HUAQIN Technology has established a "3+N+3" global smart product platform strategy.
On April 23, 2026, HUAQIN Technology Co., Ltd., a leading enterprise in China's smart hardware ODM sector, officially commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited.
**Listing Details** HUAQIN Technology initially submitted its application for the issuance and listing of overseas listed foreign shares (H-shares) to the Hong Kong Stock Exchange on September 16, 2025, and published the application materials on the exchange's website the same day. China International Capital Corporation (CICC) and Bank of America Securities acted as the joint sponsors for this H-share offering.
The company received the overseas issuance and listing filing notice from the China Securities Regulatory Commission (CSRC) on January 23, 2026, confirming the filing information for the offering. The Listing Committee of the Hong Kong Stock Exchange held a hearing on February 5, 2026, to review the application.
Subsequently, HUAQIN Technology submitted an updated listing application to the Hong Kong Stock Exchange on March 23, 2026, and published the materials. On March 30, 2026, the company further published the post-hearing information set on the exchange's website.
The H-share prospectus was published and distributed on April 15, 2026, marking the official launch of the Hong Kong public offering. The global offering consisted of a base offering of 58,548,200 H-shares. The Hong Kong public offering portion was initially set at 5,854,900 shares (subject to reallocation), representing approximately 10% of the total, while the international offering portion was 52,693,300 shares (subject to reallocation), representing about 90%.
The company also implemented an over-allotment option mechanism. If fully exercised, the maximum number of H-shares offered globally could reach 77,429,900.
The Hong Kong public offering ran from April 15, 2026, to April 20, 2026, with a preliminary maximum offer price of HK$77.70 per share. The final price was set at HK$77.70 per share on April 21, 2026. Based on this price, the gross proceeds from the H-share offering were approximately HK$4.549 billion, with net proceeds of about HK$4.463 billion.
HUAQIN Technology's H-shares began trading on the Hong Kong Stock Exchange Main Board on April 23, 2026, under the stock code 03296.HK. The stock opened at HK$87.55 per share, up 12.68% from the offer price. By 9:59 AM, it was trading at HK$85.35 per share, a gain of 9.85%, with a turnover of HK$1.286 billion.
**Core Business Operations** Established in 2005, HUAQIN Technology is a leading full-stack smart product ODM platform company. It holds leading market positions in multiple smart product categories, including smartphones, tablets, smart wearables, and personal computers, serving major global brand clients and acting as a core force driving industry innovation and global expansion.
After over two decades of development, the company has formed its unique "3+N+3" global smart product platform strategy, building a technology hardware ecosystem covering all scenarios, categories, and technologies.
The three pillar businesses are smartphones, laptops, and servers. These form the company's most stable current business foundation. In smartphones, leveraging deep ODM R&D and manufacturing capabilities, the company continues to deepen cooperation with leading global brand clients, maintaining the top market share with continuous growth in shipments and revenue. In laptops, utilizing its core ODM competitiveness, shipment volumes and revenue have shown sustained high growth, with rapid global market share expansion. AIPC products have already entered mass production, creating a "1+N" smart ecosystem centered on laptops. For servers, having strategically positioned itself since 2017, the company has built a full-stack product matrix including AI servers, general-purpose servers, storage servers, switches, and hyper-nodes. It has deep partnerships with leading domestic CSP clients, with AI servers contributing over 70% of revenue in this segment. Switch business revenue saw multiple-fold growth, with annual revenue exceeding RMB 2.5 billion.
The "N" represents a diversified product matrix, covering AIoT (such as smart home, gaming, and XR) and smart wearables. As one of the ODM manufacturers with the broadest pan-category layout, HUAQIN's AIoT business achieved a 68.77% revenue growth rate, with continued scaled deliveries of diverse products like smart home devices, gaming, and XR products.
The final "3" refers to three emerging businesses for future growth: robotics, automotive electronics, and software. In automotive electronics, the company has achieved comprehensive breakthroughs in cockpit, intelligent driving, body domain, and powertrain domain products. Full-year 2025 revenue exceeded RMB 1 billion, with revenue expected to double to over RMB 2 billion in 2026. The company is cooperating with traditional OEMs and leading new automakers and actively expanding overseas markets. For robotics, formally entered in 2025, the company established an independent robotics subsidiary with a dedicated R&D team. It completed the development and mass production delivery of data collection robots. Its self-developed bipedal humanoid robot completed debugging in December 2025, and nearly one million units of home cleaning robots were shipped for the year. The software business provides cross-system customized solutions, building a comprehensive ecosystem for consumer electronics, automotive, and smart industrial applications.
Data center business has been a core engine for performance growth. In 2025, this segment generated revenue of over RMB 40 billion, nearly doubling year-on-year, marking the fourth consecutive year of multiple-fold growth. The company has formed a full-stack product portfolio including AI servers, general-purpose servers, switches, and storage servers. Hyper-node products are expected to enter scaled mass production and delivery in the second half of 2026, potentially further establishing a leading industry position in the data center field.
**Company Performance** According to disclosed financial data, HUAQIN Technology's operating revenue from 2022 to 2025 was RMB 92.648 billion, RMB 85.338 billion, RMB 109.878 billion, and RMB 171.437 billion, respectively.
Based on 2025 data, full-year revenue increased 56.02% year-on-year to RMB 171.437 billion. Fourth-quarter revenue was RMB 44.943 billion, up 22.75% year-on-year. Using 2022 as a base, the compound annual growth rate (CAGR) for revenue over the past three years reached 41.7%, indicating strong growth momentum.
