IPO Daily Watch (3.16): Huayan Robot, Desai Bio, and Fourier Semiconductor Pass Hong Kong Stock Exchange Hearing; Chipqi Micro Equipment Submits Application to HKEX Again

IPO Daily Report (3.16): Huayen Robotics, DeShi Biotech, Fourier Semiconductor Pass Hong Kong Listing Hearings; XinQi Microelectronics Files Again with HKEX

(A) Companies Filing for Listing in Hong Kong

1. Simou Technology

HKEX disclosed on March 16 that Simou Technology has submitted an application for listing on the Main Board of HKEX, with China International Capital Corporation, Morgan Stanley, and Deutsche Bank serving as joint sponsors.

The prospectus shows that Simou Technology is a leading global AI company redefining industrial automation in the AI era. According to Zhuoshi Consulting, the company is the largest industrial AI provider in China by revenue in 2025 and the first to deploy industrial AI agents on a large scale across regions and scenarios.

In 2023, 2024, and 2025, Simou Technology is expected to generate revenues of approximately RMB 485 million, RMB 756 million, and RMB 1.086 billion, respectively. During the same period, gross profits are estimated at RMB 148 million, RMB 244 million, and RMB 405 million.

2. XinQi Microelectronics (688630.SH)

HKEX disclosed on March 15 that XinQi Microelectronics has again submitted an application for listing on the Main Board, with China International Capital Corporation as its sole sponsor.

The prospectus states that XinQi Microelectronics is the world’s largest supplier of PCB direct imaging equipment, providing PCB direct imaging and semiconductor lithography equipment in the AI era.

In 2023, 2024, and 2025, XinQi Microelectronics’ revenue is approximately RMB 829 million, RMB 954 million, and RMB 1.408 billion. Net profits for the same years are estimated at RMB 179 million, RMB 161 million, and RMB 290 million.

3. Hope Sea

HKEX disclosed on March 15 that Hope Sea Inc. has again submitted an application for listing on the Main Board, with ABC International as its sole sponsor.

The prospectus shows that Hope Sea is a China-based integrated supply chain solutions provider, specializing in cross-border supply chain services for electronic products, especially complex integrated circuits.

In 2023, 2024, and 2025, main business revenues are approximately RMB 221 million, RMB 235 million, and RMB 268 million. Net profits are approximately RMB 83.6 million, RMB 85.5 million, and RMB 108 million.

4. Shenghuo Holdings

HKEX disclosed on March 13 that Shenghuo Holdings Group Limited (hereinafter: Shenghuo Holdings) has submitted an application for listing on the Main Board, with Cinda International as its sole sponsor.

According to the prospectus, Shenghuo Holdings is a marketing company providing (i) integrated marketing services; (ii) marketing technology services; and (iii) advertising marketing services in China.

In fiscal years 2023, 2024, and 2025, the company’s revenues are approximately RMB 163 million, RMB 252 million, and RMB 301 million. Profits for these years are approximately RMB 27.15 million, RMB 33.20 million, and RMB 38.61 million.

5. Qiyun Mountain

HKEX disclosed on March 13 that Jiangxi Qiyun Mountain Food Co., Ltd. (Qiyun Mountain) has submitted an application for listing on the Main Board, with Zhongtai International as its sole sponsor. The company previously submitted an application on June 27, 2025.

The prospectus states that Qiyun Mountain is a leading Chinese snack company specializing in sales of sour jujube products. Zhuoshi Consulting reports that in 2024, Qiyun Mountain held a 32.4% market share of China’s sour jujube snack market, ranking first.

In fiscal years 2023, 2024, and 2025, revenues are approximately RMB 247 million, RMB 339 million, and RMB 314 million. Net profits are approximately RMB 23.71 million, RMB 53.20 million, and RMB 48.93 million.

(B) Hong Kong Companies Passing Listing Hearings

1. Huayen Robotics

HKEX disclosed on March 15 that Guangdong Huayen Robotics Co., Ltd. (Huayen Robotics) has passed the listing hearing for the Main Board, with China International Capital Corporation and Deutsche Bank as joint sponsors.

The prospectus shows that Huayen Robotics is a collaborative robot company engaged in R&D, manufacturing, and sales of collaborative robots and core motion components for industrial automation applications.

In 2022, 2023, 2024, and the nine months ending September 30, the company’s revenues are approximately RMB 109 million, RMB 175 million, RMB 310 million, and RMB 281 million.

2. DeShi Biotech

HKEX disclosed on March 15 that Hangzhou DeShi Biotechnology Co., Ltd. successfully passed the listing hearing for the Main Board, aiming to become the “First Stock in Medical Imaging Large Models.”

As the only global pioneer with the largest parameter-scale medical imaging foundation model, its listing progress has advanced significantly.

In 2023, revenue is RMB 52.84 million; in 2024, RMB 70.35 million, a 33.1% year-over-year increase; and from January to September 2025, revenue surged to RMB 112 million, a 469.8% increase over the same period last year.

3. Fourier Semiconductor

HKEX disclosed on March 15 that Shanghai Fourier Semiconductor Co., Ltd. has passed the listing hearing, planning to list on the Hong Kong Main Board under Chapter 18C, with Guotai Junan Securities and Orient Securities as joint sponsors.

The prospectus shows that based on 2024 revenue, Fourier Semiconductor ranks fourth among global audio power amplifier chip suppliers, third among Chinese audio power amplifier chip suppliers, and fifth among Chinese tactile feedback chip suppliers.

