Hangzhou Fuen Co., Ltd. First Public Offering of Shares and Listing on the Main Board Announcement

2026-04-02 04:32:42

Hangzhou Fuen Co., Ltd. (hereinafter referred to as “Fuen Shares,” “the Issuer,” or “the Company”) has had its application for an initial public offering of Renminbi ordinary shares (A Shares) (hereinafter referred to as “this Offering”) and listing on the Main Board approved for consideration by the Listing Review Committee of the Shenzhen Stock Exchange (hereinafter referred to as “the SZSE”). Registration has also been approved by the China Securities Regulatory Commission (CSRC) (CSRC Approval No.〔2026〕70).

CITIC Securities Co., Ltd. (hereinafter referred to as “CITIC Securities” or “the sponsor (lead underwriter)”) serves as the sponsor (lead underwriter) for this Offering.

The “Prospectus Intent of Hangzhou Fuen Co., Ltd. for Its First Public Offering of Shares and Listing on the Main Board” and its attachments are disclosed on websites designated by the CSRC (Giant Poll Information Network, URL www.cninfo.com.cn; China Securities Journal, URL www.cs.com.cn; China Securities Network, URL www.cnstock.com; Securities Times website, URL www.stcn.com; Securities Daily website, URL www.zqrb.cn; Economic Reference website, URL www.jjckb.cn), and are also prepared for public inspection at the premises of the Issuer, the SZSE, and CITIC Securities, the sponsor (lead underwriter) of this Offering.

Investors are especially requested to focus on matters such as the offering method of this Offering, online and offline subscription and payment, the re-allocation mechanism, the suspension of the issuance, and the handling of shares that are forfeited from subscription, among others, and to read carefully the “Preliminary Inquiry and Promotion Announcement for Hangzhou Fuen Co., Ltd. for Its First Public Offering of Shares and Listing on the Main Board” (hereinafter referred to as the “Preliminary Inquiry and Promotion Announcement”) published today. The specific contents are as follows:

When investors conduct online and offline subscriptions on April 10, 2026 (T day), no subscription funds need to be paid. The offline issuance subscription date and the online subscription date are both April 10, 2026 (T day). Among them, the offline subscription time is 09:30–15:00, and the online subscription time is 09:15–11:30 and 13:00–15:00.
This Offering adopts a combined approach of offline inquiry-based placement to eligible investors (hereinafter referred to as the “offline offering”) and online fixed-price issuance to public investors who hold the market value of non-tradable A Shares in the Shenzhen market and non-tradable depositary receipts (hereinafter referred to as the “online offering”).

The initial inquiry and the offline and online issuance of this Offering are organized and implemented by the lead underwriter. The initial inquiry and offline issuance are conducted through the offline issuance electronic platform (

The Issuer and the lead underwriter will determine the issue price directly through the initial inquiry. No cumulative order book inquiry will be conducted for offline.
Offline offering targets: The offline offering targets are professional institutional investors such as securities firms, fund management companies, futures companies, trust companies, wealth management companies, insurance companies, finance companies, qualified foreign investors, and private fund managers that meet certain conditions, who have been registered with the China Securities Industry Association; as well as other legal persons and organizations established in China in accordance with law that meet certain conditions (hereinafter referred to as “general institutional investors”) and individual investors.
Initial inquiry: The initial inquiry time for this Offering is April 3, 2026 (T-4 day) from 09:30 to 15:00. Within the above time, eligible offline investors may fill in and submit the subscription price and the number of shares intended for subscription via the SZSE offline issuance electronic platform.

One business day prior to the start of offline inquiry (April 2, 2026, T-5 day) from 08:30 a.m. to before 09:30 a.m. on the initial inquiry day (April 3, 2026, T-4 day), offline investors shall submit pricing bases via the SZSE offline issuance electronic platform and fill in the suggested price or a price range; otherwise they may not participate in the inquiry. Before submitting the pricing basis, offline investors shall complete internal approval procedures. If the offline investor is an individual, he/she shall submit the pricing basis confirmed by signature via the SZSE offline issuance electronic platform.