Net profit for the years 2022 to 2025 was RMB 2.514 billion, RMB 2.657 billion, RMB 2.916 billion, and RMB 4.132 billion, respectively. In 2025, net profit attributable to shareholders of the listed company was RMB 4.054 billion, a 38.55% increase year-on-year. After deducting non-recurring items, net profit was RMB 3.244 billion, up 38.30%. In the fourth quarter of 2025, net profit attributable to shareholders grew 59.46% year-on-year to RMB 1.210 billion, a 15.53% increase from the previous quarter.
Return on Equity (ROE) for 2025 reached 16.82%, an improvement of 3.3 percentage points year-on-year, with all core operating indicators showing significant increases. The three-year CAGR for net profit attributable to shareholders was 22.3%.
Alongside rapid performance growth, HUAQIN Technology continued to increase R&D investment. In 2025, R&D expenditure reached RMB 6.38 billion, a 23.3% increase year-on-year. The number of R&D technical personnel reached 19,961, accounting for 28.5% of the total workforce.
Looking ahead, HUAQIN Technology forecasts full-year 2026 revenue growth exceeding 15%, with revenue surpassing RMB 200 billion. Medium to long-term, leveraging the "3+N+3" business layout, the company expects to achieve a revenue target of RMB 300 billion between 2028 and 2029.
**Shareholding Structure** The controlling shareholder of HUAQIN Technology is Shanghai Aoqin Information Technology Co., Ltd., holding 31.63% of the company's shares. The actual controller is founder Qiu Wensheng, who directly holds 4.80% of the shares and indirectly holds shares through entities like Shanghai Aoqin and Shanghai Haixian Information Technology Co., Ltd., resulting in a combined holding of 23.78%.
Additionally, Qiu Wensheng's brother, Qiu Wenhui, acts in concert with him. Together, they control approximately 43.37% of the voting rights, ensuring the founders' absolute control over the company.
Besides the founder, several core senior executives also hold company shares, creating a governance structure where management interests are deeply aligned with the company. Cui Guopeng (Vice Chairman) directly holds 22.729 million shares (2.24%); Wu Zhenhai (Director, Deputy General Manager) directly holds 18.928 million shares (1.86%); Chen Xiaorong (Director) directly holds 15.148 million shares (1.49%).
According to the latest disclosed data, the top ten shareholders and their holdings are as follows: Shanghai Aoqin Information Technology Co., Ltd. (31.63%, restricted); Shanghai Haixian Information Technology Co., Ltd. (5.58%, restricted); Hainan Qinyuan Venture Capital Partnership (4.93%, A-shares); Qiu Wensheng (4.80%, mixed); Hainan Chuangjian Venture Capital Partnership (4.74%, A-shares); Hainan Ruansheng Venture Capital Partnership (4.61%, A-shares); Hainan Huaxiao Venture Capital Partnership (4.54%, A-shares); Hainan Mozhi Investment Partnership (4.20%, A-shares); HKSCC Nominees Limited (2.92%); Cui Guopeng (2.24%). Regarding A-share holders, the five Hainan-based partnerships collectively hold over 35% of the A-shares. Notably, several of these Hainan-named partnerships are employee持股 platforms.
**Board and Management** The current Board of Directors of HUAQIN Technology consists of 9 members, including 6 executive directors and 3 independent non-executive directors. The 6 executive directors are: Qiu Wensheng (Chairman, General Manager), Cui Guopeng (Vice Chairman), Wu Zhenhai, Chen Xiaorong, Xi Pinghua, and Deng Zhiguo. The 3 independent non-executive directors are Hu Saixiong, Huang Zhiguo, and Yu Fang.
Qiu Wensheng, born in 1973, is the Chairman, Executive Director, and General Manager. He was admitted to Tsinghua University in 1990 and earned a Bachelor's degree in Mechanical Engineering in July 1995. From September 1995 to July 1998, he pursued a Master's degree in Chemical Process Machinery at Zhejiang University. From July 1998 to August 2005, he worked at ZTE Corporation, holding positions such as Software Engineer, Head of Mobile Phone Software Department, Head of Mobile Phone System Department, and General Manager of the GSM Mobile Phone Product Line, accumulating extensive experience in communications and smart hardware.
In August 2005, Qiu Wensheng founded HUAQIN Technology and has since served as General Manager and Chairman, overseeing group strategy, business direction, and daily operations. He also holds social positions, including Member of the Seventh Committee of the Pudong New Area of the Shanghai Municipal Committee of the Chinese People's Political Consultative Conference and Vice Chairman of the Shanghai Pudong New Area Federation of Industry and Commerce.
Cui Guopeng, born in 1976, is the Vice Chairman, responsible for the strategic investment department. He holds a Bachelor's and Master's degree in Aerospace Propulsion Theory and Engineering from Northwestern Polytechnical University and an EMBA from CEIBS. He worked at ZTE Corporation from 2001 to 2005, serving as R&D Engineer and Head of Marketing Department, among other roles. He joined HUAQIN Technology in 2005, holding positions such as Vice President of Marketing and Senior Vice President of Strategic Cooperation.
Wu Zhenhai, born in 1971, is a Director and Deputy General Manager, responsible for the process and IT systems. He holds a Bachelor's degree in Computer Software from Xidian University and a Master's degree in Computer Software and Theory from Xi'an Jiaotong University. He worked at Xi'an Instrument Factory and ZTE Corporation between 1993 and 2006. He joined HUAQIN Technology in 2006, serving as Vice President and Senior Vice President, responsible for R&D, quality systems, technology centers, and innovation product labs.
Chen Xiaorong, born in 1971, is a Director, holding a Master's degree from Shanghai University. She has held various management positions in the company and is currently a representative for the Beicai Town district in the Pudong New Area of Shanghai.
The senior management team also includes important members such as Financial Controller and Board Secretary Li Yutao.
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