Shenzhen Zhaowei Machinery & Electronics (02692) will be listed from February 27 to March 4, with an expected listing date of March 9.

Shenzhen Zhaowei Machinery & Electronics (02692) will go public from February 27, 2026 to March 4, 2026, planning to globally issue 26.7483 million H shares, with 10% of shares sold in Hong Kong and 90% internationally. The offering price per share is HK$73.68, with 100 shares per lot. It is expected that the H shares will begin trading on the Hong Kong Stock Exchange at 9:00 am on March 9, 2026 (Monday). Based on the 2024 revenue, the company is the largest integrated provider of miniature transmission and drive systems products in China, and the fourth largest globally, with market shares of 3.9% and 1.4% respectively. According to Frost & Sullivan reports, the global market for integrated miniature transmission and drive systems is highly fragmented. During the performance period, the company achieved significant business growth. The company's revenue mainly comes from providing integrated miniature transmission and drive system products. In 2022, 2023, and 2024, the company's revenue was RMB 1.1525 billion, RMB 1.2059 billion, and RMB 1.5246 billion, respectively. As of the nine months ending September 30, 2025, the company's revenue increased from RMB 1.0575 billion in the same period of 2024 to RMB 1.2552 billion. In particular, the company has selectively entered some overseas markets, including several European and North American countries, successfully integrating into the supply chain systems of many global industry-leading companies, thereby establishing a leading global layout and a solid foundation. From 2022 to 2025, revenues from customers outside China in regions and countries were RMB 146 million, RMB 157 million, RMB 212 million, RMB 170.6 million, and RMB 145 million, respectively, accounting for 12.7%, 13.0%, 13.9%, 16.1%, and 11.6% of the company's total revenue in the same period. The company has entered into cornerstone investment agreements with cornerstone investors HHLRA, Mirae Asset Securities HK, Perseverance Asset Management, Da Cheng International, Guangfa Fund Hong Kong, Oakwise Growth Fund, Jump Trading, VVC Technology, FMF, Taihu Jinggu, Guangdong Topstar Technology Global, Shuangcheng Capital, Jiantou (Overseas) Investment Limited (in terms of off-exchange swaps), Hengbang and China Galaxy International Investment Limited (in terms of off-exchange swaps), Wenyi Investment, Cunran Capital, Mr. He Maoling, Mr. Luo Jie, Lianyu Group, Minyin International, Wusong, and Wanyuan Capital, wherein the cornerstone investors will subscribe to approximately RMB 578.6 million worth of shares at the offering price. Assuming the highest offering price per H share is HK$73.68, the company estimates that the net proceeds from the global offering will be approximately HK$1.892 billion. Of this, approximately 35.0% will be used for global technical research and development of the company's product portfolio, about 30.0% will be used to expand the company's capacity and improve production efficiency globally, approximately 15.0% will be used for global strategic cooperation, investment, and M&A activities, about 10.0% will be used to expand global service and sales networks and increase global marketing efforts, and about 10.0% will be used for working capital and general corporate purposes.