In 2022, 2023, and 2024, revenues are RMB 130 million, RMB 150 million, and RMB 355 million; gross profits are RMB 9.48 million, -RMB 124,000, and RMB 46.56 million; gross profit margins are 7.3%, -0.1%, and 13.1%. The company incurred net losses of RMB 65.9 million, RMB 94.13 million, and RMB 56.84 million.

© Hong Kong IPO Prospectus Expirations

1. Huachen Technology (603296.SH)

Huachen Technology Co., Ltd. (Huachen Technology) filed its HK listing prospectus on September 16, 2025, which expired on March 16, 2026, after six months. China International Capital Corporation and BofA Securities were joint sponsors.

The prospectus states that Huachen Technology is a globally leading, technology-driven intelligent product platform company providing end-to-end solutions across the value chain.

2. Nuanwa Insights

Nuanwa Insights Technology Co., Ltd. (Nuanwa Insights) filed its HK listing prospectus on September 16, 2025, which expired on March 16, 2026. Morgan Stanley and HSBC served as joint sponsors.

The prospectus shows that Nuanwa Insights is China’s top AI technology company with full-stack risk analysis capabilities in the insurance industry, offering AI solutions across the entire insurance transaction lifecycle, focusing on underwriting and claims management.

3. Aike Baifa

Shanghai Aike Baifa Biomedical Technology Co., Ltd. (Aike Baifa) filed its HK listing prospectus on September 15, 2025, which expired on March 15, 2026. Morgan Stanley and CITIC Securities were joint sponsors.

The prospectus states that Aike Baifa, founded in 2013, is a biopharmaceutical company focused on discovering and developing therapies for respiratory and pediatric diseases.

4. Beijing Junzheng (300223.SZ)

Beijing Junzheng Integrated Circuits Co., Ltd. (Junzheng) filed its HK listing prospectus on September 15, 2025, which expired on March 15, 2026. CICC served as the sole sponsor.

Junzheng is a leading provider of “compute + storage + analog” chips, supplying high-performance, low-power chips for automotive electronics, industrial medical, AIoT, and smart security markets.

5. Zhongrun Photovoltaics

Jiangsu Zhongrun Photovoltaic Technology Co., Ltd. (Zhongrun PV) filed its HK listing prospectus on September 15, 2025, which expired on March 15, 2026. CITIC Construction Investment and CITIC Securities served as joint sponsors.

Zhongrun PV is a specialized manufacturer of photovoltaic cells, mainly producing and selling N-type and P-type solar cells.

6. New Element Pharmaceuticals

Hangzhou New Element Pharmaceuticals Co., Ltd. (New Element Pharma) filed its HK listing prospectus on September 15, 2025, which expired on March 15, 2026. CITIC Securities was the sole sponsor.

Founded in 2012, New Element Pharma is a biotech company developing therapies with global competitiveness in metabolic, inflammatory, and cardiovascular diseases, covering comprehensive care for gout patients and addressing hyperuricemia, chronic gout, acute gout, gout stones, and associated CKD.

(D) Hong Kong IPO Applications

1. Kalesi (02729) — 200 shares per lot, HKD 4,121 per lot

On March 16, Kalesi, a leading logistics robotics company, officially launched its IPO, closing on March 19. The company plans to issue 36.798 million H-shares globally, with about 10% in Hong Kong public offering and 90% international offering, plus a 15% over-allotment option. The offering price is HKD 16.40–20.40 per share. Shares are expected to start trading on the HKEX on March 24, 2026, with a lot size of 200 shares.

The offering includes a greenshoe option worth approximately HKD 113 million. No cornerstone investors.

2. Zejing Holdings (02632) — 50 shares per lot, HKD 2,424 per lot

From March 16 to March 19, Zejing Holdings plans to issue 16.2265 million H-shares, with about 10% in Hong Kong public offering and 90% internationally. The offering price is HKD 42–48 per share, with a lot size of 50 shares. Trading is expected to commence on March 24, 2026, at 9:00 AM on HKEX.

No greenshoe mechanism. No cornerstone investors: Yingke No. 1 and Hong Kong High-End Technology have agreed to subscribe for a total of about USD 109.95 million worth of shares at the offering price, which at a median price of HKD 45.00 per share, would be approximately 2,443,300 shares, accounting for 15.06%.

(E) IPO Review Information

1. Quanzhou Jiade Li Electronic Materials Co., Ltd.

Review status: Registration submitted; Sponsor: GF Securities; Updated on: March 16, 2026; Listing venue: SSE Main Board

2. Jiangsu Xinhua Semiconductor Technology Co., Ltd.

Review status: Inquiry completed; Sponsor: China Merchants Securities; Updated on: March 15, 2026; Listing venue: SSE STAR Market

(F) CSRC Public Offering Guidance Disclosure

1. Hunan Zhongsheng Peptide Biotechnology Co., Ltd.

Guidance agency: Shenwan Hongyuan Securities; Filing date: March 13, 2026; Disclosure: First public offering and listing guidance filing report for Hunan Zhongsheng Peptide Biotechnology Co., Ltd.

(G) Today’s New Stocks and Convertible Bond Subscriptions

1. Hongming Electronics (301682.SZ)

Issue price: RMB 69.66; P/E ratio: 33.61x; Total funds raised: RMB 2.117 billion; Max subscription: 8,500 shares

2. Shiya Technology (688781.SH)

Issue price: RMB 22.68; P/S ratio: 80.98x; Total funds raised: RMB 2.268 billion; Max subscription: 14,000 shares

3. Yuelong Technology (920188)

Issue price: RMB 14.04; P/E ratio: 14.99x; Total shares: 21.9932 million; Required funds for maximum online subscription: RMB 13.894 million

(Edited by: Song Zheng HN002)