Longcheer Technology (09611) has commenced its initial public offering subscription period from January 14 to January 19, 2026. The company plans a global offering of 52.2591 million H shares, with the Hong Kong public offering comprising 10% and the international offering making up the remaining 90%. The maximum offer price is set at HK$31.00 per share, with a board lot size of 100 H shares. Trading of the H shares on the Main Board of The Stock Exchange of Hong Kong Limited is expected to begin at 9:00 a.m. on Thursday, January 22, 2026.
The company is a world-leading provider of intelligent products and services, offering comprehensive solutions—including product research, design, manufacturing, and support—to globally renowned smart product brands and leading technology enterprises. According to data from Frost & Sullivan, based on 2024 shipment volumes for consumer electronics ODM, the company ranked as the world's second-largest consumer electronics ODM manufacturer, holding a 22.4% market share. In terms of 2024 smartphone ODM shipments, it was the largest global smartphone ODM manufacturer, commanding a significant 32.6% market share.
The company primarily competes in the global consumer electronics ODM market, a specialized segment of the broader global intelligent product ODM market, which itself is a component of the worldwide intelligent product manufacturing industry. Established in 2004, the company has consistently adhered to its core values of "customer-centricity, incentivized dedication, and long-termism."
Over the past two decades, the company has accumulated industry-leading capabilities in intelligent products and has developed a comprehensive solutions matrix covering schematic design, hardware innovation, system-level software platform development, lean manufacturing, supply chain integration, and quality control. Leveraging this mature expertise across the value chain, the company has built a diverse product portfolio that includes smartphones, AI PCs, automotive electronics, tablets, smartwatches/wristbands, and smart glasses.
Concurrently, the company has established a broad core client base, which includes leading brands such as Xiaomi, Samsung Electronics, Lenovo, Honor, OPPO, and vivo. For the years 2022, 2023, and 2024, and for the nine months ended September 30, 2024, and 2025, the company's revenues were RMB 29.343 billion, RMB 27.185 billion, RMB 46.383 billion, RMB 34.921 billion, and RMB 31.332 billion, respectively. Its annual/period profits for the same periods were RMB 562 million, RMB 603 million, RMB 493 million, RMB 425 million, and RMB 515 million, respectively.
The company has entered into cornerstone investment agreements with Qualcomm, Jiangxi State Control, OmniVision HK, Hong Kong Yuto, Qingdao Guanlan, and Guotai Junan Securities Investment (Hong Kong) Limited (related to Guanlan's OTC swaps), and Endless Growth. These cornerstone investors have agreed, subject to certain conditions, to subscribe, or procure their designated entities to subscribe, for a total of approximately US$56.5 million worth of offer shares.
The company estimates that, based on the maximum offer price of HK$31.00 per share and assuming the over-allotment option is not exercised, the net proceeds from the global offering will be approximately HK$1.521 billion. The company currently intends to allocate the net proceeds as follows: approximately 40% will be used to expand overall production capacity domestically and internationally, thereby enhancing its in-house manufacturing capabilities.
Approximately 20% will be allocated to support the company's ongoing research and development efforts, particularly to strengthen its independent R&D and innovation capabilities in key strategic areas. Roughly 10% will be used to bolster the company's marketing and customer expansion activities both within China and overseas.
Approximately 20% is designated to support the company's strategic global investments or acquisitions. These strategic moves are intended to further solidify the company's forward-looking technology portfolio, expand its ecosystem, and increase its market share. The remaining 10% will serve as working capital and for other general corporate purposes.
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