Exclusive | Huaxin Technology to Launch PDIE Tomorrow, with a transaction scale of approximately $600 million to $800 million, a leading global consumer electronics ODM company

Unicorn Early Knows iponews

According to an exclusive information source from “Unicorn Early Knows,” Huaqin Technology will launch its Pre-Deal Investor Education (PDIE) ahead of the listing of Hong Kong stocks on April 7, with an expected transaction size of between USD 600 million and USD 800 million, depending on market conditions. Huaqin Technology has already submitted its listing hearing for a listing on the Hong Kong Exchanges Main Board on March 30. CICC and BofA SECURITIES are the joint sponsors.

As of the close on April 3, Huaqin Technology (603296.SH) was trading at RMB 90.90 per share, with a market capitalization of RMB 923.30 billion.

Comprehensive | Prospectus Editor | Arti

This article is for information exchange purposes only and does not constitute any investment advice.

According to the prospectus, Huaqin Technology is an intelligent products platform-type company that has focused on the intelligent products sector for more than 20 years. Its intelligent products integrate core technologies such as artificial intelligence, the Internet of Things, big data, and communications technology, and combine multiple intelligent functions.

Leveraging experience accumulated during its development history, the company promotes the development and application of products and technologies in the eras of mobile communications, the internet, cloud computing, and artificial intelligence, providing intelligent products covering mobile terminals, computing and data center businesses, AIoT, and innovation business areas to global technology companies.

In its major product areas, the company has established a firm leading position. According to the materials from Zhishang Consulting, the company is a full-stack intelligent products ODM platform, achieving the global No. 1 position in multiple intelligent product categories. In addition, according to Zhishang Consulting, based on global consumer electronics ODM shipment volume, the company is the world’s largest consumer electronics ODM manufacturer in 2024, with a market share of 22.5%.

Based on global smartphone ODM shipment volume, it is also the world’s second-largest smartphone ODM manufacturer in 2024, with a market share of 25.9%; based on global tablet computer ODM shipment volume, it is the world’s largest tablet computer ODM manufacturer in 2024, with a market share of 37.9%; and based on global smart wearable ODM shipment volume, it is the world’s largest smart wearable ODM manufacturer in 2024, with a market share of 18.7%.

In addition, based on global notebook computer ODM shipment volume in 2024, the company is the world’s fourth-largest and China’s largest notebook computer ODM manufacturer, with a market share of 9.6%. Based on China data infrastructure business revenue in 2024, the company ranks sixth among all data infrastructure companies in China, with a market share of 5.0%.

Huaqin Technology has built an intelligent products platform for multi-category development, providing end-to-end solutions to customers. The company deeply understands and captures the diverse product needs of global brand customers across multiple scenarios. It has strategically deployed a “3+N+3” product matrix, defining the focus of the company’s product development and leading it to expand into new areas.

3: The company’s business is rooted in three pillar-type product categories: smartphones, notebook computers, and servers. These products form the foundation of the company’s product portfolio and represent the main areas in which the company excels.

N: Based on the three pillar-type product categories, the company has developed N categories of related products, extending into edge businesses, including mobile terminals and AIoT, computing businesses, and data center products.

3: The company continues to explore new opportunities in innovative areas such as automotive electronics, software, and robotics, further meeting the needs of emerging customers and driving diversification of its product portfolio.

According to the materials from Zhishang Consulting, Huaqin Technology is one of the smart products ODM platforms with the broadest coverage of categories globally. At the same time, the company is also the only ODM manufacturer globally that has established leading market positions simultaneously in the product fields of smartphones, tablets, smart wearables, notebook computers, and data infrastructure products.

In the future, as AI applications become more widespread, mobile terminal products have entered a new iteration cycle. Product categories will continue to diversify, which will greatly enhance people’s intelligent interaction experience. According to the materials from Zhishang Consulting, the combined global shipments of smartphones, tablet computers, and smart wearable products are expected to increase from 1,975.0 million units in 2025 to 2,321.4 million units in 2030, an increase of 346.3 million units.

Meanwhile, platform-type ODM manufacturers are continuously enhancing their innovation and operational capabilities, further driving an increase in ODM penetration. It is worth noting that the smartphone ODM penetration rate is expected to rise from 44.8% in 2025 to 55.0% in 2030, which means ODM shipments will add 225.6 million units.

Huaqin Technology continues to invest in research and development. For the years ended December 31, 2023, 2024, and 2025, the company’s R&D expenditures were RMB 4.548 billion (the same below), RMB 5.156 billion, and RMB 6.364 billion, respectively. As of December 31, 2025, the company has approximately 3,500 domestic registered patents, more than 50 international registered patents, and about 2,100 registered software copyrights.

The company’s sales increased by 15.3% from 212.5 million in 2023 to 245.0 million in 2024, mainly because the company has continued to focus on product diversification and customer expansion. The company’s sales increased by 32.6% from 245.0 million in 2024 to 324.8 million in 2025, mainly because the company has continued to expand and upgrade its product portfolio.

The company’s average selling price remained relatively stable at RMB 448 in 2024, compared with RMB 402 in 2023. The company’s average selling price rose from RMB 448 in 2024 to RMB 528 in 2025, mainly because the sales volume of higher-priced artificial intelligence servers increased.

In financial terms, in 2023, 2024, and 2025, Huaqin Technology’s revenue was RMB 85.339 billion, RMB 109.878 billion, and RMB 171.437 billion, respectively. In 2023, 2024, and 2025, the company’s overall gross margin was 10.9%, 9.0%, and 7.7%, respectively.

In 2023, 2024, and 2025, the company’s profits were RMB 2.657 billion, RMB 2.916 billion, and RMB 4.132 billion, respectively.

The amount to be raised in Huaqin Technology’s Hong Kong IPO is currently intended to be used for the following purposes: to be used for product-centered R&D investment to enhance the Company’s technical strength; to be used to expand and optimize the company’s manufacturing network; to be used for strategic investments and vertical integration; and to be used for working capital and general corporate purposes.

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