New stock outlook | Riding on the wave of Web3 and AI, Shenzhen Forms Syntron Information goes to Hong Kong to seize the new digital finance high ground.

In recent years, global financial technology is undergoing a structural transformation driven by AI, blockchain, and Web3. Against the backdrop of a saturated and fiercely competitive mainland Chinese market, Hong Kong, with its international financial center status, flexible regulatory framework, and unique geographical advantage connecting mainland China and the rest of the world, is accelerating its position as the core hub for digital financial innovation in Asia. According to data from Zhaoshi Consulting, the Hong Kong financial technology software development service market is expected to reach a turning point in 2024, with a scale of 9 billion yuan (RMB) and is expected to expand to 36.3 billion yuan by 2029, with a compound annual growth rate of 32.3%, and market share simultaneously increasing to 7.7%. This leap is not only driven by policy advantages such as central bank digital currency (CBDC), regulatory asset tokenization, and regulatory sandboxes, but also benefits from Hong Kong's strategic role as a "digital financial corridor" in the "Belt and Road" and Southeast Asia regional cooperation. At this critical juncture, Shenzhen Forms Syntron Information Co., Ltd. (hereinafter referred to as "Shenzhen Forms Syntron Information"), rooted in the Guangdong-Hong Kong-Macao Greater Bay Area and deeply involved in the digital transformation of the banking industry for many years, has submitted an application for listing on the main board of the Hong Kong Stock Exchange and announced plans for an H-share IPO, with CMB International and Guosen (Hong Kong) as its joint sponsors. Stable performance Shenzhen Forms Syntron Information (300468.SZ) is committed to providing comprehensive financial technology solutions for banks, regulatory agencies, and other financial institutions in mainland China, Hong Kong, and Southeast Asia, covering three main areas: financial technology software development services, consulting services, and system integration services. Specifically, Shenzhen Forms Syntron Information provides bank technology services, including integrated software systems for personal finance, corporate finance, and core banking product portfolios, digital banking channel solutions, and bank operations and data services utilizing data analysis to improve efficiency, risk management, and decision-making capabilities. In addition, the company also excels in financial infrastructure and financial technology innovation services, driving modernization of payment, clearing, and settlement systems through the construction of basic platforms, designing and deploying new types of digital financial systems using blockchain and artificial intelligence technologies. It is worth noting that Shenzhen Forms Syntron Information's innovation is driven by two proprietary technology platforms: FINNOSafe (which automates the entire life cycle of compliance tokens through smart contracts) and FINNOSmart (an enterprise-level generative AI platform that safeguards data sovereignty). In 2023, the company jointly developed Banking Copilot with Microsoft, which gradually evolved into an intelligent agent focused on fraud prevention and compliance. In recent years, the company's financial performance has been stable, with revenues reaching 664 million yuan, 730 million yuan, 740 million yuan, and 454 million yuan in the reporting period, and profits for the same period reaching 41.192 million yuan, 47.38 million yuan, 67.364 million yuan, and 66.577 million yuan. Looking further into the business, the company's services are divided into three main categories: financial technology software development services, consulting services, and system integration services. Among them, financial technology software development services are the absolute core source of income, accounting for over 90% consistently. According to financial data, revenue from this segment was 629 million yuan, 699 million yuan, and 720 million yuan in 2022, 2023, and 2024 respectively, with the total revenue share reaching 94.9%, 95.8%, and 97.3%; as of the first nine months of 2025, revenue from this segment reached 434 million yuan, still accounting for 95.6% of total revenue, demonstrating its dominant position in the company's overall business structure. Within the financial technology software development services segment, bank technology services are the largest component, with revenue reaching 625 million yuan in 2024, accounting for 84.5% of the total software development services revenue. Among these, the bank product portfolio contributes significantly, with revenue in 2024 reaching 343 million yuan, although the share has gradually decreased from 54.1% in 2022 to 37.9% in the first nine months of 2025, reflecting the companys strategic focus on expanding digital banking channel solutions and operational data services. Revenue from digital banking channel solutions increased from 134 million yuan in 2022 to 146 million yuan in 2024, while revenue from bank operations and data services increased from 107 million yuan in 2022 to 135 million yuan in 2024, with the share rising to 18.3%, reflecting an increasing demand from financial institutions for data analysis and intelligent decision-making capabilities. Simultaneously, financial infrastructure and financial technology innovation services have experienced significant expansion as strategic growth engines in recent years. Revenue from this business increased from 29.49 million yuan in 2022 to 94.97 million yuan in 2024, with a compound annual growth rate exceeding 60% over three years; revenue in the first nine months of 2025 reached 79.07 million yuan, accounting for 17.4% of the software development services revenue, indicating the company's accelerating deployment of blockchain- and AI-driven new digital financial systems. On the