 million shares, raising up to HKD 1.964 billion Free float: HKD 1.02 billion Greenshoe: 15% over-allotment option, managed by stabilizing agent CICC **6\. Conclusion on Fortior Tech's IPO** It's best for everyone to read the above content first, or at least the parts highlighted in red if you're short on time. Although Fortior's current subscription is good, to be honest, I personally think Fortior is inferior to Lens in every aspect. **① First, in terms of the shareholding structure between institutions and retail investors** Lens has a maximum of 45% retail investor share, while Fortior has the standard 50% for new listings. From the institutional allocation, we can judge the relative standing of the two A+H stocks. **② Sponsors and stabilizing agents** This wave of new listings is largely dominated by CITIC and CICC. The "god" CITIC is starting to decline, while CICC has gained momentum after Saturday Gold and CloudMinds. **However, the combination of CITIC and stabilizing agent CITIC CLSA still maintains an undefeated record.** Thus, Lens has the upper hand here as well. **③ Fundamentally, Lens is also a tier above** Actually, Fortior Tech's performance is quite good, with a three-year revenue CAGR of 24%. But the 16% profit growth rate clearly contradicts the 24% revenue growth. **The reason for this gap is the intense competition in Fortior's industry.** To compete in a market dominated by international giants (e.g., Infineon, Texas Instruments, which held 54.1% of China's market share in 2023), the company adopted a "volume-for-price" strategy, actively reducing prices for core products like MCUs. As a result, gross margin declined, which is one reason for the slower profit growth compared to revenue. Additionally, the growth rate of sales expenses exceeded revenue growth, further impacting profits. Higher sales expenses are also a consequence of intense industry competition. This is the first point. **Second, Fortior's position in the supply chain is weaker than Lens's.** Although Fortior's income statement looks good, the cash flow ratio is less than 1. This means the company's actual revenue is not as strong as the financial statements suggest. This is mainly due to the company's weaker position in the supply chain. Downstream customers are becoming more dominant, and the company's accounts receivable turnover ratio has declined: from 154.09 times in 2022 to 114.27 times in 2023 and 105.24 times in 2024. A declining turnover ratio means slower collections, causing cash inflows from sales to lag behind reported profits. Extended payment terms from downstream customers: The company mainly serves B2B clients in new energy vehicles and industrial automation, where long payment cycles are common, exacerbating cash flow pressure. ④ Some say Fortior's discount rate is worth a bet. Brother Cai won't comment on this view, but you can check the discount rates of other Hong Kong-listed chip stocks. **Extended analysis, IPO ratings, and final subscription plans will be released on the IPO Planet.** $Lens(06613.HK) $Anjoy Food(02648.HK) ### 相關股票 - [FORTIOR (01304.HK)](https://longbridge.com/zh-HK/quote/01304.HK.md) - [FORTIOR (688279.CN)](https://longbridge.com/zh-HK/quote/688279.CN.md) - [Lens (300433.CN)](https://longbridge.com/zh-HK/quote/300433.CN.md) - [Lens (06613.HK)](https://longbridge.com/zh-HK/quote/06613.HK.md) - [Anjoy Food (02648.HK)](https://longbridge.com/zh-HK/quote/02648.HK.md) - [Anjoy food (603345.CN)](https://longbridge.com/zh-HK/quote/603345.CN.md)