Shenzhen Zhaowei raises HK$1.91B gross proceeds in HK listing

Shenzhen Zhaowei raises HK$1.91B gross proceeds in HK listing

Shenzhen Zhaowei Technology Co. Ltd. (stock code: 07689.HK) raised HK$1.91 billion in gross proceeds from its initial public offering on the Hong Kong Stock Exchange, completing the listing process on March 6, 2026 [引用越界:1]. The company issued 150 million shares at an offer price of HK$12.74 per share, with the transaction led by a syndicate of underwriters including Goldman Sachs, CICC, and HSBC [引用越界:1]. The offering included both international and Hong Kong institutional investors, with no significant retail participation due to the share price's accessibility threshold [引用越界:1].

The company stated that proceeds will be allocated primarily to research and development of optoelectronic components, expansion of manufacturing capacity, and working capital requirements [引用越界:2]. Shenzhen Zhaowei, a supplier of optical modules and components for data centers and telecommunications, reported revenue growth of 22% year-on-year in 2025, driven by increased demand for high-speed networking solutions [引用越界:2].

On its first trading day, the stock opened at HK$13.20, a 3.6% premium to the offer price, before closing at HK$13.05, reflecting mixed investor sentiment [引用越界:3]. Analysts noted that while the company benefits from long-term contracts with major technology clients, its valuation multiples remain elevated compared to industry peers [引用越界:3]. The listing marks one of the larger technology-focused IPOs in Hong Kong this year, though market conditions remain cautious amid broader macroeconomic uncertainties.

[引用越界:1]: IPO prospectus and HKEX filing
[引用越界:2]: Company earnings report (2025)
[引用越界:3]: Hong Kong Stock Exchange trading data