Investors participating in the offline inquiry may enter different bids for multiple placing targets they manage. Each offline investor may submit up to 3 bids, and the highest bid may not exceed 120% of the lowest bid. The bids submitted by offline investors and their managed placing targets shall include both the price per share and the number of shares intended for subscription corresponding to that price. The same placing target may have only one bid. Once a related submission has been made, it shall not be fully withdrawn. If bids need to be adjusted due to special reasons, the bidding decision procedures must be re-performed. On the SZSE offline issuance electronic platform, the investor shall fill in explanations for the price revision, the logical calculation basis for the price revision range, and whether there is any insufficiency in pricing basis for the prior bids, whether the bidding decision procedures are incomplete, and other such circumstances; and keep relevant materials on file for record and inspection.

The minimum unit of change for the submitted bid price by offline investors is 0.01 yuan. In the initial inquiry stage, the minimum number of shares intended for subscription set for offline placing targets is 1,000,000 shares, and the minimum unit of change for the number of shares intended for subscription is 100,000 shares. That is, any portion of a placing target’s intended subscription quantity specified by an offline investor that exceeds 1,000,000 shares must be an integer multiple of 100,000 shares. The number of shares intended for subscription for each placing target shall not exceed 17,500,000 shares.

For this offline offering, the upper limit on the number of shares for subscription per placing target is 17,500,000 shares, representing approximately 50.00% of the initial number of shares to be issued offline. Offline investors and the placing targets they manage shall strictly comply with industry regulatory requirements, strengthen risk control and compliance management, and prudently and reasonably determine the subscription price and subscription quantity. When participating in initial inquiry, please pay special attention to whether the subscription amount corresponding to the submitted subscription price and subscription quantity exceeds the lower of (i) the total assets as of the last natural day of the month preceding the prospectus publication date provided to the lead underwriter and submitted on the SZSE offline issuance electronic platform (i.e., February 28, 2026) and (ii) the total assets before the inquiry. If the placing target was established for less than one month, the lower value shall, in principle, be calculated based on the product total assets as of the fifth trading day before the start of the inquiry (i.e., March 27, 2026, T-9 day). If the subscription size exceeds the lower value of total assets, the lead underwriter shall have the right to refuse or remove the relevant placing target’s bid(s), and report to the China Securities Industry Association.

The placing targets managed by general institutional investors and individual investors in the offline offering, as reflected in the fund account opened at securities firms, shall also not have a fund balance at the end of the most recent month (i.e., February 28, 2026) lower than 1% of their total assets at the end of the most recent month in their securities accounts and fund accounts (i.e., February 28, 2026), and the fund balance before the inquiry shall not be lower than 1% of their total assets in their securities accounts and fund accounts.

Investors participating in this Fuen Shares offline inquiry shall, by 12:00 noon on April 2, 2026 (T-5 day), submit asset certification materials through CITIC Securities’ IPO offline investor qualification verification system (URL:

Once an offline investor submits a bid, it is deemed as a commitment that the corresponding total assets shown in the asset scale report and the “asset scale report of offline placing targets” (or asset scale information for individual investors) uploaded to CITIC Securities’ IPO offline investor qualification verification system are consistent with the data submitted on the SZSE offline issuance electronic platform; if they are inconsistent, the consequences shall be borne by the offline investor themselves.

Special Reminder 1: To promote prudent bidding by offline investors, the SZSE has added a pricing basis verification function on the SZSE offline issuance electronic platform. Offline investors are required to operate as follows:

On the business day prior to the start of offline inquiry (April 2, 2026, T-5 day) from 08:30 a.m. to before 09:30 a.m. on the initial inquiry day (April 3, 2026, T-4 day), offline investors shall submit via the SZSE offline issuance electronic platform (

If the offline investor is an individual, he/she shall submit the pricing basis confirmed by his/her signature via the SZSE offline issuance electronic platform.

