The Changzhou-based company Microintelligen (HKEX: 03275), which was originally scheduled to list on the Hong Kong Stock Exchange on October 28, pressed the pause button three days before its debut.
On October 25, Microintelligen published a "Latest Information on the Global Offering" announcement on the HKEXnews website, stating that after taking into account multiple factors including current market conditions, the company had decided to postpone its global offering and its planned listing on the Main Board of the Hong Kong Stock Exchange.
The announcement also showed that the international underwriting agreement relating to the international offering will not be entered into, and the underwriting agreement for the Hong Kong public offering will therefore not become unconditional. As of the date of the announcement, the company had not issued any H shares and would not deliver any to applicants.
For subscribers who had already paid, Microintelligen will refund the application monies in full without interest: for subscriptions made through White Form eIPO, electronic refund instructions or refund cheques will be issued on October 28; for subscriptions made electronically through the Central Clearing and Settlement System, refunds will be arranged by the relevant brokers or custodians.
In the announcement, Microintelligen stated outright that it remains committed to completing the global offering and listing in due course, and thanked interested investors for their attention, support and positive feedback during the offering period. Regarding the timing of a future listing, on October 26, Microintelligen said in a response to a reporter's inquiry that the announcement should be taken as the basis and that no further information could be disclosed at present.
Microintelligen was founded in 2018 and is headquartered in Changzhou, Jiangsu Province. According to the prospectus, the company's business is divided into three major segments, including embodied intelligence industrial robot (EIIR) products as its core main business, supplemented by AI-enabled equipment (project-based delivery of customized intelligent equipment) and module-type products (standardized software and hardware components).
Looking back at Microintelligen's offering process, the company launched its public offering on October 20, closed public subscription at 12:00 noon on October 23, and was originally scheduled to price on October 26 and list on October 28. But the announcement on October 25 brought this process to a halt at the very last moment.
Microintelligen's previously disclosed global offering plan showed that the company originally planned to issue 37.2758 million H shares in this IPO. Of these, 3.7276 million H shares were for the Hong Kong public offering, accounting for 10%, and 33.5482 million H shares were for the international offering, accounting for 90%. The offer price per share ranged from HK$16.63 to HK$21.46, with a board lot of 100 shares and an entry fee of HK$2,167.64. Microintelligen originally planned to raise up to about HK$800 million through this IPO.
A check of the HKEXnews website showed that, as of the time of publication, the "Share Allotment Results" column for Microintelligen under the "New Listing Information" section remained blank, and the company had not published any allotment data such as the subscription multiple or success rate for the Hong Kong public offering. By convention, allotment results are disclosed after pricing and before listing; this offering was suspended before pricing, so the allotment results were never released.
The prospectus showed that Microintelligen recorded operating revenue of RMB 434 million, RMB 600 million and RMB 796 million in 2023, 2024 and 2025 respectively; profit for the year was RMB -114 million, RMB 15.74 million and RMB 5.07 million respectively, and the company has been profitable for two consecutive years since 2024. In the first five months of this year, the company achieved revenue of RMB 424 million, up 22.6% year on year, with profit of RMB 22.53 million during the reporting period.
But this does not mean Microintelligen faces no funding pressure. To invest in large-model computing power and acquisitions, the company recorded net cash outflow from investing activities of RMB 831 million in 2025. According to the prospectus, the company's cash and cash equivalents as of the end of 2025 were RMB 240 million, but five months later, as of May 31, 2026, cash and cash equivalents had fallen below RMB 100 million, to just RMB 94.674 million.
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