Nations Technologies Inc. (02701) launched its IPO from March 13 to March 18, introducing cornerstone investors such as Guohua Life Insurance.

Nations Technologies Inc. (02701) launched its IPO from March 13th to March 18th, 2026, intending to globally sell 95 million H shares, with 10% in Hong Kong public offering and 90% in international offering. The offer price will not exceed HK$10.80 per share. Trading of the H shares is expected to begin on March 23rd, 2026 (Monday) at 9:00 am on the Stock Exchange of Hong Kong. The company is a platform-based integrated circuit design company dedicated to providing control chips and system solutions for various smart terminals. The company's business model spans two key areas in the tech value chain: chip products and lithium battery negative electrode materials, offering a variety of products including MCU (including general MCU, professional market chips, and RF chips) and BMS chips in the chip product business line; and providing artificial graphite products and graphite processing services in the lithium battery negative electrode material product line. The company also operates in the lithium battery negative electrode material business, diversifying its business model and contributing to revenue growth in previous periods. In the years 2022, 2023, 2024, and the nine months ended September 30, 2025, the revenue contribution from the chip product business line was 38.3%, 40.2%, 47.6%, and 48.4% respectively, while the revenue contribution from the lithium battery negative electrode material business line was 52.5%, 50.8%, 47.1%, and 47.5% for the same periods. The company's revenue remained relatively stable in 2022, 2023, and 2024, at RMB 1.1954 billion, RMB 1.0368 billion, and RMB 1.1676 billion, respectively. For the nine months ended September 30, 2025, the company's revenue was RMB 0.9583 billion. After the market supply and demand balance is restored, the company remains optimistic about the future growth prospects of the two major industries. According to data from Zhoushi Consulting, the government has continuously introduced favorable policies to promote stable market development. The company believes that a favorable regulatory environment and favorable market trends will further promote sales and financial performance growth in the long term. The company has entered into cornerstone investment agreements with Guohua Life, Harvest Oriental II, Ms. Dai Wanqin, Mr. An Jiangbo, and Sunwoda Electronic Finance, under which the cornerstone investors have agreed to subscribe for a total amount of HK$140 million worth of shares at the offer price subject to certain restrictions and conditions. Assuming an offer price of HK$10.8 per share, the company will receive a net amount of approximately HK$943.9 million from the global offering. In line with the company's strategy, the company intends to utilize the net proceeds of the global offering for the following purposes and in the amounts specified below: approximately 50.8% of the net proceeds will be used to enhance the company's R&D capabilities, develop new product lines, and improve product performance, including high-performance MCU, multi-protocol communication chips, professional market chips, vehicle-grade chips, etc. Approximately 9.2% of the net proceeds will be used to upgrade the company's existing product portfolio. Approximately 15.0% of the net proceeds will be used for strategic investments and acquisitions. Approximately 15.0% of the net proceeds will be used to repay outstanding bank loans. Approximately 10.0% of the net proceeds will be used for working capital and other general corporate purposes.