In recent years, global financial technology has been undergoing a structural transformation driven by AI, blockchain, and Web3. As the mainland China market becomes increasingly saturated and competition intensifies, Hong Kong is accelerating its emergence as a core hub for digital financial innovation in Asia, leveraging its status as an international financial center, flexible regulatory framework, and unique geographical advantage of connecting mainland China with the globe. According to CIC data, Hong Kong's financial technology software development services market reached an inflection point in 2024, with a scale of RMB 9 billion, and is projected to expand to RMB 36.3 billion by 2029, achieving a compound annual growth rate (CAGR) of 32.3%, with its market share simultaneously increasing to 7.7%. This surge is fueled not only by policy tailwinds such as Central Bank Digital Currency (CBDC), compliant asset tokenization, and regulatory sandboxes but also by Hong Kong's strategic role as a "digital finance corridor" within the Belt and Road Initiative and regional cooperation in Southeast Asia. At this critical juncture, Shenzhen Forms Syntron Information Co., Ltd. (hereinafter referred to as "Forms Syntron"), a company deeply rooted in the Guangdong-Hong Kong-Macao Greater Bay Area with years of expertise in banking digital transformation, has submitted a listing application to the Main Board of the Hong Kong Stock Exchange for a planned H-share listing, with CMB International and Guosen Securities (HK) acting as its joint sponsors.
The company's financial performance has remained robust. Forms Syntron (300468.SZ) is dedicated to providing comprehensive fintech solutions for banks, regulatory institutions, and other financial entities in mainland China, Hong Kong, and Southeast Asia, spanning three main segments: financial technology software development services, consulting services, and system integration services. Specifically, its banking technology services encompass integrated software systems for personal finance, corporate finance, and core banking product portfolios, digital banking channel solutions, and bank operation and data services that utilize data analytics to enhance process efficiency, risk management, and decision-making capabilities. Furthermore, the company has demonstrated notable achievements in financial infrastructure and fintech innovation services, promoting the modernization of payment, clearing, and settlement systems by building foundational platforms, and designing and deploying new digital financial systems using blockchain and artificial intelligence technologies. It is worth highlighting that Forms Syntron's innovation is driven by two proprietary technology platforms: FINNOSafe (which automates the full lifecycle of compliant tokens via smart contracts) and FINNOSmart (an enterprise-grade generative AI platform ensuring data sovereignty). Among these, the company co-developed Banking Copilot with Microsoft in 2023, which has evolved into an intelligent agent focused on fraud prevention and compliance assurance.
In recent years, the company has demonstrated steady financial performance, reporting revenues of RMB 664 million, RMB 730 million, RMB 740 million, and RMB 454 million for the reported periods, with corresponding annual/period profits of RMB 41.192 million, RMB 47.380 million, RMB 67.364 million, and RMB 66.577 million. A further breakdown shows that the company's services comprise three main categories: financial technology software development services, consulting services, and system integration services. Among these, financial technology software development services are the absolute core revenue source, consistently accounting for over 90% of total revenue. According to financial data, from 2022 to 2024, revenue from this segment was RMB 629 million, RMB 699 million, and RMB 720 million, representing 94.9%, 95.8%, and 97.3% of total revenue, respectively; for the first nine months of 2025, revenue from this segment reached RMB 434 million, still constituting 95.6% of total revenue, underscoring its dominant position within the company's overall business structure. Within the financial technology software development services, banking technology services form the largest component, with revenue reaching RMB 625 million in 2024, accounting for 84.5% of the total software development service revenue. The banking product portfolio contributed most significantly, with revenue of RMB 343 million in 2024, although its proportion gradually decreased from 54.1% in 2022 to 37.9% in the first nine months of 2025, reflecting the company's strategic focus on expanding digital banking channel solutions and operational data services. Revenue from digital banking channel solutions increased from RMB 134 million in 2022 to RMB 146 million in 2024, maintaining a stable share of approximately 20%; meanwhile, bank operation and data services grew from RMB 107 million in 2022 to RMB 135 million in 2024, with their share rising to 18.3%, indicating a sustained increase in demand from financial institutions for data analytics and intelligent decision-making capabilities.
