Harmonic (03952) has launched its initial public offering, with the subscription period running from June 22 to June 25, 2026.
The company plans a global offering of 13,441,900 H-shares.
The Hong Kong public offering portion will constitute approximately 5% of the total, subject to reallocation, while the international offering will make up about 95%, also subject to reallocation and the potential exercise of an over-allotment option of up to 15%.
The offer price is set between HK$77.00 and HK$85.50 per share, with a board lot size of 100 shares.
It is expected that trading of the H-shares on the Stock Exchange will commence at 9:00 a.m. on Tuesday, June 30, 2026.
Company Overview and Market Position
The company is a Chinese provider of core precision transmission components for robotics.
Its product portfolio encompasses harmonic reducers, joint modules, robotic arms, and automated workstations.
These products are primarily utilized in the fields of humanoid and industrial robots.
The company's competitive edge is rooted in its specialized expertise in harmonic reducers, a key technological component within precision transmission solutions, supported by its independent research and development capabilities.
According to a CIC report, based on 2025 shipment volume, the company ranked second among Chinese providers of robotic harmonic reducers, capturing a 21.4% market share.
By revenue, it also held the second position with a 12.9% share.
Per the same source, as of December 31, 2025, the company was one of only two domestic manufacturers identified in the report that had achieved delivery and entered mass production of harmonic reducers for humanoid robots.
Financial Performance
The company generates revenue primarily from providing harmonic reducers and other precision parts, joint modules, robotic arms, and automated workstations.
For the years 2023, 2024, and 2025, the company reported revenues of RMB 94.5 million, RMB 107.7 million, and RMB 260.9 million, respectively.
Gross profit for those years was RMB 27.9 million, RMB 25.9 million, and RMB 66.9 million, respectively.
Annual losses were recorded at RMB 168.8 million, RMB 168.8 million, and RMB 170.6 million for the same periods.
Cornerstone Investors
The company has entered into cornerstone investment agreements with Oaktree, Mingshan Capital Limited, Harvest International Asset Management Limited, CDH Global, E Fund, Eurus Holdings SPC, Lake Bleu, Dream'ee HK Fund, FMF, and Oasis Fund.
Under these agreements, subject to certain conditions, the cornerstone investors have agreed to subscribe, or procure their designated entities to subscribe, for a certain number of offer shares for a total consideration of approximately RMB 375 million.
Use of Proceeds
Assuming an offer price of HK$81.25 per share, the midpoint of the indicative price range, and without the exercise of the over-allotment option, the company estimates net proceeds from the global offering to be approximately HK$1.0033 billion.
The company currently intends to allocate the net proceeds as follows: approximately 55.0% will be used over the next three years for expanding production facilities, including related equipment procurement and production staff recruitment.
About 20.0% will be allocated to strengthening research and development capabilities to expand the product portfolio for broader application scenarios, particularly for harmonic reducers.
Roughly 5.0% is designated for expanding the overseas sales network.
Approximately 10.0% will be used for strategic investments or acquisitions of potential high-quality targets within the industry value chain in both domestic and international markets to enhance competitiveness and market share.
The remaining 10.0% is intended for working capital and other general corporate purposes.
Comments