Transwarp Technology (Shanghai) Co., Ltd. (stock code: 6727) made its debut on the Hong Kong Stock Exchange today, with shares opening at HK$49 per share. However, the stock price has since slid more than 4%, bringing the company's market capitalization to approximately HK$6.4 billion. The company issued 14.01 million shares at HK$49 each, raising gross proceeds of HK$687 million. After deducting listing-related expenses of HK$57.08 million, the net proceeds stand at HK$629 million.
The cornerstone investors for the Hong Kong listing are Electronic Channel, a subsidiary of Inspur Information, and Luoyang Science and Technology Innovation. Electronic Channel subscribed for HK$35 million worth of shares, while Luoyang Sci-Tech Innovation committed US$4.95 million, bringing their combined subscription to approximately US$9.41 million (about HK$73.82 million).
Notably, this marks the company's second public listing. Transwarp first went public on the STAR Market of the Shanghai Stock Exchange in October 2022, pricing its initial public offering at RMB 47.34 per share and issuing 30.21 million shares to raise RMB 1.43 billion in total. With today's listing in Hong Kong, the company now operates under an "A+H" dual-listing structure.
On the A-share market, Transwarp's stock is currently trading at around RMB 112 per share, giving the company a market value of RMB 13.6 billion. The H-share price represents a discount of 64% compared to the A-share price.
First-Half Revenue at RMB 170 Million with Net Loss of RMB 110 Million
Transwarp's business model focuses on product development, with the commercialization of its proprietary software platforms at the core. Revenue is primarily generated from software license sales, as well as technical services and software upgrades that support long-term deployment and operations. The company's operations are organized into three main business lines: AI and big data infrastructure software, solution services, and other services.
The company offers a comprehensive product portfolio, including Transwarp Data Hub (TDH), Transwarp Data Cloud (TDC), Transwarp ArgoDB, Transwarp KunDB, Transwarp Data Studio (TDS), Sophon, and Transwarp Knowledge Hub (TKH).
According to the prospectus, Transwarp recorded revenues of RMB 491 million, RMB 371 million, and RMB 447 million for the fiscal years 2023, 2024, and 2025, respectively. Gross profits for these periods were RMB 257 million, RMB 179 million, and RMB 236 million, while net losses amounted to RMB 289 million, RMB 344 million, and RMB 245 million, respectively.
For the first half of 2026, the company's revenue reached RMB 174 million, marking a 13.83% increase from RMB 152 million in the same period last year. The net loss narrowed to RMB 113 million from RMB 143 million in the prior-year period. After excluding non-recurring items, the net loss was RMB 143 million, compared to RMB 156 million in the first half of 2025.
Tencent Reduces Stake, Realizing RMB 170 Million
As of June 30, 2026, the shareholding structure shows that founder and CEO Sun Yuanhao holds 9.22% of the company, Shanghai Zanxing Investment Center (Limited Partnership) holds 6.22%, the Industry Fund holds 5.58%, and Tencent, through its subsidiary Linzhi Lichuang Information Technology Co., Ltd., holds 5.41%. Fan Lei holds 5.01%. Other notable shareholders include Shanghai Yunyou Investment Office at 1.77%, Lv Cheng at 1.25%, and Ping An CSI 300 Index Enhanced Stock Pension Product at 1.01%, among others.
Comparing with the previous year-end figures, as of December 31, 2025, Tencent held 6.29% of the company through Linzhi Lichuang, while Sun Yuanhao retained his 9.22% stake. The reduction in Tencent's stake indicates that the technology giant reduced its position during the first half of 2026.
This continues a pattern of divestment by Tencent. In May 2025, the company announced that Linzhi Lichuang had reduced its holdings through centralized bidding, selling 1,208,420 shares (1% of total share capital) and an additional 50,900 shares (0.04%) through block trades. These transactions totaled RMB 71.16 million, bringing Tencent's stake down from 8.77% to 7.71% at that time.
Subsequently, between September 30 and December 29, 2025, Linzhi Lichuang continued to sell down its position, disposing of 1.42% of the company's shares and realizing RMB 102 million. The divestment continued into 2026, with Linzhi Lichuang selling another 1,211,359 shares through centralized bidding between April 9 and July 8, generating RMB 154 million in proceeds.
In total, Tencent has realized approximately RMB 150 million from share sales in the first half of 2026 alone, and more than RMB 320 million over the past 18 months.
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