Concurrently, financial infrastructure and fintech innovation services, acting as a strategic growth engine, have experienced significant expansion in recent years. Revenue from this business surged from RMB 29.49 million in 2022 to RMB 94.97 million in 2024, achieving a three-year CAGR exceeding 60%. In the first nine months of 2025, revenue reached RMB 79.07 million, increasing its share of software development service revenue to 17.4%, demonstrating the company's accelerating implementation of blockchain and AI-driven new digital financial systems. In contrast, consulting services and system integration services, while smaller in scale, exhibit high synergies. Consulting service revenue declined from RMB 30.86 million in 2022 to RMB 19.48 million in 2024, before recovering to RMB 18.24 million in the first nine months of 2025, maintaining a share between 2.6% and 4.6%. This service primarily functions as the front-end component of an integrated "consulting-design-build-optimize" model, strengthening client relationships and solution depth. System integration service revenue is minimal, amounting to only RMB 4.68 million in 2024 and RMB 16.89 million in the first nine months of 2025, accounting for less than 0.5% of total revenue, and is primarily used to support hardware deployment and third-party system integration during project delivery.
From an industry perspective, the market size for financial technology software development services in mainland China and Hong Kong has grown rapidly in recent years, expanding from RMB 100.3 billion in 2020 to RMB 158.8 billion in 2024, representing a CAGR of 12.2% during the period. As financial institutions deepen their digital transformation and various types of financial entities accelerate their布局 in future-oriented fintech sectors, the market for financial technology software development services in mainland China and Hong Kong is poised for high-speed development, projected to grow to RMB 472.4 billion by 2029, with a CAGR of 24.4% during the forecast period. Mainland China accounts for the majority of this market share. Influenced by the rapid development of digital finance, Hong Kong's financial technology software development services market has entered a phase of rapid growth, with its market share expected to increase from 5.7% in 2024 to 7.7% by 2029. The overall market size for Hong Kong's financial technology software development services reached RMB 9 billion in 2024, having grown at a CAGR of 7.8% from 2020 to 2024. Looking ahead, as Hong Kong's digital finance regulatory framework gradually matures and corresponding pilot scenarios are validated, the market is set for rapid expansion, with the projected market size reaching RMB 36.3 billion by 2029, implying a remarkable CAGR of 32.3% from 2024 to 2029.
Analyzing the competitive landscape, the market for banking fintech software development services in Hong Kong is fragmented, with the top five providers holding a combined market share of 31.9%. In 2024, based on financial technology software development service revenue, Forms Syntron was the largest provider in Hong Kong, capturing approximately 11.0% of the market. It is noteworthy that despite the company's leading industry position in Hong Kong, there are observable fluctuations in client relationship stability and business acquisition capabilities that merit attention. Prospectus data indicates that the customer retention rate across all service categories during the track record periods was 68.6%, 77.8%, 55.6%, and 100%, respectively, showing significant volatility. Similarly, the company's project win rate has also been fluctuating, recorded at 67.5%, 76.9%, 64.7%, and 64% for the respective periods. Particularly noteworthy is the 12.2 percentage point decline in the win rate in 2024 compared to 2023, which could pose a challenge to the sustainability of future revenue growth. A further analysis of its business model reveals that revenue is highly dependent on financial technology software development services and is primarily generated through two models: time-and-material pricing and project-based contracts. This business structure amplifies another key risk—customer concentration. During the track record period, the company exhibited an extremely high reliance on its top five customers, which contributed 87.8%, 90.1%, 93.7%, and 89.4% of its total revenue, respectively. This implies that any changes in demand from or relationships with these major clients could significantly impact the company's operational performance.
According to the prospectus, Forms Syntron intends to use the proceeds from this offering to enhance its R&D capabilities over the next three to five years, focusing on key technologies and services; to boost its delivery capacity to support geographic expansion and customer growth strategies; to strengthen its sales capabilities in mainland China and global markets; for potential investments and acquisitions to fortify its technological capabilities, complete its business ecosystem, and support long-term growth strategies; and for working capital and general corporate purposes. In summary, leveraging its deep accumulation in banking technology services and its forward-looking布局 in financial infrastructure and innovation services, Forms Syntron has secured a leading position in the highly competitive Hong Kong market. The company's robust financial performance and clear strategic focus demonstrate its core capability to seize opportunities presented by the industry's digital and intelligent upgrade. However, sustained future growth will depend not only on market tailwinds but also on the company's ability to effectively address its inherent challenges. The volatility in customer retention and project win rates, coupled with a highly concentrated customer structure, constitutes potential underlying risks to its business stability. A successful dual listing on "A+H" share platforms could provide Forms Syntron with crucial capital and brand support, enabling it to further consolidate its technological moat, optimize its customer base, and thereby transition from a "leading service provider" to a "trusted ecosystem builder" amidst the rapidly growing wave of Asian digital finance.
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