Before submitting the pricing basis, offline investors shall complete internal approval procedures. Offline investors shall place bids based on the suggested price or price range provided in internal research reports. In principle, they may not modify the suggested price or bid outside the suggested price range in the research report.

Special Reminder 2: Offline investors and the placing targets they manage shall strictly comply with industry regulatory requirements. They shall truthfully submit asset scale reports to the lead underwriter, and ensure that the Excel summary electronic version of the “asset scale report of offline placing targets” (or asset scale information for individual investors) that they fill in is consistent with the corresponding amounts of asset certification in the asset scale report they provide; and the subscription amount of the placing targets may not exceed the lower of (i) the total assets as of the last natural day of the month preceding the prospectus publication date (i.e., February 28, 2026) and (ii) the total assets before the inquiry stated in the “asset scale report of offline placing targets” and the relevant certification documents submitted to the lead underwriter. If the placing target was established for less than one month, the lower value shall, in principle, be calculated based on the total product assets as of the fifth trading day before the start of the inquiry (i.e., March 27, 2026, T-9 day).

Once an offline investor submits a bid, it is deemed as a commitment that the total asset amount corresponding to the “asset scale report of offline placing targets” and related certification documents submitted through CITIC Securities’ offline investor management system is consistent with the data submitted on the SZSE offline issuance electronic platform. If they are inconsistent, the consequences shall be borne by the offline investor themselves.

Special Reminder 3: To promote prudent bidding by offline investors and facilitate verification of offline investors’ asset scale, the SZSE requires offline investors to operate as follows:

During the initial inquiry period, before placing their bids, offline investors must truthfully fill in within the SZSE offline issuance electronic platform the total asset amount for the placing target at the end of the most recent month (the last natural day of the month preceding the prospectus publication date, i.e., February 28, 2026). The total asset amount filled in by investors must be consistent with the total asset amount stated in the “asset scale report of offline placing targets” and other relevant certification documents submitted to the lead underwriter. If the placing target was established for less than one month, the total product asset amount as of March 27, 2026 (T-9 day)—the fifth trading day before the start of the inquiry—shall be used as the reference.

Investors must strictly comply with industry regulatory requirements, reasonably determine the subscription size, and ensure that the subscription amount does not exceed the lower of (i) the total assets submitted to the lead underwriter and the exchange and (ii) the total assets before the inquiry. The fund balance at the end of the most recent month (i.e., February 28, 2026) in the securities firms’ fund accounts for the placing targets managed by general institutional investors and individual investors in the offline offering should also not be lower than 1% of the total assets at the end of the most recent month (i.e., February 28, 2026) in their securities accounts and fund accounts; and the fund balance before the inquiry should not be lower than 1% of the total assets in their securities accounts and fund accounts. If the subscription size exceeds the lower value of total assets, the lead underwriter shall have the right to refuse or remove the relevant placing target’s bid(s), and report to the China Securities Industry Association.

Offline bid removal proportion rules: After the completion of the initial inquiry, the Issuer and the lead underwriter will, based on the results of the initial inquiries of investors whose bids do not meet the requirements to be removed, sort all bids of offline investors that meet the conditions. Sorting is performed by the subscription price from high to low; for the same subscription price, by the intended subscription quantity per placing target from small to large; for the same subscription price and the same intended subscription quantity, by the submission time from late to early (submission time is based on records of the SZSE offline issuance electronic platform); and for the same subscription price, same intended subscription quantity, and same submission time, by the order of the entrustment numbers automatically generated by the SZSE offline issuance electronic platform from last to first. The bids of the placing targets with the highest portion will be removed, and the removed portion shall not be less than 1% of the total intended subscription quantity of all offline investors after removal of invalid bids. When the lowest price in the portion with the highest bids to be removed is the same as the determined issue price, the subscriptions at that price shall not be removed. The placing targets in the portion to be removed may not participate in the offline subscription.

