Huanchuang Technology (06802) plans a global offering of 11.5888 million shares, expected to list on September 30.

Huanchuang Technology (06802) is conducting a public offering from September 22, 2026 to September 25, 2026, and plans a global offering of 11.5888 million H shares, with approximately 10% under the Hong Kong public offering and approximately 90% under the international offering, plus an over-allotment option of approximately 15%. The offer price is HK$58.85 per offer share. The board lot size is 100 shares, and the H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on September 30, 2026. It is understood that the company is committed to developing spatial perception products and focuses on the sweeping Siasun Robot&Automation application field. Leveraging AI technology, the company has built an intelligent spatial perception system, providing algorithms and hardware for sweeping Siasun Robot&Automation. Since its establishment, cumulative shipments have totaled more than 39 million units. In 2025, total shipments of LiDAR and line laser sensors exceeded 10 million units and 5 million units, respectively. This demonstrates the company's market position in spatial perception technology and also confirms strong demand for the company's products in the spatial perception field for sweeping Siasun Robot&Automation. During the track record period, the company's revenue increased from RMB332.1 million in 2023 to RMB613.5 million in 2025, representing a compound annual growth rate of 35.9%, and further increased from RMB131.8 million for the three months ended March 31, 2025 to RMB195.9 million for the three months ended March 31, 2026. At the same time, the company recorded net profit of RMB2.2 million and RMB7.8 million in 2025 and for the three months ended March 31, 2026, respectively. Assuming the over-allotment option is not exercised and the offer price is HK$58.85 per share, the net proceeds from the global offering will be approximately HK$615.4 million. Of this, approximately 65.0% of the net proceeds will be used to enhance research and development capabilities to strengthen the research and development of core technologies and sensor products. Approximately 25.0% of the net proceeds will be used to enhance manufacturing capabilities. Approximately 10.0% of the net proceeds will be used as working capital and for general corporate purposes. In addition, the company has entered into cornerstone investment agreements with cornerstone investors, pursuant to which the cornerstone investors have agreed, subject to certain conditions, to subscribe for or procure their designated entities to subscribe for the relevant number of offer shares that may be acquired, for an aggregate amount of approximately HK$110 million. The cornerstone investors include: Golden Link Worldwide Limited (Golden Link, whose shares are wholly owned by BYD (H.K.) Co., Limited, a wholly-owned subsidiary of BYD COMPANY Limited (01211.HK, 002594.SZ)), and Taiwan Zhongrun North Electro-Optic Co., Ltd. (Taiwan Zhongrun, a wholly-owned subsidiary of Jiaxing ZMAX Optech Technology Co., Ltd. (688307.SH)).