According to a filing with the Hong Kong Stock Exchange on June 30, Shenzhen Puying Innovation Technology Co., Ltd., a Chinese enterprise-grade financial smart printing and document processing equipment manufacturer, has submitted an application for a listing on the GEM board of the HKEX. Aide Capital is acting as the sole sponsor.
The company focuses on the design, R&D, production, and sales of three main product lines: mission-critical specialized printers and integrated print-scan devices; intelligent self-service equipment and terminals; and consumables, parts, and other products. Its products are primarily used in the banking and financial sector for printing and processing passbooks, deposit certificates, bills, and vouchers. Products are sold to clients in China and overseas through both distribution and direct sales channels, with services provided to over 186 customers and products exported to more than 54 countries and regions.
Integrating functions such as printing, scanning, recognition, magnetic stripe reading/writing, and human-machine interaction, the company's products offer one-stop document processing solutions for scenarios including counter services, smart branches, and self-service terminals. The company has obtained multiple domestic and international product certifications and registrations. Mission-critical specialized printers and integrated print-scan devices constitute the primary product category and main revenue source, while intelligent self-service equipment and terminals help expand applications in digital and intelligent self-service areas. Leveraging a large installed base, consumables, parts, and other products generate recurring revenue through replacement demand, maintenance services, and full lifecycle support.
According to Frost & Sullivan, based on revenue, the company ranked first in the global financial smart print-scan equipment market in 2025. Its products are sold to over 54 countries and regions, and it possesses a substantial installed base. During the track record period, the company's customers mainly included distributors, financial institutions, and postal operators. For the years ended December 31, 2024, and 2025, revenue from the top five customers accounted for 48.5% and 45.2% of total revenue, respectively.
Financial Performance
For the years 2024 and 2025, the company generated revenue of approximately RMB 143 million and RMB 132 million, respectively.
Gross profit for 2024 and 2025 was approximately RMB 47.601 million and RMB 45.891 million, respectively.
Net profit for the years 2024 and 2025 was approximately RMB 7.983 million and RMB 2.531 million, respectively.
Industry Overview
The global smart branch solution market size was approximately USD 80 billion in 2025 and is projected to reach about USD 100.3 billion by 2030, representing a compound annual growth rate (CAGR) of around 4.6% from 2025 to 2030. The market is transitioning from rapid construction to stable penetration, with growth drivers shifting from new branch establishment to the renovation and upgrade of existing branches.
Financial smart print-scan equipment addresses the material processing segment within branch business operations, providing specialized terminals for material collection, image retention, and bill/receipt output, meeting requirements for long-term operation, compliance traceability, and auditability. Categorized by form, there are three types: financial specialized printing devices for voucher and receipt output (stability, multi-media adaptability, exception handling); financial scanning devices for collection and image retention (image consistency, batch efficiency, system integration); and integrated print-scan terminals and counter-integrated terminals, combining collection and output in one terminal to reduce switching and adapt to scenarios with fewer personnel or remote operations.
Based on revenue, the global financial smart print-scan equipment market size was approximately USD 134 million in 2025 and is expected to reach about USD 184 million by 2030, with a CAGR of around 6.5% from 2025 to 2030. This growth is primarily driven by the paperless trend in financial services and the automation of processing workflows, with equipment replacement and the evolution towards highly integrated, multi-functional terminals constituting core capital expenditure for end-clients.
The Asia-Pacific region is expected to remain the world's largest and most clearly growing regional market, with a market size of approximately USD 75 million in 2025, projected to account for about 59.0% of the global share by 2030. This is supported by a vast base of commercial bank branches and the penetration of financial services. Alongside core system upgrades and branch digital transformation, demand for advanced print-scan peripherals meeting compliance standards continues to be released.
Global Market Share Ranking
The market exhibits a pattern of leading players at the top with overall fragmentation. Based on 2025 revenue, the top five companies held a combined share of approximately 26.4%. Among them, Puying Innovation ranked first with about 10.1%. The top two companies together held close to 20%, showing a clear leading advantage. The third to fifth-ranked companies each held less than 3%, indicating the market remains in a state of full competition.
Asia-Pacific Market Share Ranking
The Asia-Pacific market is highly fragmented, with concentration significantly lower than the global and European markets. Based on 2025 revenue, the top five companies held a combined share of only about 24.9%, benefiting from the presence of numerous local manufacturers within the Chinese and Japanese manufacturing supply chains. Puying Innovation ranked first with approximately 9.9%, but the gap with subsequent competitors is limited.
Board Composition
The company's board will consist of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors.
Shareholding Structure
As of June 20, 2026, Mr. Zheng Xiaohui, Shenzhen Yunaozhan, and Shenzhen Yunzhong directly held 1.57%, 28.66%, and 17.71% interests in the company, respectively. Mr. Zheng Xiaohui and Ms. Zhao Hui (Mr. Zheng's spouse) hold 95.00% and 5.00% interests in Shenzhen Yunaozhan, respectively. Shenzhen Yunaozhan is the general partner of Shenzhen Yunzhong. Mr. Zheng Xiaohui and Ms. Zhao Hui are deemed the beneficial owners of the 17.71% equity in the company held by Shenzhen Yunzhong. Therefore, under the GEM Listing Rules, Mr. Zheng Xiaohui, Ms. Zhao Hui, Shenzhen Yunaozhan, and Shenzhen Yunzhong are the company's controlling shareholders.
Professional Team
Sole Sponsor: Aide Capital Limited
The Company's Legal Advisers: For Hong Kong law: Tian Yuan Law Firm (Limited Liability Partnership); For PRC law: Beijing Tian Yuan Law Firm; For Italian law regarding operations in Italy: Gianni & Origoni (in association with Eviana Leung & Partners); For Hong Kong law regarding operations in Hong Kong: Mak & Partners
Sole Sponsor's Legal Advisers: For Hong Kong law: Tsang & Associates in association with Beijing Jinlu Ansheng (Hong Kong) Law Firm; For PRC law: Jingtian & Gongcheng
Auditor and Reporting Accountant: Ernst & Young
Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch
Compliance Adviser: Aide Capital Limited
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