After removing the bids in the highest portion, the Issuer and the lead underwriter will jointly consider factors such as the remaining bids and intended subscription quantities, valuation levels of listed companies in the same industry, the industry in which the Issuer operates, the Issuer’s fundamentals, market conditions, the need for raised funds, and underwriting risks, among others, and will negotiate to determine the issue price, the number of effective bidding investors, and the number of effective intended subscription shares. The number of offline investors submitting effective bids determined by the Issuer and the lead underwriter under the above principles shall be no less than 10.

Effective bids refer to bids submitted by offline investors that are not lower than the issue price determined by the Issuer and the lead underwriter and have not been removed as part of the highest-bid portion, while also meeting other conditions determined and announced in advance by the Issuer and the lead underwriter. Offline investors who submit effective bids during the initial inquiry period may and must participate in the offline subscription. The lead underwriter has engaged the Beijing DeHeng Law Offices to provide immediate witnessing for the entire process of this Offering and underwriting. It will witness matters including the offline issuance process, placement conduct, the qualification conditions of investors participating in pricing and placement, and their related relationships with the Issuer and the underwriter, fund remittance, and more, and will issue a special legal opinion.

Reminder to investors to pay attention to offering risks: If the issue price exceeds the lower of (i) the median and weighted average of offline investors’ bids after removal of the highest bids and (ii) the median and weighted average of bids from securities investment funds established through public offering, the National Social Security Fund, the basic pension insurance fund, enterprise annuity funds, and occupational annuity funds, as well as insurance funds and qualified foreign investors’ funds that comply with regulations such as the “Insurance Funds Use and Management Measures,” or if the price-to-earnings ratio (P/E) corresponding to the pricing of this Offering is higher than the average P/E ratio in the secondary market of listed companies in the same industry (the static average P/E ratio for the most recent month for the same industry published by China Securities Index Co., Ltd.), the Issuer and the lead underwriter will, before online subscription, publish the “Special Announcement on Investment Risks for Hangzhou Fuen Co., Ltd.’s First Public Offering of Shares and Listing on the Main Board,” detailing the rationality of the pricing and reminding investors to pay attention to the offering risks.
Lock-up period arrangement: For the shares issued in this Offering, the shares from the online offering have no tradability restrictions or lock-up period arrangement. They can be traded starting from the date when the shares from this public offering are listed on the SZSE.

The offline offering portion applies a proportion-based lock-up. Offline investors shall commit that 10% of the number of shares they are allocated (rounded up) will be subject to a lock-up period of 6 months starting from the date when the Issuer’s shares are first publicly issued and listed. Specifically, for each placing target, 90% of the shares will be unrestricted and tradable starting from the trading date of the shares issued in this Offering on the SZSE; and 10% of the shares will be subject to a 6-month lock-up, with the lock-up period commencing from the trading date of the shares issued in this Offering on the SZSE.

When offline investors participate in initial inquiry and offline subscription, they do not need to fill in the lock-up period arrangement for the placing targets they manage. Once they submit bids, it is deemed as acceptance of the offline lock-up period arrangement disclosed in this announcement.

Market value requirements: Investors participating in the initial inquiry for the offline offering use two trading days prior to the start of initial inquiry, April 1, 2026 (T-6 day), as the benchmark date. For the technology innovation and entrepreneurship-themed closed-end operating funds and the closed-end operating strategic placement funds that participate in this Offering’s initial inquiry, the average daily market value of non-tradable A Shares in the Shenzhen market and non-tradable depositary receipts held during the 20 trading days (inclusive of the benchmark date) prior to the benchmark date shall be no less than 10,000,000 yuan. For other offline investors participating in this Offering’s initial inquiry and the placing targets managed by them, the average daily market value of non-tradable A Shares in the Shenzhen market and non-tradable depositary receipts held during the 20 trading days (inclusive of the benchmark date) prior to the benchmark date shall be no less than 60,000,000 yuan. If the opening time of a placing target’s securities account is less than 20 trading days, the average daily holding market value is calculated using 20 trading days. The specific market value calculation rules shall be implemented in accordance with the “SZSE Rules for Implementing Offline Issuance of Shares in Initial Public Offerings (2025 Revised Edition)” (SZSE Document No.〔2025〕224).