other hand, while consulting services and system integration services have smaller scales, they possess high levels of synergy. Revenue from consulting services decreased from 30.86 million yuan in 2022 to 19.48 million yuan in 2024, then increased to 18.24 million yuan in the first nine months of 2025, accounting for 2.6%-4.6% of the total revenue, mainly serving as the front-end segment of an integrated "consulting-design-construction-optimization" model, strengthening customer relationships and solution depth. System integration services generated minimal revenue, reaching only 4.68 million yuan in 2024 and 16.89 million yuan in the first nine months of 2025, accounting for less than 0.5%, mainly supporting hardware deployment and integration of third-party systems in project delivery. Accelerated industry growth In terms of the industry, the market size of financial technology software development services in mainland China and Hong Kong has grown rapidly in recent years, from 100.3 billion yuan in 2020 to 158.8 billion yuan in 2024, with a compound annual growth rate of 12.2%. With financial institutions deepening their digital transformation and various types of financial institutions accelerating their layout in future financial technology fields, the market for financial technology software development services in mainland China and Hong Kong is expected to experience high-speed development, projected to reach 472.4 billion yuan by 2029, with a compound annual growth rate of 24.4%. Among them, mainland China's market for financial technology software development services holds the main market share. With the rapid development of digital finance, Hong Kong's market for financial technology software development services has entered a period of rapid growth, with its market share expected to increase from 5.7% in 2024 to 7.7% in 2029. In 2024, the overall market size of the financial technology software development services market in Hong Kong reached 9 billion yuan, with a compound annual growth rate of 7.8% from 2020 to 2024. In the future, as Hong Kong's digital financial regulatory framework gradually improves and corresponding pilot scenarios are verified, the market for financial technology software development services in Hong Kong is expected to expand rapidly, with the market size projected to reach 36.3 billion yuan by 2029, and a compound annual growth rate of 32.3% from 2024 to 2029. In terms of competitive landscape, the competition in the Hong Kong banking financial technology software development services market is dispersed, with the top five providers occupying 31.9% of the market share. In 2024, based on revenue from financial technology software development services, Shenzhen Forms Syntron Information was the largest provider in Hong Kong, accounting for approximately 11.0% of the market share. It is noteworthy that although the company holds a leading position in the Hong Kong industry, there are fluctuations worth noting in customer retention and business acquisition capabilities. According to the prospectus data, the customer retention rates for all service categories during the reporting period were 68.6%, 77.8%, 55.6%, and 100%, showing significant variation. At the same time, the company's bid-winning rate also showed a fluctuating trend, with rates of 67.5%, 76.9%, 64.7%, and 64% during the reporting period. Of particular concern is the 12.2 percentage point decline in bid-winning rate in 2024 compared to 2023, which may pose a challenge to the company's future revenue growth sustainability. Further analysis of its business model reveals that the company's revenue heavily depends on financial technology software development services and mainly adopts two pricing models: labor and material pricing and project-based pricing. This business structure amplifies another key riskcustomer concentration. During the performance record period, the company had a high dependency on its top five customers, with their revenue contribution reaching 87.8%, 90.1%, 93.7%, and 89.4% respectively. This means that any changes in the demands of major customers or alterations in the partnership could significantly impact the company's operating performance. According to the prospectus, Shenzhen Forms Syntron Information plans to use the funds raised in this offering to enhance its research and development capabilities in the next three to five years, focusing on key technologies and services; improve delivery capabilities to support geographic expansion and customer growth strategies; strengthen the company's sales capabilities in mainland China and global markets; explore potential investments and acquisitions to enhance the company's technological capabilities, improve the business ecosystem, and support long-term growth strategies; and for general corporate purposes and working capital. In conclusion, with its deep accumulation in bank technology services and forward-looking deployment in financial infrastructure and innovation services, Shenzhen Forms Syntron Information has taken a leading position in the competitive Hong Kong market. The company's stable financial performance and clear strategic focus demonstrate its core capabilities in seizing the opportunities of industry digitization and intelligent upgrades. However, future sustained growth depends not only on market dividends but also on the company's ability to effectively address its internal challenges. Fluctuations in customer retention rates and bid-winning rates, as well as a highly concentrated client structure, pose potential concerns for the stability of its business. If successfully listed on both the A+H platforms, Shenzhen Forms Syntron Information may gain crucial capital and brand support, enabling it to further consolidate its technological moat, optimize customer structure, and transition from a "leading service provider" to a "trusted ecosystem builder" in the rapidly growing wave of digital finance in Asia.