It has been learned that on July 5th, Shenzhen Forms Syntron Information Co., Ltd. (commonly known as Forms Syntron, 300468.SZ) submitted a listing application to the Main Board of the Hong Kong Stock Exchange. China Merchants Bank International Capital Limited and Guosen Securities (Hong Kong) Capital Limited are the joint sponsors. The company had previously submitted a listing application on December 24, 2025.
Company Overview
Forms Syntron is an established fintech service provider deeply rooted in the Greater Bay Area, serving the banking sector. It offers financial technology software development services, consulting services, and system integration services to banks, regulatory bodies, and other financial institutions in Mainland China, Hong Kong, and Southeast Asia, assisting them in advancing their digital transformation.
The company's innovation is driven by two proprietary technology platforms: FINNOSafe (which automates compliance throughout the lifecycle of tokenized assets by embedding regulatory rules into smart contracts) and FINNOSmart (an enterprise-grade generative AI platform that ensures data sovereignty). As an AI adopter, the company collaborated with Microsoft in 2023 to develop Banking Copilot, which has evolved into an intelligent agent focused on fraud prevention and compliance assurance.
Leveraging its technical strength, the company has obtained seven patent authorizations, 345 software copyrights, and multiple certifications including CMMI5 and ISO27001. Supported by a team integrating Shenzhen and Hong Kong expertise, over 90% of its employees as of March 31, 2026, are technical professionals.
Financial Information
For the fiscal years 2023, 2024, and 2025, the company generated revenues of approximately RMB 730 million, RMB 740 million, and RMB 631 million, respectively.
For the same periods, the company recorded gross profits of approximately RMB 221 million, RMB 245 million, and RMB 238 million, respectively.
Annual/Period Profits: For the fiscal years 2023, 2024, and 2025, the company's annual profits were approximately RMB 47.38 million, RMB 67.364 million, and RMB 74.281 million, respectively.
Industry Overview
The market size for fintech software development services in Mainland China and Hong Kong has grown rapidly in recent years, increasing from RMB 118.3 billion in 2021 to RMB 151.8 billion in 2025, representing a compound annual growth rate (CAGR) of 6.4%. As financial institutions deepen their digital transformation and accelerate their deployment of future-oriented fintech solutions, the market is expected to experience high-speed development, projected to grow to RMB 310.5 billion by 2030, with a CAGR of 15.4% from 2025 to 2030.
Within this market, the banking sector forms the core foundation of the financial system. In 2025, the banking sector accounted for 68.3% of the fintech software development services market in Mainland China and Hong Kong, a share expected to increase further to 72.1% by 2030.
Measured by revenue, the fintech software development services market in Mainland China and Hong Kong is expected to grow from RMB 87.5 billion in 2025 to RMB 186.5 billion in 2030, with a CAGR of 16.3% from 2025 to 2030. This growth is driven by the continuously rising demand for digital transformation among financial institutions and the ongoing expansion of fintech application scenarios. The banking sector remains the largest contributor, accounting for 62.0% of the market in 2025, a share projected to grow further to 66.3% by 2030.
Mainland China holds the dominant market share. Influenced by the rapid development of digital finance, Hong Kong's fintech software development services market has entered a phase of rapid growth, with its market share expected to increase from 7.0% in 2025 to 14.2% by 2030.
By revenue, Mainland China is expected to continue holding the major share of the combined market, with its market size projected to grow from RMB 80.5 billion in 2025 to RMB 156.1 billion in 2030. Benefiting from financial institutions accelerating digital transformation and adopting more fintech solutions, Hong Kong's market is expected to maintain strong growth momentum, with its size projected to grow from RMB 7.0 billion in 2025 to RMB 30.4 billion in 2030. Its market share is expected to rise from 8.1% in 2025 to 16.3% in 2030.
Board Information
The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election upon expiry.
Shareholding Structure
As of the latest practicable date, Mr. Zhou has an interest in all shares held by Yiqun Holdings (wholly owned by Mr. Zhou). Yiqun Holdings directly holds an 18.44% interest in the company and holds a 0.05% interest in the company through its client account at a financial institution.
As of the latest practicable date, Forms Data AI is 55% owned by the company and 45% owned by Shenzhen Shenzhi Shucun Technology Co., Ltd. Shenzhen Shenzhi Shucun Technology Co., Ltd. is owned (i) 86.67% by Fan Chunman (directly and indirectly held through the wholly-owned company Guangzhou Minren Technology Co., Ltd.); and (ii) 13.33% by Putian Huitai Sporting Goods Co., Ltd., which in turn is 80% held by Xu Weipeng and 20% held by Cai Yuanlian. Fan Chunman, Xu Weipeng, and Cai Yuanlian are all independent third parties.
Intermediary Team
Joint Sponsors: China Merchants Bank International Capital Limited, Guosen Securities (Hong Kong) Capital Limited
Company Legal Counsel: King & Wood Mallesons, Lau, Lam & Chan Solicitors, Datort Law Office (Thailand)
Joint Sponsor Legal Counsel: The Association of Zhou Junxuan Law Firm and Commerce & Finance Law Offices, Jingtian & Gongcheng
Auditor and Reporting Accountant: ShineWing (HK) CPA Limited
Industry Consultant: Frost & Sullivan (Shanghai) Enterprise Management Consulting Co., Ltd.
Compliance Advisor: Guosen Securities (Hong Kong) Capital Limited
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