Investors participating in the online offering may subscribe for the shares of this online offering through the trading system only if they hold non-tradable A Shares in the Shenzhen market and non-tradable depositary receipts with a market value of 10,000 yuan or more (inclusive of 10,000 yuan). The investors’ market value is calculated based on the average daily market value of their holdings for the 20 trading days prior to April 8, 2026 (T-2 day, inclusive of that day). If the opening time of the relevant securities account is less than 20 trading days, the average daily holding market value is calculated using 20 trading days. The market value held by online investors shall comply with the relevant provisions of the “SZSE Rules for Implementing Online Issuance of Shares in Initial Public Offerings” (SZSE Document No.〔2018〕279).

Independent expression of subscription intent: Online investors shall independently express their subscription intent and may not summarize and entrust securities companies to place new share subscriptions on their behalf.
Payment by allocated investors and handling of forfeited subscription shares: Offline investors shall, based on the “Announcement on Preliminary Allotment Results for Offline Issuance of Shares in the First Public Offering and Listing on the Main Board of Hangzhou Fuen Co., Ltd.,” by 16:00 before April 14, 2026 (T+2 day), promptly and in full pay the new share subscription funds according to the finally determined issue price and the number of shares allotted.

After online investors are awarded a bid for the new shares through the online lottery, they shall perform their funds settlement obligations in accordance with the “Announcement on Results of Online Lottery for Hangzhou Fuen Co., Ltd.’s First Public Offering of Shares and Listing on the Main Board.” Ensure that by the end of the day on April 14, 2026 (T+2 day), their funds accounts have sufficient funds for new share subscription. The remittance of investors’ funds shall comply with the relevant provisions of the securities companies where the investors are located.

The shares in whole or in part that are abandoned by offline and online investors will be underwritten by the sponsor (lead underwriter).

Circumstances of suspension of issuance: If the total number of shares subscribed and paid for by offline and online investors is less than 70% of the number of shares for this public offering, the Issuer and the lead underwriter will suspend this new share issuance, and disclose information regarding the reasons for suspending and the subsequent arrangements. For specific suspension provisions, please refer to the “X. Circumstances of Suspension of Issuance” section of the “Preliminary Inquiry and Promotion Announcement.”
Offline investors that provide effective bids but do not participate in subscription, and offline investors that are granted preliminary allotment but fail to timely and fully pay the subscription funds, will be deemed to have defaulted and shall bear liability for breach of contract. The lead underwriter will submit the breach details to the China Securities Industry Association for record. The number of regulatory violation occurrences of offline investors or placing targets managed by them in relevant projects in each market segment of the securities exchange shall be aggregated. During the period when a placing target is listed in the restriction list, it may not participate in the securities exchange’s stock market, under each market segment, in initial public offering offline inquiry and placement business. During the period when an offline investor is listed in the restriction list, all placing targets managed by that offline investor may not participate in initial public offering offline inquiry and placement business in each market segment of the securities exchange.

When online investors accumulate 3 occurrences within 12 consecutive months of winning bids but failing to pay in full, from the date on which the most recent declaration of their forfeiture of subscription was made by the settlement participant, they may not participate in online subscription for new shares, depositary receipts, convertible corporate bonds, or exchangeable corporate bonds within 6 months (calculated as 180 natural days, including the following day).

The number of times of forfeited subscription shall be calculated by aggregating the actual number of times the investor forfeits subscription for new shares, depositary receipts, convertible corporate bonds, and exchangeable corporate bonds.

Commitments by the Issuer and the lead underwriter: As of the date of publication of this announcement, there are no post-issuance matters that may affect this Offering.

Overview of the Shares in This Offering

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Issuer: Hangzhou Fuen Co., Ltd.

Sponsor (Lead Underwriter): CITIC Securities Co., Ltd.

March 31, 2026

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